Exhibit 10.1


 


EXECUTION VERSION


 


AMENDMENT
AGREEMENT dated as of June 7, 2022 (this “Amendment”), relating to the 364-Day Credit Agreement dated as of June
9, 2021 (the “Existing Credit Agreement”), among AUTOMATIC DATA PROCESSING, INC. (the “Company”),
the BORROWING SUBSIDIARIES from time to time party thereto, the LENDERS from time to time party thereto and JPMORGAN CHASE BANK, N.A.,
as Administrative Agent (the “Administrative Agent”).


 


WHEREAS
the Lenders have agreed to extend credit to the Company and each other Borrower under the Existing Credit Agreement on the terms and
subject to the conditions set forth therein;


 


WHEREAS
the Company has requested that the Lenders amend the Existing Credit Agreement in order to extend the Termination Date applicable to
consenting Lenders thereunder to July 1, 2022 and to effect certain other modifications to the Existing Credit Agreement as set forth
herein; and


 


WHEREAS
the Administrative Agent and the Lenders whose signatures appear below (the “Consenting Lenders”) are willing to consent
to the extension of the Termination Date and the other modifications to the Existing Credit Agreement, in each case, on the terms and
subject to the conditions set forth herein.


 


NOW,
THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and
receipt of which are hereby acknowledged, the parties hereto agree as follows:


 


SECTION
1. Defined Terms. Capitalized terms used but not otherwise defined herein (including in the
preamble and the recitals hereto) have the meanings assigned to them in the Existing Credit Agreement.


 


SECTION
2. Amendment of the Existing Credit Agreement. Effective as of the First Amendment Effective
Date (as defined below) the Existing Credit Agreement (excluding the Schedules and Exhibits thereto, each of which shall remain as in
effect immediately prior to the First Amendment Effective Date) is hereby amended by inserting the language indicated in single or double
underlined text (indicated textually in the same manner as the following examples: single-underlined
text or double-underlined text) in Annex I hereto
and by deleting the language indicated by strikethrough text (indicated textually in the same manner as the following example: stricken
text) in Annex I hereto (the Existing Credit Agreement, as so amended, being referred to as the “Amended Credit
Agreement”).


 


SECTION
3. Representations and Warranties. The Company and each other Borrower hereby represents
and warrants that (i) this Amendment is within such Borrower’s corporate powers and has been duly authorized by all necessary corporate
and, if required, stockholder action of such Borrower, (ii) this Amendment has been duly executed and delivered by such Borrower, (iii)
this Amendment constitutes a legal, valid and binding obligation of such Borrower, enforceable in accordance with its terms, subject
to applicable bankruptcy, insolvency,


 




     


     


    

reorganization,
moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether
considered in a proceeding in equity or at law, (iv) as of the First Amendment Effective Date, no Default or Event of Default has occurred
and is continuing and (v) the representations and warranties set forth in Article III of the Amended Credit Agreement and in the other
Loan Documents are true and correct in all material respects on and as of the First Amendment Effective Date, with the same effect as
though made on and as of the First Amendment Effective Date, except to the extent such representations and warranties expressly relate
to an earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier
date.


 


SECTION
4. Effectiveness. This Amendment and the amendment of the Existing Credit Agreement contemplated
hereby shall become effective as of the first date (the “First Amendment Effective Date”) on which:


 


(a)
The Administrative Agent (or its counsel) shall have received from the Company, each other Borrower
(if any) and the Consenting Lenders, which shall constitute at least the Required Lenders, either (i) a counterpart of this Amendment
signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include facsimile or
e-mail transmission of a signed signature page of this Amendment) that such party has signed a counterpart of this Amendment;


 


(b)
the Administrative Agent shall have received a certificate, dated the First Amendment Effective
Date and signed by the President, a Vice President or a Financial Officer of the Company, confirming that on and as of the First Amendment
Effective Date (i) the representations and warranties of the Borrowers set forth in the Loan Documents are true and correct in all material
respects and (ii) no Default or Event of Default has occurred or is continuing; and


 


(c)
the Administrative Agent shall have received, to the extent invoiced, reimbursement or payment of
all out-of-pocket expenses required to be reimbursed or paid by the Company hereunder.


 


SECTION
5. Costs and Expenses. The Company shall pay all reasonable out-of-pocket costs and expenses
incurred by the Administrative Agent in connection with this Amendment, including the reasonable fees, charges and disbursements of Cravath,
Swaine & Moore LLP, counsel for the Administrative Agent.


 


SECTION
6. Effect of this Amendment. (a) Except as expressly set forth herein or in the Amended Credit
Agreement, this Amendment and the Amended Credit Agreement shall not by implication or otherwise limit, impair, constitute a waiver of
or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Existing Credit Agreement or any other
Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements
contained in the Existing Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall
continue in full force and effect. Nothing herein shall be deemed to entitle the Company or any other Borrower to a consent to, or a
waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the
Existing Credit


 




    2 


     


    

Agreement,
the Amended Credit Agreement or any other Loan Document in similar or different circumstances. The Company and each other Borrower agrees
that all of its obligations, liabilities and indebtedness under each Loan Document, including guarantee obligations, shall remain in
full force and effect, in accordance with applicable law, on a continuous basis after giving effect to this Amendment.


 


(b)
On and after the First Amendment Effective Date, each reference in the Amended Credit Agreement
to “this Agreement”, “hereunder”, “hereof”, “herein” or other words of similar import,
as used in the Amended Credit Agreement, shall be deemed to be a reference to the Existing Credit Agreement as amended hereby and the
term “Credit Agreement”, as used in any other Loan Document, shall be deemed to be a reference to the Amended Credit Agreement.


 


SECTION
7. Interpretation. This Amendment shall constitute a “Loan Document” for all
purposes of the Amended Credit Agreement and the other Loan Documents.


 


SECTION
8. Governing Law; Jurisdiction; Consent to Service of Process.


 


(a)
This Amendment shall be construed in accordance with and governed by the law of the State of New York.


 


(b)
Each party to this Amendment hereby irrevocably and unconditionally submits, for itself and its
property, to the exclusive jurisdiction of the Supreme Court 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, in any action or proceeding arising out
of or relating to the Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably
and unconditionally agrees that all claims in respect of any such action or proceeding shall be heard and determined in such New York
State court or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any
such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Nothing in this Amendment or any other Loan Document shall affect any right that the Administrative Agent or any Lender
may otherwise have to bring any action or proceeding relating to this Amendment against any Borrower or its properties in the courts
of any jurisdiction.


 


(c)
Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally
and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising
out of or relating to this Amendment or any other Loan Document in any court referred to in paragraph (b) of this Section. Each of the
parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance
of such action or proceeding in any such court.


 


(d)
Each party to this Amendment irrevocably consents to service of process in the manner provided for
notices in Section 10.01 of the Amended Credit Agreement. Nothing in this Amendment will affect the right of any party to this Amendment
to serve process in any other manner permitted by law.


 


SECTION
9. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT


 




    3 


     


    

IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, 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 PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
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 BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.


 


SECTION
10. Counterparts. This Amendment may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute
a single contract. Delivery of an executed counterpart of a signature page of this Amendment by fax, emailed .pdf or any other electronic
means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart
of this Amendment. The words “execution”, “signed”, “signature”, “delivery”, and words
of like import in or relating to this Amendment and/or any document to be signed in connection with this Amendment and the transactions
contemplated hereby shall be deemed to include Electronic Signatures (as defined below), deliveries or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery
thereof or the use of a paper-based recordkeeping system, as the case may be. “Electronic Signatures” means any electronic
symbol or process attached to, or associated with, any contract or other record and adopted by a person with the intent to sign, authenticate
or accept such contract or record.


 


SECTION
11. Headings. Section headings used herein are for convenience of reference only, are not
part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment.


 


[Signature
page follows]


 




    4 


     


    

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


 


	 	AUTOMATIC DATA PROCESSING, INC.,
	 	 
	 	 
	 	by	/s/ Michael C. Eberhard
	 	 	Name:Michael C. Eberhard
	 	 	Title:Corporate Vice President and Treasurer




    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

	 	

    JPMORGAN CHASE BANK, N.A., individually and as Administrative Agent,
	 	 
	 	 
	 	by	/s/ Ryan Zimmerman
	 	 	Name:Ryan Zimmerman
	 	 	Title:Vice President




    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    



	 	 BANK OF AMERICA, N.A., as a Lender
	 	 
	 	 
	 	by	/s/ Dylan Honza
	 	 	Name:Dylan Honza
	 	 	Title:Vice President





 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 





	Name of Institution:	BNP PARIBAS



	 	 
	 	 
	 	by	/s/ Brendan Heneghan
	 	 	Name:Brendan Heneghan
	 	 	Title:Director





 





	 	 
	 	 
	 	 
	 	by	/s/ Nicolas
    Doche
	 	 	Name:Nicolas Doche
	 	 	Title:Vice President


 


 


 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


 


	Name of Institution:	DEUTSCHE BANK AG NEW YORK.BRANCH
	 	 
	 	 
	 	by	/s/ Ming K. Chu
	 	 	Name: Ming K. Chu
	 	 	Title: Director


 





	 	 
	 	 
	 	 
	 	by*	/s/ Yvonne Tilden
	 	 	Name:Yvonne Tilden
	 	 	Title:Managing Director





 









 









*
The second signature block is for the use of those Lenders that require two signatures.


 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	 
	 	 
	 	by	/s/ Karen H. McClain
	 	 	Name:Karen H. McClain
	 	 	Title:Managing Director





 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


	Name of Institution:	 Barclays Bank PLC
	 	 
	 	 
	 	by	/s/ Amir Barash
	 	 	Name:Amir Barash
	 	 	Title:Director Executed in NY


 





	 	 
	 	 
	 	 
	 	by*	 
	 	 	Name:
	 	 	Title:





 












 









*
The second signature block is for the use of those Lenders that require two signatures.







    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 





	Name of Institution:	 MUFG BANK, LTD.
	 	 
	 	 
	 	by	/s/ Lillian Kim
	 	 	Name:Lillian Kim
	 	 	Title:Director


 


 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 





	Name of Institution:	PNC Bank, National Association
	 	 
	 	 
	 	by	/s/
    Timothy Ambrose
	 	 	Name:Timothy Ambrose
	 	 	Title:Vice President









    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


	Name of Institution:	BMO Bank of Montreal
	 	 
	 	 
	 	by	/s/ Geoff Clark
	 	 	Name:Geoff Clark
	 	 	Title:Director, Corporate
Finance Division








 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


	 	U.S. BANK NATIONAL ASSOCIATION
	 	 
	 	 
	 	by	/s/ BRIAN
    SEIPKE
	 	 	Name:BRIAN SEIPKE
	 	 	Title:SR. VICE PRESIDENT





 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


	Name of Institution:	ROYAL BANK OF CANADA
	 	 
	 	 
	 	by	/s/ Jennifer Flann



	 	 	Name:Jennifer Flann



	 	 	Title:Director - Corporate Client Group





 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


	Name of Institution:	MORGAN STANLEY BANK, N.A.
	 	 
	 	 
	 	by	/s/ Michael King
	 	 	Name:Michael King
	 	 	Title:Authorized Signatory





 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


	Name of Institution:	INTESA SANPAOLO SpA - NY BRANCH
	 	 
	 	 
	 	by	/s/ Glen Binder
	 	 	Name:Glen Binder
	 	 	Title:Global Relationship Manager


 





	 	 
	 	 
	 	 
	 	by	/s/ Manuela Insana
	 	 	Name:Manuela Insana
	 	 	Title:Relationship Manager





 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


	Name of Institution:	SOCIETE GENERALE
	 	 
	 	 
	 	by	/s/ Andrew Johnman
	 	 	Name:Andrew Johnman
	 	 	Title:Co-Head of Technology Banking





 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


	Name of Institution:	TRUIST BANK
	 	 
	 	 
	 	by	/s/ Katherine Bass
	 	 	Name:Katherine Bass
	 	 	Title:Managing Director





 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


	Name of Institution:	FIFTH THIRD BANK, NATIONAL ASSOC.
	 	 
	 	 
	 	by	/s/ Jose
    A Rosado
	 	 	Name:Jose
    A Rosado
	 	 	Title: SVP





 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


	Name of Institution:	Santander Bank, N.A.
	 	 
	 	 
	 	by	/s/ Jennifer Baydian
	 	 	Name:Jennifer Baydian
	 	 	Title:Senior Vice President





 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


	Name of Institution:	The Bank of Nova Scotia
	 	 
	 	 
	 	by	/s/ Marilena Devcic
	 	 	Name:Marilena Devcic
	 	 	Title:Director





 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


	Name of Institution:	The Northern Trust Company
	 	 
	 	 
	 	by	/s/ Andrew D. Holtz
	 	 	Name:Andrew D. Holtz
	 	 	Title:Senior Vice President





 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


	Name of Institution:	THE BANK OF NEW YORK MELLON
	 	 
	 	 
	 	by	/s/ Thomas
    J. Tarasovich, Jr.
	 	 	Name:Thomas J. Tarasovich, Jr.
	 	 	Title:Vice President





 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


	Name of Institution:	ING Bank N.V., Dublin Branch, as a Lender
	 	 
	 	 
	 	by	/s/ Cormac Langford
	 	 	Name:Cormac Langford
	 	 	Title:Director





 





	 	 
	 	 
	 	 
	 	by	/s/ Sean Hassett
	 	 	Name:Sean Hassett
	 	 	Title:Director


 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


	 	THE HUNTINGTON NATIONAL BANK, as a Lender
	 	 
	 	 
	 	by	/s/ Ted Jurgielewicz
	 	 	Name:Ted Jurgielewicz
	 	 	Title:Director





 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


	Name of Institution:	Svenska Handelsbanken AB (publ), New York Branch
	 	 
	 	 
	 	by	/s/ Mark Emmett
	 	 	Name:Mark Emmett
	 	 	Title:Vice President


 








	 	 
	 	 
	 	 
	 	by	/s/ Anna Gustafsson
	 	 	Name:Anna Gustafsson
	 	 	Title:Head of Corporate Banking





 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


	Name of Institution:	HSBC Bank USA, N.A.
	 	 
	 	 
	 	by	/s/ Sarah McClintock
	 	 	Name:Sarah McClintock
	 	 	Title:Managing Director





 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


	LENDER   	TD BANK N.A.
	 	 
	 	 
	SIGNATURE   	by	/s/ STEVE LEVI
	AUTHORIZED OFFICER:   	 	Name:STEVE LEVI
	 	 	Title:SENIOR VICE PRESIDENT
	EMAIL:   	 	STEVE.LEVI@TD.COM
	TELEPHONE:   	 	914-467-0530





 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


	Name of Institution:	BAYERISCHE LANDESBANK, NEW YORK BRANCH
	 	 
	 	 
	 	by	/s/ Varbin Staykoff
	 	 	Name:Varbin Staykoff
	 	 	Title:Senior Director


 





	 	 
	 	 
	 	 
	 	by	/s/ Elke Videgain
	 	 	Name:Elke Videgain
	 	 	Title:Vice President





 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


	Name of Institution:	City National Bank
	 	 
	 	 
	 	by	/s/ Louis Serio
	 	 	Name:Louis Serio
	 	 	Title:SVP





 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    

 


	Name of Institution:	First Hawaiian Bank
	 	 
	 	 
	 	by	/s/ Stephen Agnew-Miller
	 	 	Name:Stephen Agnew-Miller
	 	 	Title:Vice President





 






    [SIGNATURE PAGE TO THE ADP AMENDMENT AGREEMENT]


     


    
 


ANNEX I


 


PROPOSED AMENDMENTS
REFLECTING THE FIRST AMENDMENT


ADDED TEXT SHOWN
UNDERSCORED, DELETED TEXT SHOWN STRIKETHROUGH


	
 

                                                                                               US$3,750,000,000

    364-DAY CREDIT AGREEMENT

     

    dated as of

     

    June 9, 2021,

    

    among

    

    AUTOMATIC DATA PROCESSING, INC.

     

    The BORROWING
    SUBSIDIARIES

    referred to herein

     

    The LENDERS
    Party Hereto

     

    JPMORGAN CHASE
    BANK, N.A.,

    as Administrative Agent

     

    _________________________

     

    BANK OF AMERICA,
    N.A.

    BNP PARIBAS

     

    WELLS FARGO
    BANK, N.A. and

    DEUTSCHE BANK SECURITIES INC.,

    as Syndication Agents

    


     

    BARCLAYS BANK
    PLC and

    MUFG BANK, LTD.,

     

    as Documentation
    Agents

     

    JPMORGAN CHASE
    BANK, N.A.

    BOFA SECURITIES, INC.

     

    BNP PARIBAS
    SECURITIES CORP.

     

    WELLS FARGO
SECURITIES, LLC and

DEUTSCHE BANK SECURITIES INC.,

as Joint Lead Arrangers and Joint Bookrunners



[CS&M Ref. No.
6701-136]


 




     


     


    

TABLE OF CONTENTS


 


ARTICLE
I



Definitions


 


	SECTION 1.01.
    Defined Terms.	1
	SECTION 1.02. Classification
    of Loans and Borrowings.	2122
	SECTION 1.03. Terms
    Generally.	2122
	SECTION 1.04. Accounting
    Terms; GAAP.	2123
	SECTION 1.05. Divisions.	2223
	SECTION 1.06. Interest
    Rates; LIBORBenchmark
    Notification.	2223
	 	 


ARTICLE
II



The Credits


 


	SECTION 2.01.
    Commitments.	2324
	SECTION 2.02. Loans
    and Borrowings.	2324
	SECTION 2.03. Requests
    for Revolving Borrowings.	2425
	SECTION 2.04. Competitive
    Bid Procedure.	2526
	SECTION 2.05. Funding
    of Borrowings.	2728
	SECTION 2.06. Repayment of
    Borrowings; Evidence of Debt; Extension of Maturity Date.	2728
	SECTION 2.07. Interest
    Elections.	2930
	SECTION 2.08. Termination
    and Reduction of Commitments.	3031
	SECTION 2.09. Prepayment
    of Loans.	3132
	SECTION 2.10. Fees.	3132
	SECTION 2.11. Interest.	3233
	SECTION 2.12. Alternate
    Rate of Interest.	3334
	SECTION 2.13. Increased
    Costs.	3537
	SECTION 2.14. Break
    Funding Payments.	3638
	SECTION 2.15. Taxes.	3638
	SECTION 2.16. Payments
    Generally; Pro Rata Treatment; Sharing of Setoffs.	3840
	SECTION 2.17. Mitigation
    Obligations; Replacement of Lenders.	4042
	SECTION 2.18. Designation
    of Borrowing Subsidiaries.	4043
	SECTION 2.19. Defaulting
    Lenders.	4143
	 	 


ARTICLE
III



Representations and Warranties


 


	SECTION 3.01.
    Organization; Powers.	4244
	SECTION 3.02. Authorization;
    Enforceability.	4244
	SECTION 3.03. Governmental
    Approvals; No Conflicts.	4244
	SECTION 3.04. Financial
    Position; No Material Adverse Change.	4245




     


     


    

Contents, p. 2


 


	SECTION 3.05.
    Properties.	4345
	SECTION 3.06. Litigation
    and Environmental Matters.	4345
	SECTION 3.07. Compliance
    with Laws and Agreements.	4346
	SECTION 3.08. Federal
    Reserve Regulations..	4346
	SECTION 3.09. Investment
    Company Status.	4446
	SECTION 3.10. Taxes.	4446
	SECTION 3.11. ERISA.	4446
	SECTION 3.12. Disclosure..	4446
	SECTION 3.13. Anti-Corruption
    Laws and Sanctions.	4447
	SECTION 3.14. Affected
    Financial Institution.	4547
	 	 


ARTICLE
IV



Conditions


 


	SECTION 4.01.
    Effective Date.	4547
	SECTION 4.02. Each
    Credit Event.	4648
	SECTION 4.03. Initial
    Credit Event for each Borrowing Subsidiary.	4648
	 	 


ARTICLE
V



Affirmative Covenants


 


	SECTION 5.01.
    Financial Statements and Other Information.	4749
	SECTION 5.02. Notices
    of Material Events.	4850
	SECTION 5.03. Existence;
    Conduct of Business.	4850
	SECTION 5.04. Payment
    of Taxes.	4850
	SECTION 5.05. Maintenance
    of Properties.	4951
	SECTION 5.06. Books
    and Records; Inspection Rights.	4951
	SECTION 5.07. Compliance
    with Laws.	4951
	SECTION 5.08. Use
    of Proceeds.	4951
	 	 


ARTICLE
VI



Negative Covenants


 


	SECTION 6.01.
    Liens.	5052
	SECTION 6.02. Sale
    and Leaseback Transactions.	5153
	SECTION 6.03. Fundamental
    Changes.	5153
	 	 


ARTICLE
VII



Events of Default


 


ARTICLE
VIII



The Administrative Agent


 




     


     


    

Contents, p. 3


 


ARTICLE
IX



Guarantee


 


ARTICLE
X



Miscellaneous


 


	SECTION 10.01.
    Notices.	6062
	SECTION 10.02. Waivers;
    Amendments.	6163
	SECTION 10.03. Limitation
    of Liability; Expenses; Indemnity.	6264
	SECTION 10.04. Successors
    and Assigns.	6466
	SECTION 10.05. Survival.	6668
	SECTION 10.06. Counterparts;
    Integration; Effectiveness.	6769
	SECTION 10.07. Severability.	6870
	SECTION 10.08. Right
    of Setoff.	6870
	SECTION 10.09. Governing
    Law; Jurisdiction; Consent to Service of Process.	6971
	SECTION 10.10. WAIVER
    OF JURY TRIAL.	6971
	SECTION 10.11. Headings.	7072
	SECTION 10.12. Confidentiality.	7072
	SECTION 10.13. Conversion
    of Currencies..	7173
	SECTION 10.14. Interest
    Rate Limitation.	7173
	SECTION 10.15. Certain
    Notices.	7274
	SECTION 10.16. No
    Fiduciary Relationship.	7274
	SECTION 10.17. Acknowledgement
    of and Consent to Bail-In of Affected Financial Institutions.	7274
	 	 


SCHEDULES:





	Schedule 2.01	—  Lenders and Commitments
	Schedule 2.16	—  Payment Instructions
	Schedule 6.01	—  Liens
	 	 


EXHIBITS:



	Exhibit A	—  Form of Assignment and Assumption
	Exhibit B-1	—  Form of Borrowing Subsidiary Agreement
	Exhibit B-2	—  Form of Borrowing Subsidiary Termination
	Exhibit C	—  Form of Promissory Note
	Exhibit D	—  Form of Opinion of General Counsel of the Company




     


     


    

364-DAY
CREDIT AGREEMENT dated as of June 9, 2021 (this “Agreement”), among AUTOMATIC DATA PROCESSING, INC., a Delaware
corporation (the “Company”); the BORROWING SUBSIDIARIES from time to time party hereto (the Company and the Borrowing
Subsidiaries being collectively called the “Borrowers”); the LENDERS from time to time party hereto; and JPMORGAN
CHASE BANK, N.A., as Administrative Agent.


