Exhibit 10.1


 


EXECUTION VERSION







 





 



  


FOURTH AMENDED AND RESTATED CREDIT AGREEMENT


 


Dated as of March 29, 2019


 


among


 


LUMBER LIQUIDATORS, INC.,

as the Lead Borrower


 


For


 


The Borrowers Named Herein


 


The Guarantors Named Herein


 


BANK OF AMERICA, N.A.,

as Agent

and


 


The Lenders Party Hereto


 


MERRILL LYNCH, PIERCE, FENNER & SMITH
INCORPORATED


and


WELLS FARGO BANK, NATIONAL ASSOCIATION


As Joint Lead Arrangers and Joint Bookrunners


 


WELLS FARGO BANK, NATIONAL ASSOCIATION


as Syndication Agent


 





 



  




    	 



     


    

  


TABLE OF CONTENTS


 


	Section	 	Page
	 	 	 	 
	ARTICLE I DEFINITIONS AND ACCOUNTING TERMS  	1
	 	 
	 	1.01	Defined Terms	1
	 	1.02	Other Interpretive Provisions	52
	 	1.03	Accounting Terms	53
	 	1.04	Rounding	53
	 	1.05	Times of Day	53
	 	1.06	Letter of Credit Amounts	53
	 	1.07	Divisions	54
	 	1.08	UCC Terms	54
	 	 	 	 
	ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS  	54
	 	 
	 	2.01	Committed Loans	54
	 	2.02	Borrowings, Conversions and Continuations of Committed Loans	55
	 	2.03	Letters of Credit.	57
	 	2.04	Swing Line Loans.	65
	 	2.05	Prepayments.	68
	 	2.06	Termination or Reduction of Commitments	69
	 	2.07	Repayment of Obligations	70
	 	2.08	Interest	70
	 	2.09	Fees	71
	 	2.10	Computation of Interest and Fees	71
	 	2.11	Evidence of Debt	72
	 	2.12	Payments Generally; Agent’s Clawback	72
	 	2.13	Sharing of Payments by Lenders	73
	 	2.14	Settlement Amongst Lenders	74
	 	2.15	Increase in Commitments.	75
	 	2.16	Defaulting Lenders	76
	 	 	 	 
	ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY; APPOINTMENT OF LEAD BORROWER  	78
	 	 
	 	3.01	Taxes	78
	 	3.02	Illegality	83
	 	3.03	Inability to Determine Rates	83
	 	3.04	Increased Costs; Reserves on LIBOR Rate Loans	84
	 	3.05	Compensation for Losses	86
	 	3.06	Mitigation Obligations;
Replacement of Lenders	86
	 	3.07	Survival	87
	 	3.08	Designation of Lead Borrower as Borrowers’ Agent	87
	 	 	 	 
	ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS  	87
	 	 
	 	4.01	Conditions of Initial Credit Extension	87
	 	4.02	Conditions to all Credit Extensions	90
	 	 	 	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES	91
	 	 
	 	5.01	Existence, Qualification and Power	91
	 	5.02	Authorization; No Contravention	91


 




    	(i)



     


    

 


	 	5.03	Governmental Authorization; Other Consents	91
	 	5.04	Binding Effect	91
	 	5.05	Financial Statements;
No Material Adverse Effect	92
	 	5.06	Litigation	92
	 	5.07	No Default	92
	 	5.08	Ownership of Property;
Liens	93
	 	5.09	Environmental Compliance	93
	 	5.10	Insurance	94
	 	5.11	Taxes	94
	 	5.12	ERISA Compliance	94
	 	5.13	Subsidiaries; Equity Interests	95
	 	5.14	Margin Regulations; Investment Company Act.	95
	 	5.15	Disclosure	96
	 	5.16	Compliance with Laws	96
	 	5.17	Intellectual Property; Licenses, Etc.	96
	 	5.18	Labor Matters	96
	 	5.19	Security Documents	97
	 	5.20	Solvency	98
	 	5.21	Deposit Accounts; Credit Card Arrangements	98
	 	5.22	Brokers	98
	 	5.23	Customer and Trade Relations	98
	 	5.24	Material Contracts	98
	 	5.25	Casualty	98
	 	5.26	EEA Financial Institution	98
	 	5.27	Beneficial Ownership Certification 	98
	 	5.28	Sanctions Concerns
and Anti-Corruption Laws	99
	 	 	 	 
	ARTICLE VI AFFIRMATIVE COVENANTS  	99
	 	 
	 	6.01	Financial Statements	99
	 	6.02	Certificates; Other Information	100
	 	6.03	Notices	101
	 	6.04	Payment of Obligations	102
	 	6.05	Preservation of Existence, Etc.	102
	 	6.06	Maintenance of Properties	103
	 	6.07	Maintenance of Insurance	103
	 	6.08	Compliance with Laws	104
	 	6.09	Books and Records; Accountants	104
	 	6.10	Inspection Rights	104
	 	6.11	Additional Loan Parties	106
	 	6.12	Cash Management	106
	 	6.13	Information Regarding
the Collateral	108
	 	6.14	Reserved	108
	 	6.15	Environmental Laws	108
	 	6.16	Further Assurances	108
	 	6.17	Compliance with
Terms of Leaseholds	109
	 	6.18	Material Contracts	109
	 	 	 	 
	ARTICLE VII NEGATIVE COVENANTS  	109
	 	 
	 	7.01	Liens	109
	 	7.02	Investments	109
	 	7.03	Indebtedness; Disqualified Stock	110
	 	7.04	Fundamental Changes	110


 




    	(ii)



     


    

  


	 	7.05	Dispositions	110
	 	7.06	Restricted Payments	111
	 	7.07	Prepayments of Indebtedness	111
	 	7.08	Change in Nature
of Business	112
	 	7.09	Transactions with Affiliates	112
	 	7.10	Burdensome Agreements	112
	 	7.11	Use of Proceeds	113
	 	7.12	Amendment of Material Documents	113
	 	7.13	Fiscal Year	113
	 	7.14	Deposit Accounts; Credit Card Processors	113
	 	7.15	Consolidated Fixed Charge Coverage Ratio	113
	 	7.16	Sanctions	113
	 	7.17	Anti-Corruption
    Laws	114
	 	 	 	 
	ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES  	114
	 	 
	 	8.01	Events of Default	114
	 	8.02	Remedies Upon Event of Default	116
	 	8.03	Application of Funds	117
	 	 	 	 
	ARTICLE IX THE AGENT  	119
	 	 
	 	9.01	Appointment and
Authority	119
	 	9.02	Rights as a Lender	120
	 	9.03	Exculpatory Provisions	120
	 	9.04	Reliance by Agent	121
	 	9.05	Delegation of Duties	121
	 	9.06	Resignation of Agent	121
	 	9.07	Non-Reliance on Agent and Other Lenders	123
	 	9.08	No Other Duties, Etc.	123
	 	9.09	Agent May File Proofs of Claim	123
	 	9.10	Collateral and Guaranty Matters	124
	 	9.11	Notice of Transfer	125
	 	9.12	Reports and Financial
Statements	125
	 	9.13	Agency for Perfection	126
	 	9.14	Indemnification of Agent	126
	 	9.15	Relation among Lenders	126
	 	9.16	Certain ERISA Matters	127
	 	 	 	 
	ARTICLE X MISCELLANEOUS  	128
	 	 
	 	10.01	Amendments, Etc.	128
	 	10.02	Notices; Effectiveness; Electronic Communications	130
	 	10.03	No Waiver; Cumulative Remedies	131
	 	10.04	Expenses; Indemnity; Damage Waiver	132
	 	10.05	Payments Set Aside	134
	 	10.06	Successors and Assigns	134
	 	10.07	Treatment of Certain Information; Confidentiality	138
	 	10.08	Right of Setoff	139
	 	10.09	Interest Rate Limitation	139
	 	10.10	Counterparts; Integration; Effectiveness	139
	 	10.11	Survival	140
	 	10.12	Severability	140
	 	10.13	Replacement of Lenders	140


 




    	(iii)



     


    

 


	 	10.14	Governing Law; Jurisdiction; Etc.	141
	 	10.15	Waiver of Jury Trial	142
	 	10.16	No Advisory or Fiduciary Responsibility	142
	 	10.17	USA PATRIOT Act Notice	143
	 	10.18	Foreign Asset Control Regulations	143
	 	10.19	Time of the Essence	143
	 	10.20	Reserved	143
	 	10.21	Press Releases	143
	 	10.22	Additional Waivers	144
	 	10.23	No Strict Construction	145
	 	10.24	Attachments	145
	 	10.25	Electronic Execution of Assignments and Certain Other Documents	145
	 	10.26	Keepwell	145
	 	10.27	Conflict of Terms	145
	 	10.28	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	146


 




    	(iv)



     


    

 


SCHEDULES


 


	1.01	Borrowers
	2.01	Commitments and Applicable Percentages
	2.03	Existing Letters of Credit
	4.01(a)(ix)	Loan Documents
	5.01	Loan Parties Organizational Information
	5.06	Litigation
	5.08(b)(1)	Owned Real Estate
	5.08(b)(2)	Leased Real Estate
	5.09	Environmental Matters
	5.10	Insurance
	5.13	Subsidiaries; Other Equity Investments
	5.18	Collective Bargaining Agreements
	5.21(a)	DDAs
	5.21(b)	Credit Card Arrangements
	5.24	Material Contracts
	6.02	Financial and Collateral Reporting
	7.01	Existing Liens
	7.02	Existing Investments
	7.03	Existing Indebtedness
	7.09	Affiliate Transactions
	7.10	Burdensome Agreements
	10.02	Agent’s Office; Certain Addresses for Notices


 


EXHIBITS


 


	 	Form of
	 	 
	A-1	Committed Loan Notice
	A-2	Swing Line Loan Notice
	B-1	Form of Revolving Loan Note
	B-2	Form of FILO Term Loan Note
	C	Compliance Certificate
	D	Borrowing Base Certificate
	E	Assignment and Assumption


 




    	(v)



     


    

 


FOURTH AMENDED AND RESTATED CREDIT AGREEMENT


 


This FOURTH AMENDED
AND RESTATED CREDIT AGREEMENT (as amended, amended and restated, restated, supplemented, modified and/or otherwise in effect
from time to time, “Agreement”) is entered into as of March 29, 2019, among


 


LUMBER LIQUIDATORS,
INC., a Delaware corporation (the “Lead Borrower”),


 


the Persons named on
Schedule 1.01 hereto (collectively, the “Borrowers”),


 


the Guarantors party
hereto,


 


each lender from time
to time party hereto (collectively, the “Lenders” and individually, a “Lender”),


 


BANK OF AMERICA,
N.A., as Agent (as defined below), and


 


WELLS FARGO BANK,
NATIONAL ASSOCIATION, as Syndication Agent (as defined below).


 


WHEREAS, the Borrowers
have requested that the Lenders provide a revolving credit facility and a first-in, last-out term loan facility, and the Lenders
have indicated their willingness to lend and the L/C Issuer has indicated its willingness to issue Letters of Credit, in each case
on the terms and conditions set forth herein;


 


WHEREAS, the Borrowers,
the Guarantors, the Agent and certain Lenders are party to that certain Third Amended and Restated Credit Agreement dated as of
August 17, 2016 (as amended, amended and restated, restated, supplemented, modified and/or otherwise in effect from time to time
immediately prior to the date hereof, the “Existing Credit Agreement”); and


 


WHEREAS, the Borrowers,
the Guarantors, the Lenders, and the Agent desire to amend and restate the Existing Credit Agreement as provided herein.


 


NOW, THEREFORE, in
consideration of the mutual conditions and agreements set forth in this Agreement, and for good and valuable consideration, the
receipt of which is hereby acknowledged, the undersigned hereby agree that the Existing Credit Agreement shall be amended and restated
in its entirety to read as follows:


 


ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS


 


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


 


“2019 Financing
Plan” means that certain 2019 Financing Plan of the Lead Borrower, dated as of March 5, 2019.


 


“Acceptable
Document of Title” means, with respect to any Inventory, a waybill or Document (as defined in the UCC) that (a) is issued
by a common carrier which is not an Affiliate of the foreign vendor or any Loan Party which is in actual possession of such Inventory,
(b) is issued to the order of a Borrower or, while a Default or Event of Default exists, if so requested by the Agent, to the order
of the Agent, (c) is not subject to any Lien (other than in favor of the Agent and Permitted Encumbrances), and (d) the Agent has
not notified the Lead Borrower that such waybill or Document is not in form and content reasonably acceptable to the Agent.


 




    	 	1	 



     


    

 


“ACH”
means automated clearing house transfers.


 


“Accommodation
Payment” as defined in Section 10.22(c).


 


“Acquisition”
means, with respect to any Person (a) a purchase of a Controlling interest in the Equity Interests of any other Person, (b) a purchase
or other acquisition of all or substantially all of the assets or properties of another Person or of any business unit of another
Person, (c) any merger or consolidation of such Person with any other Person or other transaction or series of transactions resulting
in the acquisition of all or substantially all of the assets, or a Controlling interest in the Equity Interests, of any Person,
or (d) any acquisition of any Store locations of any Person, in each case in any transaction or group of transactions which are
part of a common plan.


 


“Act”
shall have the meaning provided in Section 10.17.


 


“Additional
Commitment Lender” shall have the meaning provided in Section 2.15(c).


 


“Adjusted
LIBOR Rate” means, with respect to any LIBOR Borrowing for any Interest Period, an interest rate per annum (rounded up
to the nearest 1/16th of 1% and in no event less than zero) equal to (a) the LIBOR Rate for such Interest Period multiplied
by (b) the Statutory Reserve Rate. The Adjusted LIBOR Rate will be adjusted automatically as to all LIBOR Borrowings then outstanding
as of the effective date of any change in the Statutory Reserve Rate.


 


“Adjustment
Date” means the first day of each Fiscal Quarter, commencing July 1, 2019.


 


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


 


“Affiliate”
means, with respect to any Person, (i) 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, (ii) any director, officer, managing member, partner,
trustee, or beneficiary of that Person, (iii) any other Person directly or indirectly holding 10% or more of any class of the Equity
Interests of that Person, and (iv) any other Person 10% or more of any class of whose Equity Interests is held directly or indirectly
by that Person. For the avoidance of doubt, Banc of America Merchant Services, LLC shall at all times be deemed to be an Affiliate
of Bank of America.


 


“Agent”
means Bank of America in its capacity as administrative agent and collateral agent under any of the Loan Documents, or any successor
thereto.


 


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


 


“Aggregate
Borrowing Base” means the sum of (a) the Revolving Borrowing Base and (b) the FILO Borrowing Base.


 


“Aggregate
Commitments” means the sum of the Aggregate FILO Term Loan Commitments of all the FILO Term Loan Lenders and the Aggregate
Revolving Loan Commitments of all the Revolving Loan Lenders. As of the Fourth Restatement Date, the Aggregate Commitments are
$200,000,000.


 




    	 	2	 



     


    

 


“Aggregate
FILO Term Loan Commitments” means the sum of the FILO Term Loan Commitments of all the FILO Term Loan Lenders. As of
the Fourth Restatement Date, the Aggregate FILO Term Loan Commitments are $25,000,000.


 


“Aggregate
Revolving Loan Commitments” means the sum of the Revolving Loan Commitments of all the Revolving Loan Lenders. As of
the Fourth Restatement Date, the Aggregate Revolving Loan Commitments are $175,000,000.


 


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


 


“Allocable
Amount” has the meaning specified in Section 10.22(c).


 


“Applicable
Lenders” means the Required Lenders, all affected Lenders, or all Lenders, as the context may require.


 


“Applicable
Margin” means:


 


(a)          From
and after the Fourth Restatement Date until the first Adjustment Date, the percentages set forth in Level I of the pricing grid
below; and


 


(b)          From
and after the first Adjustment Date and on each Adjustment Date thereafter, the Applicable Margin shall be determined from the
following pricing grid based upon the Average Daily Excess Availability as of the Fiscal Quarter ended immediately preceding such
Adjustment Date; provided, however, that notwithstanding anything to the contrary set forth herein, upon the occurrence
of an Event of Default, the Agent may, and at the direction of the Required Lenders shall, immediately increase the Applicable
Margin to that set forth in Level III which shall apply for so long as such Event of Default is continuing (even if the Average
Daily Excess Availability requirements for a different Level have been met); provided further if any Borrowing Base Certificates
are at any time restated or otherwise revised (including as a result of an audit) or if the information set forth in any Borrowing
Base Certificates otherwise proves to be false or incorrect such that the Applicable Margin would have been higher than was otherwise
in effect during any period, without constituting a waiver of any Default or Event of Default arising as a result thereof, interest
due under this Agreement shall be immediately recalculated at such higher rate for any applicable periods and shall be due and
payable (to the extent not already paid) on demand.


 


	Level	 	Average 

Daily Excess
 Availability	 	LIBOR
 Margin
    for

Revolving
 Loans	 	 	Base Rate
 Margin for
 Revolving
 Loans	 	 	LIBOR
 Margin
    for 

FILO Term
 Loans	 	 	Base 

Rate
 Margin 

for FILO 

Term
 Loans	 
	I	 	Greater than 60% of the Combined Loan Cap	 	 	1.25	%	 	 	0.25	%	 	 	2.25	%	 	 	1.25	%
	II	 	Less than or equal to 60% of the Combined Loan Cap but greater than or equal to 30% of the Combined Loan Cap	 	 	1.50	%	 	 	0.50	%	 	 	2.625	%	 	 	1.625	%
	III	 	Less than 30% of the Combined Loan Cap	 	 	1.75	%	 	 	0.75	%	 	 	3.00	%	 	 	2.00	%



 




    	 	3	 



     


    

 


“Applicable
Percentage” means (a) in respect of the FILO Term Loan Facility, with respect to any FILO Term Loan Lender at any time,
the percentage (carried out to the ninth decimal place) of the FILO Term Loan Facility represented by (i) on or prior to the Fourth
Restatement Date, such FILO Term Loan Lender’s FILO Term Loan Commitment, and (ii) thereafter, the principal amount of such
FILO Term Loan Lender’s applicable FILO Term Loans at such time, and (b) in respect of the Revolving Loan Facility, with
respect to any Revolving Loan Lender at any time, the percentage (carried out to the ninth decimal place) of the Revolving Loan
Facility represented by such Revolving Loan Lender’s Revolving Loan Commitment at such time, subject to adjustment provided
in Section 2.16. If the commitment of each Revolving Loan Lender to make Revolving Loans and the obligation of the L/C Issuer
to make L/C Credit Extensions have been terminated pursuant to Section 2.06 or Section 8.02 or if the Aggregate Revolving
Loan Commitments have expired, then the Applicable Percentage of each Revolving Loan Lender shall be determined based on the Applicable
Percentage of such Revolving Loan Lender most recently in effect, giving effect to any subsequent assignments. The initial Applicable
Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption
pursuant to which such Lender becomes a party hereto, as applicable.


 


“Applicable
Rate” means, at any time of calculation, (a) with respect to Commercial Letters of Credit, a per annum rate equal to
fifty percent (50%) of the Applicable Margin for Loans which are LIBOR Rate Loans, and (b) with respect to Standby Letters of Credit,
a per annum rate equal to the Applicable Margin for Loans which are LIBOR Rate Loans.


 


“Appraised
Value” means (a) with respect to Inventory, the appraised orderly liquidation value, net of costs and expenses to be
incurred in connection with any such liquidation, which value is expressed as a percentage of Cost of Inventory as set forth in
the inventory stock ledger of the Borrowers, which value shall be determined from time to time by the most recent appraisal undertaken
by an independent appraiser engaged by the Agent, and (b) with respect to Real Estate, the fair market value of Real Estate as
set forth in the most recent appraisal of Real Estate as determined from time to time by an independent appraiser engaged by the
Agent, which appraisal shall assume, among other things, a marketing time of not greater than eighteen (18) months or less than
three (3) months.


 


“Approved
Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender (c) an entity or an
Affiliate of an entity that administers or manages a Lender, or (d) the same investment advisor or an advisor under common control
with such Lender, Affiliate or advisor, as applicable.


 


“Arrangers”
means each of MLPFS and Wells Fargo Bank, National Association, in their capacities as joint lead arrangers and joint book managers.


 


“Assignee
Group” means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed
by the same investment advisor.


 




    	 	4	 



     


    

 


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


 


“Attributable
Indebtedness” means, on any date, (a) in respect of any Capital Lease Obligation of any Person, the capitalized amount
thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect
of any Synthetic Lease Obligation (other than a Capital Lease Obligation), the capitalized amount of the remaining lease or similar
payments under the relevant lease or other applicable agreement or instrument that would appear on a balance sheet of such Person
prepared as of such date in accordance with GAAP if such lease, agreement or instrument were accounted for as a capital lease.


 


“Audited Financial
Statements” means the audited consolidated balance sheet of the Parent and its Subsidiaries for the Fiscal Year ended
December 31, 2018, and the related consolidated statements of income or operations, Shareholders’ Equity and cash flows for
such Fiscal Year of the Parent and its Subsidiaries, including the notes thereto.


 


“Auto-Extension
Letter of Credit” shall have the meaning specified in Section 2.03(b)(iii).


 


“Availability
Period” means the period from and including the Fourth Restatement Date to the earliest of (a) the Maturity Date, (b)
the date of termination of the Aggregate Commitments pursuant to Section 2.06, and (c) the date of termination of the Aggregate
Commitments and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to Section 8.02.


 


“Availability
Reserves” means, without duplication of any other Reserves or items that are otherwise addressed or excluded through
eligibility criteria, such reserves as the Agent from time to time determines in its Permitted Discretion as being appropriate
(a) to reflect the impediments to the Agent’s ability to realize upon the Collateral included in the Aggregate Borrowing
Base, the Revolving Borrowing Base, and/or the FILO Borrowing Base, (b) to reflect claims and liabilities that the Agent determines
in its Permitted Discretion will need to be satisfied in connection with the realization upon the Collateral included in the Aggregate
Borrowing Base, the Revolving Borrowing Base, and/or the FILO Borrowing Base, (c) to reflect criteria, events, conditions, contingencies
or risks which adversely affect any component of the Aggregate Borrowing Base, the Revolving Borrowing Base, and/or the FILO Borrowing
Base, or the assets, business, financial performance or financial condition of any Loan Party, or (d) to reflect that a Default
or an Event of Default then exists. Without limiting the generality of the foregoing, Availability Reserves may include, in the
Agent’s Permitted Discretion, (but are not limited to) reserves based on (without duplication): (i) rent; (ii) customs duties,
and other costs to release Inventory which is being imported into the United States; (iii) outstanding Taxes and other governmental
charges due and owing by a Borrower but unpaid, including, without limitation, ad valorem, real estate, personal property, sales,
claims of the PBGC and other Taxes which may have priority over the interests of the Agent in the Collateral; (iv) salaries,
wages and benefits due and owing to employees of any Borrower but unpaid, (v) Customer Credit Liabilities, (vi) customer deposits,
(viii) reserves for reasonably anticipated changes in the Appraised Value of Eligible Inventory between appraisals, (viii) unpaid
warehousemen’s or bailee’s charges due and owing by any Borrower relating to Inventory of any Borrower and other Permitted
Encumbrances which may have priority over the interests of the Agent in the Collateral, (ix) Cash Management Reserves, (x)
Bank Products Reserves, and (xi) Realty Reserves.


 


“Average Daily
Excess Availability” shall mean, as of any date of determination thereof, the average daily Excess Availability for the
immediately preceding Fiscal Quarter.


 




    	 	5	 



     


    

 


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


 


“Bail-In Legislation”
means, 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 for such EEA Member Country from time to time which is described in the
EU Bail-In Legislation Schedule.


 


“Bank of America”
means Bank of America, N.A. and its successors.


 


“Bank of America
Fee Letter” means that certain fee letter, dated as of March 8, 2019, by and among Bank of America, MLPFS, and the Lead
Borrower.


 


“Bank Products”
means any services of facilities provided to any Loan Party by the Agent, any Revolving Loan Lender, or any of their respective
Affiliates, including, without limitation, on account of (a) Swap Contracts and (b) supply chain finance services (including, without
limitation, trade payable services and supplier accounts receivable purchases), but excluding Cash Management Services.


 


“Bank Product
Reserves” means such reserves as the Agent from time to time determines in its Permitted Discretion as being appropriate
to reflect the liabilities and obligations of the Loan Parties with respect to Bank Products then provided or outstanding.


 


“Basel III”
means the set of reform measures designed to improve the regulation, supervision and risk management within the banking sector,
as developed by the Basel Committee on Banking Supervision.


 


“Base Rate”
means for any day a fluctuating rate per annum equal to the highest of (a) the rate of interest in effect for such day as publicly
announced from time to time by Bank of America as its “prime rate”; (b) the Federal Funds Rate for such day, plus 0.50%;
and (c) the LIBOR Rate for a one month interest period as determined on such day, plus 1.00%, subject to the interest rate floors
set forth therein; provided that if the Base Rate shall be less than zero, such rate shall be deemed zero for purposes of
this Agreement. The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s
costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans,
which may be priced at, above, or below such announced rate. Any change in Bank of America’s prime rate, the Federal Funds
Rate or the LIBOR Rate, respectively, shall take effect at the opening of business on the day specified in the public announcement
of such change.


 


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


 


“Beneficial
Ownership Certification” means a certification regarding beneficial ownership 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 and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42)
or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan”
or “plan”.


 


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


 




    	 	6	 



     


    

 


“Borrowing”
means a Committed Revolving Loan Borrowing, a FILO Term Loan Borrowing, or a Swing Line Borrowing, as the context may require.


 


“Borrowing
Base Certificate” means a certificate substantially in the form of Exhibit D attached hereto (with such changes
therein as may be required by the Agent to reflect the components of and reserves against the Aggregate Borrowing Base, the Revolving
Borrowing Base and the FILO Borrowing Base as provided for hereunder from time to time), executed and certified as accurate and
complete by a Responsible Officer of the Lead Borrower which shall include appropriate exhibits, schedules, supporting documentation,
and additional reports as reasonably requested by the Agent.


 


“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under
the Laws of, or are in fact closed in, the state where the Agent’s Office is located and, if such day relates to any LIBOR
Rate Loan, means any such day on which dealings in Dollar deposits are conducted by and between banks in the London interbank market.


 


“Capital Expenditures”
means, with respect to any Person for any period, (a) all expenditures made (whether made in the form of cash or other property)
or costs incurred for the acquisition or improvement of fixed or capital assets of such Person (excluding normal replacements and
maintenance which are properly charged to current operations), in each case that are (or should be) set forth as capital expenditures
in a Consolidated statement of cash flows of such Person for such period, in each case prepared in accordance with GAAP, and (b)
Capital Lease Obligations incurred by a Person during such period. For purposes of this definition, the purchase price of Equipment
that is purchased substantially contemporaneously with the trade-in or sale of similar Equipment or with insurance proceeds therefrom
shall be included in Capital Expenditures only to the extent of the gross amount by which such purchase price exceeds the credit
granted to such Person for the Equipment being traded in by the seller of such new Equipment, the proceeds of such sale or the
amount of the insurance proceeds, as the case may be.


 


“Capital Lease
Obligations” means, with respect to any Person for any period, 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 liabilities on a balance sheet of such Person under GAAP and the
amount of which obligations shall be the capitalized amount thereof determined in accordance with GAAP.


 


“Cash Collateral
Account” means a non-interest bearing account established by one or more of the Loan Parties with Bank of America, and
in the name of, the Agent (or as the Agent shall otherwise direct) and under the sole and exclusive dominion and control of the
Agent, in which deposits are required to be made in accordance with Section 2.03(g) or 8.02(c).


 


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


 


“Cash Dominion
Event” means either (i) the occurrence and continuance of any Specified Event of Default, or (ii) the failure of the
Borrowers to maintain Excess Availability for three (3) or more consecutive Business Days of at least the greater of (x) 10% of
the Combined Loan Cap or (y) $17,500,000. For purposes of this Agreement, the occurrence of a Cash Dominion Event shall be deemed
continuing (i) so long as such Specified Event of Default is continuing hereunder, and/or (ii) if the Cash Dominion Event arises
as a result of the Borrowers’ failure to achieve Excess Availability as required hereunder, until Excess Availability has
exceeded the greater of (x) 10% of the Combined Loan Cap or (y) $17,500,000 for sixty (60) consecutive days, in which case a Cash
Dominion Event shall no longer be deemed to be continuing for purposes of this Agreement; provided that a Cash Dominion
Event shall be deemed continuing (even if a Specified Event of Default is no longer continuing and/or Excess Availability exceeds
the required amount for sixty (60) consecutive days) at all times after a Cash Dominion Event has occurred and been discontinued
on four (4) occasions after the Fourth Restatement Date. The termination of a Cash Dominion Event as provided herein shall in no
way limit, waive or delay the occurrence of a subsequent Cash Dominion Event in the event that the conditions set forth in this
definition again arise.


 




    	 	7	 



     


    

 


“Cash Management
Reserves” means such reserves as the Agent, from time to time, determines in its Permitted Discretion as being appropriate
to reflect the reasonably anticipated liabilities and obligations of the Loan Parties with respect to Cash Management Services
then provided or outstanding.


 


“Cash Management
Services” means any cash management services provided to any Loan Party by the Agent or any Revolving Loan Lender or
any of their respective Affiliates, including, without limitation, (a) ACH transactions, (b) treasury and/or cash management services,
including, without limitation, controlled disbursement services, treasury, depository, overdraft, and electronic funds transfer
services, (c) credit card processing services and other merchant services (other than those constituting a line of credit), and
(d) credit or debit cards and purchase cards.


 


“CERCLA”
means the Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. § 9601 et seq.


 


“CERCLIS”
means the Comprehensive Environmental Response, Compensation, and Liability Information System maintained by the United States
Environmental Protection Agency.


 


“CFC”
means a Person that is a controlled foreign corporation under Section 957 of the Code.


 


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


 


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


 


(a)          any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act
of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity
as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined
in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial
ownership” of all securities that such person or group has the right to acquire, whether such right is exercisable immediately
or only after the passage of time (such right, an “option right”)), directly or indirectly, of 35% or more of the Equity
Interests of the Parent entitled to vote for members of the board of directors or equivalent governing body of the Parent on a
fully-diluted basis (and taking into account all such Equity Interests that such “person” or “group” has
the right to acquire pursuant to any option right); or


 




    	 	8	 



     


    

 


(b)          during
any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of
the Parent cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day
of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred
to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent
governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals
referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board
or equivalent governing body; or


 


(c)          any “change
in control” or similar event as defined in any Organization Document of any Loan Party or in any Material Contract, or any
document governing Material Indebtedness of any Loan Party; or


 


(d)          the Parent
fails at any time to own, directly or indirectly, 100% of the Equity Interests of each other Loan Party free and clear of all Liens
(other than the Liens in favor of the Agent and Permitted Encumbrances), except where such failure is as a result of a transaction
permitted by the Loan Documents.


 


“Code”
means the Internal Revenue Code of 1986, and the regulations promulgated thereunder, as amended and in effect.


 


“Collateral”
means any and all “Collateral” or “Mortgaged Property” as defined in any applicable Security Document and
all other property that is or is intended under the terms of the Security Documents to be subject to Liens in favor of the Agent.


 


“Collateral
Access Agreement” means an agreement reasonably satisfactory in form and substance to the Agent executed by (a) a bailee
or other Person in possession of Collateral, and/or (b) a landlord of Real Estate leased by any Loan Party, pursuant to which such
Person (i) acknowledges the Agent’s Lien on the Collateral, (ii) releases or subordinates such Person’s Liens in the
Collateral held by such Person or located on such Real Estate, (iii) provides the Agent with access to the Collateral held by such
bailee or other Person or located in or on such Real Estate, (iv) as to any landlord, provides the Agent with a reasonable time
to sell and dispose of the Collateral from such Real Estate, and (v) makes such other agreements with the Agent as the Agent may
reasonably require.


 


“Collection
Account” has the meaning provided in Section 6.12(c).


 


“Combined
Loan Cap” means, at any time, the lesser of (a) the Aggregate Borrowing Base (without giving effect to the FILO Term
Loan Push Down Reserve), and (b) the sum of (i) the Aggregate Revolving Loan Commitments plus (ii) the then outstanding principal
amount of the FILO Term Loans.


 


“Commercial
Letter of Credit” means any letter of credit or similar instrument issued for the purpose of providing the primary payment
mechanism in connection with the purchase of any materials, goods or services by a Loan Party in the ordinary course of business
of such Loan Party.


 




    	 	9	 



     


    

 


“Commitment”
means a FILO Term Loan Commitment or a Revolving Loan Commitment, as the context may require.


 


“Commitment
Fee” has the meaning specified in Section 2.09(a).


 


“Commitment
Fee Percentage” means 0.25% per annum.


 


“Committed
Borrowing” means a FILO Term Loan Borrowing or a Committed Revolving Loan Borrowing, as the context may require.


 


“Committed
Revolving Loan Borrowing” means a borrowing consisting of simultaneous Committed Loans of the same Type and, in the case
of LIBOR Rate Loans, having the same Interest Period made by each of the Revolving Loan Lenders pursuant to Section 2.01(a).