 


The
Company has requested that the Lenders (such term and each other capitalized term used and not otherwise defined herein having the meaning
assigned to it in Article I) extend credit in the form of Commitments under which the Borrowers may obtain Loans in US Dollars in an
aggregate principal amount outstanding at any time of US$3,750,000,000. The Company has also requested that the Lenders provide (a) a
procedure pursuant to which the Borrowers may invite the Lenders to bid on an uncommitted basis on short-term Loans to the Borrowers
and (b) a procedure pursuant to which the Borrowers may obtain Loans on an uncommitted basis from individual Lenders on terms to
be negotiated at the time such Loans are requested. The proceeds of borrowings hereunder are to be used for general corporate purposes
of the Borrowers and their subsidiaries, including the refinancing of any indebtedness outstanding under the Company’s 364-Day
Credit Agreement dated as of June 10, 2020 and its Five-Year Credit Agreement dated as of June 13, 2018 (together, the “Existing
Credit Agreements”) or under the Company’s Five-Year Credit Agreement dated as of June 12, 2019.


 


The
Lenders are willing to establish the credit facilities referred to in the preceding paragraph upon the terms and subject to the conditions
set forth herein. Accordingly, the parties hereto agree as follows:


 


ARTICLE
I


 


Definitions


 


SECTION
1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified
below:


 


“ABR”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are
bearingbear interest at a rate determined by reference
to the Alternate Base Rate.


 


“Adjusted
Daily Simple SOFR” means an interest rate per annum equal to (a) the Daily Simple SOFR, plus (b) 0.10%; provided that if the Adjusted
Daily Simple SOFR as so determined would be less than the Floor,
such rate shall be deemed to be equal to the Floor
for the purposes of this Agreement.


 


“Adjusted
Term SOFR Rate” means, for any Interest
Period, an interest rate per annum equal to (a)
the Term SOFR Rate for such Interest Period, plus (b) 0.10%; provided that if the Adjusted Term SOFR Rate as so determined 


 




     


    2 


    

would
be less than the Floor, such rate shall be deemed to be equal to the Floor for
purposes of this Agreement. 


 


“Administrative
Agent” means JPMCB, in its capacity as administrative agent for the Lenders hereunder, or any successor in such capacity. Unless
the context requires otherwise, the term “Administrative Agent” shall include any Affiliate of JPMCB through which JPMCB
shall perform any of its obligations in such capacity hereunder.


 


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


 


“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.


 


“Agreement
Currency” has the meaning assigned to such term in Section 10.13(b).


 


“Alternate
Base Rate” means, for any day, a rate per annum equal to the highestgreatest
of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% per
annum and (c) the LIBOAdjusted
Term SOFR Rate for a one month interest period onInterest
Period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a Business Day,
the immediately preceding Business Day) plus 1% per annum. For purposes of clause (c) above, the LIBO;
provided that for the purpose of this definition, the Adjusted Term SOFR Rate onfor
any day shall be based on the applicable ScreenTerm
SOFR Reference Rate at approximately 11:00 a.m., London time, on such day for deposits in
US Dollars with a maturity of one month (without any rounding5:00
a.m. Chicago time on such day (or any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term SOFR Administrator
in the Term SOFR Reference Rate methodology). Any change in the Alternate Base Rate due to a change in the Prime Rate, the
NYFRB Rate or the LIBOAdjusted
Term SOFR Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or
the LIBOAdjusted Term SOFR
Rate, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.12 (for
the avoidance of doubt, only until any amendment has become effectivethe
Benchmark Replacement has been determined pursuant to Section 2.12(b)), then the Alternate Base Rate shall be the greater
of clauses (a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt, if the Alternate
Base Rate shallas determined
pursuant to the foregoing would be less than zero0.00%,
such rate shall be deemed to be zero for purposes
of this Agreement0.00%.


 


“Amendment
Agreement” means that certain Amendment Agreement, dated as of June 7, 2022, by and among the Company,
the Administrative Agent and the Consenting Lenders.



 




     


    3 


    

“Ancillary
Document” has the meaning assigned to such term in Section 10.06(b).


 


“Anti-Corruption
Laws” means the FCPA and other laws, rules and regulations applicable to the Borrower or its Subsidiaries concerning or relating
to bribery or corruption.


 


“Applicable
Rate” means a rate per annum equal to, with respect to (a) any EurocurrencyTerm
Benchmark Loan, 0.625% and (b) any ABR Loan, 0.00%.


 


“Arranger”
means each of JPMCB, BofA Securities, Inc., BNP Paribas Securities Corp., Wells Fargo Securities, LLC and Deutsche Bank Securities Inc.,
each in its capacity as joint lead arranger and joint bookrunner for the credit facility established hereunder.


 


“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party
whose consent is required by Section 10.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other
form approved by the Administrative Agent.


 


“Attributable
Debt” means, with respect to any Sale and Leaseback Transaction, the present value (discounted at the rate set forth or implicit
in the terms of the lease included in such Sale and Leaseback Transaction) of the total obligations of the lessee for rental payments
(other than amounts required to be paid on account of taxes, maintenance, repairs, insurance, assessments, utilities, operating and labor
costs and other items which do not constitute payments for property rights) during the remaining term of the lease included in such Sale
and Leaseback Transaction (including any period for which such lease has been extended). In the case of any lease which is terminable
by the lessee upon payment of a penalty, the Attributable Debt shall be the lesser of the Attributable Debt determined assuming termination
upon the first date such lease may be terminated (in which case the Attributable Debt shall also include the amount of the penalty, but
no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated)
or the Attributable Debt determined assuming no such termination.


 


“Availability
Period” means the period from and including the Effective Date to but excluding the earlier of the Termination Date and the
date of termination of the Commitments.


 


“Available
Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such
Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as
applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining any
frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for
the avoidance of 


 




     


    4 


    

doubt,
any tenor for such Benchmark that is then-removed
from the definition of “Interest Period” pursuant to clause (e) of Section 2.12.


 


“Bankruptcy
Event” means, with respect to any Person, that such Person becomes the subject of a bankruptcy or insolvency proceeding, or
has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with the reorganization
or liquidation of its business or custodian appointed for it, or, in the good faith determination of the Administrative Agent, has taken
any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment, provided
that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest,
in such Person by a Governmental Authority or instrumentality thereof. If, however, such ownership interest results in or provides such
Person 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 permits such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any
contracts or agreements made by such Person, such ownership interest will constitute a Bankruptcy Event. Nothing in this definition or
elsewhere in this Agreement shall require any Person to disclose any information that it would be prohibited from disclosing under applicable
law or regulation.


 


“Benchmark”
means, initially, with respect to any Term Benchmark Loan, the Term SOFR Rate; provided that if a Benchmark Transition Event, and the
related Benchmark Replacement Date have occurred with respect to the Term SOFR Rate or the then-current Benchmark, then “Benchmark”
means the applicable Benchmark Replacement to
the extent that such Benchmark Replacement has
replaced such prior benchmark rate pursuant to clause (b) of Section 2.12.


 


“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 Adjusted Daily Simple SOFR;


 


“Benchmark
Replacement” means(2)
the sum of: (a) the alternate benchmark rate (which may be
a SOFR-Based Rate) that has been selected by the Administrative Agent and the Company 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 and/or (ii)
any evolving or then-prevailing market convention for determining a benchmark
rate of interest as a replacement to the
LIBO Rate for U.S. dollar-denominatedfor the then-current
Benchmark for US Dollar-denominated syndicated credit facilities at
such time in the United States and (b) the related Benchmark
Replacement Adjustment; provided that, if 


 




     


    5 


    

If
the Benchmark Replacement as so determined
pursuant to clause (1) or (2) above would be less than zerothe
Floor, the Benchmark Replacement will be deemed to be zerothe
Floor for the purposes of this Agreement; provided further that any such Benchmark Replacement
shall be administratively feasible as determined by the Administrative Agent in its
sole discretion and the other
Loan Documents.


 


“Benchmark
Replacement Adjustment” means, with respect to any replacement of
the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting
of such Unadjusted Benchmark Replacement, 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 Company for the
applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or
method for calculating or determining such spread adjustment, for the replacement of the LIBO Ratesuch
Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on
the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a
spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the
LIBO Ratesuch Benchmark with the applicable Unadjusted
Benchmark Replacement for U.S. dollar-denominatedUS
Dollar-denominated syndicated credit facilities at such time (for
the avoidance of doubt, such Benchmark Replacement Adjustment shall not be in the form of a reduction
to the Applicable Rate).


 


“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement and/or
any Term Benchmark Loan, any technical, administrative or operational changes (including changes to the definition of “Alternate
Base Rate,” the definition of “Business Day,” the definition
of “U.S. Government Securities Business Day,” the definition of “Interest Period,” timing and frequency
of determining rates and making payments of interest and other,
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, in consultation with the Company, decides in
its reasonable discretionreasonably determines
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 reasonably determines that adoption of any portion of such market practice is not administratively feasible or if
the Administrative Agent reasonably determines that no market practice for the administration of thesuch
Benchmark Replacement exists, in such other manner of administration as the
Administrative Agent, in consultation with the Company, reasonably
determines is reasonably necessary in connection with the administration of this Agreement and
the other Loan Documents).


 




     


    6 


    

“Benchmark
Replacement Date” means, with respect to any
Benchmark, the earlierearliest
to occur of the following events with respect to the LIBO Ratesuch
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 the
Screen Ratesuch Benchmark (or the published component used
in the calculation thereof) permanently or indefinitely ceases to provide the Screen Rateall
Available Tenors of such Benchmark (or such component thereof); or


 


(2)
in the case of clause (3) of the definition of “Benchmark Transition Event,” the first
date of the public on
which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory
supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; provided, that such non-representativeness
will be determined by reference to the
most recent statement
or publication of information referenced thereinin
such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.


 


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, with respect to any Benchmark,
the occurrence of one or more of the following events with respect to the LIBO Ratesuch
then-current Benchmark:


 


(1)
a public statement or publication of information by or on behalf of the administrator of the Screen
Ratesuch Benchmark (or the published component used in the
calculation thereof) announcing that such administrator has ceased or will cease to provide the
Screen Rateall 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 the Screen Rateany
Available Tenor of such Benchmark (or such component thereof);


 


(2)
a public statement or publication of information by the regulatory supervisor for the administrator of the
Screen Rate, the U.S.such Benchmark (or the published component
used in the calculation thereof), the Federal


 




     


    7 


    

Reserve
SystemBoard, the NYFRB, the
CME Term SOFR Administrator, an insolvency official with jurisdiction over the administrator for the
Screen Ratesuch Benchmark (or such component),
a resolution authority with jurisdiction over the administrator for the Screen Ratesuch
Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator
for the Screen Ratesuch Benchmark
(or such component), in each case, which states that
the administrator of the Screen Ratesuch
Benchmark (or such component) has ceased or will cease to provide the Screen Rateall
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 the Screen Rate; and/or any
Available Tenor of such Benchmark (or such component thereof); or


 


(3)
a public statement or publication of information by the regulatory supervisor for the administrator of the
Screen Ratesuch Benchmark (or the published component used
in the calculation thereof) announcing that the Screen Rate isall
Available Tenors of such Benchmark (or such component thereof) are no longer,
or as of a specified future date will no longer be, representative.


 


“Benchmark
Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable
Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective
event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected
date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication)
and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Required Lenders, as applicable,
and, in each case, consented to by the Company in writing and notified in writing to the Administrative Agent (in the case of such notice
by the Required Lenders) and the Lenders, as applicable.


 


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, if a Benchmark Transition Event and
its related Benchmark Replacement Date have occurred with respect to the LIBO Rate and
solely to the extent that the LIBO Rate has not been
replaced with aany Benchmark Replacement,
the period (if any) (x) beginning at the time that sucha
Benchmark Replacement Date pursuant to clauses (1) or (2) of that
definition has occurred if, at such time, no Benchmark Replacement has replaced the LIBO
Ratesuch then-current Benchmark for all purposes
hereunder and under any Loan Document in accordance with Section
2.12 and (y) ending at the time that a Benchmark Replacement has replaced the LIBO Ratesuch
then-current Benchmark for


 




     


    8 


    

all
purposes hereunder pursuant toand
under any Loan Document in accordance with Section 2.12.


 


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


 


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


 


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


 


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


 


“Borrower”
means the Company or any Borrowing Subsidiary.


 


“Borrowing”
means Loans (including Competitive Loans and Contract Loans) of the same Class and Type, made, converted or continued on the same date
and, in the case of EurocurrencyTerm
Benchmark Loans or Fixed Rate Loans, as to which a single Interest Period is in effect.


 


“Borrowing
Minimum” means US$5,000,000.


 


“Borrowing
Multiple” means US$1,000,000.


 


“Borrowing
Request” means a request by a Borrower for a Borrowing in accordance with Section 2.03.


 


“Borrowing
Subsidiary” means any Subsidiary that has been designated as such pursuant to Section 2.18 and that has not ceased to be a
Borrowing Subsidiary as provided in such Section.


 


“Borrowing
Subsidiary Agreement” means a Borrowing Subsidiary Agreement substantially in the form of Exhibit B-1.


 


“Borrowing
Subsidiary Termination” means a Borrowing Subsidiary Termination substantially in the form of Exhibit B-2.


 


“Business
Day” means any day that is not(other
than a Saturday, or
a Sunday or other day)
on which commercial banks are
open for business in New York City are authorized or required by law to remain closedor
Chicago; provided, that when used in connection with a Eurocurrency Loan, the term
“Business Day” shall also exclude any day on which banks are not open for dealings in deposits in US Dollars in the London
interbank market.in relation to Term Benchmark Loans and any
interest rate settings, fundings, disbursements, settlements or payments of any such Term Benchmark 


 




     


    9 


    

Loan,
or any other dealings of such Term Benchmark Loan, any such day that is only an U.S. Government Securities Business Day.


 


“Capital
Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified
and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized
amount thereof determined in accordance with GAAP.


 


“Change
in Law” means (a) the adoption of any law, rule, regulation or treaty after the date of this Agreement, (b) any change in any
law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority
after the date of this Agreement or (c) compliance by any Lender or by any lending office of such Lender or by such Lender’s
holding company with any request, rule, guideline or directive (whether or not having the force of law) of any Governmental Authority
made or issued after the date of this Agreement; provided that notwithstanding anything herein to the contrary, no act, event
or circumstance referred to in clause (a), (b) or (c) of this definition shall be deemed to have occurred prior to the date of this Agreement
as a result of the applicable law, rule, regulation, treaty, interpretation, application, request, guideline or directive having been
adopted, made or issued under the general authority of the Dodd-Frank Wall Street Reform and Consumer Protection Act or Basel III as
promulgated by the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory
authorities.


 


“Class”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans,
Competitive Loans or Contract Loans.


 


“CME
Term SOFR Administrator” means CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured
Overnight Financing Rate (SOFR) (or a successor administrator). 


 


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


 


“Commitment”
means, with respect to each Lender, the commitment of such Lender to make Loans pursuant to Section 2.01, expressed as an amount
representing the maximum aggregate amount of such Lender’s Revolving Loan Exposure hereunder, as such commitment may be (a) reduced
from time to time pursuant to Section 2.08 and (b) reduced or increased from time to time pursuant to assignments by or to
such Lender pursuant to Section 10.04. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01 or
in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable. The aggregate amount
of the Commitments on the date hereof is US$3,750,000,000.


 




     


    10 


    

“Company”
has the meaning assigned to such term in the heading of this Agreement.


 


“Competitive
Bid” means an offer by a Lender to make a Competitive Loan in accordance with Section 2.04.


 


“Competitive
Bid Rate” means, with respect to any Competitive Bid, the Margin or the Fixed Rate, as applicable, offered by the Lender making
such Competitive Bid.


 


“Competitive
Bid Request” means a request for Competitive Bids in accordance with Section 2.04.


 


“Competitive
Borrowing” means a Borrowing comprised of Competitive Loans.


 


“Competitive
Loan” means a Loan made pursuant to Section 2.04. Each Competitive Loan shall be a EurocurrencyTerm
Benchmark Loan or a Fixed Rate Loan.


 


“Competitive
Loan Exposure” means, with respect to any Lender at any time, the aggregate principal amount of the outstanding Competitive
Loans of such Lender.


 


“Consenting
Lender” means each Lender party to the Amendment Agreement. 


 


“Compounded
SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology
for this rate, and conventions for this rate (which may include compounding in arrears with a lookback and/or suspension period as a
mechanism to determine the interest amount payable prior to the end of each Interest Period) being established by the Administrative
Agent in accordance with: 


 


(1)       the
rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining
compounded SOFR; provided that:


 


(2)       if,
and to the extent that, the Administrative Agent, in consultation with the Company,
determines that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate,
or methodology for this rate, and conventions for this rate that the Administrative Agent, in consultation with the Company, determines
in its reasonable discretion are substantially consistent with any evolving or then-prevailing market convention for determining compounded
SOFR for U.S. dollar-denominated syndicated credit facilities at such time; 


 


provided,
further, that if the Administrative Agent, in consultation with the Company, decides that any
such rate, methodology or convention determined in accordance with
clause (1) or clause (2) is not administratively feasible for the Administrative
Agent, then Compounded SOFR will be deemed unable to be determined 


 




     


    11 


    

for
purposes of the definition of “Benchmark Replacement.”


 


“Consolidated
Net Worth” means the shareholders’ equity of the Company, determined on a consolidated basis in accordance with GAAP.


 


“Contract
Loan” has the meaning assigned to such term in Section 2.02(e).


 


“Contract
Loan Exposure” means, with respect to any Lender at any time, the aggregate principal amount of the outstanding Contract Loans
of such Lender.


 


“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.


 


“Corresponding
Tenor” with respect to a Benchmark Replacement meansany
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 the
applicable tenor for the applicable Interest Period with respect to the LIBO
Ratesuch Available Tenor.


 


“Daily
Simple SOFR” means, for any day (a “SOFR Rate Day”), a rate per annum equal SOFR for the day (such day “SOFR
Determination Date”) that is five U.S. Government Securities Business Day prior to (i) if such SOFR Rate Day is a U.S. Government
Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S.
Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator
on the SOFR Administrator’s Website. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including
the effective date of such change in SOFR without notice to the Company.


 


“Default”
means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or
waived, constitute an Event of Default.


 


“Defaulting
Lender” means any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund
any portion of its Loans or (ii) pay over to the Administrative Agent or any other Lender any other amount required to be paid by it
hereunder, unless, in the case of clause (i) above, it notifies the Administrative Agent in writing that such failure is the result of
its good faith determination that a condition precedent to funding (specifically identified and including the particular default, if
any) has not been satisfied, (b) has notified the Company, any other Borrower or the Administrative Agent in writing, or has made a public
statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless
such writing or public statement indicates that such position is based on its good faith determination that a condition precedent (specifically


 




     


    12 


    

identified
and including the particular default, if any) to funding a Loan under this Agreement cannot be satisfied) or generally under other agreements
in which it commits to extend credit, (c) has failed, within three Business Days after request by the Administrative Agent, acting in
good faith, to provide a certification in writing from an authorized officer thereof that it will comply with its obligations (and is
financially able to meet such obligations) to fund Loans under this Agreement, provided that such Lender shall cease to be a Defaulting
Lender pursuant to this clause (c) upon the receipt by the Administrative Agent of such certification in form and substance satisfactory
to the Administrative Agent, or (d) has become the subject of a Bankruptcy Event or a Bail-In Action (as defined in Section 10.17).


 


“Early
Opt-in Election” means the occurrence of:


 


(1)
(i) a determination by the Administrative Agent and
the Company or (ii) a notification by the Required Lenders to the Administrative Agent (with a copy to the Company) that the Required
Lenders have determined that U.S. dollar-denominated syndicated credit facilities being executed at such time, or that include language
similar to that contained in Section 2.12 are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest
rate to replace the LIBO Rate, and 


 


(2)
(i) the election by the Administrative Agent and the Company or (ii) the election by the Required Lenders with the written consent of
the Company to declare that an Early Opt-in Election has occurred and the provision, as applicable, by the Administrative Agent and the
Company of written notice of such election to the Lenders or by the Required Lenders and the Company of written notice of such election
to the Administrative Agent and the other Lenders.


 


“Effective
Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 10.02).


 


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


 


“Eligible
Assignee” means (a) a Lender, (b) an Affiliate of a Lender and (c) any other Person, other than, in each case, (i) a natural
person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person), (ii)
a Defaulting Lender, (iii) the Company or any of its Affiliates or (iv) a Sanctioned Person.


 


“Environmental
Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements
issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation
of natural resources, the management, release or threatened release of any Hazardous Material or to health and safety matters.


 


“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation,
fines, penalties


 




     


    13 


    

or
indemnities), of any of the Borrowers or any of their 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.


 


“ERISA”
means the Employee Retirement Income Security Act of 1974.


 


“ERISA
Affiliate” means any trade or business (whether or not incorporated) that, together with the Company, is treated as a single
employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code,
is treated as a single employer under Section 414 of the Code.


 


“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) any failure by any Plan
to satisfy the minimum funding standard (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such
Plan, in each case 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 Company or any
ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the
Company or any ERISA Affiliate 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 Company or any ERISA Affiliate of any liability
with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; (g) the receipt by the Company or any
ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Company or any ERISA Affiliate of any notice, concerning
the imposition 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, or in endangered or critical status, within the meaning of Section 305 of ERISA; or (h) a determination
that any Plan is, or is expected to be, in “at-risk” status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4)
of the Code).


 


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


 


“Event
of Default” has the meaning assigned to such term in Article VII.


 


“Excluded
Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on
account of any Obligation hereunder, (a) income or franchise Taxes imposed on (or measured by) its net income by the United States
of America (or any political subdivision thereof), or by the jurisdiction under which such recipient is organized or in which its principal
office or any


 




     


    14 


    

lending
office from which it makes Loans hereunder is located, (b) any branch profit Taxes imposed by the United States of America or any similar
Tax imposed by any other jurisdiction described in clause (a) above, (c) except in the case of an assignee pursuant to a request by the
Company under Section 2.17(b), any withholding Tax that is imposed by the United States of America (or any political subdivision thereof)
on payments by a Borrower from an office within such jurisdiction to the extent such Tax is in effect and would apply as of the
date such Lender becomes a party to this Agreement or relates to payments received by a new lending office designated by such Lender
and is in effect and would apply at the time such lending office is designated, (d) any withholding Taxes imposed by the United
States of America pursuant to FATCA and (e) any withholding Tax that is attributable to such Lender’s failure to comply
with Section 2.15(f), except, in the case of clause (c) above, to the extent that (i) such Lender (or its assignor, if any) was
entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts with respect to such withholding
Tax pursuant to Section 2.15 or (ii) such withholding Tax shall have resulted from the making of any payment to a location other
than the office designated by the Administrative Agent or such Lender for the receipt of payments of the applicable type.


 


“Existing
Credit Agreements” has the meaning assigned to such term in the introductory statement.


 


“Exposure”
means, with respect to any Lender at any time, such Lender’s Revolving Loan Exposure, Competitive Loan Exposure and Contract Loan
Exposure at such time.


 


“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), and any current or future regulations or official interpretations thereof.


 


“FCA”
has the meaning set forth in Section 1.06.


 


“FCPA”
means the United States Foreign Corrupt Practices Act of 1977.


 


“Federal
Funds Effective Rate” means, for any day, the rate calculated by the NYFRB (rounded upwards,
if necessary, to the next 1/100 of 1.0%) based on such day’s federal funds transactions by depository institutions
(, as determined
in such manner as the NYFRB shall be
set forth on its public websitethe
NYFRB’s Website from time to time),
and published on the next succeeding business dayBusiness
Day by the NYFRB as the effective federal funds effective
rate; provided that if the Federal Funds Effective Rate, as
so determined as provided above, would be less than zero,
the Federal Funds Effective Rate shall for all0.00%, such
rate shall be deemed to be 0.00% for purposes of this Agreement be zero.


 


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


 




     


    15 


    

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


 


“First
Amendment Effective Date” has the meaning assigned to such term in Amendment Agreement.


 


“Fixed
Rate” means, with respect to any Competitive Loan (other than a EurocurrencyTerm
Benchmark Competitive Loan), the fixed rate of interest per annum specified by the Lender making such Competitive Loan in
its related Competitive Bid.


 


“Fixed
Rate Loan” means a Competitive Loan bearing interest at a Fixed Rate.


 


“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the First Amendment Effective Date, the modification,
amendment or renewal of this Agreement or otherwise) with respect to the Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR, as
applicable. For the avoidance of doubt the initial Floor for each of Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR shall
be 0.00%. 


 


“GAAP”
means generally accepted accounting principles in the United States of America.


 


“Governmental
Authority” means any nation or government, any federal, state, local or other political subdivision thereof and any entity
exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government (including
any applicable supranational bodies such as, without limitation, the European Union, the European Central Bank, the Bank for International
Settlements and the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing).


 


“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance
or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services
for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital,
equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to
pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued
to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or
deposit in the ordinary course of business.


 


“Hazardous
Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants,
including


 




     


    16 


    

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.


 


“Hedging
Agreement” means any interest rate protection agreement, foreign currency exchange agreement, commodity price protection agreement
or other interest or currency exchange rate or commodity price hedging arrangement.


 


“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances
of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations
of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other
title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred
purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business), (f) all
Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be
secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed,
(g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all
obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty and
(j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances. 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.


 


“Indemnified
Taxes” means Taxes other than Excluded Taxes.


 


“Interest
Election Request” means a request by the relevant Borrower to convert or continue a Borrowing in accordance with Section 2.07.


 


“Interest
Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December, (b) with
respect to any EurocurrencyTerm
Benchmark Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and,
in the case of a Eurocurrency Borrowing with an Interest
Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of
three months’ duration after the first day of such Interest Period, (c) with respect to any Fixed Rate Loan,
the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in
the case of a Fixed Rate Loan with an Interest Period of more than 90 days’ duration (unless otherwise
specified in the applicable Competitive Bid Request), each day prior to the last day of such Interest Period that occurs at intervals
of 90 days’ duration after the first day of such Interest Period, and any other dates specified in the applicable
Competitive Bid Request as Interest Payment Dates with respect to such Borrowing and (d) with respect to


 




     


    17 


    

any
Contract Loan, the date or dates agreed upon by the relevant Borrower and the applicable Lender or, if no such dates shall have been
agreed upon, the last day of each March, June, September and December.


 


“Interest
Period” means, (a) with respect to any EurocurrencyTerm
Benchmark Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in
the calendar month that is one, or
three or six months thereafter, as
the relevant (in each case, subject to the availability for
the Benchmark applicable to the relevant Loan or Commitment), as the Borrower may elect, (b) with respect to any Fixed Rate
Borrowing, the period (which shall not be less than seven days or more than 360 days) commencing on the date of such Borrowing and ending
on the date specified in the applicable Competitive Bid Request and (c) with respect to any Contract Loan, the period commencing on the
date of such Borrowing and ending on the date agreed upon by the relevant Borrower and the applicable Lender; provided,
that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the
next succeeding Business Day unless, in the case of a EurocurrencyTerm
Benchmark Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which case such Interest
Period shall end on the next preceding Business Day and,
(ii) any Interest Period pertaining to a EurocurrencyTerm
Benchmark Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of
such Interest Period.  and
(iii) in the case of a Term
Benchmark Borrowing, no tenor that has been removed from this definition pursuant to Section 2.12(e) shall be available for any
Borrowing. For purposes hereof, the date of a Borrowing initially shall be the date on which
such Borrowing is made,  and thereafter shall be the effective date of the most recent
conversion or continuation of such Borrowing.


 


““Interpolated
Screen Rate” means, with respect to any Eurocurrency
Borrowing for
any Interest Period, a
rate per annum which results from interpolating on a linear basis between (a) the applicable Screen Rate for the longest maturity
for which a Screen Rate is available that is shorter than such Interest Period and (b) the applicable Screen Rate for the shortest
maturity for which a Screen Rate is available that is longer than such Interest Period, in each case at 11:00 a.m., London time, two
Business
Days prior to the commencement of such Interest
Period.


 


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


 


“Judgment
Currency” has the meaning assigned to such term in Section 10.13(b).


 


“Lender-Related
Person” has the meaning assigned to such term in Section 10.03(a).


 


“Lenders”
means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment and
Assumption, other


 




     


    18 


    

than
any such Person that shall have ceased to be a party hereto pursuant to an Assignment and Assumption.


 


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


 


“LIBO
Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, the applicable Screen Rate
at 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided
that (a) if the applicable Screen Rate shall not be available at such time for such Interest Period but the applicable Screen
Rate shall be available at such time for maturities both longer and shorter than such Interest Period, then the LIBO Rate shall be the
Interpolated Screen Rate as of such time and (b) if the LIBO Rate, determined as set forth above, shall be less than zero,
such rate shall be deemed to be zero for purposes
of this Agreement.


 


“LIBOR”
has the meaning set forth in Section 1.06. 


 


“Lien”
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security
interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or
title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to
such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.


 


“Loan
Documents” means this Agreement, the Amendment Agreement,
each Borrowing Subsidiary Agreement, each Borrowing Subsidiary Termination and each promissory note delivered pursuant to this Agreement.


 


“Loans”
means the loans made by the Lenders to the Borrowers pursuant to this Agreement.


 


“Margin”
means, with respect to any Competitive Loan bearing interest at a rate based on the LIBOAdjusted
Term SOFR Rate, the marginal rate of interest, if any, to be added to or subtracted from the LIBOAdjusted
Term SOFR Rate to determine the rate of interest applicable to such Loan, as specified by the Lender making such Loan in its
related Competitive Bid.


 


“Material
Adverse Effect” means a material adverse effect on (a) the business, assets, operations, prospects or condition, financial
or otherwise, of the Company and its Subsidiaries taken as a whole, (b) the ability of the Company to perform any of its obligations
under this Agreement or (c) the rights of or benefits available to the Lenders under this Agreement.


 


“Material
Indebtedness” means Indebtedness (other than the Loans), or obligations in respect of one or more Hedging Agreements, of the
Company and its Subsidiaries in an aggregate principal amount exceeding US$250,000,000. For purposes of determining Material Indebtedness,
the “principal amount” of the obligations of any


 




     


    19 


    

Borrower
or any Subsidiary in respect of any Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting
agreements) that such Borrower or Subsidiary would be required to pay if such Hedging Agreement were terminated at such time.


 


“Material
Subsidiary” means (a) any Subsidiary that is a Borrower, (b) any Subsidiary that directly or indirectly owns or Controls any
Material Subsidiary and (c) any other Subsidiary (i) the consolidated revenues of which for the most recent period of four
fiscal quarters of the Company for which audited financial statements have been delivered pursuant to Section 5.01 were greater than
10% of the Company’s consolidated revenues for such period or (ii) the consolidated assets of which as of the end of such
period were greater than 10% of the Company’s consolidated assets as of such date; provided that if at any time the aggregate
consolidated revenues or assets of all Subsidiaries that are not Material Subsidiaries for or at the end of any period of four fiscal
quarters exceeds 10% of the Company’s consolidated revenues for such period or 10% of the Company’s consolidated assets as
of the end of such period, the Company shall (or, in the event the Company has failed to do so within 10 days, the Administrative
Agent may) designate sufficient Subsidiaries as “Material Subsidiaries” to eliminate such excess, and such designated Subsidiaries
shall for all purposes of this Agreement constitute Material Subsidiaries. For purposes of making the determinations required by this
definition, revenues and assets of foreign Subsidiaries shall be converted into US Dollars at the rates used in preparing the consolidated
balance sheet of the Company included in the applicable financial statements.


 


“Maturity
Date” means the Termination Date or any later date to which the Maturity Date shall have been extended pursuant to Section
2.06(f).


 


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


 


“Notice
of Illegality” has the meaning assigned to such term in Section 2.18.


 


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


 


“NYFRB
Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank
Funding Rate in effect on such day (or for any day that is not a Business Day, onfor
the immediately preceding Business Day); provided that if none of such rates isare
published for any day that is a Business Day, the term “NYFRB Rate” shall meanmeans
the rate for a federal funds transaction quoted at 11:00 a.m. (New York City time) on
such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided,
further, that if the NYFRB Rate,any
of the aforesaid rates as so determined as provided above, would be less
than zero, the NYFRB Rate shall for all0.00%,
such rate shall be deemed to be 0.00% for purposes of this Agreement be zero.


 




     


    20 


    

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


 


“Obligations”
means the due and punctual payment of (i) the principal of and premium, if any, and interest (including interest accruing during the
pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such
proceeding) on the Loans made to any Borrower, when and as due, whether at maturity, by acceleration, upon one or more dates set for
prepayment or otherwise and (ii) all other monetary obligations, including fees, costs, expenses and indemnities, whether primary,
secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), of the Borrowers under this
Agreement and the other Loan Documents.


 


“Other
Taxes” means any and all present or future recording, stamp, documentary, excise, transfer, sales, property or similar taxes,
charges or levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement
of, or otherwise with respect to, this Agreement or any other Loan Document.


 


“Overnight
Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Eurocurrency
borrowingseurodollar transactions denominated in US Dollars
by U.S.-managed banking offices of depository institutions (,
as such composite rate shall be determined by the NYFRB as set forth on its public websitethe
NYFRB’s Website from time to time),
and published on the next succeeding Business Day by the NYFRB as an Overnight Bank Funding
Rate (from and after such date as the NYFRB shall commence to publish such compositeovernight
bank funding rate).


 


“Participant”
has the meaning assigned to such term in Section 10.04(e).


 


“Participant
Register” has the meaning assigned to such term in Section 10.04(h).


 


“Patriot
Act” has the meaning assigned to such term in Section 10.15.


 


“Payment”
has the meaning assigned to such term in Article VIII.


 


“Payment
Notice” has the meaning assigned to such term in Article VIII.


 


“PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.


 


“Percentage”
means, with respect to any Lender, the percentage of the total Commitments represented by such Lender’s Commitment. If the Commitments
have terminated or expired, the Percentages shall be determined based upon the Commitments most recently in effect, giving effect to
any assignments.


 




     


    21 


    

“Permitted
Encumbrances” means:


 


(a)
Liens imposed by law for taxes that are not yet due or are being contested in compliance with Section 5.04;


 


(b)
carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’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 good faith;


 


(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;


 


(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;


 


(e)
judgment liens; 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 any of the Borrowers or any of their Subsidiaries;


 


provided
that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness or any Lien in favor of the PBGC.


 


“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority 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 any of the Borrowers or any ERISA Affiliate 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.


 


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


 




     


    22 


    

Rate
shall be effective from and including the date such change is publicly announced or quoted as being effective.


 


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


 


“Reference
Time” with respect to any setting
of the then-current Benchmark means (1) if such Benchmark is the Term SOFR Rate, 5:00 a.m. (Chicago time) on the day that is two Business
Days preceding the date of such setting or (2) if such Benchmark is not the Term SOFR Rate, the time determined
by the Administrative Agent in its reasonable
discretion. 


 


“Register”
has the meaning assigned to such term in Section 10.04.


 


“Related
Fund” means, with respect to any Lender that is a fund that invests in bank loans, any other fund that invests in bank loans
and is managed by the same investment advisor as such Lender or by an Affiliate of such investment advisor.


 


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


 


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


 


“Required
Lenders” means, at any time, Lenders having unused Commitments and Revolving Loan Exposures representing more than 50% of the
aggregate total unused Commitments and Revolving Loan Exposures at such time; provided that, for purposes of declaring the Loans
to be due and payable pursuant to Article VII, and for all purposes after the Loans become due and payable pursuant to Article VII
or the Commitments expire or terminate, the outstanding Competitive Loans and Contract Loans of the Lenders shall be included in their
respective Revolving Loan Exposures in determining the Required Lenders.


 


“Revolving
Borrowing” means a Borrowing comprised of Revolving Loans.


 


“Revolving
Loan” means a Loan made by a Lender pursuant to Section 2.01. Each Revolving Loan shall be a EurocurrencyTerm
Benchmark Loan or an ABR Loan.


 


“Revolving
Loan Exposure” means, at any time, the aggregate principal amount of the Revolving Loans outstanding at such time. The Revolving
Loan Exposure of any Lender at any time shall be such Lender’s Percentage of the total Revolving Loan Exposure at such time.


 




     


    23 


    

“Sale
and Leaseback Transaction” means any arrangement whereby the Company or a Subsidiary, directly or indirectly, shall sell or
transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent
or lease such property or other property which it intends to use for substantially the same purpose or purposes as the property being
sold or transferred.


 


“Sanction
Laws” means laws and executive orders of the United States of America, the United Nations Security Council, the European Union
or Her Majesty’s Treasury of the United Kingdom imposing economic or financial sanctions or trade embargoes, and regulations implementing
such laws and executive orders.


 


“Sanctioned
Country” means, at any time, a country, region or territory which is the subject or target of any Sanction Laws that are applicable
to transactions with such country or Persons operating, organized or resident therein generally (and not merely to transactions with
specifically designated Persons operating, organized or resident therein). On the date hereofFirst
Amendment Effective Date, the Sanctioned Countries are the Crimea
Region of Ukraine, the so-called Donetsk People’s Republic, the so-called
Luhansk People’s Republic, Cuba, Iran, Syria and North Korea and
Syria.


 


“Sanctioned
Person” means (a) any Person on the list of Specially Designated Nationals and Blocked Persons maintained by the Office of
Foreign Assets Control of the U.S. Department of Treasury or on any other list maintained by any Governmental Authority under applicable
Sanction Laws, (b) any Person operating, organized or resident in a Sanctioned Country with whom the Company is prohibited from doing
business as a result of applicable Sanction Laws, or (c) any Person who is, to the Company’s knowledge, owned or controlled by
any Person or Persons described in the preceding clauses (a) and (b).


 


“SOFR”
means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.


 


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


 


“SOFR
Administrator’s Website” means the NYFRB’s website, currently at http://www.newyorkfed.org, or any successor source
for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. 


 


“Screen
Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, a rate per annum equal to
the London interbank offered rate as administered by the ICE Benchmark Administration (or any other Person that takes over the administration
of such rate) for deposits in the US Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest
Period as displayed on the Reuters screen page that displays such rate (currently page LIBOR01) (or, in the event such rate does not
appear on a page of the Reuters screen, on the appropriate page of such other
information service that publishes such rate as shall be selected
by the Administrative Agent from time to time in
its reasonable discretion). If no such rate shall be available for
a particular Interest Period but rates shall be available for maturities both longer and shorter than such Interest Period, than the
LIBO Rate for such Interest Period shall be the Interpolated Screen Rate. Notwithstanding the foregoing, if the Screen Rate, determined
as provided above in this definition, would be less than zero, the Screen Rate shall for all purposes of this Agreement be zero.


 




     


    24 


    

“SOFR”
with respect to any day means the secured overnight financing rate
published for such day by the NYFRB, as the administrator of the benchmark (or a successor administrator), on the Federal Reserve Bank
of New York’s Website.


 


“SOFR-Based
Rate” means SOFR, Compounded SOFR or Term SOFR.


 


“Statutory
Reserves” means any reserve, liquid asset or similar requirements established by any Governmental Authority of the United States
to which banks in such jurisdiction are subject for any category of deposits or liabilities customarily used to fund loans in US Dollars
or by reference to which interest rates applicable to Loans are determined.


 


“subsidiary”
means, with respect to any Person, any entity with respect to which such Person alone owns, such Person or one or more of its subsidiaries
together own, or such Person and any Person Controlling such Person together own, in each case directly or indirectly, capital stock
or other equity interests having ordinary voting power to elect a majority of the members of the Board of Directors of such corporation
or other entity or having a majority interest in the capital or profits of such corporation or other entity.


 


“Subsidiary”
means any subsidiary of the Company.


 


“Taxes”
means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority.