 


“Committed
Loan” means a FILO Term Loan and/or a Committed Revolving Loan, as the context may require.


 


“Committed
Revolving Loan” has the meaning specified in Section 2.01(a).


 


“Committed
Loan Notice” means a notice of (a) a Committed Borrowing, (b) a Conversion of Committed Loans from one Type to the other,
or (c) a continuation of LIBOR Rate Loans, pursuant to Section 2.02(b), which, if in writing, shall be substantially in
the form of Exhibit A-1.


 


“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.).


 


“Compliance
Certificate” means a certificate substantially in the form of Exhibit C attached hereto.


 


“Consolidated”
means, when used to modify a financial term, test, statement, or report of a Person, the application or preparation of such term,
test, statement or report (as applicable) based upon the consolidation, in accordance with GAAP, of the financial condition or
operating results of such Person and its Subsidiaries.


 


“Consolidated
EBITDA” means, at any date of determination, an amount equal to Consolidated Net Income of the Parent and its Subsidiaries
on a Consolidated basis for the most recently completed Measurement Period, plus (a) the following to the extent deducted in calculating
such Consolidated Net Income: (i) Consolidated Interest Charges, (ii) the provision for Federal, state, local and foreign income
Taxes, (iii) depreciation and amortization expense, (iv) other non-recurring expenses reducing such Consolidated Net Income which
do not represent a cash item in such period or any future period, (v) costs, fees and expenses incurred in connection with the
Loan Documents and other transactions occurring on or about the Fourth Restatement Date and the Existing Credit Agreement and other
transactions occurring on or about the Third Restatement Date, (vi) impairment charges and asset write-offs pursuant to GAAP and
any non-cash stock compensation expenses, (vii) non-cash or non-recurring cash charges, losses or costs (including fines, penalties
or settlement costs) incurred or paid during such period relating to the litigation disclosed on Schedule 5.06, including,
without limitation, the litigations and settlements set forth in the definition of Material Adverse Effect Exceptions, including,
without limitation, all legal expenses incurred during such period and owing to outside legal counsel in connection therewith,
and all costs and expenses incurred or paid during such period relating to the formaldehyde testing and remediation process implemented
by Parent and its Subsidiaries, provided that any cash charges, losses, costs or other amounts included in this clause (vii)
for (A) periods ending March 31, 2019 through and including March 31, 2020 shall not exceed the amount of $15,000,000 in the aggregate
during such periods and (B) for all periods (excluding, for the avoidance of doubt, the periods ending prior to March 31, 2019,
but including the periods ending March 31, 2019 and through and including March 31, 2020) shall not exceed $30,000,000 in the aggregate
during the term of this Agreement, and (viii) other non-cash restructuring, severance and integration charges reducing such Consolidated
Net Income (provided that if any such non-cash charge represents an accrual or reserve for potential cash items in any future period
with cash, payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent in such
future period) (in each case of or by the Parent and its Subsidiaries for such Measurement Period), minus (b) the following to
the extent included in calculating such Consolidated Net Income: (i) Federal, state, local and foreign income tax credits and (ii)
all non-cash items increasing Consolidated Net Income (in each case of or by the Parent and its Subsidiaries for such Measurement
Period), all as determined on a Consolidated basis in accordance with GAAP.


 




    	 	10	 



     


    

 


“Consolidated
Fixed Charge Coverage Ratio” means, at any date of determination, the ratio of (a) (i) Consolidated EBITDA for such period
minus (ii) Capital Expenditures made during such period, minus (iii) the aggregate amount of Federal, state, local and foreign
income taxes paid in cash during such period (net of Federal, state, local and foreign income tax refunds received during such
period) (but not less than zero) to (b) the sum of Debt Service Charges, in each case, of or by the Parent and its Subsidiaries
for the most recently completed Measurement Period, all as determined on a Consolidated basis in accordance with GAAP.


 


“Consolidated
Interest Charges” means, for any Measurement Period, the sum of (a) all interest, premium payments, debt discount, fees,
charges and related expenses in connection with borrowed money (including capitalized interest) or in connection with the deferred
purchase price of assets, in each case to the extent treated as interest in accordance with GAAP, including, without limitation,
all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing
and net costs under Swap Contracts, and (b) the portion of rent expense with respect to such period under Capital Lease Obligations
that is treated as interest in accordance with GAAP minus (c) interest income during such period (excluding any portion of interest
income representing accruals of amounts received in a previous period), in each case of or by the Parent and its Subsidiaries for
the most recently completed Measurement Period, all as determined on a Consolidated basis in accordance with GAAP.


 


“Consolidated
Net Income” means, as of any date of determination, the net income of the Parent and its Subsidiaries for the most recently
completed Measurement Period, all as determined on a Consolidated basis in accordance with GAAP, provided, however, that there
shall be excluded (a) extraordinary gains and extraordinary losses for such Measurement Period, (b) the income (or loss) of any
Subsidiary during such Measurement Period in which any other Person has a joint interest, except to the extent of the amount of
cash dividends or other distributions actually paid in cash to the Parent during such period, (c) the income (or loss) of such
Subsidiary during such Measurement Period and accrued prior to the date it becomes a Subsidiary of the Parent or any of its Subsidiaries
or is merged into or consolidated with the Parent or any of its Subsidiaries or that Person’s assets are acquired by the
Parent or any of its Subsidiaries, and (d) the income of any direct or indirect Subsidiary of the Parent to the extent that the
declaration or payment of dividends or similar distributions by that Subsidiary of that income is not at the time permitted by
operation of the terms of its Organization Documents or any agreement, instrument, judgment, decree, order, statute, rule or governmental
regulation applicable to that Subsidiary, except that the Parent’s equity in any net loss of any such Subsidiary for such
Measurement Period shall be included in determining Consolidated Net Income.


 


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


 




    	 	11	 



     


    

 


“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.


 


“Controlled
Account” has the meaning provided in Section 6.12(a)(ii).


 


“Controlled
Account Bank” means each bank with whom deposit accounts are maintained in which any funds of any of the Loan Parties
from one or more DDAs are concentrated and with whom a Deposit Account Control Agreement has been, or is required to be, executed
in accordance with the terms hereof.


 


“Convert”,
“Conversion” and “Converted” each refers to a conversion of Committed Loans of one Type into
Committed Loans of the other Type.


 


“Cost”
means the lower of cost or market value of Inventory, based upon the Borrowers’ accounting practices, known to the Agent,
which practices are in effect on the Fourth Restatement Date as such calculated cost is determined from invoices received by the
Borrowers, the Borrowers’ purchase journals or the Borrowers’ stock ledger. “Cost” does not include inventory
capitalization costs or other non-purchase price charges (such as freight) used in the Borrowers’ calculation of cost of
goods sold.


 


“Covenant
Compliance Event” means that Excess Availability at any time is less than the greater of (i) 10% of the Combined Loan
Cap or (ii) $17,500,000. For purposes hereof, the occurrence of a Covenant Compliance Event shall be deemed continuing until Excess
Availability has exceeded the greater of (i) 10% of the Combined Loan Cap or (ii) $17,500,000 for thirty (30) consecutive days,
in which case a Covenant Compliance Event shall no longer be deemed to be continuing for purposes of this Agreement. The termination
of a Covenant Compliance Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Covenant
Compliance Event in the event that the conditions set forth in this definition again arise.


 


“Credit Card
Issuer” shall mean any person (other than a Borrower or other Loan Party) who issues or whose members issue credit cards,
including, without limitation, MasterCard or VISA bank credit or debit cards or other bank credit or debit cards issued through
MasterCard International, Inc., Visa, U.S.A., Inc. or Visa International and American Express, Discover, Diners Club, Carte Blanche
and other non-bank credit or debit cards, including, without limitation, credit or debit cards issued by or through American Express
Travel Related Services Company, Inc., Synchrony Financial, Synchrony Canada and Novus Services, Inc. and other issuers approved
by the Agent.


 


“Credit Card
Processor” shall mean any servicing or processing agent or any factor or financial intermediary who facilitates, services,
processes or manages the credit authorization, billing transfer and/or payment procedures with respect to any Borrower’s
sales transactions involving credit card or debit card purchases by customers using credit cards or debit cards issued by any Credit
Card Issuer, including, without limitation, PayPal.


 


“Credit Card
Notifications” has the meaning provided in Section 6.12(a)(i).


 


“Credit Card
Receivables” means each “payment intangible” (as defined in the UCC) together with all income, payments and
proceeds thereof, owed by a Credit Card Issuer or Credit Card Processor to a Loan Party resulting from charges by a customer of
a Loan Party on credit or debit cards issued by such Credit Card Issuer in connection with the sale of goods by a Loan Party, or
services performed by a Loan Party, in each case in the ordinary course of its business.


 




    	 	12	 



     


    

 


“Credit Extensions”
mean each of the following: (a) a Revolving Credit Extension and (b) the Borrowing of the FILO Term Loans on the Fourth Restatement
Date.


 


“Credit Party”
or “Credit Parties” means (a) individually, (i) each Lender and its Affiliates, (ii) the Agent, (iii) the L/C
Issuer, (iv) the Arrangers, (v) each beneficiary of each indemnification obligation undertaken by any Loan Party under any Loan
Document, (vi) any other Person to whom Obligations under this Agreement and other Loan Documents are owing, and (vii) the successors
and assigns of each of the foregoing, and (b) collectively, all of the foregoing.


 


“Credit Party
Expenses” means (a) all reasonable and documented out-of-pocket expenses incurred by the Agent, the Arrangers and their
respective Affiliates in connection with this Agreement and the other Loan Documents, including without limitation (i) the reasonable
and documented fees, charges and disbursements of (A) counsel for the Agent and the Arrangers (limited to not more than one primary
counsel and necessary local counsel (limited to one local counsel per jurisdiction)), (B) outside consultants for the Agent, (C)
appraisers, (D) commercial finance examiners, (E) all such reasonable and documented out-of-pocket expenses incurred during any
workout, restructuring or negotiations in respect of the Obligations, and (F) environmental site assessments, (ii) in connection
with (A) the syndication of the credit facilities provided for herein, (B) the preparation, negotiation, administration, management,
execution and delivery of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions
thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (C) the enforcement or protection
of their rights in connection with this Agreement or the Loan Documents or efforts to preserve, protect, collect, or enforce the
Collateral or in connection with any proceeding under any Debtor Relief Laws, or (D) any workout, restructuring or negotiations
in respect of any Obligations, and (iii) all customary fees and charges (as adjusted from time to time) of the Agent with respect
to the disbursement of funds (or the receipt of funds) to or for the account of Borrowers (whether by wire transfer or otherwise),
together with any reasonable and documented out-of-pocket costs and expenses incurred in connection therewith, and (b) with respect
to the L/C Issuer, and its Affiliates, all reasonable and documented out-of-pocket expenses incurred in connection with the issuance,
amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder; and (c) all reasonable and documented
out-of-pocket expenses incurred by the Credit Parties who are not the Agent, the Arrangers, the L/C Issuer or any Affiliate of
any of them, after the occurrence and during the continuance of an Event of Default, provided that such Credit Parties shall be
entitled to reimbursement for no more than one counsel representing all such Credit Parties (absent a conflict of interest in which
case the Credit Parties may engage and be reimbursed for additional counsel); provided that the Credit Party Expenses set
forth in clauses (a)(i)(B) though (a)(i)(D) shall be subject to Sections 6.10(b) and (c).


 


“Customer
Credit Liabilities” means at any time, the aggregate remaining value at such time of (a) outstanding gift certificates
and gift cards of the Borrowers entitling the holder thereof to use all or a portion of the certificate or gift card to pay all
or a portion of the purchase price for any Inventory, and (b) outstanding merchandise credits of the Borrowers, including, without
limitation, any vouchers to be issued by the Borrowers in connection with any litigation and/or settlement set forth in clause
(c) of the definition of “Material Adverse Effect Exceptions”.


 


“Customs Broker/Carrier
Agreement” means an agreement in form and substance reasonably satisfactory to the Agent among a Borrower, a customs
broker, freight forwarder, consolidator, or carrier, and the Agent, in which the customs broker, freight forwarder, consolidator,
or carrier acknowledges that it has control over and holds the bill of lading or other documents evidencing ownership of the subject
Inventory for the benefit of the Agent and agrees, upon notice from the Agent in accordance with the terms of the applicable Customs
Broker/Carrier Agreement, to hold and dispose of the subject Inventory solely as directed by the Agent.


 




    	 	13	 



     


    

 


“DDA”
means each checking, savings or other demand deposit account maintained by any of the Loan Parties. All funds in each DDA (other
than Excluded Accounts) shall be conclusively presumed to be Collateral and proceeds of Collateral and the Agent and the Lenders
shall have no duty to inquire as to the source of the amounts on deposit in any such DDA.


 


“Debt Service
Charges” means for any Measurement Period, the sum of (a) Consolidated Interest Charges paid or required to be paid for
such Measurement Period, plus (b) scheduled principal payments made or required to be made on account of Indebtedness (excluding
the Obligations and any Synthetic Lease Obligations but including, without limitation, Capital Lease Obligations) for such Measurement
Period, in each case determined on a Consolidated basis in accordance with GAAP.


 


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


 


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


 


“Defaulting
Lender” means, subject to Section 2.16(b), any Revolving Loan Lender that (a) has failed to (i) fund all or any
portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder, or (ii) pay to the Agent,
the L/C Issuer, the Swing Line Lender or any other Revolving Loan Lender any other amount required to be paid by it hereunder (including
in respect of its participation in Letters of Credit or Swing Line Loans) within two Business Days of the date when due, (b) has
notified the Lead Borrower, the Agent, the L/C Issuer or the Swing Line Lender in writing that it does not intend to comply with
its funding obligations hereunder, or has made a public statement to that effect, (c) has failed, within three Business Days after
written request by the Agent or the Lead Borrower, to confirm in writing to the Agent and the Lead Borrower that it will comply
with its prospective funding obligations hereunder (provided that such Revolving Loan Lender shall cease to be a Defaulting Lender
pursuant to this clause (c) upon receipt of such written confirmation by the Agent and the Lead Borrower), or (d) has, or has a
direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed
for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged
with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other
state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-in Action; provided
that a Revolving Loan Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest
in that Revolving Loan Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership
interest does not result in or provide such Revolving Loan Lender with immunity from the jurisdiction of courts within the United
States or from the enforcement of judgments or writs of attachment on its assets or permit such Revolving Loan Lender (or such
Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination
by the Agent that a Revolving Loan Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of
the effective date of such status, shall be conclusive and binding absent manifest error, and such Revolving Loan Lender shall
be deemed to be a Defaulting Lender (subject to Section 2.16(b)) as of the date established therefor by the Agent in a written
notice of such determination, which shall be delivered by the Agent to the Lead Borrower, the L/C Issuer, the Swing Line Lender
and each other Revolving Loan Lender promptly following such determination.


 




    	 	14	 



     


    

 


“Default Rate”
means (a) when used with respect to Loans, an interest rate equal to the interest rate (including the Applicable Margin) otherwise
applicable to such Loan plus two percent (2%) per annum, (b) when used with respect to Letter of Credit Fees, a rate equal to the
Applicable Rate for Standby Letters of Credit or Commercial Letters of Credit, as applicable, plus two percent (2%) per annum,
and (c) with respect to all other Obligations, an interest rate equal to the Base Rate, plus the then Applicable Margin, plus two
percent (2%) per annum.


 


“Deposit Account
Control Agreement” has the meaning specified in the Security Agreement.


 


“Designated
Jurisdiction” means any country or territory to the extent that such country or territory is the subject of any Sanction.


 


“Disclosed
Internal Control Event” means the Internal Control Event disclosed in the Parent’s Annual Report on Form 10-K for
the Fiscal Year ended December 31, 2018, filed with the SEC on March 18, 2019, related to the classification of imported products
under the Harmonized Tariff Schedule.


 


“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback
transaction), whether in one transaction or in a series of transactions, of any property (including, without limitation, any Equity
Interests other than Equity Interests of the Parent) by any Person (or the granting of any option or other right to do any of the
foregoing), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable
or any rights and claims associated therewith.


 


“Disqualified
Lender” means any bank, financial institution or other Person or any competitor of Parent and its Subsidiaries, in each
case as identified in writing by the Lead Borrower to the Agent prior to the Fourth Restatement Date and thereafter, any such other
Person identified in writing by the Lead Borrower to the Agent and approved by the Agent and any Person known by the Agent to be
an Affiliate of such Person.


 


“Disqualified
Stock” means any Equity Interest that, by its terms (or by the terms of any security into which it is convertible, or
for which it is exchangeable, in each case at the option of the holder thereof), or upon the happening of any event, matures or
is mandatorily redeemable (other than solely for Equity Interests that do not constitute Disqualified Stock), pursuant to a sinking
fund obligation or otherwise, or redeemable (other than solely for Equity Interests that do not constitute Disqualified Stock)
at the option of the holder thereof, in whole or in part, on or prior to the date that is ninety-one (91) days after the date on
which the Loans mature; provided, however, that only the portion of such Equity Interest which so matures or is so mandatorily
redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall
be deemed to be Disqualified Stock.


 


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


 


“Domestic
Subsidiary” means any Subsidiary that is organized under the laws of the United States of America, any State thereof
or the District of Columbia (excluding, for the avoidance of doubt, any Subsidiary organized under the laws of Puerto Rico or any
other territory).


 


“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.


 




    	 	15	 



     


    

 


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


 


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


 


“Eligible
Assignee” means (a) a Credit Party or any of its Affiliates; (b) a bank, insurance company, or company engaged in the
business of making commercial loans, which Person, together with its Affiliates, has a combined capital and surplus in excess of
$250,000,000; (c) an Approved Fund; (d) any Person to whom a Credit Party assigns its rights and obligations under this Agreement
as part of an assignment and transfer of such Credit Party’s rights in and to a material portion of such Credit Party’s
portfolio of asset based credit facilities, and (e) any other Person (other than a natural Person) satisfying the requirements
of Section 10.06(b) hereof; provided that notwithstanding the foregoing, “Eligible Assignee” shall not
include a Disqualified Lender, or a Loan Party or any of their respective Affiliates or Subsidiaries.


 


“Eligible
Credit Card Receivables” means at the time of any determination thereof, each Credit Card Receivable that satisfies the
following criteria at the time of creation and continues to meet the same at the time of such determination: such Credit Card Receivable
(i) has been earned by performance and represents the bona fide amounts due to a Borrower from a Credit Card Issuer or Credit Card
Processor, and in each case is originated in the ordinary course of business of such Borrower, and (ii) in each case is acceptable
to the Agent in its Permitted Discretion, and is not ineligible for inclusion in the calculation of the Aggregate Borrowing Base,
the Revolving Borrowing Base and the FILO Borrowing Base pursuant to any of clauses (a) through (i) below. Without limiting the
foregoing, to qualify as an Eligible Credit Card Receivable, such Credit Card Receivable shall indicate no Person other than a
Borrower as payee or remittance party. In determining the amount to be so included, the face amount of a Credit Card Receivable
shall be reduced by, without duplication of any Reserve or any of clauses (a) through (i) below or otherwise, to the extent not
reflected in such face amount, (i) the amount of all accrued and actual discounts, claims, credits or credits pending, promotional
program allowances, price adjustments, finance charges or other allowances (including any amount that a Borrower may be obligated
to rebate to a customer, a Credit Card Issuer or Credit Card Processor pursuant to the terms of any agreement or understanding
(written or oral)) and (ii) the aggregate amount of all cash received in respect of such Credit Card Receivable but not yet applied
by the Loan Parties to reduce the amount of such Credit Card Receivable. Except as otherwise agreed by the Agent, any Credit Card
Receivable included within any of the following categories shall not constitute an Eligible Credit Card Receivable:


   


(a)          Credit
Card Receivables which do not constitute an “account” or “payment intangible” (as defined in the UCC);


 


(b)          Credit
Card Receivables that have been outstanding for more than five (5) Business Days from the date of sale;


 


(c)          Credit
Card Receivables (i) that are not subject to a perfected first-priority security interest in favor of the Agent pursuant to the
Security Documents (other than Permitted Encumbrances not having priority over, or that are pari passu with, the Lien of
the Agent under applicable Law), or (ii) with respect to which a Borrower does not have good and valid title thereto, free and
clear of any Lien (other than Liens granted to the Agent pursuant to the Security Documents and other Permitted Encumbrances not
having priority over, or that are pari passu with, the Lien of the Agent under applicable Law);


 




    	 	16	 



     


    

 


(d)          Credit
Card Receivables which are disputed, are with recourse, or with respect to which a claim, counterclaim, offset or chargeback has
been asserted (but only to the extent of such claim, counterclaim, offset or chargeback);


 


(e)          Credit
Card Receivables as to which a Credit Card Issuer or a Credit Card Processor has the right under certain circumstances to require
a Loan Party to repurchase the Credit Card Receivables from such Credit Card Issuer or Credit Card Processor;


 


(f)           Credit
Card Receivables due from a Credit Card Issuer or a Credit Card Processor of the applicable credit card which is the subject of
any bankruptcy or insolvency proceedings;


 


(g)          Credit Card Receivables which are not a valid, legally enforceable obligation of the applicable Credit Card Issuer or a Credit
Card Processor with respect thereto;


 


(h)          Credit
Card Receivables which do not conform in all material respects to all representations, warranties or other provisions in the Loan
Documents relating to Credit Card Receivables; or


 


(i)           Credit
Card Receivables which the Agent determines in its Permitted Discretion to be uncertain of collection.


 


“Eligible
In-Transit Inventory” means, as of any date of determination thereof, without duplication of other Eligible Inventory,
In-Transit Inventory:


 


(a)          Which
has been shipped from a foreign location for receipt by a Borrower, but which has not yet been delivered to such Borrower, which
In-Transit Inventory has been in transit for forty-five (45) days or less from the date of shipment of such Inventory;


 


(b)          For
which the purchase order is in the name of a Borrower and title and risk of loss has passed to such Borrower;


 


(c)          For
which an Acceptable Document of Title has been issued, and in each case as to which the Agent has possession or control (as defined
in the UCC) to the extent applicable under the UCC over the bills of lading and other documents of title which evidence ownership
of the subject Inventory pursuant to a Customs Broker/Carrier Agreement;


 


(d)          Which
is insured by marine cargo insurance and other insurance in accordance with the provisions of this Agreement;


 


(e)          For
which payment of the purchase price has been made by the Borrower or the purchase price is supported by a Commercial Letter of
Credit; and


 


(f)          Which
otherwise would constitute Eligible Inventory if located in the United States;


 


provided that
the Agent may, in its Permitted Discretion, exclude any particular Inventory from the definition of “Eligible In-Transit
Inventory” in the event the Agent reasonably determines that such Inventory is subject to any Person’s right of reclamation,
repudiation, stoppage in transit or any event has occurred or the Agent determines in its Permitted Discretion is reasonably anticipated
to arise which may otherwise materially and adversely impact the value of such Inventory or the ability of the Agent to realize
upon such Inventory.


 




    	 	17	 



     


    

 


“Eligible
Inventory” means, as of the date of determination thereof, without duplication, (x) Eligible In-Transit Inventory, and
(y) items of Inventory of a Borrower that are finished goods, merchantable and readily saleable to the public in the ordinary course
of the Borrowers’ business deemed by the Agent in its Permitted Discretion to be eligible for inclusion in the calculation
of the Aggregate Borrowing Base, the Revolving Borrowing Base and the FILO Borrowing Base, in each case that, except as otherwise
agreed by the Agent, (i) complies in all material respects with each of the representations and warranties respecting Inventory
made by the Borrowers in the Loan Documents, and (ii) is not excluded as ineligible by virtue of one or more of the criteria set
forth below. Except as otherwise agreed by the Agent, in its Permitted Discretion, the following items of Inventory shall not be
included in Eligible Inventory:


 


(a)          Inventory
that is not solely owned by a Borrower or a Borrower does not have good and valid title thereto free and clear of any Lien (other
than Liens granted to the Agent pursuant to the Security Documents and other Permitted Encumbrances not having priority over, or
that are pari passu with, the Lien of the Agent under applicable Law);


 


(b)          Inventory
that is leased by or is on consignment to a Borrower or which is consigned by a Borrower to a Person which is not a Loan Party;


 


(c)          Inventory
(other than Eligible In-Transit Inventory) that is not located in the United States of America (excluding territories or possessions
of the United States) at a location that is owned or leased by a Loan Party, except (i) Inventory in transit between such owned
or leased locations, (ii) to the extent that the Borrowers have furnished the Agent with (A) any UCC financing statements or other
documents that the Agent may determine to be necessary to perfect its security interest in such Inventory at such location, and
(B) a Collateral Access Agreement executed by the Person owning any such location, or (iii) with respect to which Agent has established
an Availability Reserve or an Inventory Reserve in its Permitted Discretion;


 


(d)          Inventory
that is located in a distribution center leased by a Borrower unless the applicable lessor has delivered to the Agent a Collateral
Access Agreement or the Agent has established an Availability Reserve or Inventory Reserve in it Permitted Discretion with respect
to such location;


 


(e)          Inventory
that is comprised of goods which (i) are damaged, defective, “seconds,” or otherwise unmerchantable, (ii) are to be
returned to the vendor, (iii) are obsolete or slow moving, or custom items, work-in-process, raw materials, or that constitute
samples, spare parts, promotional, marketing, labels, bags and other packaging and shipping materials or supplies used or consumed
in a Borrower’s business, (iv) are seasonal in nature and which have been packed away for sale in the subsequent season,
(v) are not in compliance in all material respects with all standards imposed by any Governmental Authority having regulatory authority
over such Inventory, its use or sale, or (vi) are bill and hold goods;


 


(f)           Inventory
that is not subject to a perfected first-priority security interest in favor of the Agent (other than Permitted Encumbrances not
having priority over or that are pari passu with, the Lien of the Agent under applicable Law);


 


(g)          Inventory
that is not insured in compliance with the provisions of Section 5.10 hereof;


 




    	 	18	 



     


    

 


(h)          Inventory
that has been sold but not yet delivered or as to which a Borrower has accepted a deposit; or


 


(i)           Inventory
acquired in a Permitted Acquisition or which is not of the type usually sold in the ordinary course of the Borrowers’ business,
unless and until the Agent has completed or received (A) an appraisal of such Inventory from appraisers reasonably satisfactory
to the Agent and establishes Inventory Reserves (if applicable) therefor, and (B) such other due diligence as the Agent may require
in its Permitted Discretion, including an updated Borrowing Base Certificate, with all of the results of the foregoing to be reasonably
satisfactory to the Agent.


 


“Eligible
Real Estate” means, as of any date of determination thereof, Real Estate which, except as otherwise agreed by the Agent,
in its Permitted Discretion, satisfies all of the following conditions:


 


(a)           A
Borrower owns such Real Estate in fee simple absolute;


 


(b)          The
Agent shall have received evidence that all actions have been taken that the Agent may reasonably deem necessary or appropriate
in order to create valid first and subsisting Liens (subject only to Permitted Encumbrances (other than Encumbrances securing Indebtedness)
which have priority over the Lien of the Agent by operation of Law or otherwise reasonably acceptable to the Agent) on the property
described in the Mortgages;


 


(c)          The
Agent and the Lenders shall have received an appraisal of such Real Estate complying with the requirements of FIRREA by a third
party appraiser reasonably acceptable to the Agent and each Lender, and otherwise in form and substance reasonably satisfactory
to the Agent and each Lender; and


 


(d)          The
applicable Loan Party has executed and delivered to the Agent a Mortgage with respect to such Real Estate;


 


(e)          Such
Real Estate is used by a Loan Party for offices or as a Store or distribution center;


 


(f)           As
to any particular property, the Loan Party is in compliance in all material respects with the representations, warranties and covenants
set forth in the Mortgage relating to such Real Estate;


 


(g)          The
Agent shall have received fully paid American Land Title Association Lender’s Extended Coverage title insurance policies
or marked-up title insurance commitments having the effect of a policy of title insurance) (the “Mortgage Policies”)
in form and substance, with the endorsements reasonably required by the Agent (to the extent available at commercially reasonable
rates) and in amounts reasonably acceptable to the Agent, issued, coinsured and reinsured (to the extent required by the Agent)
by title insurers reasonably acceptable to the Agent, insuring the Mortgages to be valid first and subsisting Liens on the property
or leasehold interests described therein, free and clear of all defects (including, but not limited to, mechanics’ and materialmen’s
Liens) and encumbrances, excepting only Permitted Encumbrances having priority over the Lien of the Agent under Law or otherwise
reasonably acceptable to the Agent;


 


(h)          The
Agent shall have received American Land Title Association/American Congress on Surveying and Mapping form surveys, for which all
necessary fees (where applicable) have been paid, certified to the Agent and the issuer of the Mortgage Policies in a manner reasonably
satisfactory to the Agent by a land surveyor duly registered and licensed in the states in which the property described in such
surveys is located and reasonably acceptable to the Agent, showing all buildings and other improvements, the location of any easements,
parking spaces, rights of way, building set-back lines and other dimensional regulations and the absence of encroachments, either
by such improvements or on to such property, and other defects, other than encroachments and other defects reasonably acceptable
to the Agent; provided that, with respect to any Eligible Real Estate included in the Aggregate Borrowing Base, the Revolving
Borrowing Base and the FILO Borrowing Base as of the Fourth Restatement Date, such survey shall be delivered to the Agent on or
within thirty (30) days following the Fourth Restatement Date;


 




    	 	19	 



     


    

 


(i)           The
Agent shall have received a Phase I Environmental Site Assessment in accordance with ASTM Standard E1527-05, in form and substance
reasonably satisfactory to the Agent and the Lenders, from an environmental consulting firm reasonably acceptable to the Agent
and the Lenders, which report shall identify recognized environmental conditions and shall to the extent possible quantify any
related costs and liabilities, associated with such conditions and the Agent shall be satisfied with the nature and amount of any
such matters, and, if requested by the Agent after receipt of a Phase I Environmental Site Assessment, such further environmental
assessments or reports to the extent such further assessments or reports are recommended in the Phase I Environmental Site Assessment;


 


(j)           The
applicable Loan Party shall have delivered to the Agent and the Lenders evidence of flood insurance naming the Agent, on behalf
of the Lenders, as mortgagee if and to the extent required by the National Flood Insurance Program as set forth in the Flood Disaster
Protection Act of 1973, as amended and in effect, which shall be reasonably satisfactory in form and substance to the Agent; and


 


(k)          The
applicable Loan Party shall have delivered such other information and documents as may be reasonably requested by the Agent and
the Lenders, including, without limitation, such as may be necessary to comply with FIRREA.


 


“Environmental
Compliance Reserve” means, with respect to Eligible Real Estate, such reserves which the Agent, from time to time in
its Permitted Discretion establishes for estimable amounts that are reasonably likely to be expended by any of the Loan Parties
in order for such Loan Party and its operations and property (a) to comply with any notice from a Governmental Authority asserting
non-compliance with Environmental Laws with respect to Eligible Real Estate, or (b) to correct any such non-compliance with Environmental
Laws with respect to Eligible Real Estate or to provide for any Environmental Liability.


 


“Environmental
Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments,
orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution
and the protection of the environment or the release of any materials into the environment, including those related to hazardous
substances or wastes, air emissions and discharges to waste or public systems.


 


“Environmental
Liability” means any liability, obligation, damage, loss, claim, action, suit, judgment, order, fine, penalty, fee, expense,
or cost, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or
indemnities), of any Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from
or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or
disposal or presence 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.


 




    	 	20	 



     


    

 


“Equipment”
has the meaning set forth in the UCC.


 


“Equity Interests”
means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person,
all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or
other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital
stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition
from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including
partnership, member or trust interests therein), whether voting or non-voting, and whether or not such shares, warrants, options,
rights or other interests are outstanding on any date of determination.


 


“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.


 


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


 


“ERISA Event”
means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Lead Borrower or any ERISA Affiliate
from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer”
as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section
4062(e) of ERISA; (c) a complete or partial withdrawal by the Lead Borrower or any ERISA Affiliate from a Multiemployer Plan
or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment
of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings
to terminate a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042 of ERISA for the
termination of, or the appointment of a trustee to administer, any Pension Plan; (g) the determination that any Pension Plan
is considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections 430, 431 and 432 of the
Code or Sections 303, 304 and 305 of ERISA; or (h) the imposition of any liability under Title IV of ERISA, other than for
PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Lead Borrower or any ERISA Affiliate.


 


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


 


“Excess Availability”
means, as of any date of determination thereof by the Agent, the result, if a positive number, of:


 


		(a)	the Revolving Loan Cap



 


minus


 


		(b)	the Total Outstandings at such time.



 


“Excluded
Account” means any DDA now or hereafter owned by any Loan Party that is used solely by such Loan Party (a) as a payroll
account so long as such payroll account is a zero balance account, (b) as a petty cash account so long as the aggregate amount
on deposit in all petty cash accounts of the Loan Parties does not exceed $50,000 at any one time for all such DDAs combined, (c)
commodity trading accounts or other brokerage accounts holding customary initial deposits and margin deposits securing obligations
under Swap Contracts incurred in the ordinary course of business and not for speculative purposes, (d) to hold amounts required
to be paid in connection with workers compensation claims, unemployment insurance, social security benefits and other similar forms
of governmental insurance benefits, (e) to hold amounts which are required to be pledged or otherwise provided as security as required
by law or pension requirement, or (f) as a withholding tax or fiduciary account.