 


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


 


“Term
SOFR” means the forward-looking term rate
based on SOFR that has been selected or recommended by the Relevant Governmental Body
Determination Day” has the meaning assigned to it under the definition
of Term SOFR Reference Rate.


 


“Term
SOFR Rate” means, with respect to any Term
Benchmark Borrowing and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00
a.m., Chicago time, two U.S. Government Securities Business
Days prior to the commencement of such tenor 


 




     


    25 


    

comparable
to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator.


 


“Term
SOFR Reference Rate” means, for any day and time (such day, the “Term SOFR Determination Day”), with respect to any
Term Benchmark Borrowing and for any tenor comparable to the applicable Interest Period, the rate per annum determined by the Administrative
Agent as the forward-looking term rate based
on SOFR. If by 5:00 pm (New
York City time) on such Term SOFR Determination
Day, the “Term SOFR Reference Rate” for the applicable tenor has not been published by the CME Term SOFR Administrator and
a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred, then the Term SOFR Reference Rate for such Term SOFR
Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business
Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding Business
Day is not more than five Business Days prior to such Term SOFR Determination Day. 


 


“Termination
Date” means (a) with respect to the Lenders who are not Consenting
Lenders, June 8, 2022 and (b) only with respect to the Consenting
Lenders, July 1, 2022.


 


“Transactions”
means the execution, delivery and performance by the Company and the other Borrowers of the Loan Documents, the borrowing of Loans hereunder
and the use of the proceeds thereof.


 


“Type”,
when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such
Borrowing, is determined by reference to the LIBOAdjusted
Term SOFR Rate, the Alternate Base Rate or a Fixed Rate.


 


“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment; provided that,
if the Unadjusted Benchmark Replacement as so determined would be less than zero, the Unadjusted Benchmark Replacement will be deemed
to be zero for the purposes of this Agreement.


 


“US
Dollars” or “US $” means the lawful money of the United States of America.


 


“U.S.
Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities
Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for
purposes of trading in United States government securities. 


 




     


    26 


    

“Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.


 


“Withholding
Agent” means any Borrower and the Administrative Agent.


 


SECTION
1.02. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be
classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “EurocurrencyTerm
Benchmark Loan”) or by Class and Type (e.g., a “EurocurrencyTerm
Benchmark Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving
Borrowing”) or by Type (e.g., a “ EurocurrencyTerm
Benchmark Borrowing”) or by Class and Type (e.g., a “EurocurrencyTerm
Benchmark Revolving Borrowing”).


 


SECTION
1.03. Terms Generally. The definitions of terms herein shall apply equally to the singular
and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine
and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed
by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as
the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or
other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented
or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any definition
of or reference to any statute, rule or regulation shall be construed as referring thereto as from time to time amended, supplemented
or otherwise modified (including by succession of comparable successor laws), (c) any reference herein to any Person shall be construed
to include such Person’s successors and assigns, (d) the words “herein”, “hereof” and “hereunder”
and words of similar import shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof,
(e) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and
Exhibits and Schedules to, this Agreement, (f) 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 and (g) any definition of or reference to any statute, rule or regulation shall be construed as referring thereto
as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor law).


 


SECTION
1.04. Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of
an accounting or financial nature shall be construed in accordance with GAAP as in effect from time to time; provided that if
the Company notifies the Administrative Agent that the Company requests an amendment to any provision hereof to eliminate the effect
of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative
Agent notifies the Company that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether
any such notice is given before or after such change in GAAP or in the application thereof, then


 




     


    27 


    

such
provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective
until such notice shall have been withdrawn or such provision amended in accordance herewith.


 


SECTION
1.05. Divisions. For all purposes under the Loan Documents, in connection with any division
or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws), if any asset, right, obligation
or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been
transferred from the original Person to the subsequent Person, and if any new Person comes into existence, such new Person shall be deemed
to have been organized on the first date of its existence by the holders of its equity interests at such time.


 


SECTION
1.06. Interest Rates; LIBORBenchmark
Notification. The interest rate on Eurocurrency Loans is determined
by reference to the LIBO Rate, which is derived from the London interbank offered rate that has been
the subject of regulatory reform. Regulators have signaled the need to use alternative benchmark reference rates and, as a result, such
interest rate benchmark may cease to comply with applicable laws and regulations, may be permanently discontinued, and/or the basis on
which it is calculated may change. The London interbank offered rate (“LIBOR”)
is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank
market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly
announced that: immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently
cease; immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease;
and immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject
to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market
and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that dates
announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact
the availability, composition, or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Each party to
this agreement should consult its own advisors to stay informed of any such developments. Public and private sector industry initiatives
are currently underway to identify new or alternative reference rates to be used in place of LIBORa
Loan may be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory
reform. Upon the occurrence of a Benchmark Transition Event or an Early Opt-In Election,
Section 2.12(b) provides a mechanism for determining an alternative rate of interest. The Administrative
Agent will promptly notify the Company, pursuant to Section 2.12(d), of any change to the reference rate upon which the interest rate
on Eurocurrency Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for,
and shall not have any liability with respect to, the administration, submission,
performance or any other matter related to the London interbank offered rate or other rates
in the definition of “LIBO Rate”any interest rate
used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof (including,
without limitation, (i) any such alternative, successor or 


 




     


    28 


    

replacement
rate implemented pursuant to Section 2.12(b), whether upon the occurrence of
a Benchmark Transition Event or an Early Opt-in Election, and (ii)
the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 2.12(c)),,
including without limitation, whether the composition or characteristics of any such alternative,
successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the LIBO
Rateexisting interest rate being replaced or have
the same volume or liquidity as did the London interbank offeredany
existing interest rate prior to its discontinuance or unavailability. The
Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest
rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant
adjustments thereto, in each case, in a manner adverse to the Company. The Administrative Agent may select information sources or services
in its reasonable discretion to
ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case
pursuant to the terms of this Agreement, and shall have no liability to the Company, any Lender or any other person or entity for damages
of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether
in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof)
provided by any such information source or service. 


 


ARTICLE
II


 


The Credits


 


SECTION
2.01. Commitments. Subject to the terms and conditions set forth herein, each Lender severally
agrees to make Revolving Loans to the Company and the Borrowing Subsidiaries from time to time during the Availability Period in US Dollars
in an aggregate principal amount at any time outstanding that will not result in (i) such Lender’s Revolving Loan Exposure exceeding
its Commitment or (ii) the aggregate Exposures exceeding the aggregate Commitments.


 


SECTION
2.02. Loans and Borrowings. (a)  Each Revolving Loan shall be made as part of a Borrowing
consisting of Revolving Loans made by the Lenders (or their Affiliates as provided in paragraph (b) below) ratably in accordance with
their respective Commitments. Each Competitive Loan shall be made in accordance with the procedures set forth in Section 2.04. Each
Contract Loan shall be made in accordance with the procedures set forth in paragraph (e) below. The failure of any Lender to make any
Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments
of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required hereunder.


 


(b)
Subject to Section 2.12, (i) each Revolving Borrowing shall be comprised entirely of EurocurrencyTerm
Benchmark Loans or ABR Loans as the applicable Borrower may request in accordance herewith and (ii) each Competitive Borrowing
shall be comprised entirely of EurocurrencyTerm
Benchmark Loans or


 




     


    29 


    

Fixed
Rate Loans, as the applicable Borrower may request in accordance herewith. Each Lender at its option may make any Loan by causing any
domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions of Sections
2.12, 2.13, 2.14 and 2.15 shall apply to such Affiliate to the same extent as to such Lender); provided that any exercise
of such option shall not affect the obligation of the applicable Borrower to repay such Loan in accordance with the terms of this Agreement.
Notwithstanding any other provision of this Agreement, the Borrowers shall not be responsible under Section 2.13 or 2.15 for any increased
costs incurred by a Lender as a result of a change in the location from which such Lender makes Loans unless such Lender is legally required
to make such change.


 


(c)
At the commencement of each Interest Period for any Borrowing (other than a Borrowing comprised
of Competitive Loans or Contract Loans), such Borrowing shall be in an aggregate amount that is at least equal to the Borrowing Minimum
and an integral multiple of the Borrowing Multiple; provided that an ABR Borrowing may be made in an aggregate amount that is
equal to the aggregate available Commitments. Borrowings of more than one Type and Class may be outstanding at the same time; provided
that there shall not at any time be more than a total of five EurocurrencyTerm
Benchmark Revolving Borrowings outstanding.


 


(d)
Notwithstanding any other provision of this Agreement, no Borrower shall be entitled to request,
or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity
Date.


 


(e)
At any time, any Borrower and any Lender may agree that such Lender will make a Loan (a “Contract
Loan”) to the Borrower denominated in US Dollars and bearing interest at an agreed upon rate, for an interest period to be
agreed upon and upon such other terms as the applicable Borrower and Lender may agree (it being understood that a Contract Loan shall
not be required to be in any particular minimum amount); provided, that, (i) after giving effect to the making of any such Contract
Loan, the aggregate Exposures shall not exceed the aggregate Commitments and (ii) no such Loan shall be a Contract Loan unless the relevant
Borrower and the applicable Lender expressly agree at the time such Loan is made, and notify the Administrative Agent, that such Loan
shall be a Contract Loan for purposes of this Agreement. If the applicable Borrower and Lender shall, after any Contract Loan is made,
agree that such Contract Loan shall no longer be a Contract Loan hereunder and shall notify the Administrative Agent of such agreement,
such Loan shall, as of the date of such agreement, cease to be a Contract Loan or to be entitled to any further benefits under this Agreement.
Contract Loans shall be deemed Loans for all purposes under this Agreement. Each Borrower and Lender shall promptly notify the Administrative
Agent of (i) the date, principal amount, maturity, interest rate, Interest Period and Interest Payment Dates of each Contract Loan made
by such Lender to such Borrower and (ii) the date and amount of any repayment or prepayment of any such Contract Loan.


 


SECTION
2.03. Requests for Revolving Borrowings. To request a Revolving Borrowing, the applicable
Borrower, or the Company on behalf of the applicable Borrower, shall notify the Administrative Agent of such request by telephone (a) in
the


 




     


    30 


    

case
of a EurocurrencyTerm Benchmark
Borrowing, not later than 2:00 p.m., New York City time, three Business Days before the date of the proposed Borrowing
and (b) in the case of an ABR Borrowing, not later than 2:00 p.m., New York City time, on the date of the proposed Borrowing. Each such
telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative
Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the applicable Borrower, or by the
Company on behalf of the applicable Borrower. Each such telephonic and written Borrowing Request shall specify the following information
in compliance with Section 2.02:


 


(i)
the Borrower requesting such Borrowing (or on whose behalf the Company is requesting such Borrowing);


 


(ii)
the aggregate principal amount of the requested Borrowing;


 


(iii)
the date of the requested Borrowing, which shall be a Business Day;


 


(iv)
the Type of the requested Borrowing;


 


(v)
in the case of a EurocurrencyTerm
Benchmark Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition
of the term “Interest Period”; and


 


(vi)
the location and number of the relevant Borrower’s account to which funds are to be disbursed,
which shall comply with the requirements of Section 2.05.


 


If no election
as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified
with respect to any requested EurocurrencyTerm
Benchmark Borrowing, then the relevant Borrower shall be deemed to have selected an Interest Period of one month’s duration.
Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender
of the details thereof and of the amount of the Loan to be made by such Lender as part of the requested Borrowing.


 


SECTION
2.04. Competitive Bid Procedure. (a) Subject to the terms and conditions set forth herein,
from time to time during the Availability Period any Borrower may request Competitive Bids for Competitive Loans in US Dollars and may
(but shall not have any obligation to) accept Competitive Bids and borrow Competitive Loans; provided that the aggregate Exposures
at any time shall not exceed the aggregate Commitments. To request Competitive Bids, the Company or the applicable Borrower shall notify
the Administrative Agent of such request by telephone (i) in the case of a EurocurrencyTerm
Benchmark Competitive Borrowing, not later than 10:00 a.m., New York City time, four Business Days before the date of the
proposed Competitive Borrowing and (ii) in the case of a Fixed Rate Borrowing, not later than 12:00 noon, New York City time,
one Business Day before the date of the proposed Competitive Borrowing. Not more than three Competitive Bid Requests may be submitted
on the same day. Each telephonic Competitive Bid Request shall be confirmed promptly by


 




     


    31 


    

hand
delivery or telecopy to the Administrative Agent of a written Competitive Bid Request in a form approved by the Administrative Agent
and signed by the Company. Each such telephonic and written Competitive Bid Request shall specify the following information in compliance
with Section 2.02:


 


(i)
the Borrower requesting the Competitive Bid and the aggregate amount of the requested Borrowing;


 


(ii)
the date of such Borrowing, which shall be a Business Day;


 


(iii)
whether such Borrowing is to be a EurocurrencyTerm
Benchmark Borrowing or a Fixed Rate Borrowing;


 


(iv)
the Interest Period to be applicable to such Borrowing, which shall be a period contemplated by
the definition of the term “Interest Period”; and


 


(v)
the location and number of the Company’s account to which funds are to be disbursed, which
shall comply with the requirements of Section 2.05.


 


Promptly following
receipt of a Competitive Bid Request in accordance with this Section, the Administrative Agent shall notify the Lenders of the details
thereof by telecopy, inviting the Lenders to submit Competitive Bids.


 


(b)
Each Lender may (but shall not have any obligation to) make one or more Competitive Bids to the
Company in response to a Competitive Bid Request. Each Competitive Bid by a Lender must be in a form approved by the Administrative Agent
and must be received by the Administrative Agent by telecopy, (i) in the case of a EurocurrencyTerm
Benchmark Competitive Borrowing, not later than 12:00 noon, New York City time, four Business Days before the date of the
proposed Competitive Borrowing and (ii) in the case of a Fixed Rate Borrowing, not later than 9:30 a.m., New York City time, on
the date of the proposed Competitive Borrowing. Competitive Bids that do not conform to the form approved by the Administrative Agent
may be rejected by the Administrative Agent, and the Administrative Agent shall notify the applicable Lender as promptly as practicable.
Each Competitive Bid shall specify (i) the principal amount (which may equal the entire principal amount of the Competitive Borrowing
requested by the Company) of the Competitive Loan or Loans that the Lender is willing to make, (ii) the Competitive Bid Rate or
Rates at which the Lender is prepared to make such Loan or Loans (expressed as a percentage rate per annum in the form of a decimal to
no more than four decimal places) and (iii) the Interest Period applicable to each such Loan and the last day thereof.


 


(c)
The Administrative Agent shall promptly notify the Company by telecopy of the Competitive Bid Rate
and the principal amount specified in each Competitive Bid and the identity of the Lender that shall have made such Competitive Bid.


 


(d)
Subject only to the provisions of this paragraph, the applicable Borrower may accept or reject any
Competitive Bid. The Borrower shall notify the


 




     


    32 


    

Administrative
Agent by telephone, confirmed by telecopy in a form approved by the Administrative Agent, whether and to what extent it has decided to
accept or reject each Competitive Bid, (i) in the case of a EurocurrencyTerm
Benchmark Competitive Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of the
proposed Competitive Borrowing and (ii) in the case of a Fixed Rate Borrowing, not later than 10:30 a.m., New York City time, on
the date of the proposed Competitive Borrowing; provided that (i) the failure of the Borrower to give such notice shall be
deemed to be a rejection of each Competitive Bid, (ii) the Borrower shall not accept a Competitive Bid made at a particular Competitive
Bid Rate if such Borrower rejects a Competitive Bid made at a lower Competitive Bid Rate, (iii) the aggregate amount of the Competitive
Bids accepted by the Borrower shall not exceed the aggregate amount of the requested Competitive Borrowing specified in the related Competitive
Bid Request and (iv) to the extent necessary to comply with clause (iii) above, the Borrower may accept Competitive Bids at
the same Competitive Bid Rate in part, which acceptance, in the case of multiple Competitive Bids at such Competitive Bid Rate, shall
be made pro rata in accordance with the amount of each such Competitive Bid; provided further that in calculating the pro rata
allocation of acceptances of portions of multiple Competitive Bids at a particular Competitive Bid Rate pursuant to clause (iv)
the amounts shall be rounded to integral multiples of the Borrowing Multiple in a manner determined by the Borrower. A notice given by
the Borrower pursuant to this paragraph shall be irrevocable.


 


(e)
The Administrative Agent shall promptly notify each bidding Lender by telecopy whether or not its
Competitive Bid has been accepted (and, if so, the amount and Competitive Bid Rate so accepted), and each successful bidder will thereupon
become bound, subject to the terms and conditions hereof, to make the Competitive Loan in respect of which its Competitive Bid has been
accepted.


 


(f)
If the Administrative Agent or one of its Affiliates shall elect to submit a Competitive Bid in
its capacity as a Lender, it shall submit such Competitive Bid directly to the applicable Borrower at least one quarter of an hour earlier
than the time by which the other Lenders are required to submit their Competitive Bids to the Administrative Agent pursuant to paragraph (b)
of this Section.


 


SECTION
2.05. Funding of Borrowings. (a) Each Lender shall make each Loan (other than a Contract
Loan) to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 2:00 p.m., New
York City time (or if later, in the case of an ABR Borrowing, one hour after the Lenders shall have been notified of the applicable Borrowing
Request), to the account of the Administrative Agent. The Administrative Agent will make such Loans available to the relevant Borrower
by promptly crediting the amounts so received, in like funds, to an account of such Borrower maintained by the Administrative Agent (or
another account specified by such Borrower in the applicable Borrowing Request) in New York City. Each Lender shall make each Contract
Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by the time and to the account
agreed upon by the relevant Borrower and the applicable Lender.


 




     


    33 


    

(b)
Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date
of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the
Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this
Section and may, in reliance upon such assumption, make available to the relevant Borrower a corresponding amount. In such event, if
a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, and the Administrative Agent
has made an amount corresponding to such share available to such Borrower, then the applicable Lender and such 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 such Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the
case of such Lender, the rate reasonably determined by the Administrative Agent to be the cost to it of funding such amount or (ii) in
the case of such Borrower, the interest rate applicable to the subject Loan. If such Lender pays such amount to the Administrative Agent,
then such amount shall constitute such Lender’s Loan included in such Borrowing and the Administrative Agent shall return to such
Borrower any amount (including interest) paid by such Borrower to the Administrative Agent pursuant to this paragraph.


 


SECTION
2.06. Repayment of Borrowings; Evidence of Debt; Extension of Maturity Date. (a) Each Borrower hereby unconditionally promises to pay to the Administrative Agent for the accounts of the applicable Lenders (i) the then
unpaid principal amount of the Loans comprising each Borrowing of such Borrower on the Maturity Date and (ii) the then unpaid principal
amount of each Competitive Loan on the last day of the Interest Period applicable thereto. Each Borrower hereby unconditionally promises
to pay to the applicable Lender the then unpaid principal amount of each Contract Loan on the date or dates agreed by such Borrower and
such Lender.


 


(b)
Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing
the obligations of each Borrower to such Lender resulting from the Loans made by such Lender.


 


(c)
The Administrative Agent shall maintain accounts in which it shall record (i) the amount of
each Borrowing made hereunder, the Class and Type thereof and the Interest Period applicable thereto and (ii) the amount of any
sum received by the Administrative Agent hereunder for the accounts of the Lenders and each Lender’s share thereof.


 


(d)
The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section
shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure
of any Lender or the Administrative Agent to maintain such accounts, or any error therein, shall not in any manner affect the obligation
of any Borrower to repay the Loans made to it in accordance with the terms of this Agreement.


 




     


    34 


    

(e)
Any Lender may request that Loans of any Class made by it to any Borrower be evidenced by a promissory
note if it is the policy of such Lender to obtain promissory notes in transactions comparable to those provided for herein or if such
Lender has another business reason for requesting such a promissory note. In such event, each applicable Borrower shall prepare, execute
and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and
its registered assigns) in the form of Exhibit C hereto. Thereafter, the Loans evidenced by each such promissory note and interest thereon
shall at all times (including after assignment pursuant to Section 10.04) be represented by one or more promissory notes in such
form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered
assigns).


 


(f)
Each Borrower may, by notice to the Administrative Agent (which shall promptly deliver a copy to
each of the Lenders) given not less than 45 days and not more than 60 days prior to the Termination Date, extend the Maturity Date to
a date not later than the first anniversary of the Termination Date; provided that any such extension of the Maturity Date shall
be subject to the satisfaction, on and as of the Termination Date, of the following conditions:


 


(i)
The representations and warranties of the Borrowers set forth herein shall be true and correct on
and as of the Termination Date, except to the extent such representations and warranties expressly relate to an earlier date (in which
case such representations and warranties shall be true and correct as of such earlier date).


 


(ii)
Immediately before and after the Termination Date, no Default shall have occurred and be continuing.


 


An extension of
the Maturity Date as set forth herein shall be deemed to constitute a representation and warranty by each Borrower on and as of the Termination
Date as to the matters specified in paragraphs (i) and (ii) of this Section 2.06(f). Loans repaid or prepaid after the Termination Date
may not be reborrowed.


 


SECTION
2.07. Interest Elections. (a) Each Borrowing initially shall be of the Type specified
in the applicable Borrowing Request and, in the case of a EurocurrencyTerm
Benchmark Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. After the initial Revolving
Borrowings, the Borrowers may elect to convert and continue such Revolving Borrowings to or as other Revolving Borrowings as provided
in this Section. The Borrowers may elect different options with respect to different portions of the affected Borrowings, in which case
each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings and any Loans resulting from
an election made with respect to any such portion shall be considered a separate Borrowing. Notwithstanding any other provision of this
Section, no Borrowing may be converted into or continued as a Borrowing with an Interest Period ending after the Maturity Date. This
Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continued.


 




     


    35 


    

(b)
To make an election pursuant to this Section, a Borrower, or the Company on its behalf, shall notify
the Administrative Agent of such election by telephone in the case of an election that would result in a Borrowing, by the time and date
that a Borrowing Request would be required under Section 2.03 if such Borrower were requesting a Borrowing of the Type resulting
from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable
and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a
form approved by the Administrative Agent and signed by the relevant Borrower, or the Company on its behalf. Notwithstanding any contrary
provision herein, this Section shall not be construed to permit any Borrower to elect an Interest Period for EurocurrencyTerm
Benchmark Loans that does not comply with Section 2.02(d).


 


(c)
Each telephonic and written Interest Election Request shall specify the following information in
compliance with Section 2.03:


 


(i)
the Borrowing to which such Interest Election Request applies and, if different options are being
elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the
information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);


 


(ii)
the effective date of the election made pursuant to such Interest Election Request, which shall
be a Business Day;


 


(iii)
whether a EurocurrencyTerm
Benchmark Borrowing or an ABR Borrowing is elected; and


 


(iv)
in the case of an election of a EurocurrencyTerm
Benchmark Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period
contemplated by the definition of the term “Interest Period”; provided that no EurocurrencyTerm
Benchmark Borrowing may be elected with an Interest Period that would extend after the Maturity Date.


 


If any such Interest
Election Request requests a EurocurrencyTerm
Benchmark Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest
Period of one month’s duration.


 


(d)
Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise
each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.


 


(e)
If the relevant Borrower fails to deliver a timely Interest Election Request with respect to a EurocurrencyTerm
Benchmark Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided
herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing.


 




     


    36 


    

(f)
The conversion or continuation of any Borrowing shall not constitute a repayment of amounts outstanding
or a new advance of funds hereunder.


 


SECTION
2.08. Termination and Reduction of Commitments. (a) Unless previously terminated, the
Commitments shall terminate on the Termination Date.


 


(b)
The Company may at any time terminate, or from time to time reduce, the Commitments; provided
that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of the Borrowing Multiple and not less
than the Borrowing Minimum and (ii) the Company shall not terminate or reduce the Commitments if, after giving effect to any concurrent
prepayment of the Loans in accordance with Section 2.09, the Revolving Loan Exposure of any Lender would exceed its Commitment or
the aggregate Exposures would exceed the aggregate Commitments.


 


(c)
The Company shall notify the Administrative Agent of any election to terminate or reduce the Commitments
under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying
the effective date of such election. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders
of the contents thereof. Each notice delivered by the Company pursuant to this Section shall be irrevocable; provided that a notice
of termination of the Commitments delivered by the Company may state that such notice is conditioned upon the effectiveness of other
credit facilities, in which case such notice may be revoked by the Company (by notice to the Administrative Agent on or prior to the
specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each
reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.


 


SECTION
2.09. Prepayment of Loans. (a) Any Borrower, or the Company on behalf of any Borrower,
shall have the right at any time and from time to time to prepay any Borrowing of such Borrower in whole or in part, subject to prior
notice in accordance with paragraph (d) of this Section; provided that, unless the applicable Borrowers and Lenders shall have
otherwise agreed at the time such Loans were made, Competitive Loans or Contract Loans may be prepaid only with the consent of the Lenders
making such Loans.


 


(b)
If the aggregate Exposures shall exceed the aggregate Commitments, then (i) on the last day of any
Interest Period for any EurocurrencyTerm
Benchmark Borrowing, and (ii) on any other date in the event ABR Borrowings shall be outstanding, the applicable Borrowers
shall prepay Loans in an amount equal to the lesser of (A) the amount necessary to eliminate such excess (after giving effect to
any other prepayment of Loans on such day) and (B) the amount of the applicable Borrowings referred to in clause (i) or (ii), as
applicable.


 


(c)
Prior to any optional or mandatory prepayment of Borrowings hereunder, the applicable Borrower shall
select the Borrowing or Borrowings to be


 




     


    37 


    

prepaid
and shall specify such selection in the notice of such prepayment pursuant to paragraph (d) of this Section.


 


(d)
The applicable Borrower, or the Company on behalf of the applicable Borrower, shall notify the Administrative
Agent by telephone (confirmed by telecopy) of any prepayment of a Borrowing hereunder (i) in the case of a EurocurrencyTerm
Benchmark Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of such
prepayment and (ii) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the
date of such prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each
Borrowing or portion thereof to be prepaid; provided that, if a notice of optional prepayment is given in connection with a conditional
notice of termination of the Commitments as contemplated by Section 2.08(c), then such notice of prepayment may be revoked if such
notice of termination is revoked in accordance with Section 2.08(c). Promptly following receipt of any such notice, the Administrative
Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be
permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Borrowing
shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by (i) accrued interest
to the extent required by Section 2.11 and (ii) break funding payments pursuant to Section 2.14.


 


SECTION
2.10. Fees. (a) The Company
agrees to pay to the Administrative Agent in US Dollars for the account of each Lender (except, in the case of any Defaulting Lender,
as provided in Section 2.19) a commitment fee, which shall accrue at the rate of 0.0175% per annum on the daily unused amount of the
Commitment of such Lender during the period from and including the date hereof to but excluding the date on which such Commitment terminates.
Accrued commitment fees shall be payable in arrears on the last day of March, June, September and December of each year, commencing on
the first such date to occur after the date hereof, and on the date on which the Commitments terminate. All commitment fees shall be
computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding
the last day). For purposes of computing commitment fees, a Commitment of a Lender shall be deemed to be used to the extent of
the outstanding Loans of such Lender.


 


(b)
On the Termination Date, the Company agrees to pay to the Administrative Agent for the account of
each Lender a term-out fee equal to 0.75% of the outstanding amount of such
Lender’s Loans that are not repaid on the Termination Date.


 


(c)
The Company agrees to pay to the Administrative Agent, for its own account, fees payable in the
amounts and at the times separately agreed upon between the Company and the Administrative Agent.


 


(d)
All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the
Administrative Agent for distribution, in the case of


 




     


    38 


    

commitment
fees, to the Lenders. Fees paid shall not be refundable under any circumstances.


 


SECTION
2.11. Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the
Alternate Base Rate plus the Applicable Rate.


 


(b)
The Loans comprising each EurocurrencyTerm
Benchmark Borrowing shall bear interest (i) in the case of a Revolving Borrowing, at the LIBOAdjusted
Term SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate, or (ii) in the case of
a EurocurrencyTerm Benchmark
Competitive Loan, at the LIBOAdjusted
Term SOFR Rate for the Interest Period in effect for such Borrowing plus (or minus, as applicable) the Margin applicable to
such Loan.


 


(c)
Each Fixed Rate Loan shall bear interest at the Fixed Rate applicable to such Loan.


 


(d)
Each Contract Loan shall bear interest at a rate per annum agreed upon between the applicable Borrower
and Lender.


 


(e)
Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee payable by
any Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear
interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% per annum
plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section and (ii) in the case of any other
amount payable, 2% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) above.


 


(f)
Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such
Loan; provided that (i) interest accrued pursuant to paragraph (e) above shall be payable on demand, (ii) in the event of any
repayment or prepayment of any Loan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest
on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any
conversion of any EurocurrencyTerm
Benchmark Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on
the effective date of such conversion.


 


(g)
All interest hereunder shall be computed on the basis of a year of 360 days, except that interest
computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on
the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed
(including the first day but excluding the last day). The applicable Alternate Base Rate or LIBOAdjusted
Term SOFR Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest
error.


 




     


    39 


    

SECTION
2.12. Alternate Rate of Interest. (a)  If prior
to the commencement of any Interest Period for a Eurocurrency BorrowingSubject
to clauses (b), (c), (d), (e) and (f) of this Section 2.12, if:


 


(i)
the Administrative Agent determines (which determination shall be conclusive absent manifest error)
(A) prior to the commencement of any Interest Period for a Term Benchmark
Borrowing that adequate and reasonable means do not exist for ascertaining the LIBOAdjusted
Term SOFR Rate (including because the ScreenTerm
SOFR Reference Rate is not available or published on a current basis) for such Interest Period;
provided that no Benchmark Transition Event shall have occurred at such time
or (B) at any time, that adequate and reasonable means do not exist for ascertaining
Adjusted Daily Simple SOFR; or


 


(ii)
the Administrative Agent is advised by a majority in interest of the Lenders (or in the case of
a EurocurrencyTerm Benchmark
Competitive Loan, the Lender that is required to make such Loan) that would participate in such Borrowing that the
LIBO (A) prior
to the commencement of any Interest Period for a Term
Benchmark Borrowing, the Adjusted Term SOFR Rate for such Interest Period will not adequately
and fairly reflect the cost to such Lenders (or Lender) of making
or maintaining their Loans (or its Loan) included in such Borrowing
for such Interest Period or (B) at any time, Adjusted Daily Simple SOFR will
not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in
such Borrowing;


 


then the Administrative
Agent shall give notice thereof to the applicable Borrower and the applicable Lenders by telephone or telecopy as promptly as practicable
thereafter and, until (x) the Administrative Agent notifies
the applicable Borrower and the applicable Lenders that the circumstances giving rise to such notice no longer exist,
(A) with respect to the relevant Benchmark and (y) the Borrower
delivers a new Interest Election Request in accordance with the terms of Section 2.07 or a new Borrowing Request in accordance with the
terms of Section 2.03, any Interest Election Request that requests the conversion of any Borrowing to, or continuation of
any Borrowing as, a Eurocurrency Borrowing shall be ineffective, and any Eurocurrency Borrowing that
is requested to be continued shall be repaid on the last day of the then
current Interest Period applicable thereto, and (B) anyTerm
Benchmark Borrowing and any Borrowing Request for a Eurocurrency Borrowing shall be ineffectivethat
requests a Term Benchmark Borrowing shall instead be deemed to be an Interest Election Request or a Borrowing Request, as applicable,
for (x) an Adjusted Daily Simple SOFR Borrowing so long as Adjusted Daily Simple SOFR is not also the subject of Section 2.12(a)(i) or
(ii) above or (y) an ABR Borrowing if Adjusted Daily Simple SOFR also is the subject of Section 2.12(a)(i) or (ii) above;
provided that (x) if the circumstances giving rise to such notice do not affect all the Lenders, then requests by the applicable
Borrower for EurocurrencyTerm
Benchmark Competitive Borrowings may be made to Lenders that are not affected thereby and (y) if the circumstances giving
rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted. Furthermore,
if any Term Benchmark 


 




     


    40 


    

Loan
or Adjusted Daily Simple SOFR Loan is outstanding on the date of the applicable Borrower’s receipt of the notice from the Administrative
Agent referred to in this Section 2.12(a) with respect to the Adjusted Term SOFR Rate or Adjusted Daily Simple SOFR, as applicable, then
until (x) the Administrative Agent notifies the applicable Borrower and the applicable Lenders that the circumstances giving rise to
such notice no longer exist with respect to the relevant Benchmark and (y) the applicable Borrower delivers a new Interest Election Request
in accordance with the terms of Section 2.07 or a new Borrowing Request in accordance with the terms of Section 2.03, (1) any Term Benchmark
Loan shall on the last day of the Interest
Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), be converted by
the Administrative Agent to, and shall constitute,
(x) an Adjusted Daily Simple SOFR Borrowing so long as Adjusted Daily Simple SOFR is not also the subject of Section 2.12(a)(i) or (ii)
above or (y) an ABR Loan if Adjusted Daily Simple SOFR also is the subject of Section 2.12(a)(i) or (ii) above, on such day and (2) any
Adjusted Daily Simple SOFR Loan shall on and from such day be converted by the Administrative Agent to, and shall constitute, an ABR
Loan.


 


(b)
Notwithstanding anything to the contrary herein or in any other Loan Document, upon
the occurrence ofif a Benchmark Transition Event
or an Early Opt-in Election, as applicable, the Administrative
Agent and the Company may amend this Agreement to replace the LIBO Rate with a Benchmark Replacement.
Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. 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) 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 (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 any Benchmark setting at or after 5:00 p.m.
(New York City time) on the fifth (5th) Business
Day after the Administrative Agent has posted such proposed amendment to all Lenders and the Company,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 proposed amendmentBenchmark
Replacement from Lenders comprising the Required Lenders; provided
that, with respect to any proposed amendment
containing any SOFR-Based Rate, the Lenders shall be entitled to object only to the Benchmark Replacement Adjustment contained therein.
Any such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Required Lenders
have delivered to the Administrative Agent written notice that such Required Lenders 


 




     


    41 


    

accept
such amendment. No replacement of LIBO Rate with a Benchmark Replacement will occur prior to the applicable Benchmark Transition Start
Date..


 


(c)
In  connection
with the implementation of a Benchmark ReplacementNotwithstanding
anything to the contrary herein or in any other Loan Document, the Administrative Agent will
have the right, in consultation with the Company, 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.


 


(d)
The Administrative Agent will promptly notify the Company and the Lenders of (i) any occurrence
of a Benchmark Transition Event or an Early Opt-in Election, as applicable, (ii) the
implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes,
(1) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (f) below and (iv2)
the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the
Administrative Agent or the Required Lenders (or the relevant,
if applicable, any Lender (or group of Lenders in the case of Eurocurrency Competitive Borrowings)),
pursuant to this Section 2.12, 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 heretoto
this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.12.


 


(e)
Notwithstanding anything to the contrary herein or
in any other Loan Document, at any time (including in connection
with the implementation of a Benchmark Replacement),
(i) if the then-current Benchmark is a term rate (including the Term SOFR Rate) and either (A) any tenor for such Benchmark is not displayed
on a screen or other information service that
publishes such rate from time to time as selected
by the Administrative Agent in its reasonable discretion or
(B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing
that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of
“Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor
and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service
for a 


 




     


    42 


    

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.


 


(f)
(e) Upon
the Company’s receipt of notice of the commencement of a Benchmark Unavailability Period, (i)
any Interest Election Request that requests thethe Company
may revoke any request for a Term Benchmark Borrowing of, conversion of any Revolving Borrowing
to,  or continuation of any Revolving
Borrowing as, a Eurocurrency Borrowing shall be ineffective, (ii) if any Borrowing Request requests a Eurocurrency Revolving Borrowing,
such Borrowing shall be made as an ABR Borrowing and (iii) any request by a Borrower for a Eurocurrency Competitive Borrowing shall be
ineffective.Term Benchmark Loans to be made, converted or
continued during any Benchmark Unavailability Period and, failing that, the Company will be deemed to have converted any request for
a Term Benchmark Borrowing into a request for a Borrowing of or conversion to (A) an Adjusted Daily Simple SOFR Borrowing so long as
Adjusted Daily Simple SOFR is not the subject of
a Benchmark Transition Event or (B) an ABR Borrowing
if Adjusted Daily Simple SOFR is the subject of a Benchmark Transition Event. During any Benchmark Unavailability Period or at any time
that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Alternate Base Rate based upon the then-current
Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Alternate Base Rate. Furthermore,
if any Term Benchmark Loan or Adjusted Daily Simple SOFR Loan is outstanding on the date of the Company’s receipt of notice of
the commencement of a Benchmark Unavailability Period
with respect to the Adjusted Term SOFR Rate or
Adjusted Daily Simple SOFR, as applicable, then until such time as a Benchmark Replacement is implemented pursuant to this Section 2.12,
(1) any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day
if such day is not a Business Day), be converted by the Administrative Agent to, and shall constitute, (x) an Adjusted Daily Simple SOFR
Loan so long as Adjusted Daily Simple SOFR is not the subject of a Benchmark Transition Event or (y) an ABR Loan if Adjusted Daily Simple
SOFR is the subject of a Benchmark Transition Event, on such day and (2) any Adjusted Daily Simple SOFR Loan shall on and from such day
be converted by the Administrative Agent to, and shall constitute, an ABR Loan.


 


SECTION
2.13. Increased Costs. (a)  If any Change in Law or the applicability of any Statutory
Reserves 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 by, any Lender; or


 


(ii)
impose on any Lender or the Londonapplicable
offshore interbank market any other condition affecting this Agreement or EurocurrencyTerm
Benchmark Loans made by such Lender or participations therein;


 


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


 




     


    43 


    

any sum received
or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the Company will pay or cause the other Borrowers
to pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction
suffered.


 


(b)
If any Lender reasonably determines that any Change in Law regarding capital or liquidity requirements
has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding
company, if any, as a consequence of this Agreement or the Loans made by, such Lender, to a level below that which such Lender or such
Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies
and the policies of such Lender’s holding company with respect to capital adequacy and liquidity), then from time to time the Company
will pay or cause the other Borrowers to pay to such Lender, as the case may be, such additional amount or amounts as will compensate
such Lender or such Lender’s holding company for any such reduction suffered.


 


(c)
Each Lender shall determine the amount or amounts necessary to compensate such Lender or such Lender’s
holding company, as the case may be, as specified in paragraph (a) or (b) of this Section using the methods customarily used by
it for such purpose (and if such Lender uses more than one such method, the method used hereunder shall be that which most accurately
determines such amount or amounts). A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender
or such Lender’s holding company, as the case may be, as specified in paragraph (a) or (b) of this Section, and an explanation
in reasonable detail of the method and calculations by which such amount shall have been determined, shall be delivered to the Company
and shall be conclusive absent manifest error. The Company shall pay or cause the other Borrowers to pay to such Lender the amount shown
as due on any such certificate within 15 Business Days after receipt thereof.


 


(d)
Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall
not constitute a waiver of such Lender’s right to demand such compensation; provided that the Company shall not be required
to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 180 days prior to the date that
such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and delivers a certificate with
respect thereto as provided in paragraph (c) above; provided further that, if the Change in Law giving rise to such increased
costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive
effect thereof.


 


SECTION
2.14. Break Funding Payments. In the event of (a) the payment of any principal of any EurocurrencyTerm
Benchmark Loan or Fixed Rate Loan other than on the last day of an Interest Period applicable thereto (including as a result
of an Event of Default), (b) the conversion of any EurocurrencyTerm
Benchmark Loan to a Loan of a different Type or Interest Period other than on the last day of the Interest Period applicable
thereto, (c) the failure to borrow, convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto
(regardless of whether such notice


 




     


    44 


    

may
be revoked under Section 2.09(d) and is revoked in accordance therewith), or (d) the assignment or deemed assignment of any EurocurrencyTerm
Benchmark Loan or Fixed Rate Loan other than on the last day of the Interest Period applicable thereto as a result of a request
by the Company pursuant to Section 2.17, then, in any such event, the applicable Borrower shall compensate each Lender for the loss,
cost and expense attributable to such event. In the case of a Eurocurrency Loan such loss, cost or expense
to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest
that would have accrued on the principal amount of such Loan had such event not occurred, at the LIBO Rate that would have been applicable
to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case
of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the
amount of interest that would accrue on such principal amount for such period at the interest rate such Lender would bid were it to bid,
at the commencement of such period, for deposits of a comparable amount and period from other banks in the London interbank market. A
certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section, and setting
forth in reasonable detail the calculations used by such Lender to determine such amount or amounts, shall be delivered to the applicable
Borrower and shall be conclusive absent manifest error. The applicable Borrower shall pay such Lender the amount shown as due on any
such certificate within 15 Business Days after receipt thereof.


 


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


 


(b)
In addition, the Borrowers shall pay any Other Taxes to the relevant Governmental Authority in accordance
with applicable law.


 


(c)
The relevant Borrower shall indemnify the Administrative Agent and each Lender, within 15 Business
Days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or such
Lender, as the case may be, on or with respect to any payment by or on account of any obligation of any Borrower hereunder or under any
other Loan Document (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this
Section) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability setting forth in reasonable detail


 




     


    45 


    

the
circumstances giving rise thereto and the calculations used by such Lender to determine the amount thereof delivered to the Company by
a Lender, or by the Administrative Agent, on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.


 


(d)
As soon as practicable after any payment of Indemnified Taxes or Other Taxes by any Borrower to
a Governmental Authority, such Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued
by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment
reasonably satisfactory to the Administrative Agent.


 


(e)
Each Lender shall severally indemnify the Administrative Agent for (i) any Taxes (but, in the case
of any Indemnified Taxes, only to the extent that the relevant Borrower has not already indemnified the Administrative Agent for such
Indemnified Taxes and without limiting the obligation of the relevant Borrower to do so) attributable to such Lender and (ii) any Taxes
attributable to such Lender’s failure to comply with the provisions of Section 10.04(h) relating to the maintenance of a Participant
Register, in each case that are paid or payable by the Administrative Agent in connection with any Loan Document and any penalties, interest
and reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. The indemnity under this paragraph (e) shall be paid within 15 Business Days after the Administrative
Agent delivers to the applicable Lender a certificate stating the amount of Taxes so paid or payable by the Administrative Agent. Such
certificate shall be conclusive of the amount so paid or payable absent manifest error.