 




    	 	21	 



     


    

 


“Excluded
Domestic Subsidiary” means any Domestic Subsidiary directly or indirectly owned by a CFC.


 


“Excluded
Swap Obligation” means, with respect to any Loan Party, any Swap Obligation if, and to the extent that, all or a portion
of the guaranty of such Loan Party under the Facility Guaranty of, or the grant under a Loan Document by such Loan Party of a security
interest to secure, such Swap Obligation (or any guaranty thereof) is or becomes illegal under the Commodity Exchange Act (or the
application or official interpretation thereof) by virtue of such Loan Party’s failure for any reason to constitute an “eligible
contract participant” as defined in the Commodity Exchange Act (determined after giving effect to Section 10.26 hereof
and any and all guarantees of such Loan Party’s Swap Obligations by other Loan Parties) at the time the guaranty of such
Loan Party, or grant by such Loan Party of a security interest, becomes effective with respect to such Swap Obligation. If a Swap
Obligation arises under a Master Agreement governing more than one Swap Contract, such exclusion shall apply only to the portion
of such Swap Obligation that is attributable to Swap Contracts for which such guaranty or security interest becomes illegal.


 


“Excluded
Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts
payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in
effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment
request by the Borrower under Section 10.13) or (ii) such Lender changes its Lending Office, (c) Taxes attributable to such
Recipient’s failure to comply with Section 3.01(e) and (d) any U.S. federal withholding Taxes imposed pursuant to
FATCA.


 


“Executive
Order” has the meaning set forth in Section 10.18.


 


“Existing
Credit Agreement” has the meaning provided in the recitals hereto.


 


“Existing
Letters of Credit” means the letters of credit issued under the Existing Credit Agreement, as more fully described on
Schedule 2.03 hereto.


 


“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.


 


“Facility
Guaranty” means the Guaranty made as of the Second Restatement Date by the Guarantors in favor of the Agent and the other
Credit Parties, in form reasonably satisfactory to the Agent.


 




    	 	22	 



     


    

 


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


 


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


 


“Federal Funds
Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions
with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank
of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds
Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding
Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day
shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such
day on such transactions as determined by the Agent.


 


“Fee Letter”
means the Bank of America Fee Letter and/or the Lender Fee Letter, as the context may require.


 


“FILO Advance
Rate” means, (a) prior to the first anniversary of the Fourth Restatement Date, five percent (5%), (b) from and after
the first anniversary of the Fourth Restatement Date, but prior to the second anniversary of the Fourth Restatement Date, four
percent (4%), (c) from and after the second anniversary of the Fourth Restatement Date, but prior to the third anniversary of the
Fourth Restatement Date, three percent (3%), (d) from and after the third anniversary of the Fourth Restatement Date, but prior
to the fourth anniversary of the Fourth Restatement Date, two percent (2%), and (e) from and after the fourth anniversary of the
Fourth Restatement date, one percent (1%).


 


“FILO Borrowing
Base” means, at any time of calculation, an amount equal to:


 


		(a)	the face amount of Eligible Credit Card Receivables multiplied
by the FILO Advance Rate;



 


plus


 


(b)          the
Cost of Eligible Inventory, net of Inventory Reserves, multiplied by the FILO Advance Rate multiplied by the Appraised
Value of Eligible Inventory;


 


Plus


 


(c)          the
FILO Real Estate Advance Rate multiplied by the Appraised Value of Eligible Real Estate;


 


minus 


 


(d)          the
then amount of all Availability Reserves (without duplication of any Availability Reserves deducted from the Revolving Borrowing
Base);


 




    	 	23	 



     


    

 


provided that,
in no event shall the aggregate amounts available to be borrowed under clause (c) above and clause (c) of the Revolving Borrowing
Base exceed twenty-five (25%) of the Combined Loan Cap.


 


“FILO Real
Estate Advance Rate” means, as of the Fourth Restatement Date, twenty-five percent (25%); provided that such percentage
shall be reduced by six and one-quarter percent (6.25%) commencing on the second anniversary of the Fourth Restatement Date and
on each anniversary of the Fourth Restatement Date thereafter. For the avoidance of doubt, as of the second anniversary of the
Fourth Restatement Date, the FILO Real Estate Advance Rate shall be eighteen and three-quarters percent (18.75%), and subsequent
reductions of six and one quarter percent (6.25%) percent shall occur annually thereafter.


 


“FILO Term
Loan” means the term loan made by each of the FILO Term Loan Lenders to the Borrowers on the Fourth Restatement date
pursuant to Section 2.01(b). The aggregate principal amount of the FILO Term Loans on the Fourth Restatement Date is $25,000,000.


 


“FILO Term
Loan Borrowing” means a borrowing consisting of simultaneous FILO Term Loans of the same Type and, in the case of LIBOR
Rate Loans, having the same Interest Period made by each of the FILO Term Loan Lenders pursuant to Section 2.01(b).


 


“FILO Term
Loan Commitment” means, as to each FILO Term Loan Lender, its obligation to make FILO Term Loans to the Borrowers pursuant
to Section 2.01(b), in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite
such FILO Term Loan Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender
becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.


 


“FILO Term
Loan Facility” means, at any time, (a) on or prior to the Fourth Restatement Date, the Aggregate FILO Term Loan Commitments
at such time, and (b) thereafter, the aggregate principal amount of the FILO Term Loans of all FILO Term Loan Lenders outstanding
at such time.


 


“FILO Term
Loan Lender” means, at any time, each Lender that makes a FILO Term Loan to the Borrowers in the amount set forth opposite
such FILO Term Loan Lender’s name on Schedule 2.01 attached hereto or as may be subsequently set forth in the Register
from time to time.


 


“FILO Term
Loan Note” means a promissory note made by the Borrowers in favor of a FILO Term Loan Lender evidencing FILO Term Loans
made by such FILO Term Loan Lender, substantially in the form of Exhibit B-2 attached hereto.


 


“FILO Term
Loan Payment Conditions” means, at the time of determination with respect to any prepayment of the FILO Term Loans, that
(a) no Default or Event of Default then exists or would arise as a result of making such prepayment, (b) either (x) (i) Excess
Availability on a pro forma basis and on a projected (on assumptions reasonably satisfactory to the Agent) basis for the six (6)
month period following and after giving effect to such prepayment is greater than fifteen (15%) percent of the Combined Loan Cap,
and (ii) the Consolidated Fixed Charge Coverage Ratio, as calculated on a pro forma basis after giving effect to such prepayment
for the immediately preceding Measurement Period is equal to or greater than 1.1:1.0, or (y) Excess Availability on a pro forma
basis and on a projected (on assumptions reasonably satisfactory to the Agent) basis for the six (6) month period following and
after giving effect to such prepayment is greater than twenty-five (25%) percent of the Combined Loan Cap. Prior to undertaking
any prepayment that is subject to the FILO Term Loan Payment Conditions, the Loan Parties shall deliver to the Agent evidence of
satisfaction of the conditions contained in clause (b) above on a basis (including, without limitation, giving due consideration
to results for prior periods) reasonably satisfactory to the Agent.


 




    	 	24	 



     


    

 


“FILO Term
Loan Push Down Reserve” means an amount, at any time of calculation, equal to the excess of the then outstanding amount
of the FILO Term Loans over the FILO Borrowing Base as reflected in the most recent Borrowing Base Certificate furnished by the
Borrowers.


 


“FIRREA”
means the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended from time to time.


 


“Fiscal Quarter”
means any fiscal quarter of any Fiscal Year, which quarters shall generally end on the last day of each March, June, September
and December of such Fiscal Year in accordance with the fiscal accounting calendar of the Loan Parties.


 


“Fiscal Year”
means any period of twelve consecutive months ending on December 31 of any calendar year.


 


“Foreign Asset
Control Regulations” has the meaning set forth in Section 10.18.


 


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


 


“Fourth Restatement
Date” means the first date all the conditions precedent in Section 4.01 are satisfied or waived in accordance
with Section 10.01.


 


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


 


“Fronting
Exposure” means, at any time there is a Defaulting Lender that is a Revolving Loan Lender, (a) with respect to the L/C
Issuer, such Defaulting Lender’s Applicable Percentage of the outstanding L/C Obligations other than L/C Obligations as to
which such Defaulting Lender’s participation obligation has been reallocated to other Revolving Loan Lenders or Cash Collateralized
in accordance with the terms hereof, and (b) with respect to the Swing Line Lender, such Defaulting Lender’s Applicable Percentage
of Swing Line Loans other than Swing Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated
to other Revolving Loan Lenders in accordance with the terms hereof.


 


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


 


“GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in
the United States, that are applicable to the circumstances as of the date of determination, consistently applied.


 


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


 




    	 	25	 



     


    

 


“Guarantee”
means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect
of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease
property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of
the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other
financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor
to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee
in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss
in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation
of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or
otherwise, of any holder of such Indebtedness to obtain any such Lien); provided that the term “Guarantee” shall not
include endorsement of checks, drafts and other items for the payment of money for collection or deposit, in either case, in the
ordinary course of business. The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount
of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable,
the maximum reasonably anticipated liability in respect thereof. The term “Guarantee” as a verb has a corresponding
meaning.


 


“Guarantor”
means (a) the Parent and each Subsidiary of the Parent (other than (i) any Borrower, (ii) any Excluded Domestic Subsidiary and
(iii) any CFC) existing on the Fourth Restatement Date, and (b) each other Subsidiary of the Parent that shall be required to execute
and deliver a Facility Guaranty pursuant to Section 6.11.


 


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


 


“Honor Date”
has the meaning specified in Section 2.03(c)(i).


 


“Increase
Effective Date” shall have the meaning provided therefor in Section 2.15(d).


 


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


 


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


 


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


 


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


 




    	 	26	 



     


    

 


(d)          all
obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the
ordinary course of business and, in each case, not past due for more than 60 days after the date on which such trade account payable
was created);


 


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


 


(f)          All
Attributable Indebtedness of such Person;


 


(g)          all
obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest
in such Person or any other Person (including, without limitation, Disqualified Stock), or any warrant, right or option to acquire
such Equity Interest, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation
preference plus accrued and unpaid dividends; and


 


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


 


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


 


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


 


“Indemnitees”
has the meaning specified in Section 10.04(b).


 


“Information”
has the meaning specified in Section 10.07.


 


“Intellectual
Property” has the meaning given to such term in the Security Agreement.


 


“Interest
Payment Date” means, (a) as to any LIBOR Rate Loan, the last day of each Interest Period applicable to such Loan and
the Maturity Date; provided, however, that if any Interest Period for a LIBOR Rate Loan exceeds three months, the
respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates;
and (b) as to any Base Rate Loan (including a Swing Line Loan), the first calendar day of each calendar quarter and the Maturity
Date.


 


“Interest
Period” means, as to each LIBOR Rate Loan, the period commencing on the date such LIBOR Rate Loan is disbursed or Converted
to or continued as a LIBOR Rate Loan and ending on the date one, two, three or six months thereafter, as selected by the Lead Borrower
in its Committed Loan Notice; provided that:


 


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


 




    	 	27	 



     


    

 


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


 


(iii)         no
Interest Period shall extend beyond the Maturity Date; and


 


(iv)         notwithstanding
the provisions of clause (iii), no Interest Period shall have a duration of less than one (1) month, and if any Interest Period
applicable to a LIBOR Borrowing would be for a shorter period, such Interest Period shall not be available hereunder.


 


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.


 


“Internal
Control Event” means a material weakness in, or fraud that involves management or other employees who have a significant
role in, the Parent’s and/or its Subsidiaries’ internal controls over financial reporting.


 


“In-Transit
Inventory” means Inventory of a Borrower which is in the possession of a common carrier and is in transit from a foreign
vendor of a Borrower from a location outside of the United States to a location of a Borrower that is within the United States.


 


“Inventory”
has the meaning given that term in the UCC, and shall also include, without limitation, all: (a) goods which (i) are leased by
a Person as lessor, (ii) are held by a Person for sale or lease or to be furnished under a contract of service, (iii) are furnished
by a Person under a contract of service, or (iv) consist of raw materials, work in process, or materials used or consumed in a
business; (b) goods of said description in transit; (c) goods of said description which are returned, repossessed or rejected;
and (d) packaging, advertising, and shipping materials related to any of the foregoing.


 


“Inventory
Reserves” means, without duplication of any other Reserves or items that are otherwise addressed or excluded through
eligibility criteria, such reserves as may be established from time to time by the Agent in its Permitted Discretion with respect
to the determination of the salability, at retail, of the Eligible Inventory, which reflect such other factors as affect the market
value of the Eligible Inventory or which reflect claims and liabilities that the Agent reasonably determines will need to be satisfied
in connection with the realization upon the Inventory. Without limiting the generality of the foregoing, Inventory Reserves may,
in the Agent’s Permitted Discretion, include (but are not limited to) reserves based on:


 


(a)          Obsolescence;


 


(b)          Seasonality;


 


(c)          Shrink;


 


(d)          Imbalance;


 


(e)          Change
in Inventory character;


 


(f)           Change
in Inventory composition;


 




    	 	28	 



     


    

 


(g)          Change
in Inventory mix;


 


(h)          Mark-downs
(both permanent and point of sale);


 


(i)           Retail
mark-ons and mark-ups inconsistent with prior period practice and performance, industry standards, current business plans or advertising
calendar and planned advertising events; and


 


(j)           Out-of-date
and/or expired Inventory.


 


“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase
or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption
of debt of, or purchase or other acquisition of any other debt or interest in, another Person, or (c) any Acquisition, or (d) any
other investment of money or capital in order to obtain a profitable return. For purposes of covenant compliance, the amount of
any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of
such Investment.


 


“IRS”
means the United States Internal Revenue Service.


 


“ISP”
means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute
of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance).


 


“Issuer Documents”
means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument
entered into by the L/C Issuer and any Borrower (or any Subsidiary) or in favor the L/C Issuer and relating to any such Letter
of Credit.


 


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


 


“L/C Advance”
means, with respect to each Revolving Loan Lender, such Revolving Loan Lender’s funding of its participation in any L/C Borrowing
in accordance with its Applicable Percentage.


 


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


 


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


 


“L/C Issuer”
means Bank of America. The L/C Issuer may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates
of the L/C Issuer, in which case the term “L/C Issuer” shall include any such Affiliate with respect to Letters of
Credit issued by such Affiliate.


 




    	 	29	 



     


    

 


“L/C Obligations”
means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus
the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn
under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. For
all purposes of this Agreement, if, on any date of determination, a Letter of Credit has expired by its terms but any amount may
still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding”
in the amount so remaining available to be drawn.


 


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


 


“Lease”
means any agreement, whether written or oral, no matter how styled or structured, pursuant to which a Loan Party is entitled to
the use or occupancy of any real property for any period of time.


 


“Lender”
means a FILO Term Loan Lender and/or a Revolving Loan Lender (and, as the context requires, includes the Swing Line Lender), as
applicable.


 


“Lender Fee
Letter” means that certain fee letter, dated as of March 8, 2019, by and among Bank of America, MLPFS, Wells Fargo Bank,
National Association and the Lead Borrower.


 


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


 


“Letter of
Credit” means each Standby Letter of Credit and each Commercial Letter of Credit issued hereunder and shall include the
Existing Letters of Credit.


 


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


 


“Letter of
Credit Expiration Date” means the day that is seven days prior to the Maturity Date then in effect (or, if such day is
not a Business Day, the next preceding Business Day).


 


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


 


“Letter of
Credit Sublimit” means an amount equal to $20,000,000. The Letter of Credit Sublimit is part of, and not in addition
to, the Aggregate Revolving Loan Commitments. A permanent reduction of the Aggregate Revolving Loan Commitments shall not require
a corresponding pro rata reduction in the Letter of Credit Sublimit; provided, however, that if the Aggregate Revolving
Loan Commitments are reduced to an amount less than the Letter of Credit Sublimit, then the Letter of Credit Sublimit shall be
reduced to an amount equal to (or, at Lead Borrower’s option, less than) the Aggregate Revolving Loan Commitments.


 


“LIBOR Borrowing”
means a Committed Borrowing comprised of LIBOR Rate Loans.


 


“LIBOR Rate”
means for any Interest Period with respect to a LIBOR Rate Loan, the per annum rate of interest (rounded up to the nearest 1/16th
of 1% and in no event less than zero) determined by the Agent at or about 11:00 a.m. (London time) two Business Days prior to an
Interest Period for a term equivalent to such period, equal to the London Interbank Offered Rate, or comparable or successor rate
approved by Agent, as published on the applicable Reuters screen page (or other commercially available source designated by Agent
from time to time); provided, that any comparable or successor rate shall be applied by Agent, if administratively feasible, in
a manner consistent with market practice.


 




    	 	30	 



     


    

 


“LIBOR Rate
Loan” means a Committed Loan that bears interest at a rate based on the Adjusted LIBOR Rate.


 


“LIBOR Screen
Rate” means the LIBOR Rate quote on the applicable screen page the Agent designates to determine the LIBOR Rate (or such
other commercially available source providing such quotations as may be designated by the Agent from time to time).


 


“LIBOR Successor
Rate” has the meaning assigned to such term in Section 3.03(b).


 


“LIBOR Successor
Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the definition
of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other administrative
matters as may be appropriate, in the reasonable discretion of the Agent, to reflect the adoption of such LIBOR Successor Rate
and to permit the administration thereof by the Agent in a manner substantially consistent with market practice (or, if the Agent
determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for
the administration of such LIBOR Successor Rate exists, in such other manner of administration as the Agent reasonably determines
in consultation with the Lead Borrower).


 


“Lien”
means (a) any mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or
other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest
of any kind or nature whatsoever (including any conditional sale, Capital Lease Obligation, Synthetic Lease Obligation, or other
title retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having
substantially the same economic effect as any of the foregoing) and (b) in the case of securities, any purchase option, call or
similar right of a third party with respect to such securities.


 


“Loan”
means a FILO Term Loan and/or a Revolving Loan, as the context may require, and other advances to or for the account of the Borrowers
pursuant to this Agreement.


 


“Loan Account”
has the meaning assigned to such term in Section 2.11(a).


 


“Loan Documents”
means this Agreement, each Note, each Issuer Document, the Fee Letters, all Borrowing Base Certificates, the Deposit Account Control
Agreements, the Credit Card Notifications, the Security Documents, the Facility Guaranty, and any other instrument or agreement
now or hereafter executed and delivered in connection herewith, each as amended and in effect from time to time.


 


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


 


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


 


“Material
Adverse Effect” means (a) a material adverse change in, or a material adverse effect on, the operations, business, assets,
properties, liabilities (actual or contingent), or condition (financial or otherwise) of Parent and its Subsidiaries, taken as
a whole; (b) a material impairment of the rights and remedies of the Agent or any Lender under any Loan Documents, or of the ability
of any Loan Party to perform its obligations under any Loan Document to which it is a party; or (c) a material adverse effect upon
the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is a party. In
determining whether any individual event would result in a Material Adverse Effect, notwithstanding that such event in and of itself
does not have such effect, a Material Adverse Effect shall be deemed to have occurred if the cumulative effect of such event and
all other then-existing events would result in a Material Adverse Effect.


 




    	 	31	 



     


    

 


“Material
Adverse Effect Exceptions” means, collectively, (a) a settlement (for aggregate consideration consistent with the presentation
set forth in the 2019 Financing Plan) with the U.S. Attorney’s Office for the Eastern District of Virginia and the Department
of Justice (“DOJ”), and a related one count criminal information to be filed by the DOJ in the United States
District Court for the Eastern District of Virginia, charging the Parent with securities fraud, related to the criminal investigation
being conducted by the DOJ and the SEC as disclosed in the Parent’s Annual Report on Form 10-K for the Fiscal Year ended
December 31, 2018, filed with the SEC on March 18, 2019 (the “Investigation”), (b) a settlement (for aggregate
consideration consistent with the presentation set forth in the 2019 Financing Plan) with the SEC pursuant to an Offer of Settlement
and a related Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making
Findings, and Imposing a Cease-and-Desist Order issued by the SEC related to the Investigation, (c) any litigation or settlement
(for aggregate consideration not to exceed $35,000,000) related to the purported class action lawsuit in the United States District
Court for the Northern District of California alleging that the Morning Star bamboo flooring that the Lead Borrower sells is defective
(the “Gold Litigation”), (d) the mere filing of and/or demand for relief under any subsequent claims or lawsuits
(whether by class action, derivatively or otherwise) relating to or arising under any matter set forth in clause (a) or
(b) above, or (e) the departure of not more than two of the currently named executive officers of the Parent in office as
of the Fourth Restatement Date other than the Chief Executive Officer.


 


“Material
Contract” means (i) each settlement agreement or judgment entered into by the Loan Parties with respect to any litigation
set forth on Schedule 5.06 hereof under which, as of any date of determination, any Loan Party owes more than $5,000,000
as of such date of determination, and (ii) each contract or agreement to which any Loan Party is a party involving aggregate consideration
payable to or by such Loan Party of $5,000,000 or more in any Fiscal Year (other than purchase orders in the ordinary course of
business of the Loan Parties and other than contracts that by their terms may be terminated by the applicable Loan Party in the
ordinary course of its business upon less than 60 days’ notice without penalty or premium).


 


“Material
Indebtedness” means Indebtedness (other than the Obligations) of the Loan Parties in an aggregate principal amount exceeding
$5,000,000. For purposes of determining the amount of Material Indebtedness at any time, (a) the amount of the obligations in respect
of any Swap Contract at such time shall be calculated at the Swap Termination Value thereof, (b) undrawn committed or available
amounts shall be included, and (c) all amounts owing to all creditors under any combined or syndicated credit arrangement shall
be included.


 


“Maturity
Date” means March 29, 2024.


 


“Maximum Rate”
has the meaning provided therefor in Section 10.09.


 


“Measurement
Period” means, at any date of determination, the most recently completed four Fiscal Quarters of the Parent.


 


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


 


“Mortgages”
means each and every fee mortgage or deed of trust, security agreement and assignment by the Loan Party owning or holding the leasehold
interest in the Real Estate encumbered thereby in favor of the Agent.


 


“Mortgage
Policy” has the meaning specified in the definition of Eligible Real Estate.


 


“MLPFS”
means Merrill Lynch, Pierce, Fenner & Smith Incorporated.


 




    	 	32	 



     


    

 


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


 


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


 


“Non-Consenting
Lender” has the meaning provided therefor in Section 10.01(c).


 


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


 


“Non-Extension
Notice Date” has the meaning specified in Section 2.03(b)(iii).


 


“Notes”
means, collectively, (a) all Revolving Loan Notes and (b) all FILO Term Loan Notes.


 


“NPL”
means the National Priorities List under CERCLA.


 


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


 


“Obligations”
means (a) all advances to, and debts (including principal, interest, fees, costs, and expenses), liabilities, obligations, covenants,
indemnities, and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit
(including payments in respect of reimbursement of disbursements, interest thereon and obligations to provide cash collateral therefor),
whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing
or hereafter arising and including interest, fees, costs, expenses and indemnities that accrue after the commencement by or against
any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such
proceeding, regardless of whether such interest, fees costs, expenses and indemnities are allowed claims in such proceeding, and
(b) any Other Liabilities; provided that Obligations of a Loan Party shall exclude any Excluded Swap Obligations with respect
to such Loan Party.


 


“Organization
Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or
equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability
company, the certificate or articles of formation or organization and operating agreement; (c) with respect to any partnership,
joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation
or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or
organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable,
any certificate or articles of formation or organization of such entity, and (d) in each case, all shareholder or other equity
holder agreements, voting trusts and similar arrangements to which such Person is a party or which is applicable to its Equity
Interests and all other arrangements relating to the Control or management of such Person.


 


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


 




    	 	33	 



     


    

 


“Other Liabilities”
means any obligation on account of (a) any Cash Management Services furnished to any of the Loan Parties or any of their Subsidiaries
and/or (b) any Bank Product furnished to any of the Loan Parties and/or any of their Subsidiaries.


 


“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment (other than an assignment made pursuant to Section 3.06).


 


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


 


“Overadvance”
means a Revolving Credit Extension to the extent that, immediately after its having been made, Excess Availability is less than
zero.


 


“Parent”
means Lumber Liquidators Holdings, Inc., a Delaware corporation.


 


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


 


“Payment Conditions”
means, at the time of determination with respect to any Permitted Acquisition or prepayment of Indebtedness, that (a) no Default
or Event of Default then exists or would arise as a result of entering into such Permitted Acquisition or the making of such prepayment,
(b) either (x) (i) Excess Availability on a pro forma basis and on a projected (on assumptions reasonably satisfactory to the Agent)
basis for the six (6) month period following and after giving effect to such Permitted Acquisition or prepayment is greater than
fifteen (15%) percent of the Combined Loan Cap, and (ii) the Consolidated Fixed Charge Coverage Ratio, as calculated on a pro forma
basis after giving effect to such Permitted Acquisition or prepayment of such Indebtedness for the immediately preceding Measurement
Period is equal to or greater than 1.0:1.0, or (y) Excess Availability on a pro forma basis and on a projected (on assumptions
reasonably satisfactory to the Agent) basis for the six (6) month period following and after giving effect to such Permitted Acquisition
or prepayment is greater than twenty-five (25%) percent of the Combined Loan Cap. Prior to undertaking any transaction or payment
which is subject to the Payment Conditions, the Loan Parties shall deliver to the Agent evidence of satisfaction of the conditions
contained in clause (b) above on a basis (including, without limitation, giving due consideration to results for prior periods)
reasonably satisfactory to the Agent; provided that the Borrowers shall not be required to deliver updated projections as
set forth in clause (b)(x)(i) or (y) above in the event that (A) on pro forma basis after giving effect to such Permitted Acquisition
or prepayment of Indebtedness, as the case may be, and on a projected basis for the immediately succeeding six (6) month period
thereafter, the average daily Total Outstandings are less than twenty (20%) percent of the Revolving Loan Cap, and (B) such Permitted
Acquisition or prepayment of Indebtedness, as the case may be, is made with cash on hand of the Borrowers.


 


“PBGC”
means the Pension Benefit Guaranty Corporation.


 




    	 	34	 



     


    

 


“PCAOB”
means the Public Company Accounting Oversight Board.


 


“Pension Act”
means the Pension Protection Act of 2006.


 


“Pension Funding
Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any installment payment
thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section
412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter, Section 412, 430, 431, 432
and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.


 


“Pension Plan”
means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that is maintained or is contributed
to by the Lead Borrower and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding
standards under Section 412 of the Code.


 


“Permitted
Acquisition” means an Acquisition in which all of the following conditions are satisfied:


 


(a)          Such
Acquisition shall have been approved by the Board of Directors of the Person (or similar governing body if such Person is not a
corporation) which is the subject of such Acquisition and such Person shall not have announced that it will oppose such Acquisition
or shall not have commenced any action which alleges that such Acquisition shall violate applicable Law;


 


(b)          The
Lead Borrower shall have furnished the Agent with fifteen (15) days’ (or such shorter period as the Agent shall agree) prior
written notice of such intended Acquisition and shall have furnished the Agent with (i) a current draft of the Acquisition documents
(and final copies thereof as and when executed), (ii) a summary of any legal due diligence undertaken by the Loan Parties in connection
with such Acquisition, (iii) appropriate financial statements of the Person which is the subject of such Acquisition, (iv) unless
otherwise agreed by the Agent, pro forma projected financial statements for the twelve (12) month period following such Acquisition
after giving effect to such Acquisition (including balance sheets, cash flows and income statements by month for the acquired Person,
individually, and on a Consolidated basis with all Loan Parties), and (v) such other information as the Agent may reasonably require,
all of which shall be in form reasonably satisfactory to the Agent; provided that, notwithstanding the foregoing, the Lead
Borrower shall not be required to furnish to Agent the items specified in clauses (b)(ii), (b)(iii), (b)(iv)
and (b)(v) above in connection with any Acquisition for which the total consideration paid or payable is less than $30,000,000
so long as such Acquisition is made with cash on hand of the Borrowers;


 


(c)          The
legal structure of the Acquisition shall be acceptable to the Agent in its reasonable discretion;


 


(d)          After
giving effect to the Acquisition, if the Acquisition is an Acquisition of Equity Interests, a Loan Party or a Subsidiary shall
acquire and own, directly or indirectly, a majority of the Equity Interests in the Person being acquired and shall Control a majority
of any voting interests or shall otherwise Control the governance of the Person being acquired;


 


(e)          Any
assets acquired shall be utilized in, and if the Acquisition involves a merger, consolidation or acquisition of Equity Interests,
the Person which is the subject of such Acquisition shall be engaged in, a business otherwise permitted to be engaged in by a Borrower
under this Agreement;


 




    	 	35	 



     


    

 


(f)           If
the Person which is the subject of such Acquisition will be maintained as a Subsidiary of a Loan Party, such Subsidiary shall have
been joined as a “Borrower” hereunder or as a Guarantor, as the Agent shall determine, and the Agent shall have received
a first priority security interest (subject only to Permitted Encumbrances having priority either pursuant to applicable Law or
to the extent expressly permitted to have priority pursuant to the other terms of this Agreement) in the property of such Subsidiary
and of the same nature in all material respects as constitutes Collateral under the Security Documents; and


 


(g)          The
Loan Parties shall have satisfied the Payment Conditions.


 


“Permitted
Discretion” means a determination made by the Agent in good faith and in the exercise of commercially reasonable business
judgment from the perspective of an asset based lender.


 


“Permitted
Disposition” means any of the following:


 


(a)          Dispositions
of Inventory in the ordinary course of business;


 


(b)          bulk
sales or other Dispositions of the Inventory of a Loan Party not in the ordinary course of business at arm’s length in connection
with Permitted Store Closings;


 


(c)          non-exclusive
licenses of Intellectual Property of a Loan Party or any of its Subsidiaries in the ordinary course of business;


 


(d)          licenses
for the conduct of licensed departments within the Loan Parties’ Stores in the ordinary course of business; provided
that, if requested by the Agent, the applicable Loan Party shall have used commercially reasonable efforts to cause the Person
operating such licensed department to enter into an intercreditor agreement with the Agent on terms and conditions reasonably satisfactory
to the Agent;


 


(e)          Dispositions
of Equipment and other assets (including abandonment of or other failures to maintain, preserve, renew, protect or keep in full
force and effect Intellectual Property not necessary for the conduct of the Loan Parties’ business) in the ordinary course
of business that is substantially worn, damaged, obsolete or, in the judgment of a Loan Party, no longer useful or necessary in
its business or that of any Subsidiary;


 


(f)           sales,
transfers and Dispositions among the Loan Parties or by any Subsidiary to a Loan Party;


 


(g)          sales,
transfers and Dispositions by any Subsidiary which is not a Loan Party to another Subsidiary that is not a Loan Party;


 


(h)          as
long as no Default or Event of Default then exists or would arise therefrom, sales of Real Estate of any Loan Party (or sales of
any Person or Persons created to hold such Real Estate or the Equity Interests in such Person or Persons), including sale-leaseback
transactions involving any such Real Estate pursuant to leases on market terms, as long as, (A) such sale is made for fair
market value, (B) with respect to any Eligible Real Estate, Excess Availability on a pro forma basis and on a projected (on assumptions
reasonably satisfactory to the Agent) basis for the six (6) month period following and after giving effect to such sale and the
removal of such Eligible Real Estate from the Aggregate Borrowing Base, the Revolving Borrowing Base and the FILO Borrowing Base
is greater than thirty (30%) percent of the Combined Loan Cap, and (C) in the case of any sale-leaseback transaction permitted
hereunder, the Lead Borrower shall use commercially reasonable efforts to cause the Agent to receive from each such purchaser or
transferee a Collateral Access Agreement on terms and conditions reasonably satisfactory to the Agent;


 




    	 	36	 



     


    

 


(i)           Dispositions
consisting of the compromise, settlement or collection of delinquent accounts receivable in the ordinary course of business, consistent
with past practices;


 


(j)           leases,
subleases, space leases, licenses or sublicenses of Real Estate (and terminations of any of the foregoing), in each case in the
ordinary course of business and which do not materially interfere with the business of the Parent and its Subsidiaries, taken as
a whole;


 


(k)          to
the extent constituting a Disposition, (i) the use of cash or cash equivalents solely to the extent such use would not result in
a Default or Event of Default and (ii) conversions of cash equivalents into cash or other cash equivalents;


 


(l)           any
Disposition of Real Estate to a Governmental Authority as a result of the condemnation of such Real Estate;


 


(m)         Dispositions
of property (but excluding, for the avoidance of doubt, Eligible Real Estate referenced in clause (h) above) to the extent that
(i) such property is exchanged for credit against the purchase price of similar replacement property that is promptly purchased
or (ii) the proceeds of such Disposition are promptly applied to the purchase price of such replacement property;


 


(n)          to
the extent constituting a Disposition, (i) transactions permitted by Section 7.04, (ii) Restricted Payments permitted by
Section 7.06 and (iii) Liens permitted by Section 7.01;


 


(o)          Dispositions
of Investments in joint ventures; and


 


(q)          other
Dispositions (other than Dispositions of Collateral included in the Aggregate Borrowing Base, the Revolving Borrowing Base and/or
the FILO Borrowing Base) for consideration not exceeding $10,000,000 in the aggregate during any consecutive twelve (12) month
period so long as no Event of Default has occurred and is continuing or would immediately result therefrom; provided that
an amount equal to the net proceeds of such Disposition received by any Loan Party is applied to the prepayment of Loans in the
manner and to the extent required by Section 2.05(e).


 


“Permitted
Encumbrances” means:


 


(a)          Liens
imposed by law for Taxes that are not yet due or are being contested in compliance with Section 6.04;


 


(b)          Carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by applicable Laws,
arising in the ordinary course of business and securing obligations that are not overdue by more than thirty (30) days or are being
contested in compliance with Section 6.04;


 




    	 	37	 



     


    

 


(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, other than any Lien imposed by ERISA;


 


(d)          Deposits
to secure or relating to the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations,
surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;


 


(e)          Liens
in respect of judgments that would not constitute an Event of Default hereunder;


 


(f)           Easements,
covenants, conditions, restrictions, building code laws, 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 materially interfere with the ordinary conduct of business of the Loan Parties,
taken as a whole, and such other minor title defects or survey matters that are disclosed by current surveys that, in each case,
do not materially interfere with the ordinary conduct of business of the Loan Parties, taken as an whole;


 


(g)          Liens
existing on the Fourth Restatement Date listed on Schedule 7.01 and Liens to secure any Permitted Refinancings of the Indebtedness
with respect thereto;


 


(h)          Liens
on fixed or capital assets or on Real Estate of any Loan Party which secure Indebtedness permitted under clauses (c) and/or (d)
of the definition of Permitted Indebtedness so long as (i) such Liens and the Indebtedness secured thereby are incurred prior to
or within one hundred eighty (180) days after such acquisition (other than Permitted Refinancings), (ii) the Indebtedness secured
thereby does not exceed the cost of acquisition of the applicable assets, and (iii) such Liens shall attach only to the assets
or Real Estate acquired, improved or refinanced with such Indebtedness and shall not extend to any other property or assets of
the Loan Parties, other than replacements thereof and additions to such property and the proceeds and the products thereof; provided
that individual financings of Equipment provided by one lender may be cross-collateralized with other financings of Equipment provided
by such lender;


 


(i)           Liens
in favor of the Agent;


 


(j)           Landlords’
and lessors’ statutory Liens in respect of rent not in default for more than any applicable grace period, not to exceed thirty
(30) days;


 


(k)          Possessory
Liens in favor of brokers and dealers arising in connection with the acquisition or disposition of Investments owned as of the
Fourth Restatement Date and other Permitted Investments, provided that such liens (a) attach only to such Investments or
other Investments held by such broker or dealer and (b) secure only obligations incurred in the ordinary course and arising in
connection with the acquisition or disposition of such Investments and not any obligation in connection with margin financing;


 


(l)           Liens
arising solely by virtue of any statutory or common law provisions relating to banker’s Liens, Liens in favor of securities
intermediaries, rights of setoff or similar rights and remedies as to deposit accounts or securities accounts or other funds maintained
with depository institutions or securities intermediaries;


 




    	 	38	 



     


    

 


(m)         Liens
arising from precautionary UCC filings regarding “true” operating leases or, to the extent permitted under the Loan
Documents, the consignment of goods to a Loan Party;


 


(n)          voluntary
Liens on property (other than property of the type included in the Aggregate Borrowing Base, the Revolving Borrowing Base and/or
the FILO Borrowing Base) in existence at the time such property is acquired pursuant to a Permitted Acquisition or on such property
of a Subsidiary of a Loan Party in existence at the time such Subsidiary is acquired pursuant to a Permitted Acquisition; provided,
that such Liens are not incurred in connection with or in anticipation of such Permitted Acquisition and do not attach to any other
assets of any Loan Party or any Subsidiary;


 


(o)          Liens
in favor of customs and revenues authorities imposed by applicable Laws arising in the ordinary course of business in connection
with the importation of goods and securing obligations;


 


(p)          Liens
on cash advances or any cash earnest money deposits in favor of the seller of any property to be acquired in a Permitted Acquisition;


 


(q)          any
interest or title of a licensor, sublicensor, lessor or sublessor under licenses, leases, sublicenses or subleases entered into
by the Loan Parties in the ordinary course of business; provided that such interest or title is limited to the property
that is the subject of such transaction;


 


(r)           Liens
constituting contractual rights of set off relating to purchase orders and other similar agreements entered into by the Loan Parties
in the ordinary course of business;


 


(s)          Liens
on insurance policies and the proceeds thereof securing the financing of the premiums with the respect thereto incurred in the
ordinary course of business;


 


(t)           Liens
arising out of any sale and leaseback transaction permitted hereunder in the real property and related improvements that are they
subject of such transaction and securing the related Indebtedness under clause (d) of the definition of “Permitted Indebtedness”;


 


(u)          Liens
securing Indebtedness permitted under clause (j) of the definition of “Permitted Indebtedness”; provided that
such Liens either (i) do not attach to Collateral included in the Aggregate Borrowing Base, the Revolving Borrowing Base, and/or
the FILO Borrowing Base or (ii) are subject to an intercreditor agreement between the Agent and the holder of such Indebtedness
and Liens in form and substance reasonably satisfactory to the Agent.


 


“Permitted
Indebtedness” means each of the following:


 


(a)          Indebtedness
outstanding on the Fourth Restatement Date listed on Schedule 7.03 and any Permitted Refinancing thereof;


 


(b)          Indebtedness
(i) of any Loan Party to any other Loan Party; (ii) of any Subsidiary that is not a Loan Party to any other Subsidiary that is
not a Loan Party; and (iii) of any Subsidiary that is not a Loan Party to any Loan Party in an aggregate principal amount not to
exceed, together with any Investment made pursuant to clause (g)(iv) of the definition of Permitted Investments, $10,000,000 outstanding
at any time; provided that, for purposes of clause (b)(iii) and notwithstanding clause (d) of the definition of “Indebtedness”,
trade accounts payable in the ordinary course of business shall not constitute “Indebtedness” unless past due for more
than 120 days after the date on which such trade account payable was created;


 




    	 	39	 



     


    

 


(c)          Purchase
money Indebtedness of any Loan Party to finance the acquisition of any personal property consisting solely of fixed or capital
assets, including Capital Lease Obligations, and any Indebtedness assumed in connection with the acquisition of any such assets
or secured by a Lien on any such assets prior to the acquisition thereof, and Permitted Refinancings thereof, provided,
however, that the aggregate principal amount of Indebtedness permitted by this clause (c) shall not exceed $10,000,000 at
any time outstanding and further provided that, if requested by the Agent, the Loan Parties shall use commercially reasonable
efforts to cause the holders of such Indebtedness to enter into a Collateral Access Agreement on terms reasonably satisfactory
to the Agent;


 


(d)          Indebtedness
incurred for the construction or acquisition or improvement of, or to finance or to refinance, any Real Estate owned by any Loan
Party (including therein any Indebtedness incurred in connection with sale-leaseback transactions permitted hereunder and any Synthetic
Lease Obligations), provided that, (A) with respect to any Eligible Real Estate, Excess Availability on a pro forma basis
and on a projected (on assumptions reasonably satisfactory to the Agent) basis for the six (6) month period following and after
giving effect to such refinancing and the removal of such Eligible Real Estate from the Aggregate Borrowing Base, the Revolving
Borrowing Base and the FILO Borrowing Base is greater than thirty (30%) percent of the Combined Loan Cap, and (B) the Loan Parties
shall use commercially reasonable efforts to cause the holders of such Indebtedness and the lessors under any sale-leaseback transaction
to enter into a Collateral Access Agreement on terms reasonably satisfactory to the Agent;


 


(e)          Contingent
liabilities under surety bonds or similar instruments incurred in the ordinary course of business in connection with the construction
or improvement of Stores;


 


(f)           obligations (contingent or otherwise) of any Loan Party or any Subsidiary thereof existing or arising under any Swap Contract,
provided that (i) such obligations are (or were) entered into by such Person in the ordinary course of business for the
purpose of directly mitigating risks associated with fluctuations in interest rates or foreign exchange rates, and not for purposes
of speculation or taking a “market view” and (ii) such Swap Contract does not contain any provision exonerating the
non-defaulting party from its obligation to make payments on outstanding transactions to the defaulting party;


 


(g)          Indebtedness
with respect to the deferred purchase price for any Permitted Acquisition or other Investments permitted hereunder, provided
that such Indebtedness does not require the payment in cash of principal (other than in respect of working capital adjustments)
prior to the Maturity Date, has a final maturity which extends beyond the Maturity Date, and is subordinated to the Obligations
on terms reasonably acceptable to the Agent;


 


(h)          Indebtedness
of any Person that becomes a Subsidiary of a Loan Party in a Permitted Acquisition or other Investments permitted hereunder, which
Indebtedness is existing at the time such Person becomes a Subsidiary of a Loan Party (other than Indebtedness incurred solely
in contemplation of such Person’s becoming a Subsidiary of a Loan Party);


 


(i)            The
Obligations;


 


(j)           Indebtedness
not otherwise specifically described herein in an aggregate principal amount not to exceed $10,000,000 at any time outstanding;


 




    	 	40	 



     


    

 


(k)          unsecured
Guarantees by the Parent in connection with Indebtedness of any foreign Subsidiaries of the Parent, so long as the aggregate principal
amount of the obligations Guaranteed pursuant to this clause (k) does not exceed $10,000,000;


 


(l)           (i)
Indebtedness constituting indemnification obligations or obligations in respect of purchase price or other similar adjustments
in connection with Permitted Dispositions; and (ii) Indebtedness consisting of obligations of any Loan Party or any Subsidiary
under deferred compensation or other similar arrangements incurred by such Person in connection with any Permitted Investment;


 


(m)         Indebtedness
consisting of the financing of insurance premiums incurred in the ordinary course of business of any Loan Party or any Subsidiary;


 


(n)          Guarantees
(i) of any Indebtedness of any Loan Party or any Subsidiary thereof described in clause (a) hereof, (ii) by any Loan Party of any
Indebtedness of another Loan Party permitted hereunder, (iii) by any Loan Party of Indebtedness otherwise permitted hereunder of
any Subsidiary that is not a Loan Party to the extent such Guarantees are permitted pursuant to Section 7.02, and (iv) by
any Subsidiary that is not a Loan Party of Indebtedness of another Subsidiary that is not a Loan Party;


 


(o)          Indebtedness
to current or former officers, directors, managers, consultants and employees, their respective estates, spouses or former spouses
to finance the purchase or redemption of Equity Interests of the Parent to the extent permitted by Section 7.06;


 


(p)          obligations
in respect of netting services, automatic clearinghouse arrangements, overdraft protections and similar arrangements;


 


(q)          Indebtedness
in an amount not to exceed $10,000,000 incurred by any Loan Party or any Subsidiary in respect of letters of credit, bank guarantees,
bankers’ acceptances, warehouse receipts or similar instruments issued or created in the ordinary course of business consistent
with past practice in respect of workers compensation claims, health, disability or other employee benefits or property, casualty
or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers
compensation claims; provided that any such Indebtedness of a Loan Party shall be unsecured; and


 


(r)           all
premiums (if any), interest (including post-petition interest), fees, expenses, charges and additional or contingent interest,
to the extent applicable, on obligations described in clauses (a) through (q) above.


 


“Permitted
Investments” means each of the following:


 


(a)           readily
marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality
thereof having maturities of not more than 360 days from the date of acquisition thereof; provided that the full faith and
credit of the United States of America is pledged in support thereof;


 


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


 




    	 	41	 



     


    

 


(c)          time
deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i) (A) is a Lender
or (B) is organized under the laws of the United States of America, any state thereof or the District of Columbia or is the principal
banking subsidiary of a bank holding company organized under the laws of the United States of America, any state thereof or the
District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper
rated as described in clause (b) of this definition and (iii) has combined capital and surplus of at least $1,000,000,000,
in each case with maturities of not more than 360 days from the date of acquisition thereof;


 


(d)          Fully
collateralized repurchase agreements with a term of not more than thirty (30) days for securities described in clause (a) above
(without regard to the limitation on maturity contained in such clause) and entered into with a financial institution satisfying
the criteria described in clause (c) above or with any primary dealer and having a market value at the time that such repurchase
agreement is entered into of not less than 100% of the repurchase obligation of such counterparty entity with whom such repurchase
agreement has been entered into;


 


(e)          Investments,
classified in accordance with GAAP as current assets of the Loan Parties, in any money market fund, mutual fund, or other investment
companies that are registered under the Investment Company Act of 1940, as amended, which are administered by financial institutions
that have the highest rating obtainable from either Moody’s or S&P, and which invest solely in one or more of the types
of securities described in clauses (a) through (d) above;


 


(f)           Investments
existing on the Fourth Restatement Date set forth on Schedule 7.02, but not any increase in the amount thereof or any other
modification of the terms thereof;


 


(g)          (i)
Investments by any Loan Party and its Subsidiaries in their respective Subsidiaries outstanding on the Fourth Restatement Date,
(ii) additional Investments by any Loan Party and its Subsidiaries in Loan Parties (other than the Parent), (iii) additional Investments
by Subsidiaries of the Loan Parties that are not Loan Parties in other Subsidiaries that are not Loan Parties and (iv) so long
as no Event of Default is continuing, additional Investments by the Loan Parties in wholly-owned Subsidiaries that are not Loan
Parties in an aggregate amount invested after the Fourth Restatement Date not to exceed, together with any Indebtedness incurred
pursuant to clause (b)(iii) of the definition of Permitted Indebtedness, $10,000,000;


 


(h)          Investments
consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit
in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled
account debtors to the extent reasonably necessary in order to prevent or limit loss;


 


(i)           Guarantees
constituting Permitted Indebtedness;


 


(j)           so
long as no Default or Event of Default has occurred and is continuing or would result from such Investment, Investments by any
Loan Party in Swap Contracts permitted hereunder;


 


(k)          Investments
received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers
and suppliers, in each case in the ordinary course of business;


 




    	 	42	 



     


    

 


(l)           advances
to officers, directors and employees of the Loan Parties and Subsidiaries in the ordinary course of business in an amount not to
exceed $5,000,000 in the aggregate at any time outstanding;


 


(m)         Investments
constituting Permitted Acquisitions and earnest money deposits made in connection with any letter of intent or purchase agreement
entered into in connection with any Permitted Acquisition;


 


(o)          Other
Investments so long as the Payment Conditions have been met;


 


(p)          capital
contributions made by any Loan Party to another Loan Party;


 


(q)          Investments
of any Person existing at the time such Person becomes a Subsidiary or consolidates or merges with the Parent or any of its Subsidiaries
(including in connection with a Permitted Acquisition) so long as such Investments were not made in contemplation of such Person
becoming a Subsidiary or of such consolidation or merger;


 


(r)           Guarantees
of leases or other obligations of any Loan Party or any Subsidiary that do not constitute Indebtedness, in each case entered into
in the ordinary course of business;


 


(s)          promissory
notes and other non-cash consideration that is received in connection with any Permitted Disposition; and


 


(t)           other
Investments in an aggregate amount not to exceeds $10,000,000 at any time outstanding;


 


provided, however, that notwithstanding
the foregoing, (i) after the occurrence and during the continuance of a Cash Dominion Event, no such Investments specified in clauses
(a) through (e) and clause (o) shall be permitted unless either (A) no Revolving Loans or, if then required to be Cash Collateralized,
Letters of Credit are then outstanding, or (B) the Investment is a temporary Investment pending expiration of an Interest Period
for a LIBOR Rate Loan, the proceeds of which Investment will be applied to the Obligations after the expiration of such Interest
Period, and (ii) such Investments shall be pledged to the Agent as additional collateral for the Obligations pursuant to such agreements
as may be reasonably required by the Agent.


 


“Permitted
Overadvance” means an Overadvance made by the Agent, in its discretion, which:


 


(a)          Is
made to maintain, protect or preserve the Collateral and/or the Credit Parties’ rights under the Loan Documents or which
is otherwise for the benefit of the Credit Parties; or


 


(b)          Is
made to enhance the likelihood of, or to maximize the amount of, repayment of any Obligation;


 


(c)          Is
made to pay any other amount chargeable to any Loan Party hereunder; and


 


(d)          Together
with all other Permitted Overadvances then outstanding, shall not (i) exceed five percent (5%) of the Revolving Borrowing Base
at any time or (ii) unless a liquidation of the Collateral is occurring, remain outstanding for more than forty-five (45) consecutive
days, unless in each case, the Required Lenders otherwise agree;


 




    	 	43	 



     


    

 


provided however, that the foregoing
shall not (i) modify or abrogate any of the provisions of Section 2.03 regarding the Revolving Loan Lenders’ obligations
with respect to Letters of Credit or Section 2.04 regarding the Revolving Loan Lenders’ obligations with respect to
Swing Line Loans, or (ii) result in any claim or liability against the Agent (regardless of the amount of any Overadvance) for
Unintentional Overadvances, and such Unintentional Overadvances shall not reduce the amount of Permitted Overadvances allowed hereunder,
and further provided that in no event shall the Agent make an Overadvance, if after giving effect thereto, the principal
amount of the Revolving Credit Extensions would exceed the Aggregate Revolving Loan Commitments (as in effect prior to any termination
of the Commitments pursuant to Sections 2.06 or 8.02 hereof).


 


“Permitted
Refinancing” means, with respect to any Person, any Indebtedness issued in exchange for, or the net proceeds of which
are used to extend, refinance, renew, replace, defease or refund (collectively, to “Refinance”), the Indebtedness
being Refinanced (or previous refinancings thereof constituting a Permitted Refinancing); provided, that (a) the principal
amount (or accreted value, if applicable) of such Permitted Refinancing does not exceed the principal amount (or accreted value,
if applicable) of the Indebtedness so Refinanced (plus unpaid accrued interest and premiums thereon and underwriting discounts,
defeasance costs, fees, commissions and expenses), (b) the weighted average life to maturity of such Permitted Refinancing is greater
than or equal to the weighted average life to maturity of the Indebtedness being Refinanced (c) such Permitted Refinancing shall
not require any scheduled principal payments due prior to the Maturity Date in excess of, or prior to, the scheduled principal
payments due prior to such Maturity Date for the Indebtedness being Refinanced, (d) if the Indebtedness being Refinanced is subordinated
in right of payment to the Obligations under this Agreement, such Permitted Refinancing shall be subordinated in right of payment
to such Obligations on terms at least as favorable to the Credit Parties as those contained in the documentation governing the
Indebtedness being Refinanced (e) no Permitted Refinancing shall have direct or indirect obligors who were not also obligors of
the Indebtedness being Refinanced, or greater guarantees or security, than the Indebtedness being Refinanced, (f) such Permitted
Refinancing shall be otherwise on terms (when taken as a whole) not materially less favorable to the Credit Parties than those
contained in the documentation governing the Indebtedness being Refinanced, including, without limitation, with respect to financial
and other covenants and events of default, (g) the interest rate applicable to any such Permitted Refinancing shall not exceed
the then applicable market interest rate for similarly situated debtors, and (h) at the time thereof, no Default or Event of Default
shall have occurred and be continuing.


 


“Permitted
Store Closings” means (a) Store closures and related Inventory dispositions which do not exceed in any Fiscal Year of
the Parent and its Subsidiaries, ten (10%) percent of the number of the Borrowers’ Stores as of the beginning of such Fiscal
Year (net of new Store openings), and (b) the related Inventory is either moved to a distribution center or another retail location
of the Borrowers for future sale in the ordinary course of business or is disposed of at such Stores in accordance with liquidation
agreements and with professional liquidators reasonably acceptable to the Agent.


 


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


 


“Plan”
means any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan), maintained for employees
of the Lead Borrower or any ERISA Affiliate or any such Plan to which the Lead Borrower or any ERISA Affiliate is required to contribute
on behalf of its employees.


 


“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.


 




    	 	44	 



     


    

 


“Qualified
ECP Guarantor” means, at any time, each Loan Party with total assets exceeding $10,000,000 or that qualifies at such
time as an “eligible contract participant” under the Commodity Exchange Act and can cause another Person to qualify
as an “eligible contract participant” at such time under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.


 


“Real Estate”
means all Leases and all land, together with the buildings, structures, parking areas, and other improvements thereon, now or hereafter
owned by any Loan Party, including all easements, rights-of-way, and similar rights relating thereto and all leases, tenancies,
and occupancies thereof.


 


“Realty Reserves”
means such reserves as the Agent from time to time determines in the Agent’s Permitted Discretion as being appropriate to
reflect the impediments to the Agent’s ability to realize upon any Eligible Real Estate, to reflect such factors as affect
the market value of the Eligible Real Estate or to reflect claims and liabilities that the Agent determines will need to be satisfied
in connection with the realization upon any Eligible Real Estate. Without limiting the generality of the foregoing, Realty Reserves
may include (but are not limited to) any of the following with respect to Eligible Real Estate: (i) Environmental Compliance Reserves,
(ii) reserves for (A) municipal taxes and assessments, (B) repairs and (C) remediation of title defects, and (iii) reserves for
Indebtedness secured by Liens on any Eligible Real Estate having priority over the Lien of the Agent.


 


“Recipient”
means the Agent, any Lender, the L/C Issuer or any other recipient of any payment to be made by or on account of any obligation
of any Loan Party hereunder.


 


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


 


“Registered
Public Accounting Firm” has the meaning specified by the Securities Laws and shall be independent of the Parent and its
Subsidiaries as prescribed by the Securities Laws.


 


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


 


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


 


“Reports”
has the meaning provided in Section 9.12(b).


 


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


 


“Required
Lenders” means, as of any date of determination, Lenders which are not Affiliates holding more than 50% of the sum of
the Aggregate Revolving Loan Commitments and the principal amount of the FILO Term Loans outstanding or, if the Aggregate Revolving
Loan Commitments and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated, Lenders holding in the
aggregate more than 50% of the Total Outstandings (with the aggregate amount of each Lender’s risk participation and funded
participation in L/C Obligations and Swing Line Loans being deemed “held” by such Lender for purposes of this definition)
; provided that at any time when there are less than three (3) non-affiliated Lenders, the term shall mean all such Lenders;
provided further that the Revolving Loan Commitment of, and the portion of the Total Outstandings held or deemed held by,
any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.


 




    	 	45	 



     


    

 


“Reserves”
means all Inventory Reserves, Availability Reserves and Realty Reserves. The Agent shall have the right, at any time and from time
to time after the Fourth Restatement Date in its Permitted Discretion to establish, modify or eliminate any Reserves upon three
(3) Business Days prior notice to the Lead Borrower (during which period the Agent shall be available to discuss any such proposed
Reserve with the Borrowers); provided that no such prior notice shall be required (1) after the occurrence and during the
continuation of a Cash Dominion Event, (2) for changes to any such Reserve resulting solely from changes in the mathematical calculations
of the amount of such Reserve in accordance with the methodology for such calculation previously used by the Agent, (3) if a Material
Adverse Effect is reasonably likely to arise by any delay in establishing or changing such Reserve, or (4) if an Event of Default
is continuing.


 


“Responsible
Officer” means (a) the chief executive officer, president, chief financial officer or general corporate counsel of a
Loan Party or any of the other individuals designated in writing to the Agent by an existing Responsible Officer of a Loan Party
as an authorized signatory of any certificate or other document to be delivered hereunder (including the controller, treasurer
or assistant treasurer of a Loan Party), (b) solely for purposes of the delivery of incumbency certificates pursuant to Section
4.01, the secretary or any assistant secretary of a Loan Party and, (c) solely for purposes of notices given pursuant to Article
II, any other officer or employee of the applicable Loan Party so designated by any of the foregoing officers in a notice to the
Agent or any other officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable
Loan Party and the Agent). Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively
presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and
such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. To the extent requested by
the Agent, each Responsible Officer will provide an incumbency certificate and to the extent requested by the Agent, appropriate
authorization documentation, in form and substance satisfactory to the Agent.


 


“Restricted
Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any
capital stock or other Equity Interest of any Person or any of its Subsidiaries, or any payment (whether in cash, securities or
other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance,
acquisition, cancellation or termination of any such capital stock or other Equity Interest, or on account of any return of capital
to such Person’s stockholders, partners or members (or the equivalent of any thereof), or any option, warrant or other right
to acquire any such dividend or other distribution or payment. Without limiting the foregoing, “Restricted Payments”
with respect to any Person shall also include all payments made by such Person with any proceeds of a dissolution or liquidation
of such Person.


 


“Restricted
Payment Conditions” means, at the time of determination with respect to any Restricted Payment, that (a) no Default or
Event of Default then exists or would arise as a result of making such Restricted Payment, (b) either (x) (i) Excess Availability
on a pro forma basis and on a projected (on assumptions reasonably satisfactory to the Agent) basis for the six (6) month period
following and after giving effect to such Restricted Payment is greater than fifteen (15%) percent of the Combined Loan Cap, and
(ii) the Consolidated Fixed Charge Coverage Ratio, as calculated on a pro forma basis after giving effect to such Restricted Payment
for the immediately preceding Measurement Period is equal to or greater than 1.1:1.0, or (y) Excess Availability on a pro forma
basis and on a projected (on assumptions reasonably satisfactory to the Agent) basis for the six (6) month period following and
after giving effect to such Restricted Payment is greater than twenty-five (25%) percent of the Combined Loan Cap. Prior to undertaking
any Restricted Payment that is subject to the Restricted Payment Conditions, the Loan Parties shall deliver to the Agent evidence
of satisfaction of the conditions contained in clause (b) above on a basis (including, without limitation, giving due consideration
to results for prior periods) reasonably satisfactory to the Agent; provided that the Borrowers shall not be required to
deliver updated projections as set forth in clause (b)(x)(i) or (y) above in the event that (A) on pro forma basis after giving
effect to such Restricted Payment, and on a projected basis for the immediately succeeding six (6) month period thereafter, the
average daily Total Outstandings are less than twenty (20%) percent of the Revolving Loan Cap, and (B) such Restricted Payment
is made with cash on hand of the Borrowers.


 




    	 	46	 



     


    

 


“Revolving
Borrowing Base” means, at any time of calculation, an amount equal to:


 


(a)          the
face amount of Eligible Credit Card Receivables multiplied by 90%;


 


plus


 


(b)          the
Cost of Eligible Inventory, net of Inventory Reserves, multiplied by 90% multiplied by the Appraised Value of Eligible
Inventory;


 


Plus


 


(c)          the
lesser of (i) $25,000,000 or (ii) the Revolving Real Estate Advance Rate multiplied by the Appraised Value of Eligible Real
Estate;


 


minus 


 


(d)          the
sum of (i) the FILO Term Loan Push Down Reserve and (ii) the then amount of all Availability Reserves;


 


provided that,
in no event shall the aggregate amounts available to be borrowed under clause (c) above and clause (c) of the FILO Borrowing Base
exceed twenty-five (25%) of the Combined Loan Cap.


 


“Revolving
Credit Extension” mean each of the following: (a) a Committed Revolving Loan Borrowing and (b) an L/C Credit Extension.


 


“Revolving
Loan” means an extension of credit by a Revolving Loan Lender to the Borrowers under Article II in the form of
a Committed Revolving Loan or a Swing Line Loan.


 


“Revolving
Loan Cap” means, at any time of determination, the lesser of (a) the Aggregate Revolving Loan Commitments and (b) the
Revolving Borrowing Base.


 


“Revolving
Loan Commitment” means, as to each Revolving Loan Lender, its obligation to (a) make Committed Revolving Loans to the
Borrowers pursuant to Section 2.01, (b) purchase participations in L/C Obligations, and (c) purchase participations in Swing
Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s
name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable,
as such amount may be adjusted from time to time in accordance with this Agreement.


 


“Revolving
Loan Facility” means, at any time, the Aggregate Revolving Loan Commitments of all Revolving Loan Lenders at such time.


 


“Revolving
Loan Lender” means, at any time, any Lender that has a Revolving Loan Commitment at such time or, if the Revolving Loan
Commitments have terminated, Revolving Credit Extensions.


 




    	 	47	 



     


    

 


“Revolving
Loan Note” means a promissory note made by the Borrowers in favor of a Revolving Loan Lender evidencing Committed Revolving
Loans made by such Revolving Loan Lender, substantially in the form of Exhibit B-1 attached hereto.


 


“Revolving
Real Estate Advance Rate” means, as of the Fourth Restatement Date, fifty (50%) percent.


 


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


 


“Sanction(s)”
means any sanction administered or enforced by the United States Government (including, without limitation, OFAC), the United Nations
Security Council, the European Union, Her Majesty’s Treasury (“HMT”) or any Governmental Authority having
jurisdiction over any Lender or any Loan Party or any of their respective Subsidiaries or Affiliates.


 


“Sarbanes-Oxley”
means the Sarbanes-Oxley Act of 2002.


 


“Scheduled
Unavailability Date” has the meaning assigned to such term in Section 3.03(b).


 


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


 


“Second Restatement
Date” means April 24, 2015.


 


“Securities
Laws” means the Securities Act of 1933, the Securities Exchange Act of 1934, Sarbanes-Oxley, and the applicable accounting
and auditing principles, rules, standards and practices promulgated, approved or incorporated by the SEC or the PCAOB.


 


“Security
Agreement” means the Third Amended and Restated Security Agreement dated as of the Third Restatement Date among the Loan
Parties and the Agent.


 


“Security
Documents” means the Security Agreement, the Mortgages, the Deposit Account Control Agreements, the Credit Card Notifications,
and each other security agreement or other instrument or document executed and delivered to the Agent pursuant to this Agreement
or any other Loan Document granting a Lien to secure any of the Obligations.


 


“Settlement
Date” has the meaning provided in Section 2.14(a).


 


“Shareholders’
Equity” means, as of any date of determination, consolidated shareholders’ equity of the Parent and its Subsidiaries
as of that date determined in accordance with GAAP.


 


“Shrink”
means Inventory which has been lost, misplaced, stolen, or is otherwise unaccounted for.


 


“Solvent”
and “Solvency” means, with respect to any Person on a particular date, that on such date (a) at fair valuation,
all of the properties and assets of such Person are greater than the sum of the debts, including contingent liabilities, of such
Person, (b) the present fair saleable value of the properties and assets of such Person is not less than the amount that would
be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person is able
to realize upon its properties and assets and pay its debts and other liabilities, contingent obligations and other commitments
as they mature in the normal course of business, (d) such Person does not intend to, and does not believe that it will, incur debts
beyond such Person’s ability to pay as such debts mature, and (e) such Person is not engaged in a business or a transaction,
and is not about to engage in a business or transaction, for which such Person’s properties and assets would constitute unreasonably
small capital after giving due consideration to the prevailing practices in the industry in which such Person is engaged. The amount
of all guarantees at any time shall be computed as the amount that, in light of all the facts and circumstances existing at the
time, can reasonably be expected to become an actual or matured liability.


 




    	 	48	 



     


    

 


“Specified
Event of Default” means the occurrence of any Event of Default described in any of Sections 8.01(a), 8.01(b)
(with respect to occurrences relating to Section 6.01, Sections 6.02(a), (b) and (d), Section 6.03(a)
and (b), Sections 6.05(a) and (c), Section 6.07, Sections 6.10(b) and (c), Section
6.11, Section 6.12, Section 6.13, and Article VII) 8.01(d), 8.01(f), 8.01(j), 8.01(k),
or 8.01(l).


 


“Specified
Loan Party” means any Loan Party that is not then an “eligible contract participant” under the Commodity
Exchange Act (determined prior to giving effect to Section 10.26).


 


“Standby Letter
of Credit” means any Letter of Credit that is not a Commercial Letter of Credit and that (a) is used in lieu or in support
of performance guaranties or performance, surety or similar bonds (excluding appeal bonds) arising in the ordinary course of business,
(b) is used in lieu or in support of stay or appeal bonds, (c) supports the payment of insurance premiums for reasonably necessary
casualty insurance carried by any of the Loan Parties, or (d) supports payment or performance for identified purchases or exchanges
of products or services in the ordinary course of business.


 


“Stated Amount”
means at any time the maximum amount for which a Letter of Credit may be honored.


 


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


 


“Store”
means any retail store (which may include any Real Estate, fixtures, Equipment, Inventory and other property related thereto) operated,
or to be operated, by any Loan Party.


 


“Subordinated
Indebtedness” means Indebtedness which is expressly subordinated in right of payment to the prior payment in full of
the Obligations and which is in form and on terms approved in writing by the Agent (for the avoidance of doubt, the FILO Term Loans
shall not constitute Subordinated Indebtedness).


 


“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority
of the Equity Interests having ordinary voting power for the election of directors or other governing body are at the time beneficially
owned, or the management of which is otherwise Controlled, directly, or indirectly through one or more intermediaries, or both,
by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries”
shall refer to a Subsidiary or Subsidiaries of a Loan Party.


 




    	 	49	 



     


    

 


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


 


“Swap Obligations”
means with respect to any Loan Party any obligation to pay or perform under any agreement, contract or transaction that constitutes
a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.


 


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


 


“Swing Line
Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.04.


 


“Swing Line
Lender” means Bank of America in its capacity as provider of Swing Line Loans, or any successor swing line lender hereunder.