 


(f)
(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax under the law
of the jurisdiction in which a Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under
this Agreement shall deliver to the Company (with a copy to the Administrative Agent), at the time or times prescribed by applicable
law, such properly completed and executed documentation prescribed by applicable law or reasonably requested by the Company as will permit
such payments to be made without withholding or at a reduced rate; provided that such Lender has received written notice from
the Company advising it of the availability of such exemption or reduction and containing all applicable documentation.


 


(ii)
If a payment made to a Lender under any Loan Document would be subject to United States 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 Withholding Agent, at the time or times prescribed by law and
at such time or times reasonably requested by the Withholding 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 Withholding Agent as may
be necessary for the Withholding Agent to comply with its obligations under


 




     


    46 


    

FATCA,
to determine that such Lender has or has not complied with such Lender’s obligations under FATCA and, as necessary, to determine
the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.15(f)(ii), “FATCA” shall
include any amendments made to FATCA after the date of this Agreement.


 


SECTION
2.16. Payments Generally; Pro Rata Treatment; Sharing of Setoffs. (a) Except as agreed
by the relevant Borrower and the applicable Lenders with respect to Contract Loans, each Borrower shall make each payment required to
be made by it hereunder or under any other Loan Document (whether of principal, interest or fees, or of amounts payable under Section 2.13,
2.14 or 2.15, or otherwise) prior to 12:00 noon, New York City time, on the date when due, in immediately available funds, without
set-off or counterclaim. Any amounts received after such time (or any other applicable time agreed by the relevant Borrower and the applicable
Lenders with respect to Contract Loans) on any date may, in the discretion of the Administrative Agent, be deemed to have been received
on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative
Agent to the applicable account specified in Schedule 2.16 for the account of the applicable Lenders or, in any such case, to such other
account as the Administrative Agent shall from time to time specify in a notice delivered to the Company and the applicable Borrower;
provided that payments to the applicable Lenders in respect of Contract Loans and payments pursuant to Sections 2.13, 2.14,
2.15 and 10.03 shall be made directly to the Persons entitled thereto and payments pursuant to other Loan Documents shall be made to
the Persons specified therein (it being agreed that the Borrowers will be deemed to have satisfied their obligations with respect to
payments referred to in this proviso if they shall make such payments to the persons entitled thereto in accordance with instructions
provided by the Administrative Agent; the Administrative Agent agrees to provide such instructions upon request, and no Borrower will
be deemed to have failed to make such a payment if it shall transfer such payment to an improper account or address as a result of the
failure of the Administrative Agent to provide proper instructions). The Administrative Agent shall distribute any such payments received
by it for the account of any Lender or other Person promptly, in accordance with customary banking practices, following receipt thereof
at the appropriate lending office or other address specified by such Lender or other Person. If any payment hereunder shall be due on
a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any
payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in
US Dollars. Any payment required to be made by the Administrative Agent hereunder shall be deemed to have been made by the time required
if the Administrative Agent shall, at or before such time, have taken the necessary steps to make such payment in accordance with the
regulations or operating procedures of the clearing or settlement system used by the Administrative Agent to make such payment.


 


(b)
If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment
in respect of any principal of or interest on its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate
amount of its Loans and accrued interest thereon than the proportion received by any


 




     


    47 


    

other
Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans of other
Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the
aggregate amount of their Loans and accrued interest thereon; 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, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment
made by any Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration
for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Company or any
Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). Each Borrower consents to the foregoing and
agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against such Borrower rights of set-off and counterclaim with respect to such participation as fully as if
such Lender were a direct creditor of the Borrower in the amount of such participation. Any purchaser of a participation under this paragraph
shall have the benefit of Sections 2.13, 2.14 and 2.15 with respect to the participation purchased, but shall not be deemed by virtue
of such purchase to have extended any Commitment that it had not extended prior to such purchase.


 


(c)
Unless the Administrative Agent shall have received notice from the relevant Borrower prior to the
date on which any payment is due for the account of all or certain of the Lenders hereunder that such Borrower will not make such payment,
the Administrative Agent may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance
upon such assumption, distribute to the applicable Lenders, as the case may be, the amount due. In such event, if such Borrower has not
in fact made such payment, then each of the applicable Lenders severally agrees to repay to the Administrative Agent forthwith on demand
the amount so distributed to such 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 a rate determined by the Administrative Agent in accordance with
banking industry practices on interbank compensation.


 


(d)
If any Lender shall fail to make any payment required to be made by it to the Administrative Agent
pursuant to this Agreement, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply
any amounts thereafter received by it for the account of such Lender to satisfy such Lender’s obligations to the Administrative
Agent until all such unsatisfied obligations are fully paid.


 


SECTION
2.17. Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation
under Section 2.13, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority
for the account of any Lender pursuant to Section 2.15, then such Lender shall consult with the Company regarding any actions that
could be taken to reduce amounts payable under such Sections and the costs of taking such actions and shall, at the request of the Company
following


 




     


    48 


    

such
consultations, 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 2.13 or 2.15, 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 Company hereby agrees to pay all reasonable, direct, out-of-pocket costs and expenses incurred by any Lender in connection with any
such designation or assignment.


 


(b)
If (i) any Lender requests compensation under Section 2.13, (ii) any Borrower is required to
pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15, (iii) any
Lender becomes a Defaulting Lender or (iv) any Lender delivers a Notice of Illegality pursuant to Section 2.18, then the Company
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 Section 10.04), all its interests, rights and obligations
under the Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts
such assignment); provided that (A) the Company shall have received the prior written consent of the Administrative Agent, which
consent shall not be unreasonably withheld, conditioned or delayed, (B) such Lender shall have received payment of an amount equal to
the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the
assignee or the Company and (C) in the case of any such assignment and delegation resulting from the delivery of a Notice of Illegality
under Section 2.18, it shall not be unlawful under Federal or applicable state or foreign law for the assignee to make Loans or otherwise
extend credit to or do business with the Subsidiary in respect of which such Notice of Illegality was delivered. A Lender shall not be
required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances
entitling the Company to require such assignment and delegation cease to apply.


 


SECTION
2.18. Designation of Borrowing Subsidiaries. The Company may at any time and from time to
time designate any Subsidiary as a Borrowing Subsidiary by delivery to the Administrative Agent of a Borrowing Subsidiary Agreement executed
by such Subsidiary and the Company. As soon as practicable upon receipt thereof, the Administrative Agent will post a copy of such Borrowing
Subsidiary Agreement to the Lenders. Each Borrowing Subsidiary Agreement shall become effective on the date five Business Days after
it has been posted by the Administrative Agent to the Lenders (subject to the receipt by any Lender of any information reasonably requested
by it not later than the third Business Day after the posting of such Borrowing Subsidiary Agreement under the Patriot Act or other “know-your-customer”
laws including, to the extent such Subsidiary qualifies as a “legal entity customer” under the Beneficial Ownership Regulation,
a Beneficial Ownership Certification in relation to such Subsidiary), unless prior thereto the Administrative Agent shall have received
written notice from any Lender that it shall be unlawful under Federal or applicable state or foreign law or prohibited under such Lender’s
bona fide internal policies of general


 




     


    49 


    

applicability
for such Lender to make Loans or otherwise extend credit to or do business with such Subsidiary (a “Notice of Illegality”),
in which case such Borrowing Subsidiary Agreement shall not become effective until such time as such Lender withdraws such Notice of
Illegality or ceases to be a Lender hereunder pursuant to Section 2.17(b). Upon the effectiveness of a Borrowing Subsidiary Agreement
as provided in the preceding sentence, the applicable Subsidiary shall for all purposes of this Agreement be a Borrowing Subsidiary and
a party to this Agreement until the Company shall have executed and delivered to the Administrative Agent a Borrowing Subsidiary Termination
with respect to such Subsidiary, whereupon such Subsidiary shall cease to be a Borrowing Subsidiary and a party to this Agreement. Notwithstanding
the preceding sentence, no Borrowing Subsidiary Termination will become effective as to any Borrowing Subsidiary at a time when any principal
of or interest on any Loan to such Borrowing Subsidiary shall be outstanding hereunder, provided that such Borrowing Subsidiary
Termination shall be effective to terminate the right of such Borrowing Subsidiary to make further Borrowings under this Agreement. As
soon as practicable upon receipt of a Borrowing Subsidiary Agreement, the Administrative Agent shall send a copy thereof to each Lender.


 


SECTION
2.19. Defaulting Lenders. (a) Notwithstanding any provision of this Agreement to the
contrary, if any Lender becomes a Defaulting Lender, then (i) commitment fees shall cease to accrue on the unused portion of the Commitment
of such Defaulting Lender pursuant to Section 2.10(a); and (ii) the Commitment and Revolving Loan Exposure of such Defaulting Lender
shall be disregarded for purposes of any determination of whether the Required Lenders or other requisite Lenders have taken or may take
any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 10.02); provided
that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender shall require the consent of
such Defaulting Lender.


 


(b)
In the event that the Administrative Agent and the Company shall agree that a Defaulting Lender
has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then on such date such Lender shall fund its Loan
to each Borrower or purchase at par Loans of the other Lenders (other than Competitive Loans), in each case as the Administrative Agent
shall determine may be necessary in order for such Lender to hold such Loans ratably in accordance with its Commitment. Such Lender shall
cease to be a Defaulting Lender upon remedying all matters to the satisfaction of the Administrative Agent and the Borrower that caused
such Lender to be a Defaulting Lender, including the funding of any Loan or the closing of the purchase of any Loan necessary in order
for such Lender to hold such Loans ratably in accordance with its Commitment.


 




     


    50 


    

ARTICLE
III


 


Representations and Warranties


 


The
Company and each other Borrower represents and warrants to the Lenders that:


 


SECTION
3.01. Organization; Powers. The Company and each of the Material Subsidiaries is duly organized,
validly existing and in good standing under the laws of the jurisdiction of its incorporation, has all requisite power and authority
to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where
such qualification is required.


 


SECTION
3.02. Authorization; Enforceability. The Transactions are within the Company’s and
each other Borrower’s corporate powers and have been duly authorized by all necessary corporate and, if required, stockholder action.
This Agreement has been duly executed and delivered by the Company and each other Borrower and constitutes a legal, valid and binding
obligation of each of them, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium
or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered
in a proceeding in equity or at law.


 


SECTION
3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not require any
consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained
or made and are in full force and effect and except as may be required under applicable securities laws and regulations, (b) will
not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Company or any other Borrower
or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or instrument
governing Material Indebtedness binding upon the Company or any Subsidiary or their assets, or give rise to a right thereunder to require
any payment to be made by the Company or any Subsidiary, and (d) will not result in the creation or imposition of any Lien on any asset
of the Company or any Subsidiary under any indenture, agreement or instrument governing Material Indebtedness.


 


SECTION
3.04. Financial Position; No Material Adverse Change. (a) The Company has heretofore
furnished to the Lenders its consolidated balance sheet and statements of income, stockholders’ equity and cash flows as of
and for the fiscal year ended June 30, 2020 (the “Annual Financial Statements”), reported on by Deloitte &
Touche LLP, independent registered public accountants, certified by its chief financial officer as presenting fairly, in all
material respects, the financial position and results of operations of the Company and its consolidated subsidiaries on a
consolidated basis in accordance with GAAP consistently applied, and its consolidated balance sheet and statements of income,
stockholders’ equity and cash flows as of and for the fiscal quarters ended September 30, 2020, December 31, 2020 and
March 31, 2021 (collectively, the


 




     


    51 


    

“Quarterly
Financial Statements”), certified by one of its Financial Officers as presenting fairly, in all material respects, the financial
position and results of operations of the Company and its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently
applied, subject to normal year-end audit adjustments and the absence of footnotes. The Annual Financial Statements and the Quarterly
Financial Statements present fairly, in all material respects, the financial position and results of operations and cash flows of the
Company and the consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to, in the case of the
Quarterly Financial Statements, normal year-end adjustments and the absence of footnotes.


 


(b)
Since March 31, 2021, there has been no material adverse change in the business, assets, operations,
prospects or condition, financial or otherwise, of the Company and the Subsidiaries, taken as a whole.


 


SECTION
3.05. Properties. The Company and each Material Subsidiary has good title to, or valid leasehold
interests in, all its real and personal property material to its business, except for minor defects in title that do not interfere with
its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes and except where
the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.


 


SECTION
3.06. Litigation and Environmental Matters. (a) There are no actions, suits or proceedings
by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Company, threatened against or affecting
the Company and its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely
determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that
involve this Agreement or the Transactions.


 


(b)
Except with respect to any other matters that, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect, none of the Company and the Subsidiaries (i) has failed to comply with any Environmental
Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become
subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows
of any basis for any Environmental Liability.


 


SECTION
3.07. Compliance with Laws and Agreements. The Company and each Material Subsidiary is in
compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements
and other instruments binding upon it or its property, except where the failure to be in compliance, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect.


 


SECTION
3.08. Federal Reserve Regulations. (a) Neither any Borrower nor any Subsidiary is engaged
principally, or as a substantial part of its activities, in the business


 




     


    52 


    

of
extending credit for the purpose of purchasing or carrying Margin Stock (within the meaning of Regulation U).


 


(b)
No part of the proceeds of any Loan has been or will be used, whether directly or indirectly, and
whether immediately, incidentally or ultimately, to purchase or carry Margin Stock (as defined in Regulation U of the Board) or to refinance
Indebtedness originally incurred for such purpose, or in any manner or for any purpose that has resulted or will result in a violation
of Regulation T, U or X of the Board.


 


SECTION
3.09. Investment Company Status. Neither any Borrower nor any of the Subsidiaries is an “investment
company” as defined in, or subject to regulation under, the Investment Company Act of 1940.


 


SECTION
3.10. Taxes. The Company and the Material Subsidiaries have timely filed or caused to be
filed all Tax returns and reports required to have been filed and have paid or caused to be paid all Taxes required to have been paid
by them, except (a) any Taxes that are being contested in good faith by appropriate proceedings and for which the Company or such
Subsidiary has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected
to result in a Material Adverse Effect.


 


SECTION
3.11. 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 Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used
for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements
reflecting such amounts, exceed by more than US$100,000,000 the fair market value of the assets of such Plan, and the present value of
all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting
Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than US$100,000,000
the fair market value of the assets of all such underfunded Plans.


 


SECTION
3.12. Disclosure. Neither the Confidential Information Memorandum nor any of the other reports,
financial statements, certificates or other information furnished by or on behalf of the Borrowers 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 misleading.


 


SECTION
3.13. Anti-Corruption Laws and Sanctions. The Company has implemented and will maintain and
enforce policies and procedures that are in the Company’s judgment appropriate to ensure compliance by the Company, its Subsidiaries,
and their directors, officers, employees and agents with applicable Anti-Corruption Laws and applicable Sanction Laws. None of the Company
or any Subsidiary or, to the


 




     


    53 


    

knowledge
of any Borrower, any of their directors, officers or employees, is a Sanctioned Person.


 


SECTION
3.14. Affected Financial Institution. No Borrower is an Affected Financial Institution (as
defined in Section 10.17).


 


ARTICLE
IV


 


Conditions


 


SECTION
4.01. Effective Date. This Agreement shall become effective on the date on which each of
the following conditions is satisfied (or waived in accordance with Section 10.02):


 


(a)
The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a
counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which
may include facsimile or e-mail transmission of a signed signature page of this Agreement) that such party has signed a counterpart of
this Agreement.


 


(b)
The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative
Agent and the Lenders and dated the Effective Date) of Michael A. Bonarti, Esq., General Counsel of the Company, substantially in the
form of Exhibit D, and covering such other matters relating to the Company, this Agreement or the Transactions as the Required Lenders
shall reasonably request. The Company hereby requests such counsel to deliver such opinion.


 


(c)
The Administrative Agent shall have received such documents and certificates as the Administrative
Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Borrowers, the authorization
of the Transactions and any other legal matters relating to the Borrowers, this Agreement or the Transactions, all in form and substance
satisfactory to the Administrative Agent and its counsel.


 


(d)
The Administrative Agent shall have received a certificate, dated the Effective Date and signed
by the President, a Vice President or a Financial Officer of the Company, confirming compliance with the conditions set forth in paragraphs (a)
and (b) of Section 4.02 (without giving effect to the parenthetical in such paragraph (a)).


 


(e)
The Administrative Agent shall have received all fees and other amounts due and payable on or prior
to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed
or paid by the Company hereunder.


 


(f)
The commitments under the Existing Credit Agreements shall have been or shall simultaneously be
terminated and the principal of and interest


 




     


    54 


    

accrued
on all loans outstanding thereunder and all fees and other amounts accrued or owing thereunder shall have been or shall simultaneously
be paid in full.


 


The Administrative
Agent shall notify the Company and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding
the foregoing, the obligations of the Lenders to make Loans shall not become effective unless each of the foregoing conditions is satisfied
(or waived pursuant to Section 10.02) at or prior to 5:00 p.m., New York City time, on June 9, 2021 (and, in the event such
conditions are not so satisfied or waived, the Commitments shall terminate at such time).


 


SECTION
4.02. Each Credit Event. The obligation of each Lender to make a Loan on the occasion of
any Borrowing is subject to the satisfaction of the following conditions:


 


(a)
The representations and warranties of the Borrowers set forth in this Agreement (other than the
representations set forth in Sections 3.04(b) and 3.06(a)) shall be true and correct in all material respects on and as of the date of
such Borrowing.


 


(b)
At the time of and immediately after giving effect to such Borrowing, no Default shall have occurred
and be continuing.


 


Each Borrowing
shall be deemed to constitute a representation and warranty by the Borrowers on the date thereof as to the matters specified in paragraphs (a)
and (b) of this Section.


 


SECTION
4.03. Initial Credit Event for each Borrowing Subsidiary. The obligation of each Lender to
make Loans to any Borrowing Subsidiary is subject to the satisfaction of the following conditions:


 


(a)
The Administrative Agent (or its counsel) shall have received a Borrowing Subsidiary Agreement of
such Borrowing Subsidiary duly executed by all parties thereto.


 


(b)
The Administrative Agent shall have received such documents, legal opinions and certificates as
the Administrative Agent or its counsel may reasonably request relating to the formation, existence and good standing of such Borrowing
Subsidiary, the authorization of the Transactions insofar as they relate to such Borrowing Subsidiary and any other legal matters relating
to such Borrowing Subsidiary, its Borrowing Subsidiary Agreement or such Transactions, all in form and substance satisfactory to the
Administrative Agent and its counsel.


 




     


    55 


    

ARTICLE
V


 


Affirmative Covenants


 


Until
the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees and other amounts payable
hereunder shall have been paid in full, the Company and each other Borrower covenants and agrees with the Lenders that:


 


SECTION
5.01. Financial Statements and Other Information. The Company will furnish to the Administrative
Agent:


 


(a)
within 90 days after the end of each fiscal year of the Company, its audited consolidated balance
sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth
in each case in comparative form the figures for the previous fiscal year, all reported on by Deloitte & Touche LLP or other 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 position and results of operations of the Company and its consolidated subsidiaries on a consolidated
basis in accordance with GAAP consistently applied;


 


(b)
within 45 days after the end of each of the first three fiscal quarters of each fiscal year
of the Company, its consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of
the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form
the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year,
all certified by one of its Financial Officers as presenting fairly, in all material respects, the financial position and results of
operations of the Company and its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject
to normal year-end audit adjustments and the absence of footnotes;


 


(c)
concurrently with any delivery of financial statements under clause (a) or (b) above,
a certificate of a Financial Officer of the Company certifying as to whether a Default has occurred and, if a Default has occurred,
specifying the details thereof and any action taken or proposed to be taken with respect thereto;


 


(d)
promptly after the same become publicly available, copies of all periodic and other reports, proxy
statements and other materials filed by the Company or any of its subsidiaries with the Securities and Exchange Commission, or any Governmental
Authority succeeding to any or all of the


 




     


    56 


    

functions
of said Commission, or with any national securities exchange, or distributed by the Company to its shareholders generally, as the case
may be; and


 


(e)
promptly following any request therefor, such other information regarding the operations, business
affairs and financial position of the Company or any of its subsidiaries, or compliance with the terms of this Agreement, as the Administrative
Agent or any Lender may reasonably request.


 


Reports required
to be delivered pursuant to subsections (a), (b) and (d) of this Section 5.01 shall be deemed to have been delivered on the date
on which the Company posts such reports on the Company’s website on the Internet at www.adp.com or when such report is posted on
the SEC’s website at www.sec.gov; provided that the Company shall
deliver paper copies of the reports referred to in subsection (a), (b) and (d) of this Section 5.01 to the Administrative Agent or any
Lender who requests the Company to deliver such paper copies until written notice to cease delivering paper copies is given by the Administrative
Agent or such Lender. The Administrative Agent shall promptly make available to each Lender a copy of the certificate to be delivered
pursuant to subsection (c) of this Section 5.01 by posting such certificate on IntraLinks or by other similar means.