 


“Swing Line
Loan” has the meaning specified in Section 2.04(a).


 


“Swing Line
Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b), which, if in writing, shall
be substantially in the form of Exhibit A-2.


 


“Swing Line
Sublimit” means an amount equal to the lesser of (a) $20,000,000 and (b) the Aggregate Revolving Loan Commitments. The
Swing Line Sublimit is part of, and not in addition to, the Aggregate Revolving Loan Commitments. A permanent reduction of the
Aggregate Revolving Loan Commitments shall not require a corresponding pro rata reduction in the Swing Line Sublimit; provided,
however, that if the Aggregate Revolving Loan Commitments are reduced to an amount less than the Swing Line Sublimit, then
the Swing Line Sublimit shall be reduced to an amount equal to (or, at Lead Borrower’s option, less than) the Aggregate Revolving
Loan Commitments.


 


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


 




    	 	50	 



     


    

 


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


 


“Termination
Date” means the earliest to occur of (i) the Maturity Date, (ii) the date on which the maturity of the Obligations is
accelerated (or deemed accelerated) and the Commitments are irrevocably terminated (or deemed terminated) in accordance with Article
VIII, or (iii) the termination of the Commitments in accordance with the provisions of Section 2.06 hereof.


 


“Third Restatement
Date” means August 17, 2016.


 


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


 


“Trading With
the Enemy Act” has the meaning set forth in Section 10.18.


 


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


 


“UCC”
or “Uniform Commercial Code” shall have the meaning given to such term in the Security Agreement.


 


“UCP 600”
means, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of
Commerce (“ICC”) Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).


 


“UFCA”
has the meaning specified in Section 10.22(c).


 


“UFTA”
has the meaning specified in Section 10.22(c).


 


“Unintentional
Overadvance” means an Overadvance which, to the Agent’s knowledge, did not constitute an Overadvance when made
but which has become an Overadvance resulting from changed circumstances beyond the control of the Credit Parties, including, without
limitation, a reduction in the Appraised Value of property or assets included in the Revolving Borrowing Base or misrepresentation
by the Loan Parties.


 


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


 


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


 


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


 


“U.S. Tax
Compliance Certificate” has the meaning specified in Section 3.01(e)(i)(B)(3).


 


“Weekly Borrowing
Base Delivery Event” means either (i) the occurrence and continuance of any Specified Event of Default, or (ii) the failure
of the Borrowers to maintain Excess Availability at least equal to twelve and one-half percent (12.5%) of the Combined Loan Cap.
For purposes of this Agreement, the occurrence of a Weekly Borrowing Base Delivery Event shall be deemed continuing at the Agent’s
option (i) so long as such Specified Event of Default is continuing, and/or (ii) if the Weekly Borrowing Base Delivery Event arises
as a result of the Borrowers’ failure to achieve Excess Availability as required hereunder, until Excess Availability has
exceeded twelve and one-half percent (12.5%) of the Combined Loan Cap for thirty (30) consecutive calendar days, in which case
a Weekly Borrowing Base Delivery Event shall no longer be deemed to be continuing for purposes of this Agreement. The termination
of a Weekly Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent
Weekly Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.


 




    	 	51	 



     


    

 


“Write-Down
and Conversion Powers” means, 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.


 


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


 


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


 


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


 


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


 






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(d)          Any
reference herein or in any other Loan Document to the satisfaction, repayment, or payment in full of the Obligations shall mean
the repayment in Dollars in full in cash or immediately available funds (or, in the case of contingent reimbursement obligations
with respect to Letters of Credit and Bank Products (other than Swap Contracts), providing Cash Collateralization) of all of the
Obligations (including the payment of any termination amount then applicable (or which would or could become applicable as a result
of the repayment of the other Obligations) under Swap Contracts) other than (i) unasserted contingent indemnification Obligations,
(ii) any Obligations relating to Bank Products (including Swap Contracts) that, at such time, are allowed by the applicable Bank
Product provider to remain outstanding without being required to be repaid or Cash Collateralized, and (iii) any Obligations relating
to Cash Management Services that, at such time, are allowed by the applicable provider of such Cash Management Services to remain
outstanding without being required to be repaid.


 


1.03        Accounting
Terms


 


(a)          Generally.
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data
(including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared
in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that
used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding the foregoing,
for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein,
Indebtedness of the Lead Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount,
and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded.


 


(b)          Changes
in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in
any Loan Document, and either the Lead Borrower or the Required Lenders shall so request, the Agent, the Lenders and the Lead Borrower
shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change
in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement
shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Lead Borrower shall provide
to the Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested
hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect
to such change in GAAP. Without limiting the foregoing, leases shall continue to be classified and accounted on a basis consistent
with that reflected in the Audited Financial Statements for all purposes of this Agreement, notwithstanding any change in GAAP
relating thereto, unless the parties thereto shall enter into a mutually acceptable amendment addressing such changes, as provided
for above.


 


1.04        Rounding.
Any financial ratios required to be maintained by the Loan Parties pursuant to this Agreement shall be calculated by dividing the
appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio
is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).


 


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


 


1.06        Letter
of Credit Amounts. Unless otherwise specified, all references herein to the amount of a Letter of Credit at any time shall
be deemed to be the Stated Amount of such Letter of Credit in effect at such time; provided, however, that with respect to any
Letter of Credit that, by its terms or the terms of any Issuer Documents related thereto, provides for one or more automatic increases
in the Stated Amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum Stated Amount of such Letter
of Credit after giving effect to all such increases, whether or not such maximum Stated Amount is in effect at such time.


 






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


 


1.08        UCC
Terms. Terms defined in the UCC in effect on the Fourth Restatement Date and not otherwise defined herein shall, unless the
context otherwise indicates, have the meanings provided by those definitions. Subject to the foregoing, the term “UCC”
refers, as of any date of determination, to the UCC then in effect.


 


ARTICLE II

THE COMMITMENTS AND CREDIT EXTENSIONS


 


2.01       Committed
Loans.


 


(a)          Subject
to the terms and conditions set forth herein, each Revolving Loan Lender severally agrees to make Committed Revolving Loans to
the Borrowers from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any
time outstanding the lesser of (x) the amount of such Revolving Loan Lender’s Revolving Loan Commitment, or (y) such Revolving
Loan Lender’s Applicable Percentage of the Revolving Borrowing Base; subject in each case to the following limitations:


 


(i)          after
giving effect to any Committed Revolving Loan Borrowing, the Total Outstandings shall not exceed the Revolving Loan Cap,


 


(ii)         after
giving effect to any Committed Revolving Loan Borrowing, the aggregate Outstanding Amount of the Committed Revolving Loans of any
Revolving Loan Lender, plus such Revolving Loan Lender’s Applicable Percentage of the Outstanding Amount of all L/C
Obligations, plus such Revolving Loan Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans
shall not exceed such Lender’s Revolving Loan Commitment, and


 


(iii)        The
Outstanding Amount of all L/C Obligations shall not at any time exceed the Letter of Credit Sublimit.


 


Within the
limits of each Revolving Loan Lender’s Revolving Loan Commitment, and subject to the other terms and conditions hereof, the
Borrowers may borrow under this Section 2.01, prepay under Section 2.05, and reborrow under this Section 2.01.


 


(b)          On
the Fourth Restatement Date, and subject to the terms and conditions set forth herein, each FILO Term Loan Lender severally agrees
to make FILO Term Loans to the Borrowers in an aggregate amount equal to the amount set forth opposite such FILO Term Loan Lender’s
name set forth on Schedule 2.01 attached hereto. Amounts borrowed under this Section 2.01(b) and repaid or prepaid may not
be reborrowed.


 






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2.02       Borrowings,
Conversions and Continuations of Committed Loans.


 


(a)          Committed
Loans shall be either Base Rate Loans or LIBOR Rate Loans as the Lead Borrower may request subject to and in accordance with this
Section 2.02. Subject to the other provisions of this Section 2.02, Committed Borrowings of more than one Type may
be incurred at the same time.


 


(b)          Each
Committed Borrowing, each Conversion of Committed Loans from one Type to the other, and each continuation of LIBOR Rate Loans shall
be made upon the Lead Borrower’s irrevocable notice to the Agent, which may be given by telephone or a Committed Loan Notice;
provided that any telephone notice must be confirmed promptly by delivery to the Agent of a Committed Loan Notice. Each such notice
must be received by the Agent not later than 11:00 a.m. (i) three Business Days prior to the requested date of any Borrowing of,
Conversion to or continuation of LIBOR Rate Loans or of any Conversion of LIBOR Rate Loans to Base Rate Loans, and (ii) on the
requested date of any Borrowing of Base Rate Loans. Each telephonic notice by the Lead Borrower pursuant to this Section 2.02(b)
must be confirmed promptly by delivery to the Agent of a written Committed Loan Notice, appropriately completed and signed by a
Responsible Officer of the Lead Borrower. Each Borrowing of, Conversion to or continuation of LIBOR Rate Loans shall be in a principal
amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof. Except as provided in Sections 2.03(c), or 2.04(b)
or (c), each Borrowing of or Conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple
of $100,000 in excess thereof. Each Committed Loan Notice (whether telephonic or written) shall specify (i) whether the Lead Borrower
is requesting a Committed Borrowing, a Conversion of Committed Loans from one Type to the other, or a continuation of LIBOR Rate
Loans, (ii) the requested date of the Borrowing, Conversion or continuation, as the case may be (which shall be a Business Day),
(iii) the principal amount of Committed Loans to be borrowed, Converted or continued, (iv) the Type of Committed Loans to be borrowed
or to which existing Committed Loans are to be Converted, and (v) if applicable, the duration of the Interest Period with respect
thereto. If the Lead Borrower fails to specify a Type of Committed Loan in a Committed Loan Notice or if the Lead Borrower fails
to give a timely notice requesting a Conversion or continuation, then the applicable Committed Loans shall be made as, or Converted
to, Base Rate Loans. Any such automatic Conversion to Base Rate Loans shall be effective as of the last day of the Interest Period
then in effect with respect to the applicable LIBOR Rate Loans. If the Lead Borrower requests a Borrowing of, Conversion to, or
continuation of LIBOR Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed
to have specified an Interest Period of one month. Notwithstanding anything to the contrary herein, a Swing Line Loan may not be
Converted to a LIBOR Rate Loan.


 


(c)          Following
receipt of a Committed Loan Notice, the Agent shall promptly notify each Lender of the amount of its Applicable Percentage of the
applicable Committed Loans, and if no timely notice of a Conversion or continuation is provided by the Lead Borrower, the Agent
shall notify each Lender of the details of any automatic Conversion to Base Rate Loans described in Section 2.02(b). In
the case of a Committed Borrowing, each Lender shall make the amount of its Committed Loan available to the Agent in immediately
available funds at the Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed
Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial
Credit Extension, Section 4.01), the Agent shall make all funds so received available to the Borrowers in like funds as
received by the Agent either by (i) crediting the account of the Lead Borrower on the books of Bank of America with the amount
of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable
to) the Agent by the Lead Borrower; provided, however, that if, on the date the Committed Loan Notice with respect
to such Borrowing is given by the Lead Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing, first,
shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to the Borrowers
as provided above.


 




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(d)          In
the event that any Borrower, after receipt of an invoice therefor, fails to pay any interest, fee, service charge, Credit Party
Expenses or other payment to which any Lender or Agent is entitled from the Loan Parties pursuant hereto when due, or any time
after the occurrence and during the continuance of a Cash Dominion Event, the Agent, without the request of the Lead Borrower,
may advance any interest, fee, service charge (including direct wire fees), Credit Party Expenses, or other payment to which any
Credit Party is entitled from the Loan Parties pursuant hereto or any other Loan Document and may charge the same to the Loan Account
notwithstanding that an Overadvance may result thereby. The Agent shall advise the Lead Borrower of any such advance or charge
promptly after the making thereof. Such action on the part of the Agent shall not constitute a waiver of the Agent’s rights
and the Borrowers’ obligations under Section 2.05(c). Any amount which is added to the principal balance of the Loan
Account as provided in this Section 2.02(d) shall bear interest at the interest rate then and thereafter applicable to Base
Rate Loans.


 


(e)          Except
as otherwise provided herein, a LIBOR Rate Loan may be continued or Converted only on the last day of an Interest Period for such
LIBOR Rate Loan. During the existence of a Default or an Event of Default, no Revolving Loans may be requested as, or no Revolving
Loans or the outstanding FILO Term Loans, as applicable, may be Converted to or continued as LIBOR Rate Loans without the consent
of the Required Lenders.


 


(f)          The
Agent shall promptly notify the Lead Borrower and the Lenders of the interest rate applicable to any Interest Period for LIBOR
Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Agent shall notify the
Lead Borrower and the Lenders of any change in Bank of America’s prime rate used in determining the Base Rate promptly following
the public announcement of such change.


 


(g)          After
giving effect to all Committed Borrowings, all Conversions of Committed Loans from one Type to the other, and all continuations
of Committed Loans as the same Type, there shall not be more than six (6) Interest Periods in effect with respect to LIBOR Rate
Loans.


 


(h)          The
Agent, the Lenders, the Swing Line Lender and the L/C Issuer shall have no obligation to make any Loan or to provide any Letter
of Credit if an Overadvance would result. The Agent may, in its discretion, make Permitted Overadvances without the consent of
the Borrowers, the Lenders, the Swing Line Lender and the L/C Issuer and the Borrowers and each Lender and L/C Issuer shall be
bound thereby. Any Permitted Overadvance may, but shall not be required to, constitute a Swing Line Loan. A Permitted Overadvance
is for the account of the Borrowers and shall constitute a Base Rate Loan and an Obligation and shall be repaid by the Borrowers
in accordance with the provisions of Section 2.05(c). The making of any such Permitted Overadvance on any one occasion shall
not obligate the Agent or any Lender to make or permit any Permitted Overadvance on any other occasion or to permit such Permitted
Overadvances to remain outstanding. The making by the Agent of a Permitted Overadvance shall not modify or abrogate any of the
provisions of Section 2.03 regarding the Revolving Loan Lenders’ obligations to purchase participations with respect
to Letter of Credits or of Section 2.04 regarding the Revolving Loan Lenders’ obligations to purchase participations
with respect to Swing Line Loans. The Agent shall have no liability for, and no Loan Party or Credit Party shall have the right
to, or shall, bring any claim of any kind whatsoever against the Agent with respect to Unintentional Overadvances regardless of
the amount of any such Overadvance(s).


 




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(i)          Each
determination of an interest rate by the Agent pursuant to any provision of this Agreement shall be conclusive and binding on the
Borrowers and the Lenders in the absence of manifest error.


 


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


 


2.03       Letters
of Credit.


 


(a)          The
Letter of Credit Commitment.


 


(i)          Subject
to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Loan
Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Fourth Restatement
Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Loan Parties or their respective
Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(b) below,
and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Loan Lenders severally agree to participate in Letters
of Credit issued for the account of the Loan Parties or their respective Subsidiaries and any drawings thereunder; provided
that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings shall not
exceed the Revolving Loan Cap, (y) the aggregate Outstanding Amount of the Committed Revolving Loans of any Revolving Loan Lender,
plus such Revolving Loan Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus
such Revolving Loan Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such
Lender’s Revolving Loan Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of
Credit Sublimit. Each request by the Lead Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a
representation by the Borrowers that the L/C Credit Extension so requested complies with the conditions set forth in the proviso
to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrowers’ ability
to obtain Letters of Credit shall be fully revolving, and accordingly the Borrowers may, during the foregoing period, obtain Letters
of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit
shall be deemed to have been issued pursuant hereto, and from and after the Fourth Restatement Date shall be subject to and governed
by the terms and conditions hereof.


 


(ii)         The
L/C Issuer shall not issue any Letter of Credit, if:


 


(A)         subject
to Section 2.03(b)(iii), the expiry date of such requested Standby Letter of Credit would occur more than 365 days after
the date of issuance or last extension, unless the L/C Issuer and the Agent have approved such expiry date; or


 


(B)         the
expiry date of such requested Commercial Letter of Credit would occur more than 180 days after the date of issuance, unless the
L/C Issuer and the Agent have approved such expiry date; or


 


(C)         the
expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless either such Letter
of Credit is Cash Collateralized on or prior to the date of issuance of such Letter of Credit (or such later date as to which the
Agent may agree);


 




    	 	57	 



     


    

 


(D)         any
order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the L/C
Issuer from issuing such Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not
having the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or request that
the L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose
upon the L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the L/C Issuer
is not otherwise compensated hereunder) not in effect on the Fourth Restatement Date, or shall impose upon the L/C Issuer any unreimbursed
loss, cost or expense which was not applicable on the Fourth Restatement Date and which the L/C Issuer in good faith deems material
to it;


 


(E)         the
issuance of such Letter of Credit would violate one or more policies of the L/C Issuer applicable to letters of credit generally;


 


(F)         except
as otherwise agreed by the Agent, such Letter of Credit is to be denominated in a currency other than Dollars; provided
that if the L/C Issuer, with the consent of the Agent, issues a Letter of Credit denominated in a currency other than Dollars,
all reimbursements by the Borrowers of the honoring of any drawing under such Letter of Credit shall be paid in the currency in
which such Letter of Credit was denominated; or


 


(G)         such
Letter of Credit contains any provisions for automatic reinstatement of the Stated Amount after any drawing thereunder; or


 


(H)         any
Revolving Loan Lender is at that time a Defaulting Lender, unless the L/C Issuer has entered into arrangements, including the delivery
of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with the Borrowers or such Revolving Loan Lender to
eliminate the L/C Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.16(a)(iv)) with
respect to the Defaulting Lender arising from either (x) the Letter of Credit then proposed to be issued or (y) that Letter of
Credit and all other L/C Obligations as to which the L/C Issuer has actual or potential Fronting Exposure, as it may elect in its
sole discretion.


 


(iii)        The
L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be permitted at such time to issue such Letter of Credit
in its amended form under the terms hereof.


 


(iv)         The
L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) the L/C Issuer would have no obligation at such time
to issue such Letter of Credit in its amended form under the terms hereof or (B) the beneficiary of such Letter of Credit does
not accept the proposed amendment to such Letter of Credit.


 


(v)          The
L/C Issuer shall act on behalf of the Revolving Loan Lenders with respect to any Letters of Credit issued by it and the documents
associated therewith, and the L/C Issuer shall have all of the benefits and immunities (A) provided to the Agent in Article
IX with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by it
or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Agent”
as used in Article IX included the L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein
with respect to the L/C Issuer.


 




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(b)          Procedures
for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit.


 


(i)          Each
Letter of Credit shall be issued or amended, as the case may be, upon the request of the Lead Borrower delivered to the L/C Issuer
(with a copy to the Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer
of the Lead Borrower. Such Letter of Credit Application may be sent by facsimile, by United States mail, by overnight courier,
by electronic transmission using the system provided by the L/C Issuer, by personal delivery or by any other means acceptable to
the L/C Issuer. Such Letter of Credit Application must be received by the L/C Issuer and the Agent not later than 11:00 a.m. at
least two Business Days (or such other date and time as the Agent and the L/C Issuer may agree in a particular instance in their
sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an
initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the
L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof;
(C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary
in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing
thereunder; and (G) such other matters as the L/C Issuer may require. In the case of a request for an amendment of any outstanding
Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer (A) the Letter
of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the proposed
amendment; and (D) such other matters as the L/C Issuer may require. Additionally, the Lead Borrower shall furnish to the L/C Issuer
and the Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including
any Issuer Documents, as the L/C Issuer or the Agent may require.


 


(ii)         promptly
after receipt of any Letter of Credit Application, the L/C Issuer will confirm with the Agent (by telephone or in writing) that
the Agent has received a copy of such Letter of Credit Application from the Lead Borrower and, if not, the L/C Issuer will provide
the Agent with a copy thereof. Unless the L/C Issuer has received written notice from any Lender, the Agent or any Loan Party,
at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or
more applicable conditions contained in Article IV shall not then be satisfied or unless the L/C Issuer would not be permitted,
or would have no obligation, at such time to issue such Letter of Credit under the terms hereof (by reason of the provisions of
Section 2.03(a)(ii) or otherwise), then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested
date, issue a Letter of Credit for the account of the applicable Loan Party or Subsidiary or enter into the applicable amendment,
as the case may be, in each case in accordance with the L/C Issuer's usual and customary business practices. Immediately upon the
issuance or amendment of each Letter of Credit, each Revolving Loan Lender shall be deemed to (without any further action), and
hereby irrevocably and unconditionally agrees to, purchase from the L/C Issuer, without recourse or warranty, a risk participation
in such Letter of Credit in an amount equal to the product of such Revolving Loan Lender’s Applicable Percentage times
the Stated Amount of such Letter of Credit. Upon any change in the Commitments under this Agreement, it is hereby agreed that with
respect to all L/C Obligations, there shall be an automatic adjustment to the participations hereby created to reflect the new
Applicable Percentages of the assigning and assignee Revolving Loan Lenders.


 




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(iii)        If
the Lead Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer may, in its sole and absolute discretion,
agree to issue a Standby Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of
Credit”); provided that any such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any such
extension at least once in each twelve-month period (commencing with the date of issuance of such Standby Letter of Credit) by
giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each
such twelve-month period to be agreed upon at the time such Standby Letter of Credit is issued. Unless otherwise directed by the
L/C Issuer, the Lead Borrower shall not be required to make a specific request to the L/C Issuer for any such extension. Once an
Auto-Extension Letter of Credit has been issued, the Revolving Loan Lenders shall be deemed to have authorized (but may not require)
the L/C Issuer to permit the extension of such Standby Letter of Credit at any time to an expiry date not later than the Letter
of Credit Expiration Date; provided, however, that the L/C Issuer shall not permit any such extension if (A) the
L/C Issuer has determined that it would not be permitted, or would have no obligation, at such time to issue such Standby Letter
of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of Section 2.03(a)(ii) or
otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business
Days before the Non-Extension Notice Date (1) from the Agent that the Required Lenders have elected not to permit such extension
or (2) from the Agent, any Revolving Loan Lender or the Lead Borrower that one or more of the applicable conditions specified in
Section 4.02 is not then satisfied or that the Lead Borrower does not consent to such extension, and in each such case directing
the L/C Issuer not to permit such extension.


 


(iv)         Promptly
after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to
the beneficiary thereof, the L/C Issuer will also deliver to the Lead Borrower and the Agent a true and complete copy of such Letter
of Credit or amendment.


 


(c)          Drawings
and Reimbursements; Funding of Participations.


 


(i)          Upon
receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the L/C Issuer shall
notify the Lead Borrower and the Agent thereof. Not later than 11:00 a.m. on the first Business Day after the date of any payment
by the L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Borrowers shall reimburse
the L/C Issuer through the Agent in an amount equal to the amount of such drawing. If the Borrowers fail to so reimburse the L/C
Issuer by such time, the Agent shall promptly notify each Lender of the Honor Date, the amount of the unreimbursed drawing (the
“Unreimbursed Amount”), and the amount of such Lender’s Applicable Percentage thereof. In such event,
the Borrowers shall be deemed to have requested a Committed Revolving Loan Borrowing of Base Rate Loans to be disbursed on the
Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02
for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Loan Cap and
the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C
Issuer or the Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided
that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.


 


(ii)         Each
Revolving Loan Lender shall upon any notice from the Agent pursuant to Section 2.03(c)(i) make funds available to the Agent
(and the Agent may apply Cash Collateral provided for this purpose) for the account of the L/C Issuer at the Agent’s Office
in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified
in such notice by the Agent, whereupon, subject to the provisions of Section 2.03(c)(v), each Revolving Loan Lender that
so makes funds available shall be deemed to have made a Base Rate Loan to the Borrowers in such amount. The Agent shall remit the
funds so received to the L/C Issuer.


 


(iii)        Until
each Revolving Loan Lender funds its Committed Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse the L/C
Issuer for any amount drawn under any Letter of Credit, interest in respect of such Revolving Loan Lender’s Applicable Percentage
of such amount shall be solely for the account of the L/C Issuer.


 




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(iv)         Each
Revolving Loan Lender’s obligation to make Committed Revolving Loans or L/C Advances to reimburse the L/C Issuer for amounts
drawn under Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not
be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Revolving
Loan Lender may have against the L/C Issuer, any Borrower or any other Person for any reason whatsoever; (B) the occurrence or
continuance of a Default or Event of Default, or (C) any other occurrence, event or condition, whether or not similar to any of
the foregoing; provided, however, that each Revolving Loan Lender’s obligation to make Committed Loans pursuant
to this Section 2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Lead Borrower
of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrowers
to reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest
as provided herein.


 


(v)          With
respect to any Unreimbursed Amount that is not fully refinanced by a Committed Revolving Loan Borrowing of Base Rate Loans because
the conditions set forth in Section 4.02 cannot be satisfied or for any other reason, the Borrowers shall be deemed to have
incurred from the L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing
shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate for Base Rate Loans. In
such event, each Revolving Loan Lender’s payment to the Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(ii)
shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Revolving
Loan Lender in satisfaction of its participation obligation under this Section 2.03.


 


(vi)         If
any Revolving Loan Lender fails to make available to the Agent for the account of the L/C Issuer any amount required to be paid
by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii),
then, without limiting the other provisions of this Agreement, the L/C Issuer shall be entitled to recover from such Revolving
Loan Lender (acting through the Agent), on demand, such amount with interest thereon for the period from the date such payment
is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater
of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation
plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If
such Revolving Loan Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Revolving
Loan Lender’s Committed Revolving Loan included in the relevant Committed Revolving Loan Borrowing or L/C Advance in respect
of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Loan Lender (through
the Agent) with respect to any amounts owing under this clause (vi) shall be conclusive absent manifest error.


 


(d)          Repayment
of Participations.


 


(i)          At
any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Loan Lender its
L/C Advance in respect of such payment in accordance with Section 2.03(c), if the L/C Issuer, or the Agent for the account
of the L/C Issuer, receives any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from
the Borrowers or otherwise, including proceeds of Cash Collateral applied thereto by the Agent pursuant to Section 2.03(g)),
the L/C Issuer shall distribute any payment it receives to the Agent and the Agent will distribute to such Revolving Loan Lender
its Applicable Percentage thereof (appropriately adjusted, in the case of interest payments, to reflect the period of time during
which such Revolving Loan Lender’s L/C Advance was outstanding) in the same funds as those received by the Agent.


 




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 (ii)         If
any payment received by the L/C Issuer or by Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(i) is required
to be returned under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered into
by the L/C Issuer in its discretion), each Revolving Loan Lender shall pay to the Agent for the account of the L/C Issuer its Applicable
Percentage thereof on demand of the Agent, plus interest thereon from the date of such demand to the date such amount is returned
by such Revolving Loan Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations
of the Revolving Loan Lenders under this clause shall survive the payment in full of the Obligations and the termination of this
Agreement.


 


(e)          Obligations
Absolute. The obligation of the Borrowers to reimburse the L/C Issuer for each drawing under each Letter of Credit and to repay
each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of
this Agreement under all circumstances, including the following:


 


(i)          any
lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;


 


(ii)         the
existence of any claim, counterclaim, setoff, defense or other right that the Borrowers or any Subsidiary may have at any time
against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee
may be acting), the L/C Issuer or any other Person, whether in connection with this Agreement or such Letter of Credit, the transactions
contemplated hereby or any agreement or instrument relating thereto, or any unrelated transaction;


 


(iii)        any
draft, demand, endorsement, certificate or other document presented under or in connection with such Letter of Credit proving to
be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect;
or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of
Credit;


 


(iv)        waiver
by the L/C Issuer of any requirement that exists for the L/C Issuer’s protection and not the protection of the Borrowers
or any waiver by the L/C Issuer which does not in fact materially prejudice the Borrowers;


 


(v)         any
honor of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of a draft;


 


(vi)        any
payment made by the L/C Issuer in respect of an otherwise complying item presented after the date specified as the expiration date
of, or the date by which documents must be received under, such Letter of Credit if presentation after such date is authorized
by the UCC, the ISP or the UCP 600, as applicable;


 


(vii)       any
payment by the L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply
with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting
to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative
of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding
under any Debtor Relief Law;


 




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(viii)      any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that
might otherwise constitute a defense available to, or a discharge of, the Borrowers or any of their Subsidiaries; or


 


(ix)         the
fact that any Default or Event of Default shall have occurred and be continuing.


 


The Lead Borrower shall promptly
examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of non-compliance
with the Lead Borrower’s instructions or other irregularity, the Lead Borrower will promptly notify the L/C Issuer. The Borrowers
shall be conclusively deemed to have waived any such claim against the L/C Issuer and its correspondents unless such notice is
given as aforesaid.


 


(f)          Role
of L/C Issuer. Each Revolving Loan Lender and the Borrowers agree that, in paying any drawing under a Letter of Credit, the
L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly
required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority
of the Person executing or delivering any such document. None of the L/C Issuer, the Agent, any of their respective Related Parties
nor any correspondent, participant or assignee of the L/C Issuer shall be liable to any Loan Party or to any Lender for (i) any
action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Required Lenders, as applicable;
(ii) any action taken or omitted in the absence of gross negligence or willful misconduct; (iii) any error, omission, interruption,
loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit
or any error in interpretation of technical terms; (iv) the due execution, effectiveness, validity or enforceability of any document
or instrument related to any Letter of Credit or Issuer Document, or (v) for any action, neglect or omission under or in connection
with any Letter of Credit or Issuer Documents, including, without limitation, the issuance or amendment of any Letter of Credit,
the failure to issue or amend any Letter of Credit, or the honoring or dishonoring of any demand under any Letter of Credit, and
such action or neglect or omission will be binding upon the Loan Parties and the Lenders; provided that the Borrowers may
have a claim against the L/C Issuer, and the L/C Issuer may be liable to the Borrowers, to the extent, but only to the extent,
of any direct, as opposed to punitive, consequential or exemplary, damages suffered by the Borrowers which the Borrowers establish
pursuant to a final and non-appealable judgment of a court of competent jurisdiction were caused by the L/C Issuer's willful misconduct
or gross negligence or L/C Issuers willful failure to pay under any Letter of Credit after the presentation to it by the beneficiaries
of a sight draft and certificate(s) complying with the terms and conditions of a Letter of Credit. The Borrowers hereby assume
all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided,
however, that this assumption is not intended to, and shall not, preclude the Borrowers’ pursuing such rights and
remedies as it may have against the beneficiary or transferee at law or under any other agreement. In furtherance and not in limitation
of the foregoing, the L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further
investigation, regardless of any notice or information to the contrary, and the L/C Issuer shall not be responsible for the validity
or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights
or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. The
L/C Issuer may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank
Financial Telecommunication ("SWIFT") message or overnight courier, or any other commercially reasonable means
of communicating with a beneficiary.


 




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(g)          Cash
Collateral. If, as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, the Borrowers
shall, in each case, promptly Cash Collateralize the then Outstanding Amount of all L/C Obligations in an amount equal to 103%
of the Outstanding Amount of all L/C Obligations, pursuant to documentation in form and substance satisfactory to the Agent and
the L/C Issuer. Sections 2.05, 2.06(c) and 8.02(c) set forth certain additional requirements to deliver Cash
Collateral hereunder. The Borrowers hereby grant to the Agent a security interest in all such cash, deposit accounts and all balances
therein and all proceeds of the foregoing to secure all Obligations. Such cash collateral shall be maintained in blocked, non-interest
bearing deposit accounts at Bank of America. If at any time the Agent determines that any funds held as cash collateral are subject
to any right or claim of any Person other than the Agent or that the total amount of such funds is less than the aggregate Outstanding
Amount of all L/C Obligations, the Borrowers will, forthwith upon demand by the Agent, pay to the Agent, as additional funds to
be deposited as cash collateral, an amount equal to the excess of (x) such aggregate Outstanding Amount over (y) the
total amount of funds, if any, then held as cash collateral that the Agent determines to be free and clear of any such right and
claim. Upon the drawing of any Letter of Credit for which funds are on deposit as cash collateral, such funds shall be applied
to reimburse the L/C Issuer and, to the extent not so applied, shall thereafter be applied to satisfy other Obligations. Notwithstanding
anything to the contrary in this Agreement, the remaining balance of the Cash Collateral will be returned to the Borrowers when
all Letters of Credit have been terminated or discharged, all Commitments have been terminated and all Obligations (other than
contingent Obligations that by their terms survive the termination of this Agreement) have been paid in full in immediately available
funds.


 


(h)          Applicability
of ISP and UCP 600; Limitation of Liability. Unless otherwise expressly agreed by the L/C Issuer and the Lead Borrower when
a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP
shall apply to each Standby Letter of Credit, and (ii) the rules of UCP 600 shall apply to each Commercial Letter of Credit. Notwithstanding
the foregoing, the L/C Issuer shall not be responsible to the Borrowers for, and the L/C Issuer’s rights and remedies against
the Borrowers shall not be impaired by, any action or inaction of the L/C Issuer required or permitted under any law, order, or
practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the Law or any order
of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP 600, as applicable,
or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association
for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law
& Practice, whether or not any Letter of Credit chooses such law or practice.


 


(i)           Letter
of Credit Fees. The Borrowers shall pay to the Agent for the account of each Revolving Loan Lender in accordance with its Applicable
Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable
Rate times the daily Stated Amount under each such Letter of Credit (whether or not such maximum amount is then in effect
under such Letter of Credit). For purposes of computing the daily amount available to be drawn under any Letter of Credit, the
amount of the Letter of Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees shall be (i) due
and payable on the Interest Payment Date for Base Rate Loans, commencing with the first such date to occur after the issuance of
such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand, and (ii) computed on a quarterly basis
in arrears. Notwithstanding anything to the contrary contained herein, Letter of Credit Fees shall accrue at the Default Rate to
the extent provided for in Section 2.08(b) hereof.


 




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(j)           Fronting
Fee and Documentary and Processing Charges Payable to L/C Issuer. The Borrowers shall pay directly to the L/C Issuer for its
own account a fronting fee with respect to each Letter of Credit, at a rate not to exceed 0.125% per annum, computed on the daily
amount available to be drawn under such Letter of Credit and on a quarterly basis in arrears. Such fronting fees shall be due and
payable on the Interest Payment Date for Base Rate Loans, commencing with the first such date to occur after the issuance of such
Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. For purposes of computing the daily amount
available to be drawn under any Letter of Credit, the amount of the Letter of Credit shall be determined in accordance with Section
1.06. In addition, the Borrowers shall pay directly to the L/C Issuer for its own account the customary issuance, presentation,
amendment and other processing fees, and other standard costs and charges, of the L/C Issuer relating to letters of credit as from
time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable.


 


(k)          Conflict
with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms
hereof shall control.


 


2.04       Swing
Line Loans.


 


(a)          The
Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender may, in its sole discretion, in reliance
upon the agreements of the other Revolving Loan Lenders set forth in this Section 2.04, to make loans (each such loan, a
“Swing Line Loan”) to the Borrowers from time to time on any Business Day during the Availability Period in
an aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that
such Swing Line Loans, when aggregated with the Applicable Percentage of the Outstanding Amount of Committed Revolving Loans and
L/C Obligations of the Revolving Loan Lender acting as Swing Line Lender, may exceed the amount of such Revolving Loan Lender’s
Revolving Loan Commitment; provided, however, that after giving effect to any Swing Line Loan, (i) the Total Outstandings
shall not exceed the Revolving Loan Cap, and (ii) the aggregate Outstanding Amount of the Committed Revolving Loans of any Revolving
Loan Lender at such time, plus such Revolving Loan Lender’s Applicable Percentage of the Outstanding Amount of all
L/C Obligations at such time, plus such Revolving Loan Lender’s Applicable Percentage of the Outstanding Amount of
all Swing Line Loans at such time shall not exceed such Revolving Loan Lender’s Revolving Loan Commitment, and provided,
further, that the Borrowers shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan,
and provided further that the Swing Line Lender shall not be obligated to make any Swing Line Loan if it shall determine
(which determination shall be conclusive and binding absent manifest error) that it has, or by such Credit Extension may have,
Fronting Exposure). Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrowers may borrow
under this Section 2.04, prepay under Section 2.05, and reborrow under this Section 2.04. Each Swing Line
Loan shall bear interest only at the Base Rate. Immediately upon the making of a Swing Line Loan, each Revolving Loan Lender shall
be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in
such Swing Line Loan in an amount equal to the product of such Revolving Loan Lender’s Applicable Percentage multiplied
by the amount of such Swing Line Loan. The Swing Line Lender shall have all of the benefits and immunities (A) provided to
the Agent in Article IX with respect to any acts taken or omissions suffered by the Swing Line Lender in connection with
Swing Line Loans made by it or proposed to be made by it as if the term “Agent” as used in Article IX included
the Swing Line Lender with respect to such acts or omissions, and (B) as additionally provided herein with respect to the Swing
Line Lender.


 




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(b)          Borrowing
Procedures. Each Swing Line Borrowing shall be made upon the Lead Borrower’s irrevocable notice to the Swing Line Lender
and the Agent, which may be given by telephone. Each such notice must be received by the Swing Line Lender and the Agent not later
than 2:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $100,000,
and (ii) the requested borrowing date, which shall be a Business Day. Each such telephonic notice must be confirmed promptly by
delivery to the Swing Line Lender and the Agent of a written Swing Line Loan Notice, appropriately completed and signed by a Responsible
Officer of the Lead Borrower. Promptly after receipt by the Swing Line Lender of any telephonic Swing Line Loan Notice, the Swing
Line Lender will confirm with the Agent (by telephone or in writing) that the Agent has also received such Swing Line Loan Notice
and, if not, the Swing Line Lender will notify the Agent (by telephone or in writing) of the contents thereof. Unless the Swing
Line Lender has received notice (by telephone or in writing) from the Agent at the request of the Required Lenders prior to 3:00
p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a
result of the limitations set forth in the provisos to the first sentence of Section 2.04(a), or (B) that one or more of
the applicable conditions specified in Article IV is not then satisfied, then, subject to the terms and conditions hereof,
the Swing Line Lender may, not later than 4:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount
of its Swing Line Loan available to the Borrowers either by (i) crediting the account of the Lead Borrower on the books of Bank
of America with the amount of such funds or (ii) wire transferring such funds, in each case in accordance with instructions provided
to (and reasonably acceptable to) the Swing Line Lender by the Lead Borrower; provided, however, that if, on the
date of the proposed Swing Line Loan, there are L/C Borrowings outstanding, then the proceeds of such Borrowing, first,
shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to the Borrowers
as provided above.


 


(c)          Refinancing
of Swing Line Loans.


 


(i)          In
addition to settlements required under Section 2.14 hereof, the Swing Line Lender at any time in its sole and absolute discretion
may request, on behalf of the Borrowers (which hereby irrevocably authorize the Swing Line Lender to so request on their behalf),
that each Revolving Loan Lender make a Base Rate Loan in an amount equal to such Revolving Loan Lender's Applicable Percentage
of the amount of Swing Line Loans then outstanding. Such request shall be made in writing (which written request shall be deemed
to be a Committed Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.02, without regard
to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion
of the Revolving Loan Cap and the conditions set forth in Section 4.02. The Swing Line Lender shall furnish the Lead Borrower
with a copy of the applicable Committed Loan Notice promptly after delivering such notice to the Agent. Each Revolving Loan Lender
shall make an amount equal to its Applicable Percentage of the amount specified in such Committed Loan Notice available to the
Agent in immediately available funds for the account of the Swing Line Lender at the Agent’s Office not later than 1:00 p.m.
on the day specified in such Committed Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Revolving Loan Lender
that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrowers in such amount. The Agent shall remit
the funds so received to the Swing Line Lender.


 


(ii)         If
for any reason any Swing Line Loan cannot be refinanced by such a Committed Revolving Loan Borrowing in accordance with Section
2.04(c)(i), the request for Base Rate Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a
request by the Swing Line Lender that each of the Revolving Loan Lenders fund its risk participation in the relevant Swing Line
Loan and each Revolving Loan Lender’s payment to the Agent for the account of the Swing Line Lender pursuant to Section
2.04(c)(i) shall be deemed payment in respect of such participation.


 




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(iii)        If
any Revolving Loan Lender fails to make available to the Agent for the account of the Swing Line Lender any amount required to
be paid by such Revolving Loan Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified
in Section 2.04(c)(i), the Swing Line Lender shall be entitled to recover from such Lender (acting through the Agent), on
demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment
is immediately available to the Swing Line Lender at a rate per annum equal to the greater of the Federal Funds Rate and a rate
determined by the Swing Line Lender in accordance with banking industry rules on interbank compensation plus any administrative,
processing or similar fees customarily charged by the Swing Line Lender in connection with the foregoing. If such Revolving Loan
Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Revolving Loan Lender’s
Committed Revolving Loan included in the relevant Committed Borrowing or funded participation in the relevant Swing Line Loan,
as the case may be. A certificate of the Swing Line Lender submitted to any Lender (through the Agent) with respect to any amounts
owing under this clause (iii) shall be conclusive absent manifest error.


 


(iv)        Each
Revolving Loan Lender’s obligation to make Committed Loans or to purchase and fund risk participations in Swing Line Loans
pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including
(A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the Swing Line Lender, the
Borrowers or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or an Event of Default,
or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however,
that each Revolving Loan Lender’s obligation to make Committed Loans pursuant to this Section 2.04(c) is subject to
the conditions set forth in Section 4.02. No such funding of risk participations shall relieve or otherwise impair the obligation
of the Borrowers to repay Swing Line Loans, together with interest as provided herein.


 


(d)          Repayment
of Participations.


 


(i)          At
any time after any Revolving Loan Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line
Lender, or the Agent on behalf of the Swing Line Lender, receives any payment on account of such Swing Line Loan, the Swing Line
Lender will distribute such payment to the Agent and the Agent shall distribute to each such Revolving Loan Lender its Applicable
Percentage of such payment (appropriately adjusted, in the case of interest payments, to reflect the period of time during which
such Revolving Loan Lender’s risk participation was funded) in the same funds as those received by the Swing Line Lender.


 


(ii)         If
any payment received by the Swing Line Lender, or the Agent on behalf of the Swing Line Lender, in respect of principal or interest
on any Swing Line Loan is required to be returned by the Swing Line Lender under any of the circumstances described in Section
10.05 (including pursuant to any settlement entered into by the Swing Line Lender in its discretion), each Revolving Loan Lender
shall pay to the Swing Line Lender its Applicable Percentage thereof on demand of the Agent, plus interest thereon from the date
of such demand to the date such amount is returned, at a rate per annum equal to the Federal Funds Rate. The Agent will make such
demand upon the request of the Swing Line Lender. The obligations of the Revolving Loan Lenders under this clause shall survive
the payment in full of the Obligations and the termination of this Agreement.


 




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(e)          Interest
for Account of Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the Borrowers for interest on the
Swing Line Loans. Until each Revolving Loan Lender funds its Base Rate Loan or risk participation pursuant to this Section 2.04
to refinance such Lender’s Applicable Percentage of any Swing Line Loan, interest in respect of such Applicable Percentage
shall be solely for the account of the Swing Line Lender.


 


(f)          Payments
Directly to Swing Line Lender. The Borrowers shall make all payments of principal and interest in respect of the Swing Line
Loans directly to the Swing Line Lender.


 


2.05       Prepayments.


 


(a)          The
Borrowers may, upon irrevocable notice from the Lead Borrower to the Agent, (i) at any time or from time to time voluntarily prepay
Committed Revolving Loans in whole or in part without premium or penalty and (ii) at any time or from time to time voluntarily
prepay FILO Term Loans so long as the prepayment of such FILO Term Loans (A) is in connection with a termination of all Aggregate
Commitments and payment in full in cash of all Revolving Loans and Swing Line Loans and the termination or Cash Collateralization
of all L/C Obligations, (B) is in connection with any mandatory prepayments required to be made pursuant to the terms of this Section
solely to the extent that the Aggregate Commitments have been terminated, the Revolving Loans and Swing Line Loans have been paid
in full in cash, the L/C Obligations have either been terminated or Cash Collateralized, or (C) is made only if the FILO Term Loan
Payment Conditions are satisfied after giving effect to such prepayment; provided that in each case (i) such notice must
be received by the Agent not later than 11:00 a.m. (A) three Business Days prior to any date of prepayment of LIBOR Rate Loans
and (B) on the date of prepayment of Base Rate Loans; (ii) any prepayment of LIBOR Rate Loans shall be in a principal amount of
$1,000,000 or a whole multiple of $1,000,000 in excess thereof; and (iii) any prepayment of Base Rate Loans shall be in a principal
amount of $100,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof
then outstanding. Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid
and, if LIBOR Rate Loans, the Interest Period(s) of such Loans. The Agent will promptly notify each Lender of its receipt of each
such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such notice is given by the
Lead Borrower, the Borrowers shall make such prepayment and the payment amount specified in such notice shall be due and payable
on the date specified therein. Any prepayment of a LIBOR Rate Loan shall be accompanied by all accrued interest on the amount prepaid,
together with any additional amounts required pursuant to Section 3.05. Each such prepayment shall be applied to the Committed
Loans of the Lenders in accordance with their respective Applicable Percentages.


 


(b)          The
Borrowers may, upon irrevocable notice from the Lead Borrower to the Swing Line Lender (with a copy to the Agent), at any time
or from time to time, voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided that
(i) such notice must be received by the Swing Line Lender and the Agent not later than 1:00 p.m. on the date of the prepayment,
and (ii) any such prepayment shall be in a minimum principal amount of $100,000. Each such notice shall specify the date and amount
of such prepayment. If such notice is given by the Lead Borrower, the Borrowers shall make such prepayment and the payment amount
specified in such notice shall be due and payable on the date specified therein


 




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(c)          If
for any reason the Total Outstandings at any time exceed the Revolving Loan Cap as then in effect, the Borrowers shall immediately
prepay the Loans and L/C Borrowings and, if an Event of Default is continuing, if requested by Agent in its sole discretion, Cash
Collateralize the L/C Obligations (other than L/C Borrowings) in an aggregate amount equal to such excess. Notwithstanding anything
to the contrary in this Agreement, the remaining balance of the Cash Collateral will be returned to the Borrowers when all Letters
of Credit have been terminated or discharged, all Commitments have been terminated and all Obligations (other than contingent Obligations
that by their terms survive the termination of this Agreement) have been paid in full in immediately available funds.


 


(d)          During
the continuance of a Cash Dominion Event, the Borrowers shall prepay the Loans to the extent required pursuant to the provisions
of Section 6.12 hereof, and, if an Event of Default is continuing, if required by the Agent in its sole discretion, Cash
Collateralize the L/C Obligations. Notwithstanding anything to the contrary in this Agreement, the remaining balance of the Cash
Collateral will be returned to the Borrowers when all Letters of Credit have been terminated or discharged, all Commitments have
been terminated and all Obligations (other than contingent Obligations that by their terms survive the termination of this Agreement)
have been paid in full in immediately available funds.


 


(e)          Prepayments
made pursuant to Section 2.05(c) and (d) above, first, shall be applied ratably to the L/C Borrowings and the Swing
Line Loans, second, shall be applied ratably to the outstanding Committed Revolving Loans, third, after the occurrence
and during the continuance of an Event of Default, if required by the Agent in its sole discretion, shall be used to Cash Collateralize
the remaining L/C Obligations; fourth, the amount remaining, if any, after the prepayment in full of all L/C Borrowings,
Swing Line Loans and Committed Revolving Loans outstanding at such time and the Cash Collateralization of the remaining L/C Obligations
(to the extent required hereunder) in full shall be applied ratably to the outstanding FILO Term Loans; and fifth, the amount
remaining, if any, after the prepayment in full of all L/C Borrowings, Swing Line Loans and Committed Revolving Loans outstanding
at such time and the Cash Collateralization of the remaining L/C Obligations (to the extent required hereunder) in full, and payment
in full of all FILO Term Loans shall be deposited by the Agent in a deposit account of the Lead Borrower and may be utilized by
the Borrowers in the ordinary course of its business to the extent otherwise permitted hereunder. Upon the drawing of any Letter
of Credit that has been Cash Collateralized, the funds held as Cash Collateral shall be applied (without any further action by
or notice to or from the Borrowers or any other Loan Party) to reimburse the L/C Issuer or the Lenders, as applicable, and, to
the extent not so applied, shall thereafter be applied to satisfy other Obligations.


 


2.06       Termination
or Reduction of Commitments.


 


(a)          The
Borrowers may, upon irrevocable notice from the Lead Borrower to the Agent, at any time or from time to time and without premium
or penalty, terminate the Aggregate Commitments or permanently reduce the Aggregate Revolving Loan Commitments; provided
that (i) any such notice shall be received by the Agent not later than 11:00 a.m. three (3) Business Days prior to the date of
termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple
of $1,000,000 in excess thereof, (iii) the Borrowers shall not terminate or reduce the Aggregate Revolving Loan Commitments if,
after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate Revolving
Loan Commitments.


 




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(b)          If,
after giving effect to any reduction of the Aggregate Revolving Loan Commitments, the Letter of Credit Sublimit or the Swing Line
Sublimit exceeds the amount of the Aggregate Revolving Loan Commitments, such Letter of Credit Sublimit or Swing Line Sublimit
shall be automatically reduced by the amount of such excess.


 


(c)          The
Agent will promptly notify the Revolving Loan Lenders of any termination or reduction of the Letter of Credit Sublimit, Swing Line
Sublimit or the Aggregate Revolving Loan Commitments under this Section 2.06. Upon any reduction of the Aggregate Revolving
Loan Commitments, the Revolving Loan Commitment of each Revolving Loan Lender shall be reduced by such Revolving Loan Lender’s
Applicable Percentage of such reduction amount. If, as a result of such termination or reduction, (i) the Outstanding Amount of
L/C Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit, the Borrowers shall contemporaneously
with such reduction or termination, Cash Collateralize such excess amount, and (ii) the Committed Revolving Loans or the Swing
Line Loans hereunder would exceed the Aggregate Revolving Loan Commitments or the Swing Line Sublimit, as applicable, the Borrowers
shall contemporaneously with such reduction or termination, pay the Agent an amount equal to such excess. Notwithstanding anything
to the contrary in this Agreement, the remaining balance of the Cash Collateral will be returned to the Borrowers when all Letters
of Credit have been terminated or discharged, all Commitments have been terminated and all Obligations (other than contingent Obligations
that by their terms survive the termination of this Agreement) have been paid in full in immediately available funds.


 


(d)          The
commitment of each FILO Term Loan Lender with respect to its FILO Term Loan shall be automatically and permanently reduced to $0
upon the funding of such FILO Term Loan to be made by it on the Fourth Restatement Date.


 


2.07       Repayment
of Obligations. Except as provided in Section 10.11 with respect to the collateralization
of the Other Liabilities, the Borrowers shall repay to the Lenders on the Termination Date all Obligations outstanding on such
date (other than contingent indemnification claims for which a claim has not been asserted) and shall cause each Letter of Credit
to be returned to the L/C Issuer undrawn or shall Cash Collateralize all L/C Obligations (to the extent not previously Cash Collateralized
as required herein).


 


2.08       Interest.


 


(a)          Subject
to the provisions of Section 2.08(b) below, (i) (A) each LIBOR Rate Loan that is a Revolving Loan shall bear interest on
the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Adjusted LIBOR Rate for such
Interest Period plus the Applicable Margin for Revolving Loans that are LIBOR Rate Loans and (B) each LIBOR Rate Loan that
is a FILO Term Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum
equal to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin for FILO Term Loans that are LIBOR
Rate Loans; (ii) (A) each Base Rate Loan that is a Revolving Loan shall bear interest on the outstanding principal amount thereof
from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Margin for Revolving Loans
that are Base Rate Loans and (B) each Base Rate Loan that is a FILO Term Loan shall bear interest on the outstanding principal
amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Margin
for FILO Term Loans that are Base Rate Loans ; and (iii) each Swing Line Loan shall bear interest on the outstanding principal
amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Margin
for Base Rate Loans.


 


(b)          (i)           If
any Specified Event of Default exists, all outstanding Obligations shall thereafter bear interest at a fluctuating interest rate
per annum at all times equal to the Default Rate to the fullest extent permitted by Law.


 




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 (ii)         If
any other Event of Default exists, then the Agent may, and upon the request of the Required Lenders, the Agent shall, notify the
Lead Borrower that all outstanding Obligations shall thereafter bear interest at a fluctuating interest rate per annum at all times
equal to the Default Rate to the fullest extent permitted by Law for so long as such or any other Event of Default is continuing.


 


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


 


(c)          Except
as provided in Section 2.08(b)(iii), interest on each Loan shall be due and payable in arrears on each Interest Payment
Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance
with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief
Law.


 


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


 


(a)          Commitment
Fee. The Borrowers shall pay to the Agent for the account of each Revolving Loan Lender in accordance with its Applicable Percentage,
a commitment fee (the “Commitment Fee”) equal to the Commitment Fee Percentage multiplied by the actual
daily amount by which the Aggregate Revolving Loan Commitments exceed the Total Outstandings (excluding Swing Line Loans) during
the immediately preceding quarter. The Commitment Fee shall accrue at all times during the Availability Period, including at any
time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears
on the Interest Payment Date for Base Rate Loans, commencing with the first such date to occur after the Fourth Restatement Date,
and on the last day of the Availability Period.


 


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


 


2.10       Computation
of Interest and Fees. All computations of interest for Base Rate Loans when
the Base Rate is determined by Bank of America’s “prime rate” shall be made on the basis of a year of 365 or
366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis
of a 360-day year and actual days elapsed. Interest shall accrue on each Loan for the day on which the Loan is made, and shall
not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any
Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one day. Each
determination by the Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest
error.


 






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2.11       Evidence
of Debt.


 


(a)          The
Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by the Agent (the “Loan
Account”) in the ordinary course of business. In addition, each Lender may record in such Lender’s internal records,
an appropriate notation evidencing the date and amount of each Loan from such Lender, each payment and prepayment of principal
of any such Loan, and each payment of interest, fees and other amounts due in connection with the Obligations due to such Lender.
The accounts or records maintained by the Agent and each Lender shall be conclusive absent manifest error of the amount of the
Credit Extensions made by the Lenders to the Borrowers and the interest and payments thereon. Any failure to so record or any error
in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder to pay any amount owing with
respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts
and records of the Agent in respect of such matters, the accounts and records of the Agent shall control in the absence of manifest
error. Upon the request of any Lender made through the Agent, the Borrowers shall execute and deliver to such Lender (through the
Agent) a Note, which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules
to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.
Upon receipt of an affidavit of a Lender as to the loss, theft, destruction or mutilation of such Lender’s Note and upon
cancellation of such Note, the Borrowers will issue, in lieu thereof, a replacement Note in favor of such Lender, in the same principal
amount thereof and otherwise of like tenor.


 


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


 


2.12       Payments
Generally; Agent’s Clawback.


 


(a)          General.
All payments to be made by the Borrowers shall be made without condition or deduction for any counterclaim, defense, recoupment
or setoff. Except as otherwise expressly provided herein, all payments by the Borrowers hereunder shall be made to the Agent, for
the account of the respective Lenders to which such payment is owed, at the Agent’s Office in Dollars and in immediately
available funds not later than 2:00 p.m. on the date specified herein. The Agent will, subject to Section 2.14 hereof, promptly
distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds
as received by wire transfer to such Lender’s Lending Office. All payments received by the Agent after 2:00 p.m. shall, at
the option of the Agent, be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue
to accrue. If any payment to be made by the Borrowers shall come due on a day other than a Business Day, payment shall be made
on the next following Business Day (other than with respect to payment of a LIBOR Rate Loan), and such extension of time shall
be reflected in computing interest or fees, as the case may be.


 


(b)          (i)          Funding
by Lenders; Presumption by Agent. Unless the Agent shall have received notice from a Lender prior to (A) the proposed date
of any Borrowing of LIBOR Rate Loans (or in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such
Borrowing), or (B) the date that such Lender’s participation in a Letter of Credit or Swing Line Loan is required to be funded,
that such Lender will not make available to the Agent such Lender’s share of such Borrowing or participation, the Agent may
assume that such Lender has made such share available on such date in accordance with Section 2.02 (or in the case of a
Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by Section
2.02), Section 2.03 or Section 2.04, as applicable, and may, in reliance upon such assumption, make available
to the Borrowers, the L/C Issuer or the Swing Line Lender, as applicable, a corresponding amount. In such event, if a Lender has
not in fact made its share of the applicable Committed Borrowing or participation available to the Agent, then the applicable Lender
and the Borrowers severally agree to pay to the Agent forthwith on demand such corresponding amount in immediately available funds
with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding
the date of payment to the Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate
and a rate determined by the Agent in accordance with banking industry rules on interbank compensation plus any administrative
processing or similar fees customarily charged by the Agent in connection with the foregoing, and (B) in the case of a payment
to be made by the Borrowers, the interest rate applicable to Base Rate Loans. If the Borrowers and such Lender shall pay such interest
to the Agent for the same or an overlapping period, the Agent shall promptly remit to the Borrowers the amount of such interest
paid by the Borrowers for such period. If such Lender pays its share of the applicable Committed Borrowing or participation to
the Agent, then the amount so paid shall constitute such Lender’s Committed Loan included in such Committed Borrowing or
participation in such Letter of Credit or Swing Line Loan. Any payment by the Borrowers shall be without prejudice to any claim
the Borrowers may have against a Lender that shall have failed to make such payment to the Agent.


 




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


 


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


 


(c)          Failure
to Satisfy Conditions Precedent. If any Lender makes available to the Agent funds for any Loan to be made by such Lender as
provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrowers by the Agent
because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied or waived in accordance
with the terms hereof (subject to the provisions of the last paragraph of Section 4.02 hereof), the Agent shall return such
funds (in like funds as received from such Lender) to such Lender, without interest.


 


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


 


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


 


2.13       Sharing
of Payments by Lenders.


 


If any Credit Party shall,
by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of, interest on, or
other amounts with respect to, any of the Obligations resulting in such Credit Party’s receiving payment of a proportion
of the aggregate amount of such Obligations greater than its pro rata share thereof as provided herein (including as in
contravention of the priorities of payment set forth in Section 8.03), then the Credit Party receiving such greater proportion
shall (a) notify the Agent of such fact, and (b) purchase (for cash at face value) participations in the Obligations of the other
Credit Parties, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared
by the Credit Parties ratably and in the priorities set forth in Section 8.03, provided that:


 




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


 


(ii)         the
provisions of this Section shall not be construed to apply to (x) any payment made by the Loan Parties pursuant to and in accordance
with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender)
or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Committed
Loans or subparticipations in L/C Obligations or Swing Line Loans to any Eligible Assignee or Participant, other than to the Borrowers
or any Subsidiary thereof (as to which the provisions of this Section shall apply).


 


Each Loan Party consents
to the foregoing and agrees, to the extent it may effectively do so under Law, that any Lender acquiring a participation pursuant
to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation.


 


2.14       Settlement
Amongst Lenders.


 


(a)          The
amount of each Lender’s Applicable Percentage of outstanding Loans (including, for clarity, outstanding Swing Line Loans),
shall be computed weekly (or more frequently in the Agent’s discretion) and shall be adjusted upward or downward based on
all Loans and repayments of Loans received by the Agent as of 3:00 p.m. on the first Business Day (such date, the “Settlement
Date”) following the end of the period specified by the Agent.


 


(b)          The
Agent shall deliver to each of the Lenders promptly after a Settlement Date a summary statement of the amount of outstanding Loans
for the period and the amount of repayments received for the period. As reflected on the summary statement, each Lender shall transfer
to the Agent (as provided below) or the Agent shall transfer to each Lender, such amounts as are necessary to insure that, after
giving effect to all such transfers, the amount of Committed Loans made by each Lender shall be equal to such Lender’s Applicable
Percentage of all Committed Loans outstanding as of such Settlement Date. If the summary statement requires transfers to be made
to the Agent by the Lenders and is received prior to 1:00 p.m. on a Business Day, such transfers shall be made in immediately available
funds no later than 3:00 p.m. that day; and, if received after 1:00 p.m., then no later than 3:00 p.m. on the next Business Day.
The obligation of each Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Agent.
If and to the extent any Lender shall not have so made its transfer to the Agent, such Lender agrees to pay to the Agent, forthwith
on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Agent,
equal to the greater of the Federal Funds Rate and a rate determined by the Agent in accordance with banking industry rules on
interbank compensation plus any administrative, processing, or similar fees customarily charged by the Agent in connection with
the foregoing


 




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2.15       Increase
in Commitments.


 


(a)          Request
for Increase. Provided no Default or Event of Default then exists or would arise therefrom, upon notice to the Agent (which
shall promptly notify the Lenders), the Lead Borrower may from time to time request an increase in the Aggregate Revolving Loan
Commitments by an amount (for all such requests) not exceeding $50,000,000; provided that (i) any such request for an increase
shall be in a minimum amount of $15,000,000, and (ii) the Lead Borrower may make a maximum of three such requests. At the time
of sending such notice, the Lead Borrower (in consultation with the Agent) shall specify the time period within which each Revolving
Loan Lender is requested to respond (which shall in no event be less than ten (10) Business Days from the date of delivery of such
notice to the Lenders).


 


(b)          Revolving
Loan Lender Elections to Increase. Each Revolving Loan Lender shall notify the Agent within such time period whether or not
it agrees to increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable Percentage
of such requested increase. Any Revolving Loan Lender not responding within such time period shall be deemed to have declined to
increase its Revolving Loan Commitment.


 


(c)          Notification
by Agent; Additional Revolving Loan Lenders. The Agent shall notify the Lead Borrower and each Revolving Loan Lender of the
Revolving Loan Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase and
subject to the approval of the Agent, the L/C Issuer and the Swing Line Lender, to the extent that the existing Revolving Loan
Lenders decline to increase their Commitments, or decline to increase their Revolving Loan Commitments to the amount requested
by the Lead Borrower, the Agent, in consultation with the Lead Borrower, will use its reasonable efforts to arrange for other Eligible
Assignees to become a Revolving Loan Lender hereunder (each such Lender, an “Additional Commitment Lender”)
and to issue commitments in an amount equal to the amount of the increase in the Aggregate Revolving Loan Commitments requested
by the Lead Borrower and not accepted by the existing Revolving Loan Lenders (and the Lead Borrower may also invite additional
Eligible Assignees to become Revolving Loan Lenders), provided, however, that without the consent of the Agent, at no time
shall the Revolving Loan Commitment of any Additional Commitment Lender be less than $5,000,000.


 


(d)          Increase
Effective Date and Allocations. If the Aggregate Revolving Loan Commitments are increased in accordance with this Section,
the Agent, in consultation with the Lead Borrower, shall determine the effective date (the “Increase Effective Date”)
and the final allocation of such increase. The Agent shall promptly notify the Lead Borrower and the Revolving Loan Lenders of
the final allocation of such increase and the Increase Effective Date, and on the Increase Effective Date (i) the Aggregate Revolving
Loan Commitments under, and for all purposes of, this Agreement shall be increased by the aggregate amount of such increase, and
(ii) Schedule 2.01 shall be deemed modified, without further action, to reflect the revised Revolving Loan Commitments and
Applicable Percentages of the Revolving Loan Lenders.


 




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(e)          Conditions
to Effectiveness of Increase. As a condition precedent to such increase, (i) the Lead Borrower shall deliver to the Agent a
certificate of each Loan Party dated as of the Increase Effective Date signed by a Responsible Officer of such Loan Party (A) certifying
and attaching the resolutions adopted by such Loan Party approving or consenting to such increase, and (B) in the case of the Borrowers,
certifying that, before and after giving effect to such increase, (1) the representations and warranties contained in Article
V and the other Loan Documents are true and correct in all material respects on and as of the Increase Effective Date, except
to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct
in all material respects as of such earlier date, and in the case of any representation and warranty qualified by materiality,
they shall be true and correct in all respects, and except that for purposes of this Section 2.15, the representations and
warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished
pursuant to clauses (a) and (b), respectively, of Section 6.01, and (2) no Default or Event of Default exists or would arise
therefrom, (ii) the Borrowers, the Agent, and any Additional Commitment Lender shall have executed and delivered a joinder to the
Loan Documents in such form as the Agent shall reasonably require; (iii) the Borrowers shall have paid such fees and other compensation
to the Additional Commitment Lenders as the Lead Borrower and such Additional Commitment Lenders shall agree; (iv) the Borrowers
shall have paid such arrangement fees to the Agent as the Lead Borrower and the Agent may agree; (v) if requested by the Agent,
the Borrowers shall deliver an opinion or opinions, in form and substance reasonably satisfactory to the Agent, from counsel to
the Borrowers reasonably satisfactory to the Agent and dated such date; (vi) the Borrowers and the Additional Commitment Lender
shall have delivered an updated Borrowing Base Certificate and such other instruments, documents and agreements as the Agent may
reasonably have requested; and (vii) no Default or Event of Default exists. The Borrowers shall prepay any Committed Revolving
Loans outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to Section 3.05) to the
extent necessary to keep the outstanding Committed Revolving Loans ratable with any revised Applicable Percentages arising from
any nonratable increase in the Revolving Loan Commitments under this Section.


 


(f)          Conflicting
Provisions. This Section shall supersede any provisions in Sections 2.13 or 10.01 to the contrary.


 


2.16       Defaulting
Lenders.


 


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


 


(i)          Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 10.01.