 


SECTION
5.02. Notices of Material Events. The Company will furnish to the Administrative Agent and
each Lender prompt written notice (in any case within five Business Days) of the following:


 


(a)
the occurrence of any Default;


 


(b)
the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental
Authority against or affecting the Company or any Subsidiary as to which there is a reasonable possibility of an adverse determination
and that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; and


 


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


 


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


 


SECTION
5.03. Existence; Conduct of Business. The Company will, and will cause each other Borrower
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; provided that the foregoing shall not prohibit
any merger, consolidation, liquidation or dissolution permitted under Section 6.03.


 




     


    57 


    

SECTION
5.04. Payment of Taxes. The Company will, and will cause each Material Subsidiary to, pay
its Tax liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default,
except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Company
or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure
to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect.


 


SECTION
5.05. Maintenance of Properties. The Company will, and will cause each Material Subsidiary
to, keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear
excepted.


 


SECTION
5.06. Books and Records; Inspection Rights. The Company will keep proper books of record
and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities.
The Company will permit any representatives designated by the Administrative Agent, or by any Lender through the Administrative Agent,
at reasonable times and upon reasonable prior 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.


 


SECTION
5.07. Compliance with Laws. The Company will, and will cause each Material Subsidiary to,
comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property (including ERISA and
environmental laws), except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result
in a Material Adverse Effect. The Company will maintain and enforce policies and procedures that are in the Company’s judgment
appropriate to ensure compliance by the Company, its Subsidiaries, and their directors, officers, employees and agents with applicable
Anti-Corruption Laws and applicable Sanction Laws.


 


SECTION
5.08. Use of Proceeds. (a) The proceeds of the Loans will be used only for general corporate
purposes, including the refinancing of any indebtedness outstanding on the Effective Date under the Existing Credit Agreements or under
the Company’s Five-Year Credit Agreement dated as of June 12, 2019. No part of the proceeds of any Loan will be used, whether directly
or indirectly, to purchase or carry Margin Stock (as defined in Regulation U of the Board) or to refinance Indebtedness originally incurred
for such purpose, or in any manner or for any purpose that will result in a violation of Regulation T, U or X of the Board.


 


(b)
The proceeds of any Borrowing will not knowingly be used by the Borrowers or their Subsidiaries
for the purpose of (i) making or furthering a payment, a promise to pay or an offer of money or value to any Person in violation of applicable
Anti-Corruption Laws, (ii) financing any activity or transaction of or with any Sanctioned Person or in any Sanctioned Country, to the
extent such activities or transactions would be prohibited by Sanctions Laws if conducted by a corporation incorporated in the United


 




     


    58 


    

States
or (iii) carrying out any other transaction that would result in the violation of any applicable Sanction Laws.


 


ARTICLE
VI


 


Negative Covenants


 


Until
the Commitments have expired or terminated and the principal of and interest on each Loan and all fees and other amounts payable hereunder
have been paid in full, the Company and each other Borrower covenants and agrees with the Lenders that:


 


SECTION
6.01. Liens. The Company will not, and will not permit any Subsidiary to, 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 thereof, except:


 


(a)
Permitted Encumbrances;


 


(b)
any Lien on any property or asset of the Company or any Subsidiary existing on the date hereof and
set forth in Schedule 6.01; provided that (i) such Lien shall not apply to any other property or asset of any of the
Borrowers or any of their Subsidiaries and (ii) such Lien shall secure only those obligations which it secures on the date hereof
and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;


 


(c)
any Lien existing on any property or asset prior to the acquisition thereof by the Company or any
Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such
Person becomes a Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition
or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of any
of the Company or any Subsidiary and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition
or the date such Person becomes a Subsidiary, as the case may be, and extensions, renewals and replacements thereof that do not increase
the outstanding principal amount thereof;


 


(d)
Liens on fixed or capital assets acquired, constructed or improved by the Company or any Subsidiary;
provided that (i) 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, (ii) the Indebtedness secured thereby does not exceed the cost
of acquiring, constructing or improving such fixed or capital assets and (iii) such security interests shall not apply to any other
property or assets of the Company or any Subsidiary;


 




     


    59 


    

(e)
Liens on securities deemed to exist under repurchase agreements and reverse repurchase agreements
entered into by the Company and the Subsidiaries; and


 


(f)
other Liens not expressly permitted by clauses (a) through (e) above; provided that the sum
of (i) the aggregate principal amount of outstanding obligations secured by Liens permitted under this clause (f) and (ii) the Attributable
Debt permitted by Section 6.02(b) does not at any time exceed 25% of Consolidated Net Worth. For the avoidance of doubt, the Company
may treat obligations that appear on its consolidated balance sheet arising from factoring or other financing arrangements pursuant to
which it or any subsidiary sells accounts receivable as being secured by a Lien for purposes of this Section 6.01(f).


 


SECTION
6.02. Sale and Leaseback Transactions. The Company will not, and will not permit any of its
Subsidiaries to, enter into any Sale and Leaseback Transaction except:


 


(a)
Sale and Leaseback Transactions to which the Borrower or any Subsidiary is a party as of the date
hereof; and


 


(b)
other Sale and Leaseback Transactions; provided that the sum of (i) the aggregate principal
amount of outstanding obligations secured by Liens permitted by Section 6.01(f) and (ii) the aggregate Attributable Debt in respect of
Sale and Leaseback Transactions permitted by this clause (b) does not at any time exceed 25% of Consolidated Net Worth.


 


SECTION
6.03. Fundamental Changes. Neither the Company nor any other Borrower will merge into or
consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise
dispose of (in one transaction or in a series of transactions and including by means of any merger or sale of capital stock or otherwise)
all or substantially all of its assets (whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time
thereof and immediately after giving effect thereto no Default shall have occurred and be continuing or would result from such transaction,
the Company or any Borrower may merge or consolidate with any Person if (a) the Company or such Borrower, as the case may be, is the
surviving Person or (b) the surviving Person (i) is organized under the laws of The United States of America or, in the case of a merger
or consolidation of a Borrower other than the Company, the jurisdiction of organization of such Borrower, and (ii) assumes in writing
all of the Company’s or such Borrower’s obligations under this Agreement pursuant to documentation reasonably satisfactory
to the Administrative Agent, such satisfaction to be based solely upon the validity and enforceability of the assumption contained in
such documentation.


 




     


    60 


    

ARTICLE
VII


 


Events of Default


 


If
any of the following events (“Events of Default”) shall occur:


 


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


 


(c)
any representation or warranty made or deemed made by or on behalf of the Company or any Borrower
in or in connection with this Agreement 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 in any material respect when made or deemed made;


 


(d)
the Company or any Borrower shall fail to observe or perform any covenant, condition or agreement
contained in Section 5.02, 5.03 (with respect to the Company’s or such Borrower’s existence) or 5.08 or in Article VI;


 


(e)
the Company or any Borrower shall fail to observe or perform any covenant, condition or agreement
contained in this Agreement (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall
continue unremedied for a period of 30 days after notice thereof from the Administrative Agent or any Lender to the Company;


 


(f)
the Company or any Subsidiary shall default in the payment of any Material Indebtedness when and
as due, or any event or condition shall occur that results in any Material Indebtedness becoming due prior to its scheduled maturity;
provided, that if the maturity of any Material Indebtedness of a Person acquired directly or indirectly by the Company after the
date hereof shall be accelerated by reason of such acquisition, no Event of Default under this paragraph (f) shall be deemed to have
occurred with respect to such Material Indebtedness so long as such acceleration shall have been rescinded, or such Material Indebtedness
shall have been repaid, within five Business Days following the date of such acceleration;


 


(g)
an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation,
reorganization or other relief in respect of the Company or any Material Subsidiary or its debts, or of a substantial


 




     


    61 


    

part
of its 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 the Company or any Material
Subsidiary or for a substantial part of its 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;


 


(h)
the Company or any Material Subsidiary 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 (g) of this Article, (iii) apply for or consent to the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for the Company or any Material Subsidiary or for a substantial part
of its 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; or


 


(i)
the Company or any Material Subsidiary shall become unable, admit in writing its inability, or fail
generally, to pay its debts as they become due;


 


then, and in every
such event (other than an event with respect to any Borrower described in clause (g) or (h) of this Article), and at any time thereafter
during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the
Company, take either or both of the following actions, at the same or different times:  (i) terminate the Commitments,
and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in
whole (or in part, in which case any principal or other amount not so declared to be due and payable may thereafter be declared to be
due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon
and all fees and other obligations of the Borrowers accrued hereunder, shall become due and payable immediately, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers; and in case of any event with respect to
any of the Borrowers described in clause (g) or (h) of this Article, the Commitments shall automatically terminate and the principal
of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder,
shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby
waived by the Borrowers.


 




     


    62 


    

ARTICLE
VIII


 


The Administrative Agent


 


In
order to expedite the transactions contemplated by this Agreement, the Person named in the heading of this Agreement is hereby appointed
to act as Administrative Agent on behalf of the Lenders. Each of the Lenders and each assignee of any Lender hereby irrevocably authorizes
the Administrative Agent to take such actions on behalf of such Lender or assignee and to exercise such powers as are delegated to the
Administrative Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto.
The Administrative Agent is hereby expressly authorized by the Lenders, without hereby limiting any implied authority, and by the Borrowers
with respect to clause (c) below, (a) to receive on behalf of the Lenders all payments of principal of and interest on the Loans
and all other amounts due to the Lenders hereunder, and promptly to distribute to each Lender its proper share of each payment so received;
(b) to give notice on behalf of each of the Lenders to the Company of any Default or Event of Default specified in this Agreement
of which the Administrative Agent has actual knowledge acquired in connection with its agency hereunder; and (c) to distribute to
each Lender copies of all notices, financial statements and other materials delivered by the Company or any other Borrower pursuant to
this Agreement or the other Loan Documents as received by the Administrative Agent.


 


With
respect to the Loans made by it hereunder, the Administrative Agent in its individual capacity and not as the Administrative Agent shall
have the same rights and powers as any other Lender and may exercise the same as though it were not the Administrative Agent, and the
Administrative Agent and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with any
of the Borrowers or any of their Subsidiaries or other Affiliates thereof as if it were not the Administrative Agent.


 


The
Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting
the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless
of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary
action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that
the Administrative Agent is required to exercise upon receipt of notice in writing by the Required Lenders (or such other number or percentage
of the Lenders as shall be necessary under the circumstances as provided in Section 10.02), and (c) except as expressly set forth in
the Loan Documents, the Administrative Agent shall not have any duty to disclose, and the Administrative Agent shall not be liable for
the failure to disclose, any information relating to any of the Borrowers or any of their Subsidiaries that is communicated to or obtained
by the institution serving as the Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be
liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage
of the Lenders as shall be necessary under the circumstances as provided in Section 10.02) or in the absence of its


 




     


    63 


    

own
gross negligence or willful misconduct. The Administrative Agent shall not be deemed to have knowledge of any Default unless and until
written notice thereof is given to the Administrative Agent by a Borrower (in which case the Administrative Agent shall give written
notice to each other Lender), and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into
(i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate,
report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein, (iv) the validity, enforceability,
effectiveness or genuineness of any Loan Document or any other agreement, instrument or document or (v) the satisfaction of any
condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to
be delivered to the 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 believed by it to be genuine and to have been signed or sent 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 be made by
the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who
may be counsel for any 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.


 


The
Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents,
which may include any of its branches or affiliates, appointed by the Administrative Agent. The Administrative Agent and any such sub-agent
may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions
of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent,
and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well
as activities as the Administrative Agent.


 


Subject
to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign
at any time by notifying the Lenders and the Company. Upon any such resignation, the Required Lenders shall have the right, with the
consent of the Company (not to be unreasonably withheld, conditioned or delayed and except during the continuance of an Event of Default
hereunder, when no consent shall be required), to appoint a successor. In addition, if the Administrative Agent is a Defaulting Lender
due to it having had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged
with the reorganization or liquidation of its business or custodian appointed for it, the Required Lenders shall have the right, by notice
in writing to the Company and the Administrative Agent, to remove the Administrative Agent in its capacity as such and, with the consent
of the Company (not to be unreasonably withheld, conditioned or delayed and except during the continuance of an Event of Default


 




     


    64 


    

hereunder,
when no consent shall be required), to appoint a successor. If (a) no successor to a retiring Administrative Agent shall have been so
appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent
gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative
Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank or (b) no successor to a
removed Administrative Agent shall have been so appointed and shall have accepted such appointment within 30 days following the
issuance of a notice of removal, the removal shall become effective on such 30th day and on such date the Required Lenders
shall succeed as Administrative Agent to such removed Administrative Agent. Upon the acceptance of its appointment as Administrative
Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties
of the retiring or removed Administrative Agent, as the case may be, and such retiring or removed Administrative Agent shall be discharged
from its duties and obligations hereunder. After the Administrative Agent’s resignation or removal, as the case may be, hereunder,
the provisions of this Article and Section 10.03 shall continue in effect for the benefit of such retiring or removed Administrative
Agent, as the case may be. its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken
by any of them while it was acting as Administrative Agent.


 


Each
Lender agrees (a) to reimburse the Administrative Agent, on demand, in the amount of its pro rata share (based on the amount of
its Loans and available Commitments hereunder) of any expenses incurred for the benefit of the Lenders by the Administrative Agent, including
counsel fees and compensation of agents and employees paid for services rendered on behalf of the Lenders, that shall not have been reimbursed
by the Company or any other Borrower and (b) to indemnify and hold harmless the Administrative Agent and any of its Related Parties,
on demand, in the amount of such pro rata share, from and against any and all liabilities, taxes, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred
by or asserted against it in its capacity as Administrative Agent or any of them in any way relating to or arising out of this Agreement
or any other Loan Document or action taken or omitted by it or any of them under this Agreement or any other Loan Document, to the extent
the same shall not have been reimbursed by the Company or any other Borrower; provided that no Lender shall be liable to the Administrative
Agent or any such other indemnified Person for any portion of such liabilities, taxes, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements that are determined to have resulted from the gross negligence or willful misconduct
of the Administrative Agent, and any of its Related Parties or any of their respective directors, officers, employees or agents.


 


Each
Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender 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 also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based
on such documents and information as it shall from time to time deem appropriate, continue


 




     


    65 


    

to
make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or related agreement
or any document furnished hereunder or thereunder.


 


None
of the Lenders identified on the facing page or signature pages of this Agreement or elsewhere herein as a “syndication agent”
or “documentation agent” shall have any right, power, obligation, liability, responsibility or duty under this Agreement
other than those applicable to all Lenders as such.


 


Each
Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in
its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment,
prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were
erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof),
such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of
any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect
of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid
to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender
shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment
with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without
limitation any defense based on “discharge for value” or any similar doctrine. A notice of the Administrative Agent to any
Lender under this paragraph or the following paragraph shall be conclusive, absent manifest error.


 


Each
Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in
a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any
of its Affiliates) with respect to such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied
by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment.  Each Lender
agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender
shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly,
but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion
thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including
the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent
at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation from time to time in effect.


 




     


    66 


    

Each
Borrower hereby agrees that in the event an erroneous Payment (or portion thereof) is not recovered from any Lender that has received
such erroneous Payment (or portion thereof) for any reason, (x) the Administrative Agent shall be subrogated to all the rights of such
Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations
owed by any Borrower, 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 any Borrower for the purpose of satisfying Obligations.


 


Each
party’s obligations under the preceding three paragraphs shall survive the resignation or replacement of the Administrative Agent
or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction
or discharge of all Obligations under any Loan Document.


 


Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such
Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of the Administrative
Agent, the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Company or any
Subsidiary, that at least one of the following is and will be true: (i) such Lender is not using “plan assets” (within the
meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans in connection with the Loans or the Commitments, (ii) the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent
qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption
for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain 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.


 




     


    67 


    

In
addition, unless sub-clause (i) in the immediately preceding paragraph is true with respect to a Lender or a Lender has provided another
representation, warranty and covenant as provided in accordance with sub-clause (iv) in the immediately preceding paragraph, such Lender
further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such
Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent, the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Company or any
Subsidiary, that none of the Administrative Agent, the Arrangers or any of their respective Affiliates is a fiduciary with respect to
the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans,
the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent
under this Agreement, any Loan Document or any documents related to hereto or thereto).


 


The
Administrative Agent and the Arrangers 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.


 


ARTICLE
IX


 


Guarantee


 


In
order to induce the Lenders to extend credit to the other Borrowers hereunder, the Company hereby irrevocably and unconditionally guarantees,
as a primary obligor and not merely as a surety, the payment when and as due of the Obligations of such other Borrowers. The Company
further agrees that the due and punctual payment of such Obligations may be extended or renewed, in whole or in part, without notice
to or further assent from it, and that it will remain bound upon its guarantee hereunder notwithstanding any such extension or renewal
of any such Obligation.


 


The
Company waives presentment to, demand of payment from and protest to any Borrower of any of the Obligations, and also waives notice of
acceptance of its obligations and notice of protest for nonpayment. The obligations of the Company hereunder shall not be affected by
(a) the failure of the Administrative Agent or any


 




     


    68 


    

Lender
to assert any claim or demand or to enforce any right or remedy against any Borrower under the provisions of this Agreement, any other
Loan Document or otherwise; (b) any extension or renewal of any of the Obligations; (c) any rescission, waiver, amendment or
modification of, or release from, any of the terms or provisions of this Agreement or any other Loan Document or agreement; (d) any
default, failure or delay, willful or otherwise, in the performance of any of the Obligations; or (e) any other act, omission or
delay to do any other act which may or might in any manner or to any extent vary the risk of the Company or otherwise operate as a discharge
of a guarantor as a matter of law or equity or which would impair or eliminate any right of the Company to subrogation.


 


The
Company further agrees that its agreement hereunder constitutes a guarantee of payment when due (whether or not any bankruptcy or similar
proceeding shall have stayed the accrual or collection of any of the Obligations or operated as a discharge thereof) and not merely of
collection, and waives any right to require that any resort be had by the Administrative Agent or any Lender to any balance of any deposit
account or credit on the books of the Administrative Agent or any Lender in favor of any Borrower or any other Person.


 


The
obligations of the Company hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, and
shall not be subject to any defense or set-off, counterclaim, recoupment or termination whatsoever, by reason of the invalidity, illegality
or unenforceability of any of the Obligations, any impossibility in the performance of any of the Obligations or otherwise.


 


The
Company further agrees that its obligations hereunder shall continue to be effective or be reinstated, as the case may be, if at any
time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by the Administrative Agent or any Lender
upon the bankruptcy or reorganization of any Borrower or otherwise.


 


In
furtherance of the foregoing and not in limitation of any other right which the Administrative Agent or any Lender may have at law or
in equity against the Company by virtue hereof, upon the failure of any other Borrower to pay any Obligation when and as the same shall
become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, the Company hereby promises to and will, upon
receipt of written demand by the Administrative Agent or any Lender, forthwith pay, or cause to be paid, to the Administrative Agent
or such Lender in cash an amount equal to the unpaid principal amount of such Obligations then due, together with accrued and
unpaid interest thereon.


 


Upon
payment by the Company of any sums as provided above, all rights of the Company against any Borrower arising as a result thereof by way
of right of subrogation or otherwise shall in all respects be subordinated and junior in right of payment to the prior indefeasible payment
in full of all the Obligations owed by such Borrower to the Administrative Agent and the Lenders.


 




     


    69 


    

Nothing
shall discharge or satisfy the liability of the Company hereunder except the full performance and payment of the Obligations.


 


ARTICLE
X


 


Miscellaneous


 


SECTION
10.01. Notices. (a)  Except in the case of notices and other communications expressly
permitted to be given by telephone (and subject to 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 or sent by telecopy,
as follows:


 


(i)
if to any Borrower, to Automatic Data Processing, Inc., One ADP Boulevard, MS #420, Roseland, NJ
07068-1728, Attention of Treasurer (Fax No. 973-974-3320), with a copy to Automatic Data Processing, Inc., One ADP Boulevard, MS #450,
Roseland, NJ 07068-1728, Attention of General Counsel (Fax No. 973-974-3324);


 


(ii)
if to the Administrative Agent, to JPMorgan Chase Bank, N.A., Loan
and Agency Services Group, 500 Stanton Christiana Rd., NCC5 / 1st Floor, Newark, DE 19713, Attention: Zohaib
Nazir (E-Mail: 12016395215@tls.ldsprod.com), with a copy to JPMorgan Chase Bank, N.A., 383 Madison Avenue, Floor 24, New York, NY, 10179,
Attention of Ryan Zimmerman (E-Mail: ryan.zimmerman@jpmorgan.comLoan
& Agency Services Group, (Tel: 312 954 9852, Fax: 302-634-8459, Email: zohaib.nazir@chase.com; Agency Withholding Tax Inquiries,
Email: agency.tax.reporting@jpmorgan.com; Agency Compliance/Financials/Intralinks, Email: covenant.compliance@jpmchase.com);
and


 


(iii)
if to any Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.