 




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(ii)         Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Agent for the account of such Defaulting
Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received by the Agent from
a Defaulting Lender pursuant to Section 10.08 shall be applied at such time or times as may be determined by the Agent as
follows: first, to the payment of any amounts owing by such Defaulting Lender to the Agent hereunder; second, to the payment on
a pro rata basis of any amounts owing by such Defaulting Lender to the L/C Issuer or Swing Line Lender hereunder; third, to Cash
Collateralize the L/C Issuer’s and the Swing Line Lender’s Fronting Exposure with respect to such Defaulting Lender;
fourth, as the Lead Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect
of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent;
fifth, if so determined by the Agent and the Lead Borrower, to be held in a deposit account and released pro rata in order to (x)
satisfy such Defaulting Lender’s potential future funding obligations with respect to Revolving Loans under this Agreement
and (y) Cash Collateralize the L/C Issuer’s and the Swing Line Lender’s future Fronting Exposure with respect to such
Defaulting Lender with respect to future Letters of Credit issued or Swing Line Loans made under this Agreement; sixth, to the
payment of any amounts owing to the Revolving Loan Lenders, the L/C Issuer or Swing Line Lender as a result of any judgment of
a court of competent jurisdiction obtained by any Revolving Loan Lender, the L/C Issuer or the Swing Line Lender against such Defaulting
Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default
or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent
jurisdiction obtained by the Borrowers against such Defaulting Lender as a result of such Defaulting Lender’s breach of its
obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise may be required under the Loan Documents
in connection with any Lien conferred thereunder or directed by a court of competent jurisdiction; provided that if (x) such payment
is a payment of the principal amount of any Revolving Loans or L/C Borrowings in respect of which such Defaulting Lender has not
fully funded its appropriate share, and (y) such Revolving Loans were made or the related Letters of Credit were issued at a time
when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the
Revolving Loans of, and L/C Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment
of any Revolving Loans of, or L/C Obligations owed to, such Defaulting Lender until such time as all Revolving Loans and funded
and unfunded participations in L/C Obligations and Swing Line Loans are held by the Lenders pro rata in accordance with the Aggregate
Revolving Loan Commitments hereunder without giving effect to Section 2.16(a)(iv). Any payments, prepayments or other amounts
paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral
pursuant to this Section 2.16(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Revolving
Loan Lender irrevocably consents hereto.


 


(iii)        Certain
Fees.


 


(A)         No
Defaulting Lender shall be entitled to receive any fee payable under Section 2.09(a) for any period during which that Revolving
Loan Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such fee that otherwise would have been
required to have been paid to that Defaulting Lender).


 


(B)         Each
Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Revolving Loan Lender is
a Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which
it has provided Cash Collateral pursuant to Section 2.03(g).


 


(C)         With
respect to any fee payable under Section 2.09(a) or any Letter of Credit Fee not required to be paid to any Defaulting Lender
pursuant to clause (A) or (B) above, the Borrowers shall (x) pay to each Non-Defaulting Lender that portion of any
such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations
or Swing Line Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to the
L/C Issuer and Swing Line Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the
extent allocable to such L/C Issuer’s or Swing Line Lender’s Fronting Exposure to such Defaulting Lender, and (z) not
be required to pay the remaining amount of any such fee.


 




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(iv)         Reallocation
of Applicable Percentages to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in L/C
Obligations and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable
Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that (x) the conditions
set forth in Section 4.02 are satisfied at the time of such reallocation (and, unless the Borrowers shall have otherwise
notified the Agent at such time, the Borrowers shall be deemed to have represented and warranted that such conditions are satisfied
at such time), and (y) such reallocation does not cause the aggregate Outstanding Amount of Obligations of any Non-Defaulting Lender
to exceed such Non-Defaulting Lender’s Commitment. No reallocation hereunder shall constitute a waiver or release of any
claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including
any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.


 


(v)          Cash
Collateral, Repayment of Swing Line Loans. If the reallocation described in clause (a)(iv) above cannot, or can only partially,
be effected, the Borrowers shall, without prejudice to any right or remedy available to them hereunder or under applicable Law,
(x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lenders’ Fronting Exposure and (y) second, Cash Collateralize
the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 2.03(g).


 


(b)          Defaulting
Lender Cure. If the Lead Borrower, the Agent, the Swing Line Lender and the L/C Issuer agree in writing that a Revolving Loan
Lender is no longer a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the effective date specified
in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral),
that Revolving Loan Lender will, to the extent applicable, purchase at par that portion of outstanding Revolving Loans of the other
Revolving Loan Lenders or take such other actions as the Agent may determine to be necessary to cause the Committed Revolving Loans
and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held on a pro rata basis by the Revolving
Loan Lenders in accordance with their Applicable Percentages (without giving effect to Section 2.16(a)(iv), whereupon such
Revolving Loan Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect
to fees accrued or payments made by or on behalf of the Borrowers while that Revolving Loan Lender was a Defaulting Lender; and
provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting
Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Revolving Loan Lender’s
having been a Defaulting Lender.


 


ARTICLE III

TAXES, YIELD PROTECTION AND ILLEGALITY;

APPOINTMENT OF LEAD BORROWER


 


3.01       Taxes.


 


(a)          Payments
Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.


 


(i)          Any
and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or
withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion
of the Agent) require the deduction or withholding of any Tax from any such payment by the Agent or a Loan Party, then the Agent
or such Loan Party shall be entitled to make such deduction or withholding, upon the basis of the information and documentation
to be delivered pursuant to subsection (e) below.


 




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(ii)         If
any Loan Party or the Agent shall be required by the Internal Revenue Code to withhold or deduct any Taxes, including both United
States Federal backup withholding and withholding taxes, from any payment, then (A) the Agent shall withhold or make such deductions
as are determined by the Agent to be required based upon the information and documentation it has received pursuant to subsection
(e) below, (B) the Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance
with the Internal Revenue Code, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes,
the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making
of all required deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable
Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made.


 


(iii)        If
any Loan Party or the Agent shall be required by any applicable Laws other than the Code to withhold or deduct any Taxes from any
payment, then (A) such Loan Party or the Agent, as required by such Laws, shall withhold or make such deductions as are determined
by it to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B)
such Loan Party or the Agent, to the extent required by such Laws, shall timely pay the full amount withheld or deducted to the
relevant Governmental Authority in accordance with such Laws, and (C) to the extent that the withholding or deduction is made on
account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required
withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section
3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction
been made.


 


(b)          Payment
of Other Taxes by the Borrowers. Without limiting the provisions of subsection (a) above, the Borrowers shall timely pay to
the relevant Governmental Authority in accordance with applicable Law, or at the option of the Agent timely reimburse it for the
payment of, any Other Taxes.


 


(c)          Tax
Indemnifications.


 


(i)          The
Loan Parties shall, and each Loan Party does hereby, jointly and severally indemnify each Recipient, and shall make payment in
respect thereof within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes
imposed or asserted on or attributable to amounts payable under this Section 3.01) payable or paid by such Recipient or
required to be withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Lead Borrower by a Lender
or the L/C Issuer (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Lender or the L/C Issuer, shall
be conclusive absent manifest error.


 




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(ii)         Each
Lender and the L/C Issuer shall, and does hereby, severally indemnify, and shall make payment in respect thereof within 10 days
after demand therefor, (w) the Agent against any Indemnified Taxes attributable to such Lender or the L/C Issuer (but only to the
extent that any Loan Party has not already indemnified the Agent for such Indemnified Taxes and without limiting the obligation
of the Loan Parties to do so), (x) the Agent and the Loan Parties, as applicable, against any Taxes attributable to such Lender’s
failure to comply with the provisions of Section 10.06(c) relating to the maintenance of a Participant Register, (y) the
Agent and the Loan Parties, as applicable, against any Taxes as a result of the failure by such Lender or such L/C Issuer, as the
case may be, to deliver, or as a result of the inaccuracy, inadequacy or deficiency of, any documentation required to be delivered
by such Lender or such L/C Issuer, as the case may be, to the Borrowers or the Agent pursuant to subsection (e), and (z) the Agent
and the Loan Parties, as applicable, against any Excluded Taxes attributable to such Lender or the L/C Issuer, in each case, that
are payable or paid by the Agent or a Loan Party in connection with any Loan Document, and any reasonable expenses arising therefrom
or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to any Lender by the Agent shall be conclusive absent manifest
error. Each Lender and the L/C Issuer hereby authorizes the Agent and the Loan Parties to set off and apply any and all amounts
at any time owing to such Lender or the L/C Issuer, as the case may be, under this Agreement or any other Loan Document against
any amount due to the Agent and the Loan Parties under this clause (ii).


 


(d)          Evidence
of Payments. Upon request by the Lead Borrower or the Agent, as the case may be, after any payment of Taxes by the Lead Borrower
or by the Agent to a Governmental Authority as provided in this Section 3.01, the Lead Borrower shall deliver to the Agent
or the Agent shall deliver to the Lead Borrower, as the case may be, the original or a certified copy of a receipt issued by such
Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence
of such payment reasonably satisfactory to the Lead Borrower or the Agent, as the case may be.


 


(e)          Status
of Lenders; Tax Documentation. Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect
to payments made under any Loan Document shall deliver to the Lead Borrower and the Agent, at the time or times proscribed by applicable
Law or when reasonably requested by the Lead Borrower or the Agent, such properly completed and executed documentation proscribed
by applicable Law or such other information reasonably requested by the Lead Borrower or the Agent as will permit such payments
to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Lead
Borrower or the Agent, shall deliver such other documentation prescribed by applicable Law or reasonably requested by the Lead
Borrower or the Agent as will enable the Lead Borrower or the Agent to determine whether or not such Lender is subject to backup
withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the
completion, execution and submission of such documentation (other than such documentation set forth in Sections 3.01(e)(i)(A),
3.01(e)(i)(B) and 3.01(e)(i)(D) below) shall not be required if in the Lender’s reasonable judgment such completion,
execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the
legal or commercial position of such Lender.


 


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


 


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


 


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


 




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


 


(2)         executed
originals of IRS Form W-8ECI;


 


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


 


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


 


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


 




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


 


(ii)         Each
Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.01 expires or becomes
obsolete or inaccurate in any respect, it shall promptly update such form or certification or promptly notify the Borrowers and
the Agent in writing of its legal inability to do so.


 


(iii)        For
purposes of determining withholding Taxes imposed under FATCA, from and after the effective date of this Agreement, the Loan Parties
and the Agent shall treat (and the Lenders hereby authorize the Agent and the Loan Parties to treat) this Agreement as not qualifying
as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).


 


(f)          Treatment
of Certain Refunds. Unless required by applicable Laws, at no time shall the Agent have any obligation to file for or otherwise
pursue on behalf of a Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C Issuer, any refund of Taxes
withheld or deducted from funds paid for the account of such Lender or the L/C Issuer, as the case may be. If any Recipient determines,
in its sole discretion exercised in good faith, that it has received a refund of any Taxes or Other Taxes as to which it has been
indemnified by any Loan Party or with respect to which any Loan Party has paid additional amounts pursuant to this Section 3.01,
it shall pay to the Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional
amounts paid, by a Loan Party under this Section 3.01 with respect to the Taxes or Other Taxes giving rise to such refund),
net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than any interest paid
by the relevant Governmental Authority with respect to such refund), provided that the Loan Party, upon the request of the Recipient,
agrees to repay the amount paid over to the Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding
anything to the contrary in this subsection, in no event will the applicable Recipient be required to pay any amount to the Loan
Party pursuant to this subsection the payment of which would place the Recipient in a less favorable net after-Tax position than
such Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld
or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This
subsection shall not be construed to require any Recipient to make available its tax returns (or any other information relating
to its taxes that it deems confidential) to any Loan Party or any other Person.


 


(g)          Survival.
Each party’s obligations under this Section 3.01 shall survive the resignation or replacement of the Agent or any
assignment of rights by, or the replacement of, a Lender or the L/C Issuer, the termination of the Commitments and the repayment,
satisfaction or discharge of all other Obligations.


 




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


 


3.03       Inability
to Determine Rates.


 


(a)          If
the Required Lenders determine that for any reason in connection with any request for a LIBOR Rate Loan or a Conversion to or continuation
thereof that (i) Dollar deposits are not being offered to banks in the London interbank market for the applicable amount and
Interest Period of such LIBOR Rate Loan, (ii) adequate and reasonable means do not exist for determining the LIBOR Rate for
any requested Interest Period with respect to a proposed LIBOR Rate Loan , or (iii) the LIBOR Rate for any requested Interest
Period with respect to a proposed LIBOR Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such
Loan, the Agent will promptly so notify the Lead Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make
or maintain LIBOR Rate Loans shall be suspended, and (y) in the event of a determination described in the preceding sentence with
respect to the LIBOR Rate component of the Base Rate, the utilization of the LIBOR Rate component in determining the Base Rate
shall be suspended, in each case until the until the Agent (upon the instruction of the Required Lenders) revokes such notice.
Upon receipt of such notice, the Lead Borrower may revoke any pending request for a Borrowing of, Conversion to or continuation
of LIBOR Rate Loans or, failing that, will be deemed to have Converted such request into a request for a Committed Borrowing of
Base Rate Loans in the amount specified therein.


 


(b)          Notwithstanding
anything to the contrary in this Agreement or any other Loan Documents, if the Agent determines (which determination shall be conclusive
absent manifest error), or the Lead Borrower or Required Lenders notify the Agent (with, in the case of the Required Lenders, a
copy to the Lead Borrower) that the Lead Borrower or Required Lenders (as applicable) have determined, that:


 


(i)          adequate
and reasonable means do not exist for ascertaining the LIBOR Rate for any requested Interest Period, including, without limitation,
because the LIBOR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary;
or


 




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(ii)         the
administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Agent has made a public statement
identifying a specific date after which the LIBOR Rate or the LIBOR Screen Rate shall no longer be made available, or used for
determining the interest rate of loans (such specific date, the “Scheduled Unavailability Date”), or


 


(iii)        syndicated
loans currently being executed, or that include language similar to that contained in this Section, are being executed or amended
(as applicable) to incorporate or adopt a new benchmark interest rate to replace the LIBOR Rate,


 


then, reasonably
promptly after such determination by the Agent or receipt by the Agent of such notice , as applicable, the Agent and the Lead Borrower
may amend this Agreement to replace LIBOR Rate with an alternate benchmark rate (including any mathematical or other adjustments
to the benchmark (if any) incorporated therein) , giving due consideration to any evolving or then existing convention for similar
U.S. dollar denominated syndicated credit facilities for such alternative benchmarks (any such proposed rate, a “LIBOR
Successor Rate”), together with any proposed LIBOR Successor Rate Conforming Changes (as defined below) and any such
amendment shall become effective at 5:00 p.m. (New York time) on the fifth Business Day after the Agent shall have posted such
proposed amendment to all Lenders and the Lead Borrower unless, prior to such time, Lenders comprising the Required Lenders have
delivered to the Agent written notice that such Required Lenders do not accept such amendment.


 


If no LIBOR Successor
Rate has been determined and the circumstances under clause (i) above exist or the Scheduled Unavailability Date has occurred (as
applicable), the Agent will promptly so notify the Lead Borrower and each Lender.  Thereafter,
(x) the obligation of the Lenders to make or maintain LIBOR Rate Loans shall be suspended, (to the extent of the affected
LIBOR Rate Loans or Interest Periods), and (y) the LIBOR Rate component shall no longer be utilized in determining the Base
Rate.  Upon receipt of such notice, the Lead Borrower may revoke any pending request for a Borrowing of, conversion to or
continuation of LIBOR Rate Loans (to the extent of the affected LIBOR Rate Loans or Interest Periods) or, failing that, will be
deemed to have converted such request into a request for a Committed Borrowing of Base Rate Loans (subject to the foregoing clause
(y)) in the amount specified therein.


 


Notwithstanding
anything else herein, any definition of LIBOR Successor Rate shall provide that in no event shall such LIBOR Successor Rate be
less than zero for purposes of this Agreement.


 


3.04       Increased
Costs; Reserves on LIBOR Rate Loans.


 


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


 


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


 


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


 




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(iii)        impose
on any Lender or the L/C Issuer or the London interbank market any other condition, cost or expense affecting this Agreement or
LIBOR Rate Loans made by such Lender or any Letter of Credit or participation therein;


 


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


 


(b)          Capital
Requirements. If any Lender or the L/C Issuer determines that any Change in Law affecting such Lender or the L/C Issuer or
any Lending Office of such Lender or such Lender’s or the L/C Issuer’s holding company, if any, regarding capital requirements
has or would have the effect of reducing the rate of return on such Lender’s or the L/C Issuer’s capital or on the
capital or liquidity of such Lender’s or the L/C Issuer’s holding company, if any, as a consequence of this Agreement,
the Commitments of such Lender or the Loans made by, or participations in Letters of Credit or Swing Line Loans held by, such Lender,
or the Letters of Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such Lender’s
or the L/C Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s
or the L/C Issuer’s policies and the policies of such Lender’s or the L/C Issuer’s holding company with respect
to capital adequacy), then from time to time upon delivery of the certificate contemplated by Section 3.04(c) the Loan Parties
will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender
or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company for any such reduction suffered. Notwithstanding
the foregoing, no Lender shall claim any amounts pursuant to Section 3.04(a) unless such Lender is generally seeking similar
compensation from other borrowers under other similar credit agreements.


 


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


 


(d)          Delay
in Requests. Failure or delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to the foregoing
provisions of this Section shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to demand such
compensation, provided that the Loan Parties shall not be required to compensate a Lender or the L/C Issuer pursuant to
the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than six (6) months prior
to the date that such Lender or the L/C Issuer, as the case may be, notifies the Lead Borrower of the Change in Law giving rise
to such increased costs or reductions and of such Lender’s or the L/C Issuer’s intention to claim compensation therefor
(except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six-month period
referred to above shall be extended to include the period of retroactive effect thereof).


 




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(e)          Reserves
on LIBOR Rate Loans. The Borrowers shall pay to each Lender, as long as such Lender shall be required to maintain reserves
with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as "Eurocurrency
liabilities"), additional interest on the unpaid principal amount of each LIBOR Rate Loan equal to the actual costs of
such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive),
which shall be due and payable on each date on which interest is payable on such Loan, provided the Lead Borrower shall
have received at least 10 days’ prior notice (with a copy to the Agent) of such additional interest from such Lender. If
a Lender fails to give notice 10 days prior to the relevant Interest Payment Date, such additional interest shall be due and payable
10 days from receipt of such notice.


 


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


 


(a)          any
continuation, Conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the
Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);


 


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


 


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


 


including any loss of anticipated
profits and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from
fees payable to terminate the deposits from which such funds were obtained. The Borrowers shall also pay any customary administrative
fees charged by such Lender in connection with the foregoing.


 


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


 


3.06       Mitigation
Obligations; Replacement of Lenders.


 


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


 




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(b)          Replacement
of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrowers are required to pay any Indemnified
Taxes or any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section
3.01 and, in each case, such Lender has declined or is unable to designate a different Lending Office in accordance with Section
3.06(a), the Borrowers may replace such Lender in accordance with Section 10.13.


 


3.07       Survival.
All of the Borrowers’ obligations under this Article III shall survive termination of the Aggregate Commitments,
repayment of all other Obligations hereunder, and resignation of the Agent.


 


3.08       Designation
of Lead Borrower as Borrowers’ Agent.


 


(a)          Each
Borrower hereby irrevocably designates and appoints the Lead Borrower as such Borrower’s agent to obtain Credit Extensions,
the proceeds of which shall be available to each Borrower for such uses as are permitted under this Agreement. As the disclosed
principal for its agent, each Borrower shall be obligated to each Credit Party on account of Credit Extensions so made as if made
directly by the applicable Credit Party to such Borrower, notwithstanding the manner by which such Credit Extensions are recorded
on the books and records of the Lead Borrower and of any other Borrower. In addition, each Loan Party other than the Borrowers
hereby irrevocably designates and appoints the Lead Borrower as such Loan Party’s agent to represent such Loan Party in all
respects under this Agreement and the other Loan Documents.


 


(b)          Each
Borrower recognizes that credit available to it hereunder is in excess of and on better terms than it otherwise could obtain on
and for its own account and that one of the reasons therefor is its joining in the credit facility contemplated herein with all
other Borrowers. Consequently, each Borrower hereby assumes and agrees to discharge all Obligations of each of the other Borrowers.


 


(c)          The
Lead Borrower shall act as a conduit for each Borrower (including itself, as a “Borrower”) on whose behalf the Lead
Borrower has requested a Credit Extension. Neither the Agent nor any other Credit Party shall have any obligation to see to the
application of such proceeds therefrom.


 


ARTICLE IV

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS


 


4.01       Conditions
of Initial Credit Extension. The obligation of the L/C Issuer and each Lender to make
its initial Credit Extension hereunder is subject to satisfaction of the following conditions precedent:


 


(a)          The
Agent’s receipt of the following, each of which shall be originals, telecopies or other electronic image scan transmission
(e.g., “pdf” or “tif ” via e-mail) (followed promptly by originals) unless otherwise specified, each dated
the Fourth Restatement Date (or, in the case of certificates of governmental officials, a recent date before the Fourth Restatement
Date) and each in form and substance reasonably satisfactory to the Agent:


 


(i)          counterparts
of this Agreement each properly executed by a Responsible Officer of the signing Loan Party and the Lenders sufficient in number
for distribution to the Agent, each Lender and the Lead Borrower;


 




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(ii)         (A)
a Revolving Loan Note executed by the Borrowers in favor of each Revolving Loan Lender requesting a Revolving Loan Note and (B)
a FILO Term Loan Note executed by the Borrowers in favor of each FILO Term Loan Lender requesting a FILO Term Loan Note;


 


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


 


(iv)        copies
of each Loan Party’s Organization Documents and such other documents and certifications as the Agent may reasonably require
to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in good standing, and
qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its
business requires such qualification, except to the extent that failure to so qualify in such jurisdiction could not reasonably
be expected to have a Material Adverse Effect;


 


(v)         a
favorable opinion of Troutman Sanders LLP, counsel to the Loan Parties, addressed to the Agent and each Lender, as to such matters
concerning the Loan Parties and the Loan Documents as the Agent may reasonably request;


 


(vi)        a
certificate of a Responsible Officer of the Lead Borrower certifying (A) that the conditions specified in Sections 4.01
and 4.02 have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements
that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect; provided,
however, none of the Material Adverse Effect Exceptions shall be deemed to be a Material Adverse Effect, (C) to the Solvency
of the Loan Parties as of the Fourth Restatement Date after giving effect to the transactions contemplated hereby, and (D) either
that (1) no consents, licenses or approvals are required in connection with the execution, delivery and performance by such Loan
Party and the validity against such Loan Party of the Loan Documents to which it is a party, or (2) that all such consents, licenses
and approvals have been obtained and are in full force and effect;


 


(vii)      evidence
that all insurance required to be maintained pursuant to the Loan Documents and all endorsements in favor of the Agent required
under the Loan Documents have been obtained and are in effect;


 


(viii)     the
Security Documents and certificates evidencing any stock being pledged thereunder, together with undated stock powers executed
in blank, each duly executed by the applicable Loan Parties;


 


(ix)        all
other Loan Documents set forth on Schedule 4.01(a)(ix) hereto, each duly executed by the applicable Loan Parties;


 


(x)         results
of searches or other evidence reasonably satisfactory to the Agent (in each case dated as of a date reasonably satisfactory to
the Agent) indicating the absence of Liens on the assets of the Loan Parties, except for Permitted Encumbrances and Liens for which
termination statements satisfactory to the Agent are being tendered concurrently with such extension of credit or other arrangements
satisfactory to the Agent for the delivery of such termination statements have been made;


 




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(xi)        all
documents and instruments, including Uniform Commercial Code financing statements, required by law or reasonably requested by the
Agent to be filed, registered or recorded to create or perfect the first priority Liens intended to be created under the Loan Documents;


 


(xii)       the
items set forth in clauses (d) through (k) of the definition of Eligible Real Estate, as applicable; and


 


(xiii)      such
other assurances, certificates, documents, consents or opinions as the Agent reasonably may require.


 


(b)           After
giving effect to (i) the first funding under the Loans, (ii) any charges to the Loan Account on the Fourth Restatement Date as
required by the Loan Documents and (iii) all Letters of Credit to be issued at, or immediately subsequent to, the Fourth Restatement
Date, Excess Availability shall be not less than $75,000,000.


 


(c)           The
Agent shall have received a Borrowing Base Certificate dated the Fourth Restatement Date, relating to the month ended on February
28, 2019, and executed by a Responsible Officer of the Lead Borrower.


 


(d)           The
Agent shall be reasonably satisfied that any financial statements of the Loan Parties delivered to it and the Lenders fairly present
the business and financial condition of the Loan Parties and that there has been no Material Adverse Effect since the date of the
Audited Financial Statements, it being understood that none of the Material Adverse Effect Exceptions shall be deemed to be violative
of this clause (d).


 


(e)           There
shall not be any action, suit, investigation or proceeding (other than as disclosed in Schedule 5.06 and any Material Adverse
Effect Exception) pending or, to the knowledge of executive officers of the Borrowers, threatened in any court or before any arbitrator
or Governmental Authority, and in each case not previously disclosed to the Agent, that could reasonably be expected to have a
Material Adverse Effect.


 


(f)           The
Agent shall have received evidence reasonably satisfactory to it that no Loan Party or any Subsidiary is in default in any material
respect under any Material Contract.


 


(g)          The
consummation of the transactions contemplated hereby shall not violate any Law or any Organization Document.


 


(h)          All
fees required to be paid to the Agent or the Arrangers on or before the Fourth Restatement Date shall have been paid in full, and
all fees required to be paid to the Lenders on or before the Fourth Restatement Date shall have been paid in full.


 


(i)            The
Borrowers shall have paid all reasonable and documented fees, charges and disbursements of counsel to the Agent to the extent invoiced
prior to or on the Fourth Restatement Date.


 




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(j)           At
least ten (10) Business Days prior to the Fourth Restatement Date, the Agent and the Lenders shall have received all documentation
and other information required by regulatory authorities under applicable “know your customer”, beneficial ownership
regulations, and anti-money laundering rules and regulations, including without limitation the Act, and including satisfactory
regulatory compliance review by the Agent and the Lenders in respect of the Flood Disaster Protection Act.


 


(k)           Any
Borrower that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation shall have provided,
to each Lender that so requests, a Beneficial Ownership Certification in relation to such Borrower.


 


(l)           The
Agent shall have received and be satisfied with detailed financial projections and business assumptions for the Borrower and each
of the Guarantors on a monthly basis for the period through the Borrower’s Fiscal Year ending December 31, 2020, including
a consolidated income statement, balance sheet, statement of cash flow and borrowing base availability analysis.


 


4.02       Conditions
to all Credit Extensions. The obligation of each Lender to honor any Request
for Credit Extension (other than a Committed Loan Notice requesting only a Conversion of Committed Loans to the other Type, or
a continuation of LIBOR Rate Loans) and of each L/C Issuer to issue each Letter of Credit is subject to the following conditions
precedent:


 


(a)          The
representations and warranties of each Loan Party contained in Article V or in any other Loan Document, shall be true and
correct in all material respects on and as of the date of such Credit Extension, except (i) to the extent that such representations
and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as
of such earlier date, (ii) in the case of any representation and warranty qualified by materiality, they shall be true and correct
after giving effect to such qualification and (iii) for purposes of this Section 4.02, the representations and warranties
contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant
to clauses (a), (b) and (c), respectively, of Section 6.01.


 


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


 


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


 


(d)          After
giving effect to the Credit Extension requested to be made on any such date and the use of proceeds thereof, unless a Permitted
Overadvance is in effect hereunder, Excess Availability shall be greater than zero.


 


Each Request for Credit Extension
(other than a Committed Loan Notice requesting only a Conversion of Committed Loans to the other Type or a continuation of LIBOR
Rate Loans) submitted by the Lead Borrower shall be deemed to be a representation and warranty by the Borrowers that the conditions
specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension.
The conditions set forth in this Section 4.02 are for the sole benefit of the Credit Parties but until the Required Lenders
(or, in the event that there are only two (2) Lenders hereunder, any Lender so long as such Lender is a Lender as of the Fourth
Restatement Date and maintains a Commitment not less than the Commitment of such Lender as of the Fourth Restatement Date) otherwise
direct the Agent to cease making Loans and issuing Letters of Credit, the Lenders will fund their Applicable Percentage of all
Loans and L/C Advances and participate in all Swing Line Loans and Letters of Credit whenever made or issued, which are requested
by the Lead Borrower and which, notwithstanding the failure of the Loan Parties to comply with the provisions of this Article
IV, agreed to by the Agent, provided, however, the making of any such Loans or the issuance of any Letters of Credit
shall not be deemed a modification or waiver by any Credit Party of the provisions of this Article IV on any future occasion
or a waiver of any rights or the Credit Parties as a result of any such failure to comply.


 




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ARTICLE V

REPRESENTATIONS AND WARRANTIES


 


To induce the Credit Parties
to enter into this Agreement and to make Loans and to issue Letters of Credit hereunder, each Loan Party represents and warrants
to the Agent and the other Credit Parties that:


 


5.01       Existence,
Qualification and Power. Each Loan Party (a) is a corporation, limited liability
company, partnership or limited partnership, duly incorporated, organized or formed, validly existing and, where applicable, in
good standing under the Laws of the jurisdiction of its incorporation, organization or formation, (b) has all requisite power
and authority and all requisite governmental licenses, permits, authorizations, consents and approvals to (i) own or lease its
assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is
a party, and (c) is duly qualified and is licensed and, where applicable, in good standing under the Laws of each jurisdiction
where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except
in each case referred to in clause (c), to the extent that failure to do so could not reasonably be expected to have a Material
Adverse Effect. Schedule 5.01 annexed hereto sets forth, as of the Fourth Restatement Date, each Loan Party’s name
as it appears in official filings in its state of incorporation or organization, its state of incorporation or organization, organization
type, organization number, if any, issued by its state of incorporation or organization, and its federal employer identification
number.


 


5.02       Authorization;
No Contravention. The execution, delivery and performance by each Loan Party of
each Loan Document to which such Person is or is to be a party, has been duly authorized by all necessary corporate or other organizational
action, and does not and will not (a) contravene the terms of any of such Person's Organization Documents; (b) conflict with or
result in any breach, termination, or contravention of, or constitute a default under, or require any payment to be made under
(i) any Material Contract or any Material Indebtedness to which such Person is a party or affecting such Person or the properties
of such Person or any of its Subsidiaries (other than the Loan Documents) or (ii) any order, injunction, writ or decree of any
Governmental Authority or any arbitral award to which such Person or its property is subject; (c) result in or require the creation
of any Lien upon any asset of any Loan Party (other than Liens in favor of the Agent under the Security Documents); or (d) violate
any Law.


 


5.03       Governmental
Authorization; Other Consents. No material approval, consent, exemption, authorization,
or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection
with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document,
except for (a) the perfection or maintenance of the Liens created under the Security Documents (including the first priority nature
thereof) or (b) such as have been obtained or made and are in full force and effect.


 


5.04       Binding
Effect. This Agreement has been, and each other Loan Document, when delivered, will have
been, duly executed and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document
when so delivered will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party
that is party thereto in accordance with its terms, 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.


 






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5.05       Financial
Statements; No Material Adverse Effect.


 


(a)          The
Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby,
except as otherwise expressly noted therein; (ii) fairly present in all material respects the financial condition of the Parent
and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) to the extent
required by GAAP show all Material Indebtedness and other liabilities, direct or contingent, of the Parent and its Subsidiaries
as of the date thereof, including liabilities for Taxes, material commitments and Indebtedness.


 


(b)          Since
the date of the Audited Financial Statements, there has been no event or circumstance, either individually or in the aggregate,
that has had or could reasonably be expected to have a Material Adverse Effect, it being understood that none of the Material Adverse
Effect Exceptions shall be deemed to be violative of this clause (b).


 


(c)          To
the knowledge of the Lead Borrower, no Internal Control Event other than the Disclosed Internal Control Event exists or has occurred
since the date of the Audited Financial Statements that has resulted in or could reasonably be expected to result in a misstatement
in any material respect, (i) in any financial information delivered or to be delivered to the Agent or the Lenders, (ii) of the
Aggregate Borrowing Base, the Revolving Borrowing Base and/or the FILO Borrowing Base, (iii) of covenant compliance calculations
provided hereunder or (iv) of the assets, liabilities, financial condition or results of operations of the Parent and its Subsidiaries
on a Consolidated basis.


 


(d)          The
forecasted financial statements of the Parent and its Subsidiaries delivered pursuant to Section 6.01(d) was prepared in
good faith on the basis of the assumptions stated therein, which assumptions were believed by the Loan Parties’ management
to be fair in light of the conditions existing at the time of delivery of such forecasts, and represented, at the time of delivery,
the Loan Parties’ reasonable estimate of its future financial performance (it being understood that no assurance is given
that such projections will be met or realized and that actual results may vary from such forecasted financial information).


 


5.06       Litigation.
There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Responsible Officers of the Loan
Parties threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against any Loan
Party or any of its Subsidiaries or against any of its properties or revenues that (a) purport to affect or pertain to this Agreement
or any other Loan Document, or any of the transactions contemplated hereby, or (b) except as specifically disclosed in Schedule
5.06, either individually or in the aggregate, if determined adversely, could reasonably be expected to have a Material Adverse
Effect, it being understood that none of the Material Adverse Effect Exceptions shall be deemed to be violative of this Section
5.06, and since the Fourth Restatement Date, there has been no material adverse change in the status, or financial effect
on any Loan Party or any Subsidiary thereof, of the matters described on Schedule 5.06 which could reasonably be expected
to have a Material Adverse Effect or cause an Event of Default under Section 8.01(h) to occur.


 


5.07       No
Default. No Loan Party or any Subsidiary is in default in any material respect
under or with respect to, or party to, any Material Contract or any Material Indebtedness. No Default or Event of Default has
occurred and is continuing or would result on the Fourth Restatement Date from the consummation of the transactions contemplated
by this Agreement or any other Loan Document.