 


Any party hereto
may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto or in
the case of a Lender, to the Administrative Agent and the Borrowers. All notices and other communications given to any party hereto in
accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. Notices delivered through
Approved Electronic Platforms, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).


 


(b)
Notices and other communications to the Borrowers and the Lenders hereunder may be delivered or
furnished by using an electronic platform pursuant to procedures approved by the Administrative Agent; provided that the foregoing
shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. The
Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic


 




     


    70 


    

communications
pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.


 


(c)
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.


 


SECTION
10.02. Waivers; Amendments. (a) No failure or delay by the Administrative Agent or any
Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single
or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude
any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent
and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they
would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Borrower therefrom shall in
any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall
be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the
making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may
have had notice or knowledge of such Default at the time.


 


(b)
Subject to Section 2.12, neither this Agreement nor any other Loan Document nor any provision hereof
or thereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Company and
the Required Lenders or by the Company and the Administrative Agent with the consent of the Required Lenders or, in the case of any other
Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Borrowers that are
parties thereto, in each case with the consent of the Required Lenders; provided that no such agreement shall (i) increase any
Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan, reduce the rate of
interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender adversely affected thereby, (iii)
postpone the date of any scheduled payment of the principal amount of any Loan, or any interest thereon, or any fees payable hereunder,
or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the
written consent of each Lender affected thereby (provided that nothing shall limit the right of


 




     


    71 


    

each
Borrower to extend the Maturity Date pursuant to Section 2.06(f)), (iv) change Section 2.16(b) or (c) in a manner that would alter
the pro rata sharing of payments required thereby without the written consent of each Lender (it being understood that the addition of
new tranches of loans or commitments that may be extended under this Agreement shall not be deemed to alter such pro rata sharing of
payments), (v) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision
of any Loan Document specifying the number or percentage of Lenders required to waive, amend or modify any rights thereunder or make
any determination or grant any consent thereunder, without the written consent of each Lender (except, in each case, to provide for new
tranches of loans or commitments that may be extended under this Agreement), (vi) release the Company from, or limit or condition,
its obligations under Article IX, without the written consent of each Lender, (vii) change the currency in which Loans may
be made without the written consent of each Lender affected thereby or (viii) change Section 10.17 in any manner without the written
consent of each Lender that is an Affected Financial Institution (as defined in Section 10.17); provided further that no such
agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder or under any other Loan
Document without the prior written consent of the Administrative Agent.


 


SECTION
10.03. Limitation of Liability; Expenses; Indemnity.  (a) Limitation of Liability.
To the extent permitted by applicable law (i)(i) no Borrower shall assert, and each Borrower hereby waives, any claim against the Administrative
Agent, any Arranger, any Syndication Agent, any Documentation Agent and any Lender, and any Related Party of any of the foregoing Persons
(each such Person being called a “Lender-Related Person”) for any Liabilities arising from the use by others of information
or other materials (including, without limitation, any personal data) obtained through telecommunications, electronic or other information
transmission systems (including the Internet), and (ii)(ii) no party hereto shall assert, and each such party hereby waives, any Liabilities
against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct
or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or
instrument contemplated hereby or thereby, the Transactions, any Loan or the use of the proceeds thereof; provided that, nothing
in this Section 10.03(a)(a) shall relieve the Company or any other Borrower of any obligation it may have to indemnify an Indemnitee,
as provided in Section 10.03(c), against any special, indirect, consequential or punitive damages asserted against such Indemnitee by
a third party.


 


(b)
Expenses. The Company shall pay (i) all reasonable and documented out-of-pocket expenses
incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of one counsel for
the Administrative Agent and such Affiliates, in connection with the syndication of the credit facility provided for herein, the preparation
and administration of this Agreement or 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) and (ii) all reasonable and documented
out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the reasonable fees, charges and disbursements of
any counsel for the Administrative Agent or any Lender, in connection


 




     


    72 


    

with
the enforcement or protection of its rights under any Loan Document, including its rights under this Section, or in connection with the
Loans made, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans.


 


(c)
Indemnity. The Company shall indemnify the Administrative Agent and each 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, any and all losses, liabilities, out-of-pocket costs or expenses, including the reasonable fees, charges and
disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee (whether by a third party or by any Borrower)
arising out of, in connection with or as a result of (i) any transaction or proposed transaction (whether or not consummated) in
which any proceeds of any Borrowing hereunder are applied or proposed to be applied, directly or indirectly, by any of the Borrowers
or their Subsidiaries, (ii) any Loan or the use of the proceeds therefrom or (iii) the execution, delivery or performance by any of the
Borrowers and their Subsidiaries of the Loan Documents, or any actions or omissions of a Borrower or any of its Subsidiaries in connection
therewith; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, liabilities,
costs or expenses (x) shall be found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the
gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the Company or any Borrowing Subsidiary
against an Indemnitee for a material breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document,
if the Company or such Borrowing Subsidiary has obtained a final and nonappealable judgment in its favor on such claim as determined
by a court of competent jurisdiction to the effect that such a material breach in bad faith has occurred. Without limiting the provisions
of Section 2.15(c), this Section 10.03(c) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages,
etc. arising from any non-Tax claim.


 


(d)
To the extent that the Company fails to pay any amount required to be paid by it to the Administrative
Agent under paragraph (b) or (c) of this Section, each Lender severally agrees to pay to the Administrative Agent such Lender’s
pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount;
provided that the unreimbursed loss, liability, cost or expense, as the case may be, was incurred by or asserted against the Administrative
Agent. For purposes hereof, a Lender’s “pro rata share” shall be determined based upon its share of the sum (without
duplication) of the total Exposures and unused Commitments at the time.


 


(e)
All amounts due under this Section shall be payable within 15 Business Days after receipt by the
Company of a reasonably detailed invoice therefor.


 


SECTION
10.04. Successors and Assigns. (a)  The provisions of this Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither
the Company nor any Borrower may assign or otherwise transfer any of its rights or obligations hereunder


 




     


    73 


    

without
the prior written consent of each Lender (and any attempted assignment or transfer by any Borrower without such consent 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 and, to the extent expressly contemplated hereby, the Related Parties of the
Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.


 


(b)
Any Lender may assign to one or more Eligible Assignees all or a portion of its rights and obligations
under this Agreement (including all or a portion of its Commitments and the Loans or other amounts at the time owing to it); provided
that (i)  the Administrative Agent (except in the case of an assignment to a Lender, an Affiliate of a Lender or a Related Fund
of a Lender) and the Company (except in the case of an assignment to a Lender, an Affiliate of a Lender or a Related Fund of a Lender
or if an Event of Default has occurred and, except in the case of an Event of Default under Sections (a), (b), (g) or (h) of Article
VII of this Agreement, has been continuing for 30 days) must each give their prior written consent to such assignment (which consents
shall not be unreasonably withheld, conditioned or delayed), (ii) except in the case of an assignment to a Lender, an Affiliate of a
Lender or a Related Fund of any Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitments and
outstanding Loans, the Commitments and outstanding Loans of the assigning Lender subject to each such assignment (determined as of the
date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than US$10,000,000
unless each of the Company and the Administrative Agent otherwise consent, (iii) the parties to each assignment shall execute and deliver
to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of US$3,500 and (iv) the
assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; provided further
that (x) any consent of the Company otherwise required under this paragraph shall not be required if an Event of Default referred
to in clause (g), (h) or (i) of Article VII has occurred and is continuing, (y) the Company shall be deemed to have consented to
any such assignment unless it shall object thereto by written notice to the Administrative Agent within 10 Business Days after having
received notice thereof and (z) no assignment shall be made to any Person other than an Eligible Assignee. Subject to acceptance and
recording thereof pursuant to paragraph (d) of this Section, from and after the effective date specified in each Assignment and
Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption,
have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest
assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment
and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be
a party hereto but shall continue to be entitled to the benefits of Sections 2.13, 2.14, 2.15 and 10.03). 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 (e) of this Section.
The Borrowers shall not be responsible under Section 2.13


 




     


    74 


    

or
2.15 for any increased costs incurred by a Lender as a result of an assignment under this Section to an Affiliate of such Lender unless
such Lender is legally required to make such assignment.


 


(c)
The Administrative Agent, acting for this purpose as an agent of each Borrower, shall maintain at
one of its offices in The City of New York a copy of each Assignment and Assumption delivered to it and a register for the recordation
of the names and addresses of the Lenders, and the Commitment of, and principal amount 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, and the Borrowers,
the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as
a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection
by the Company and any Lender, at any reasonable time and from time to time upon reasonable prior notice.


 


(d)
Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and
an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the
processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required
by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained
therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been made in compliance with this
Agreement as provided in this paragraph.


 


(e)
Any Lender may, without the consent of any Borrower or the Administrative Agent, sell participations
to one or more Eligible Assignees (a “Participant”) in all or a portion of such Lender’s rights and obligations
under this Agreement (including all or a portion of its Commitment and 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 Borrowers, the Administrative Agent and the other Lenders shall continue to
deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement
or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce
this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement
or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or
waiver described in clause (i), (ii), (iii) or (vi) of the first proviso to Section 10.02(b) that affects such Participant. Subject
to paragraph (f) of this Section, each Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.13,
2.14 and 2.15 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of
this Section.


 




     


    75 


    

(f)
A Participant shall not be entitled to receive any greater payment under Section 2.13 or 2.15
than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the
sale of the participation to such Participant so provides and is made with the Company’s prior written consent. A Participant shall
not be entitled to the benefits of Section 2.15 unless the Company is notified of the participation sold to such Participant and
such Participant agrees, for the benefit of the Borrowers, to comply with Section 2.15(f) as though it were a Lender.


 


(g)
Any Lender may at any time pledge or assign a security interest in all or any portion of its rights
under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve
Bank or other applicable central bank or, in the case of a Lender that is an investment fund, to the trustee under the indenture to which
such fund is a party, and this Section shall not apply to any such pledge or assignment of a security interest; provided that
no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such
pledgee or assignee for such Lender as a party hereto.


 


(h)
Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary
agent of the Borrowers, 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 this Agreement or any other Loan Document
(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 or Loans or its other obligations under this Agreement or any other Loan Document) to any Person except to the extent
that such disclosure is necessary to establish that such Commitment, Loan 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.


 


SECTION
10.05. Survival. All covenants, agreements, representations and warranties made by the Borrowers
herein or in any other Loan Document or in the certificates or other instruments delivered in connection with or pursuant to this Agreement
or any other Loan Document shall be considered to have been relied upon by the other parties hereto or thereto and shall survive the
execution and delivery of this Agreement and any other Loan Document and the making of any Loans, regardless of any investigation made
by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge
of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force
and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement
or any other Loan Document is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections 2.13,
2.14, 2.15, 10.03 and 10.12 and Article VIII


 




     


    76 


    

shall
survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of
the Loans and the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof.


 


SECTION
10.06. Counterparts; Integration; Effectiveness. (a) This Agreement may be executed in
counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which
when taken together shall constitute a single contract. This Agreement, the other Loan Documents, any separate letter agreements with
respect to fees payable to the Administrative Agent and any provisions in any commitment letter executed and delivered by the Borrower
in connection with the transactions contemplated hereby that by the express terms of such commitment letter survive the execution or
effectiveness of this Agreement, constitute the entire contract among the parties relating to the subject matter hereof and supersede
any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01,
this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent
shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.


 


(b)
Delivery of an executed counterpart of a signature page of (x) this Agreement, (y) any other Loan
Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice
delivered pursuant to Section 10.01), certificate, request, statement, disclosure or authorization related to this Agreement, any other
Loan Document and/or the transactions contemplated hereby and/or thereby (each an “Ancillary Document”) that is an
Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed
signature page shall be effective as delivery of a manually executed counterpart of this Agreement, such other Loan Document or such
Ancillary Document, as applicable. The words “execution,” “signed,” “signature,” “delivery,”
and words of like import in or relating to this Agreement, any other Loan Document and/or any Ancillary Document shall be deemed to include
Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf. or
any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system,
as the case may be; provided that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any
form or format without its prior written consent and pursuant to procedures approved by it; provided, further, without
limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative
Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Borrowers
without further verification thereof and without any obligation to review the appearance or form of any such Electronic signatureSignature
and (ii) upon the request of the Administrative Agent or any Lender,


 




     


    77 


    

any
Electronic Signature shall be promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing,
the Borrowers hereby (i) agree that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement
of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders, and the Borrowers, Electronic Signatures
transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page and/or
any electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity
and enforceability as any paper original, (ii) agree that the Administrative Agent and each of the Lenders may, at its option, create
one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record
in any format, which shall be deemed created in the ordinary course of such Person’s business, and destroy the original paper document
(and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and
enforceability as a paper record), (iii) waive any argument, defense or right to contest the legal effect, validity or enforceability
of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement,
such other Loan Document and/or such Ancillary Document, respectively, including with respect to any signature pages thereto and (iv)
waive any claim against any Related Party of the Administrative Agent or any Lender for any Liabilities arising solely from the Administrative
Agent’s and/or any Lender’s reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or
any other electronic means that reproduces an image of an actual executed signature page, including any Liabilities arising as a result
of the failure of the Borrowers to use any available security measures in connection with the execution, delivery or transmission of
any Electronic Signature.


 


SECTION
10.07. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without
affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision
in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.


 


SECTION
10.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each
Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to
set off and apply any and all deposits (general or special, time or demand, provisional or final and in whatever currency denominated)
at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of any Borrower
against any of and all the obligations of such Borrower now or hereafter existing under this Agreement held by such Lender, irrespective
of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. Each Lender
agrees promptly to notify the Administrative Agent after any such set-off and application made by such Lender; provided, however,
that the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Lender under this


 




     


    78 


    

Section
are in addition to other rights and remedies (including other rights of setoff) which such Lender may have.


 


SECTION
10.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement
shall be construed in accordance with and governed by the law of the State of New York.


 


(b)
Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to
the exclusive jurisdiction of the Supreme Court 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, in any action or proceeding arising
out of or relating to any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably
and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York
State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law. Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative Agent or any Lender may otherwise
have to bring any action or proceeding relating to this Agreement against any Borrower or its properties in the courts of any jurisdiction.


 


(c)
Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally
and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising
out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section. Each of the
parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance
of such action or proceeding in any such court.


 


(d)
Each party to this Agreement irrevocably consents to service of process in the manner provided for
notices in Section 10.01. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement
to serve process in any other manner permitted by law.


 


SECTION
10.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY 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, 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 PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY 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


 




     


    79 


    

BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.


 


SECTION
10.11. Headings. Article and Section headings and the Table of Contents used herein are for
convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration
in interpreting, this Agreement.


 


SECTION
10.12. Confidentiality. (a)  The Administrative Agent and each Lender agrees to maintain
the confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its Affiliates and to
its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (including
service providers engaged by the Administrative Agent or any Lender in connection with the administration and management of the Loan
Documents and the Commitments), to Related Funds’ directors and officers and to any direct or indirect contractual counterparty
in swap agreements (it being understood that each Person to whom such disclosure is made will be informed of the confidential nature
of such Information and instructed to keep such Information confidential), (ii) to the extent requested by any regulatory authority
(including any self-regulatory authority) having jurisdiction over such Lender, (iii) to the extent required by applicable laws
or regulations or by any subpoena or similar legal process, (iv) to any other party to this Agreement, (v) to the extent required or
advisable in the judgment of counsel in connection with any suit, action or proceeding relating to the enforcement of rights of the Administrative
Agent or the Lenders against the Borrowers under this Agreement or any other Loan Document, (vi) subject to an agreement containing provisions
substantially the same as those of this Section, to (A) any assignee of or Participant in, or any prospective assignee of or Participant
in, any of its rights or obligations under this Agreement or (B) any actual or prospective counterparty (or its advisors) to any swap
or derivative transaction or any credit insurance provider relating to the Borrower and its obligations, (vii) with the consent of the
Company or (viii) to the extent such Information (A) becomes publicly available other than as a result of a breach of this
Section of which the Administrative Agent or such Lender is aware or (B) becomes available to the Administrative Agent or any Lender
on a nonconfidential basis from a source other than the Company other than as a result of a breach of this Section of which the Administrative
Agent or such Lender is aware. For the purposes of this Section, “Information” means all information received from
the Company relating to the Company or its business, other than (i) any such information that is available to the Administrative Agent
or any Lender on a nonconfidential basis prior to disclosure by the Company other than as a result of a breach of this Section of which
the Administrative Agent or such Lender is aware and (ii) customary information with respect to the terms of the credit facility established
under this Agreement routinely provided by arrangers to data service providers, including league table providers, that serve the lending
industry. 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.


 




     


    80 


    

(b)
Each Lender acknowledges that Information furnished to it pursuant to this Agreement may include
material non-public information concerning the Company and its Related Parties or the Company’s 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.


 


(c)
All information, including requests for waivers and amendments, furnished by the Company, the Subsidiaries
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 Company, the Subsidiaries and their Related Parties or the Company’s 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, including Federal and state securities laws.


 


SECTION
10.13. Conversion of Currencies. (a) If, for the purpose of obtaining judgment in any
court, it is necessary to convert a sum owing hereunder in one currency into another currency, each party hereto agrees, to the fullest
extent that it may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures
in the relevant jurisdiction the first currency could be purchased with such other currency on the Business Day immediately preceding
the day on which final judgment is given.


 


(b)
The obligations of each Borrower in respect of any sum due to any party hereto or any holder of
the obligations owing hereunder (the “Applicable Creditor”) shall, notwithstanding any judgment in a currency (the
“Judgment Currency”) other than the currency in which such sum is stated to be due hereunder (the “Agreement
Currency”), be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any
sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may, in accordance with normal banking procedures in the
relevant jurisdiction, purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased
is less than the sum originally due to the Applicable Creditor in the Agreement Currency, such Borrower agrees, as a separate obligation
and notwithstanding any such judgment, to indemnify the Applicable Creditor against such loss. The obligations of the Borrowers contained
in this Section 10.13 shall survive the termination of this Agreement and the payment of all other amounts owing hereunder.


 


SECTION
10.14. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any
time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such
Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum
Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with
applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof,


 




     


    81 


    

shall
be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan
but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender
in respect of other Loans shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest
thereon at the Federal Funds Effective Rate, shall have been received by such Lender.


 


SECTION
10.15. Certain Notices. Each Lender hereby notifies each Borrower that pursuant to the requirements
of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”) and the
Beneficial Ownership Regulation, it is required to obtain, verify and record information that identifies such Borrower, which information
includes the name and address of such Borrower and other information that will allow such Lender to identify such Borrower in accordance
with the Patriot Act and the Beneficial Ownership Regulation. Each Borrower agrees to provide the Lenders, upon request, with all documentation
and other information required to be obtained by the Lenders pursuant to applicable “know your customer” and anti-money laundering
rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation.


 


SECTION
10.16. No Fiduciary Relationship. Each Borrower, on behalf of itself and the Subsidiaries,
agrees that in connection with all aspects of the transactions contemplated hereby and any communications in connection therewith, each
Borrower, the Subsidiaries and their Affiliates, on the one hand, and the Administrative Agent, the Lenders and their Affiliates, on
the other hand, will have a business relationship that does not create, by implication or otherwise, any fiduciary duty on the part of
the Administrative Agent, the Lenders or their Affiliates, and no such duty will be deemed to have arisen in connection with any such
transactions or communications. Each Borrower, on behalf of itself, the Subsidiaries and its and their respective Affiliates, waives
and releases, to the fullest extent permitted by law, any claims that such Borrower, the Subsidiaries or such Affiliates may have against
the Administrative Agent, any Person identified on the facing page or signature pages of this Agreement or elsewhere herein as a “syndication
agent” or “documentation agent”, any Lender or any Affiliate of any of the foregoing in respect of any breach or alleged
breach of agency or fiduciary duty.


 


SECTION
10.17. Acknowledgement of and Consent to Bail-In of Affected Financial Institutions. (a)
(a) 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:


 


(i)
the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to
any such liabilities arising hereunder which


 




     


    82 


    

may
be payable to it by any party hereto that is an Affected Financial Institution; and


 


(ii)
the effects of any Bail-in Action on any such liability, including, if applicable, (A) a reduction
in full or in part or cancelation of any such liability, (B) a conversion of all, or a portion of, such liability into shares or other
instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it
or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with
respect to any such liability under this Agreement or any other Loan Document or (C) the variation of the terms of such liability in
connection with the exercise of the Write-Down and Conversion Powers of any applicable Resolution Authority.


 


(b)
The following terms shall for purposes of this Section have the meanings set forth below:


 


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


 


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


 


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


 


“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 member state 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


 




     


    83 


    

(including
any delegee) having responsibility for the resolution of any EEA Financial Institution.


 


“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.


 


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


 


“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.


 


“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.


 


[Remainder of page
intentionally left blank]