 




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5.08       Ownership
of Property; Liens.


 


(a)          Each
of the Loan Parties has good record and marketable title in fee simple to or valid leasehold interests in, all Real Estate necessary
or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. Each of the Loan Parties has good and marketable title to, valid leasehold
interests in, or valid licenses or other rights to use all personal property and assets material to the ordinary conduct of its
business except where failure to have such title, interest, license or other right could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. The property of the Loan Parties are subject to no Liens, other than
Liens permitted by Section 7.01.


 


(b)          Schedule
5.08(b)(1) sets forth the address (including street address, county and state) of all Real Estate (excluding Leases) that is
owned by the Loan Parties as of the Fourth Restatement Date, together with a list of the holders of any mortgage or other Lien
thereon as of the Fourth Restatement Date. Each Loan Party has good, marketable and insurable fee simple title to the Real Estate
owned by such Loan Party or such Subsidiary, free and clear of all Liens, other than Permitted Encumbrances and except for such
defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Schedule
5.08(b)(2) sets forth the address (including street address, county and state) of all Leases of the Loan Parties as of the
Fourth Restatement Date, together with the name of each lessor and its contact information with respect to each such Lease as of
the Fourth Restatement Date. Each of such Leases is in full force and effect and the Loan Parties are not in default in any material
respect of the terms thereof.


 


5.09       Environmental
Compliance.


 


(a)          Except
as specifically disclosed in Schedule 5.09, no Loan Party (i) to its knowledge, 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 that remains outstanding, or (iii) has received written notice of any claim with
respect to any Environmental Liability, except, in each case, as could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.


 


(b)          Except,
in each case, as would not reasonably be expected to have a Material Adverse Effect, none of the properties currently owned by
any Loan Party or, to the knowledge of any Loan Party, leased by any Loan Party, is listed or, to the knowledge of any Loan Party,
proposed for listing on the NPL or on the CERCLIS or any analogous foreign, state or local list; to the knowledge of any Loan Party,
there are no and never have been any underground or above-ground storage tanks or any surface impoundments, septic tanks, pits,
sumps or lagoons in which Hazardous Materials are being or have been treated, stored or disposed of except in compliance with applicable
Environmental Laws on any property currently owned by any Loan Party in violation of applicable Environmental Laws or, to the knowledge
of any Loan Party, there is no asbestos or asbestos-containing material on any property currently owned by any Loan Party in violation
of applicable Environmental Laws; and Hazardous Materials have not been released, discharged or disposed of by any Loan Party on
any property currently owned by any Loan Party in violation of applicable Environmental Laws.


 


(c)          Except,
in each case, as would not reasonably be expected to have a Material Adverse Effect, no Loan Party is undertaking, and no Loan
Party has completed, either individually or together with other potentially responsible parties, any investigation or assessment
or remedial or response action relating to any actual or threatened release, discharge or disposal of Hazardous Materials at any
site, location or operation, either voluntarily or pursuant to the order of any Governmental Authority or the requirements of any
Environmental Law; and all Hazardous Materials generated, used, treated, handled or stored at, or transported to or from, any property
currently or formerly owned or operated by any Loan Party have been disposed of by any Loan Party in a manner not reasonably expected
to result in material liability to any Loan Party.


 




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5.10       Insurance.
The properties of the Loan Parties are insured with financially sound and reputable insurance companies which are not Affiliates
of the Loan Parties, in such amounts, with such deductibles and covering such risks (including, without limitation, workmen’s
compensation, public liability, business interruption, property damage and directors and officers liability insurance) as are
customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Loan Parties
operates. Schedule 5.10 sets forth a description of all insurance maintained by or on behalf of the Loan Parties as of
the Fourth Restatement Date. As of the Fourth Restatement Date, each insurance policy listed on Schedule 5.10 is in full
force and effect and all premiums in respect thereof that are due and payable have been paid.


 


5.11       Taxes.
The Loan Parties have filed all material Federal, state and other tax returns and reports required to be filed, and have paid
all material Federal, state and other taxes, assessments, fees and other material governmental charges levied or imposed upon
them or their properties, income or assets otherwise due and payable, except (a) those which are being contested in good faith
by appropriate proceedings being diligently conducted, for which adequate reserves have been provided in accordance with GAAP,
and which contest effectively suspends the collection of the contested obligation and the enforcement of any Lien securing such
obligation and (b) other with respect to Federal taxes, to the extent that the failure to do so could not reasonably be expected
to have a Material Adverse Effect. There is no proposed tax assessment against any Loan Party that would, if made, have a Material
Adverse Effect. No Loan Party or any Subsidiary thereof is a party to any tax sharing agreement, other than any tax sharing agreement
between or among the Loan Parties.


 


5.12       ERISA
Compliance.


 


(a)          Except
as would not be reasonably expected to have a Material Adverse Effect, (i) each Plan is in compliance with the applicable provisions
of ERISA, the Code and other Federal or state laws and (ii) each Pension Plan that is intended to be a qualified plan under Section
401(a) of the Code has received a favorable determination letter or is subject to a favorable opinion letter from the Internal
Revenue Service to the effect that the form of such Plan is qualified under Section 401(a) of the Code and the trust related thereto
has been determined by the Internal Revenue Service to be exempt from federal income tax under Section 501(a) of the Code, or an
application for such a letter is currently being processed by the Internal Revenue Service. To the knowledge of any Responsible
Officer of the Lead Borrower, nothing has occurred that would prevent or cause the loss of such tax-qualified status that has resulted
or could reasonably be expected to result in a Material Adverse Effect.


 


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


 




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(c)          Except
as would not be reasonably expected to have a Material Adverse Effect, (i) no ERISA Event has occurred, and neither the Lead Borrower
nor any ERISA Affiliate is aware of any fact, event or circumstance that could reasonably be expected to constitute or result in
an ERISA Event with respect to any Pension Plan or Multiemployer Plan; (ii) the Lead Borrower and each ERISA Affiliate has met
all applicable requirements under the Pension Funding Rules in respect of each Pension Plan, and no waiver of the minimum funding
standards under the Pension Funding Rules has been applied for or obtained; (iii) as of the most recent valuation date for any
Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is 80% or higher and neither
the Lead Borrower nor any ERISA Affiliate knows of any facts or circumstances that could reasonably be expected to cause the funding
target attainment percentage for any such plan to drop below 80% as of the most recent valuation date; (iv) neither the Lead Borrower
nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums, and there are no premium
payments which have become due that are unpaid, (v) neither the Lead Borrower nor any ERISA Affiliate has engaged in a transaction
that could be subject to Section 4069 or Section 4212(c) of ERISA; and (vi) no Pension Plan has been terminated by the plan administrator
thereof nor by the PBGC, and no event or circumstance has occurred or exists that could reasonably be expected to cause the PBGC
to institute proceedings under Title IV of ERISA to terminate any Pension Plan.


 


5.13       Subsidiaries;
Equity Interests. As of the Fourth Restatement Date, the Loan Parties have no Subsidiaries
other than those specifically disclosed in Part (a) of Schedule 5.13, which Schedule sets forth, in each case as of the
Fourth Restatement Date, the legal name, jurisdiction of incorporation or formation and authorized Equity Interests of each such
Subsidiary. All of the outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and non-assessable
and are owned by a Loan Party (or a Subsidiary of a Loan Party) in the amounts specified on Part (a) of Schedule 5.13 free
and clear of all Liens except for Permitted Encumbrances. Except as set forth in Schedule 5.13, there are no outstanding
rights to purchase any Equity Interests in any Subsidiary. As of the Fourth Restatement Date, the Loan Parties have no equity
investments in any other corporation or entity other than (i) Investments described in clause (e) of the definition of “Permitted
Investments” and (ii) those specifically disclosed in Part (b) of Schedule 5.13. All of the outstanding Equity Interests
in the Loan Parties (other than the Parent) have been validly issued, and are fully paid and non-assessable and, as of the Fourth
Restatement Date, are owned in the amounts specified on Part (c) of Schedule 5.13 free and clear of all Liens except for
Permitted Encumbrances. The copies of the Organization Documents of each Loan Party and each amendment thereto provided pursuant
to Section 4.01 are true and correct copies of each such document, each of which is valid and in full force and effect.


 


5.14       Margin
Regulations; Investment Company Act.


 


(a)          No
Loan Party is engaged or will be engaged, principally or as one of its important activities, in the business of purchasing or carrying
margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying
margin stock. None of the proceeds of the Credit Extensions shall be used directly or indirectly for the purpose of purchasing
or carrying any margin stock, for the purpose of reducing or retiring any Indebtedness that was originally incurred to purchase
or carry any margin stock or for any other purpose that might cause any of the Credit Extensions to be considered a “purpose
credit” within the meaning of Regulations T, U, or X issued by the FRB.


 


(b)          None
of the Loan Parties, any Person Controlling any Loan Party (other than any Person Controlling the Parent), or any Subsidiary is
or is required to be registered as an “investment company” under the Investment Company Act of 1940.


 




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5.15       Disclosure.
Each Loan Party has disclosed to the Agent and the Lenders all agreements, instruments and corporate or other restrictions to
which it is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to
result in a Material Adverse Effect. No report, financial statement, certificate or other factual written information (excluding
projections, forward looking information and information of a general economic or general industry nature) furnished by or on
behalf of any Loan Party to the Agent or any Lender in connection with the transactions contemplated hereby and the negotiation
of this Agreement or delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by other
information so furnished, and taken as a whole) contains any material misstatement of fact or omits to state any material fact
necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading;
provided that, with respect to projected financial information, the Loan Parties represent only that such information was
prepared in good faith based upon assumptions believed by the Loan Parties’ management to be reasonable at the time (it
being understood that no assurance is given that such projections will be met or realized and that actual results may vary from
such projected financial information).


 


5.16       Compliance
with Laws. Each of the Loan Parties is in compliance in all material respects with the
requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such
instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate
proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably
be expected to have a Material Adverse Effect.


 


5.17       Intellectual
Property; Licenses, Etc.. The Loan Parties own, or possess the right to use, all of the
Intellectual Property, licenses, permits and other authorizations that are reasonably necessary for the operation of their respective
businesses as currently conducted, without violation of the rights of any other Person, except to the extent that any such violation
would not reasonably be expected to have a Material Adverse Effect. To the knowledge of the Lead Borrower, no slogan or other
advertising device, product, process, method, substance, part or other material now employed by any Loan Party infringes upon
any rights held by any other Person except in each case, as would not reasonably be expected to have a Material Adverse Effect.
No claim or litigation regarding any of the foregoing is pending or, to the knowledge of the Lead Borrower, threatened in writing,
which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.


 


5.18       Labor
Matters. There are no strikes, lockouts, slowdowns or other labor disputes against any Loan Party
pending or, to the knowledge of any Loan Party, threatened that, in any case, could reasonably be expected to have a Material Adverse
Effect. The hours worked by and payments made to employees of the Loan Parties comply with the Fair Labor Standards Act and any
other applicable federal, state, local or foreign Law dealing with such matters except to the extent that any such violation could
not reasonably be expected to have a Material Adverse Effect. No Loan Party has incurred any liability or obligation under the
Worker Adjustment and Retraining Act or similar state Law that, in any case, could reasonably be expected to have a Material Adverse
Effect. All payments due from any Loan Party, or for which any claim may be made against any Loan Party, on account of wages and
employee health and welfare insurance and other benefits, have been paid or properly accrued in accordance with GAAP as a liability
on the books of such Loan Party except to the extent that failure to do so could not reasonably be expected to have a Material
Adverse Effect. Except as set forth on Schedule 5.18, as of the Fourth Restatement Date, no Loan Party is a party to or
bound by any collective bargaining agreement. There are no representation proceedings pending or, to any Loan Party’s knowledge,
threatened to be filed with the National Labor Relations Board, and no labor organization or group of employees of any Loan Party
has made a pending demand for recognition that, in any case, could reasonably be expected to have a Material Adverse Effect. There
are no complaints, unfair labor practice charges, grievances, arbitrations, unfair employment practices charges or any other claims
or complaints against any Loan Party pending or, to the knowledge of any Loan Party, threatened to be filed with any Governmental
Authority or arbitrator based on, arising out of, in connection with, or otherwise relating to the employment or termination of
employment of any employee of any Loan Party that, in any case, could reasonably be expected to have a Material Adverse Effect.
The consummation of the transactions contemplated by the Loan Documents will not give rise to any right of termination or right
of renegotiation on the part of any union under any collective bargaining agreement to which any Loan Party is bound.


 




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5.19       Security
Documents.


 


(a)          The
Security Agreement creates in favor of the Agent, for the benefit of the Credit Parties, a legal, valid, continuing and enforceable
security interest in the Collateral (as defined in the Security Agreement), the enforceability of which is 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. The financing statements, releases
and other filings are in appropriate form and have been or will be filed in the offices specified in Schedule II of the Security
Agreement. Upon such filings and/or the obtaining of “control” (as defined in the UCC), the Agent will have a perfected
Lien on, and security interest in, to and under all right, title and interest of the grantors thereunder in such Collateral that
may be perfected under the UCC (in effect on the date this representation is made) by filing, recording or registering a financing
statement or analogous document (including without limitation the proceeds of such Collateral subject to the limitations relating
to such proceeds in the UCC) or by obtaining control, in each case prior and superior in right to any other Person.


 


(b)          When
the Security Agreement (or a short form thereof) is filed in the United States Patent and Trademark Office and when financing statements,
releases and other filings in appropriate form are filed in the offices specified on Schedule II of the Security Agreement, the
Agent shall have a fully perfected Lien on, and security interest in, all right, title and interest of the applicable Loan Parties
in trademarks, patents and related assets constituting Intellectual Property Collateral (as defined in the Security Agreement)
other than Copyrights (as defined in the Security Agreement) in which a security interest may be perfected by filing, recording
or registering a security agreement, financing statement or analogous document in the United States Patent and Trademark Office,
as applicable, in each case prior and superior in right to any other Person (it being understood that subsequent recordings in
the United States Patent and Trademark Office may be necessary to perfect a Lien on trademarks and patents acquired by the Loan
Parties after the Fourth Restatement Date).


 


(c)          The
Mortgages create in favor of the Agent, for the benefit of the Secured Parties referred to therein, a legal, valid, continuing
and enforceable Lien in the Mortgaged Property (as defined in the Mortgages), the enforceability of which is 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. Upon the filing or recording of the
Mortgages with the appropriate Governmental Authorities, the Agent will have a perfected Lien on, and security interest in, to
and under all right, title and interest of the grantors thereunder in all Mortgaged Property (including without limitation the
proceeds of such Mortgaged Property), in each case prior and superior in right to any other Person.


 




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5.20       Solvency.
After giving effect to the transactions contemplated by this Agreement, and before and after
giving effect to each Credit Extension, the Loan Parties, on a Consolidated basis, are Solvent. No transfer of property has been
or will be made by any Loan Party and no obligation has been or will be incurred by any Loan Party in connection with the transactions
contemplated by this Agreement or the other Loan Documents with the intent to hinder, delay, or defraud either present or future
creditors of any Loan Party.


 


5.21       Deposit
Accounts; Credit Card Arrangements.


 


(a)          Annexed
hereto as Schedule 5.21(a) is a list of all DDAs maintained by the Loan Parties as of the Fourth Restatement Date, which
Schedule includes, with respect to each DDA and in each case as of the Fourth Restatement Date: (i) the name and address of the
depository; (ii) the account number(s) maintained with such depository; (iii) a contact person at such depository, and (iv) the
identification of each Controlled Account Bank.


 


(b)          Annexed
hereto as Schedule 5.21(b) is a list describing all arrangements as of the Fourth Restatement Date to which any Loan Party
is a party with respect to the processing and/or payment to such Loan Party of the proceeds of any credit card charges and debit
card charges for sales made by such Loan Party.


 


5.22       Brokers.
No broker or finder brought about the obtaining, making or closing of the Loans or transactions contemplated by the Loan Documents,
and no Loan Party or Affiliate thereof has any obligation to any Person in respect of any finder’s or brokerage fees in
connection therewith.


 


5.23       Customer
and Trade Relations. There exists no actual or, to the knowledge of any Loan Party, threatened,
termination or cancellation of, or any material adverse modification or change in the business relationship of any Loan Party
with any supplier material to its operations.


 


5.24       Material
Contracts. Schedule 5.24 sets forth all Material Contracts to which any Loan Party is
a party as of the Fourth Restatement Date (other than the Loan Documents). The Loan Parties have delivered true, correct and complete
copies of such Material Contracts to the Agent on or before the Fourth Restatement Date. The Loan Parties are not in breach or
in default in any material respect of or under any Material Contract and have not received any notice of default under, or of
the intention of any other party thereto to terminate, any Material Contract.


 


5.25       Casualty.
Neither the businesses nor the properties of any Loan Party or any of its Subsidiaries are affected by any fire, explosion, accident,
strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other
casualty (whether or not covered by insurance) that, either individually or in the aggregate, could reasonably be expected to
have a Material Adverse Effect.


 


5.26       EEA
Financial Institution. None of the Borrowers is an
EEA Financial Institution.


 


5.27       Beneficial
Ownership Certification. The information included
in the Beneficial Ownership Certification most recently provided to each Lender, if applicable, is true and correct in all respects.


 






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5.28       Sanctions
Concerns and Anti-Corruption Laws.


 


(a)          Sanctions
Concerns. No Loan Party, nor any Subsidiary, nor, to the knowledge of the Loan Parties and their Subsidiaries, any director,
officer, employee, agent, affiliate or representative thereof, is an individual or entity that is, or is owned or controlled by
any individual or entity that is (i) currently the subject or target of any Sanctions, (ii) included on OFAC’s List of Specially
Designated Nationals, HMT’s Consolidated List of Financial Sanctions Targets and the Investment Ban List, or any similar
list enforced by any other relevant sanctions authority or (iii) located, organized or resident in a Designated Jurisdiction.


 


(b)          Anti-Corruption
Laws. The Loan Parties and their Subsidiaries have conducted their business in compliance with the United States Foreign Corrupt
Practices Act of 1977, the UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions, and have instituted
and maintained policies and procedures designed to promote and achieve compliance with such laws.


 


ARTICLE VI

AFFIRMATIVE COVENANTS


 


So long as any Lender shall
have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied (other than contingent
indemnification claims for which a claim has not been asserted), or any Letter of Credit shall remain outstanding, the Loan Parties
shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02, and 6.03) cause each
Subsidiary to:


 


6.01       Financial
Statements. Deliver to the Agent, in form and detail reasonably satisfactory
to the Agent:


 


(a)          as
soon as available, but in any event within 90 days after the end of each Fiscal Year of the Parent, a Consolidated balance sheet
of the Parent and its Subsidiaries as at the end of such Fiscal Year, and the related consolidated statements of income or operations,
Shareholders’ Equity and cash flows for such Fiscal Year, setting forth in each case in comparative form the figures for
the previous Fiscal Year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and
unqualified opinion of a Registered Public Accounting Firm of nationally recognized standing or otherwise reasonably acceptable
to the Agent, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not
be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope
of such audit; provided, however, that such statements shall be deemed received by the Agent upon their filing with the SEC;


 


(b)          as
soon as available, but in any event within 45 days after the end of each Fiscal Quarter of each Fiscal Year of the Parent, a Consolidated
balance sheet of the Parent and its Subsidiaries as at the end of such Fiscal Quarter, and the related consolidated statements
of income or operations, Shareholders’ Equity and cash flows for such Fiscal Quarter and for the portion of the Parent’s
Fiscal Year then ended, setting forth in each case in comparative form the figures for (A) the corresponding Fiscal Quarter of
the previous Fiscal Year and (B) the corresponding portion of the previous Fiscal Year, all in reasonable detail, certified by
a Responsible Officer of the Lead Borrower as fairly presenting in all material respects the financial condition, results of operations,
Shareholders’ Equity and cash flows of the Parent and its Subsidiaries as of the end of such Fiscal Quarter in accordance
with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes; provided, however, that such statements
shall be deemed received by the Agent upon their filing with the SEC;


 




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(c)          at
any time that a Weekly Borrowing Base Delivery Event is continuing, then as soon as available, but in any event within 30 days
after the end of each month of each Fiscal Year of the Parent, a Consolidated balance sheet of the Parent and its Subsidiaries
as at the end of such month, and the related consolidated statements of income or operations, Shareholders’ Equity and cash
flows for such month and for the portion of the Parent’s Fiscal Year then ended, setting forth in each case in comparative
form the figures for (A) the corresponding month of the previous Fiscal Year and (B) the corresponding portion of the previous
Fiscal Year, all in reasonable detail, certified by a Responsible Officer of the Lead Borrower as fairly presenting in all material
respects the financial condition, results of operations, Shareholders’ Equity and cash flows of the Parent and its Subsidiaries
as of the end of such month in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes;
provided, however, that such statements shall be deemed received by the Agent upon their filing with the SEC; and


 


(d)          as
soon as available, but in any event no more than 90 days after the end of each Fiscal Year of the Parent, forecasts prepared by
management of the Lead Borrower, in form reasonably satisfactory to the Agent, of Excess Availability and of the consolidated balance
sheets and statements of income or operations and cash flows of the Parent and its Subsidiaries on a monthly basis for the immediately
following Fiscal Year (including the Fiscal Year in which the Maturity Date occurs), and promptly after they become available,
any significant revisions to such forecast with respect to such Fiscal Year.


 


6.02       Certificates;
Other Information. Deliver to the Agent, in form and detail reasonably satisfactory to
the Agent:


 


(a)          concurrently
with the delivery of the financial statements referred to in Sections 6.01(a), (b) and (c),
a duly completed Compliance Certificate signed by a Responsible Officer of the Lead Borrower, and in the event of any change in
generally accepted accounting principles used in the preparation of such financial statements, the Lead Borrower shall also provide
a statement of reconciliation conforming such financial statements to GAAP;


 


(b)          on
the 20th day of each fiscal month (or, if such day is not a Business Day, on the next succeeding Business Day), a Borrowing
Base Certificate showing the Aggregate Borrowing Base, the Revolving Borrowing Base and the FILO Borrowing Base as of the close
of business as of the last day of the immediately preceding fiscal month, each Borrowing Base Certificate to be certified as complete
and correct in all material respects by a Responsible Officer of the Lead Borrower; provided that at any time that a Weekly
Borrowing Base Delivery Event has occurred and is continuing, such Borrowing Base Certificate (subject only to usual period end
adjustments which do not, individually or in the aggregate, represent a material change to the information included in such Borrowing
Base Certificate) shall be delivered on Wednesday of each week (or, if Wednesday is not a Business Day, on the next succeeding
Business Day), as of the close of business on the immediately preceding Saturday;


 


(c)          promptly
after the same are available, copies of each annual report, proxy or financial statement or other report which any Loan Party files
with the SEC, and copies of all annual, regular, periodic and special reports and registration statements which any Loan Party
may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934 or with any national
securities exchange;


 


(d)          The
financial and collateral reports described on Schedule 6.02 hereto, at the times set forth in such Schedule;


 


(e)          promptly
after the Agent’s request therefor, copies of all Material Contracts and documents evidencing Material Indebtedness;


 




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(f)          promptly,
and in any event within five (5) Business Days after receipt thereof by any Loan Party or any Subsidiary thereof, copies of each
notice or other correspondence received from any Governmental Authority (including, without limitation, the SEC (or comparable
agency in any applicable non-U.S. jurisdiction)) concerning any proceeding with, or investigation or possible investigation or
other inquiry by such Governmental Authority regarding financial or other operational results of any Loan Party or any Subsidiary
thereof or any other matter which, if adversely determined, could reasonably expected to have a Material Adverse Effect;


 


(g)          promptly
following any request therefor, information and documentation reasonably requested by the Agent or any Lender for purposes of compliance
with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation,
the Act and the Beneficial Ownership Regulation; and


 


(h)          promptly,
such additional information regarding the business affairs, financial condition or operations of any Loan Party or any Subsidiary,
or compliance with the terms of the Loan Documents, as the Agent or any Lender may from time to time reasonably request.


 


Documents required to be
delivered pursuant to Section 6.01 or Section 6.02(c) (to the extent any such documents are included in materials
otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the
date (i) on which the Lead Borrower posts such documents, or provides a link thereto on the Lead Borrower’s website on the
Internet at the website address listed on Schedule 10.02; or (ii) on which such documents are posted on the Lead Borrower’s
behalf on an Internet or intranet website, if any, to which each Lender and the Agent have access (whether a commercial, third-party
website or whether sponsored by the Agent); provided that: (i) the Lead Borrower shall deliver paper copies of such documents
to the Agent or any Lender that requests the Lead Borrower to deliver such paper copies until a written request to cease delivering
paper copies is given by the Agent or such Lender and (ii) the Lead Borrower shall notify the Agent (by telecopier or electronic
mail) of the posting of any such documents filed on SEC forms 10-K, 10-Q or 8-K. The Agent shall have no obligation to request
the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor
compliance by the Loan Parties with any such request for delivery, and each Lender shall be solely responsible for requesting delivery
to it or maintaining its copies of such documents.


 


6.03       Notices.
Promptly after any Responsible Officer obtains knowledge thereof notify the Agent:


 


(a)          of
the occurrence of any Default or Event of Default;


 


(b)          of
any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect;


 


(c)          of
any dispute, litigation, investigation, proceeding or suspension between any Loan Party or any Subsidiary thereof and any Governmental
Authority that has resulted or could reasonably be expected to result in a Material Adverse Effect;


 


(d)          of
the occurrence of any ERISA Event that has resulted or could reasonably be expected to result in a Material Adverse Effect;


 


(e)          of
any material change in accounting policies or financial reporting practices by the Parent and its Subsidiaries;


 




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(f)           of
any change in the Parent’s or the Lead Borrower’s senior executive officers;


 


(g)          of
the discharge by any Loan Party of its present Registered Public Accounting Firm or any withdrawal or resignation by such Registered
Public Accounting Firm;


 


(h)          of
any collective bargaining agreement or other labor contract to which a Loan Party becomes a party, or the application for the certification
of a collective bargaining agent;


 


(i)           of
the filing of any Lien for unpaid Taxes against any Loan Party in excess of $5,000,000;


 


(j)           of
any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding
for the taking of any interest in a material portion of the Collateral under power of eminent domain or by condemnation or similar
proceeding or if any material portion of the Collateral is damaged or destroyed; and


 


(k)          of
any failure by any Loan Party to pay rent at (i) any of the Loan Parties’ distribution centers or warehouses; (ii) ten (10%)
or more of such Loan Party’s Store locations or (iii) any of such Loan Party’s other locations if such failure continues
for more than ten (10) days following the day on which such event first came due and, in any such case such failure would be reasonably
likely to result in a Material Adverse Effect.


 


Each notice pursuant to this
Section shall be accompanied by a statement of a Responsible Officer of the Lead Borrower setting forth details of the occurrence
referred to therein and stating what action the Lead Borrower has taken and proposes to take with respect thereto.


 


6.04       Payment
of Obligations. Pay and discharge as the same shall become due and payable, all its obligations
and liabilities, including (a) all Tax liabilities, assessments and governmental charges or levies upon it or its properties or
assets, (b) all lawful claims (including, without limitation, claims of landlords, warehousemen, customs brokers, freight forwarders,
consolidators, and carriers) which, if unpaid, would by Law become a Lien upon its property, and (c) all Material Indebtedness,
as and when due and payable, but subject to any subordination provisions contained in any instrument or agreement evidencing such
Indebtedness, except, in each case, where (x) (i) the validity or amount thereof is being contested in good faith by appropriate
proceedings, (ii) such Loan Party has set aside on its books adequate reserves with respect thereto in accordance with GAAP, (iii)
such contest effectively suspends collection of the contested obligation and enforcement of any Lien securing such obligation,
and (iv) no Lien has been filed with respect thereto or (y) the failure to make such payment could not reasonably be expected
to result in a Material Adverse Effect. Nothing contained herein shall be deemed to limit the rights of the Agent with respect
to determining Reserves pursuant to this Agreement.


 


6.05       Preservation
of Existence, Etc.  (a) Preserve, renew and maintain in full force and
effect its legal existence and good standing under the Laws of the jurisdiction of its organization or formation except in a transaction
permitted by Section 7.04 or 7.05; (b) take all reasonable action to maintain all rights, privileges, permits, licenses
and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so could
not reasonably be expected to have a Material Adverse Effect; and (c) preserve or renew all of its Intellectual Property, except
(i) to the extent such Intellectual Property is no longer used or useful in the conduct of the business of the Loan Parties, or
(ii) pursuant to a transaction permitted by Section 7.04 or 7.05.


 




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


 


6.07       Maintenance
of Insurance.


 


(a)          Maintain
with financially sound and reputable insurance companies reasonably acceptable to the Agent and not Affiliates of the Loan Parties,
insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons
engaged in the same or similar business and operating in the same or similar locations or as is required by Law, of such types
and in such amounts as are customarily carried under similar circumstances by such other Persons and as are reasonably acceptable
to the Agent.


 


(b)          Maintain
for themselves and their Subsidiaries, a Directors and Officers insurance policy, and a “Blanket Crime” policy including
employee dishonesty, forgery or alteration, theft, disappearance and destruction, robbery and safe burglary, property, and computer
fraud coverage with responsible companies in such amounts as are customarily carried by business entities engaged in similar businesses
similarly situated, and will upon request by the Agent furnish the Agent certificates evidencing renewal of each such policy.


 


(c)          Cause
fire and extended coverage policies maintained with respect to any Collateral to be endorsed or otherwise amended to include (i)
a non-contributing mortgage clause (regarding improvements to Real Estate) and lenders’ loss payable clause (regarding personal
property), in form and substance reasonably satisfactory to the Agent, which endorsements or amendments shall provide that the
insurer shall pay all proceeds otherwise payable to the Loan Parties under the policies directly to the Agent, (ii) a provision
to the effect that none of the Loan Parties, Credit Parties or any other Person shall be a co-insurer and (iii) such other provisions
as the Agent may reasonably require from time to time to protect the interests of the Credit Parties.


 


(d)          Cause
commercial general liability policies to be endorsed to name the Agent as an additional insured.


 


(e)          Cause
business interruption policies to name the Agent as a loss payee and to be endorsed or amended to include (i) a provision that,
from and after the Fourth Restatement Date, the insurer shall pay all proceeds otherwise payable to the Loan Parties under the
policies directly to the Agent, (ii) a provision to the effect that none of the Loan Parties, the Agent, the Agent or any other
party shall be a co-insurer and (iii) such other provisions as the Agent may reasonably require from time to time to protect the
interests of the Credit Parties.


 


(f)          Cause
each such policy referred to in this Section 6.07 to also provide that it shall not be canceled, modified or not renewed
(i) by reason of nonpayment of premium except upon not less than ten (10) days’ prior written notice thereof by the insurer
to the Agent (giving the Agent the right to cure defaults in the payment of premiums) or (ii) for any other reason except upon
not less than thirty (30) days’ prior written notice thereof by the insurer to the Agent.


 


(g)          Deliver
to the Agent, prior to the cancellation, modification or non-renewal of any such policy of insurance, a copy of a renewal or replacement
policy (or other evidence of renewal of a policy previously delivered to the Agent, including an insurance binder) together with
evidence reasonably satisfactory to the Agent of payment of the premium therefor.


 




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(h)          If
at any time (i) any building or other improvement included in Eligible Real Estate is located in a designated “flood hazard
area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), obtain
flood insurance in such total amount as is reasonable and customary for similarly situated companies, and otherwise comply with
the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973, as amended from time to time, or
(ii) any Eligible Real Estate is located in a “Zone 1” area as shown on the U.S.G.S. National Seismic Hazard Maps,
obtain earthquake insurance in such total amount as is reasonable and customary for similarly situated companies.


 


(i)           Permit
any representatives that are designated by the Agent to inspect the insurance policies maintained by or on behalf of the Loan Parties
and to inspect books and records related thereto and any properties covered thereby.


 


None of the Credit Parties,
or their agents or employees shall be liable for any loss or damage insured by the insurance policies required to be maintained
under this Section 6.07. Each Loan Party shall look solely to its insurance companies or any other parties other than the
Credit Parties for the recovery of such loss or damage and such insurance companies shall have no rights of subrogation against
any Credit Party or its agents or employees. If, however, the insurance policies do not provide waiver of subrogation rights against
such parties, as required above, then the Loan Parties hereby agree, to the extent permitted by law, to waive their right of recovery,
if any, against the Credit Parties and their agents and employees. The designation of any form, type or amount of insurance coverage
by any Credit Party under this Section 6.07 shall in no event be deemed a representation, warranty or advice by such Credit
Party that such insurance is adequate for the purposes of the business of the Loan Parties or the protection of their properties.


 


6.08       Compliance
with Laws. Comply in all material respects with the requirements of all Laws and all
orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a)
such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently
conducted and with respect to which adequate reserves have been set aside and maintained by the Loan Parties in accordance with
GAAP; (b) such contest effectively suspends enforcement of the contested Laws, and (c) the failure to comply therewith could not
reasonably be expected to have a Material Adverse Effect.


 


6.09       Books
and Records; Accountants. Maintain proper books of record and account, in which entries full, true and correct in all material
respects in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets
and business of the Loan Parties or such Subsidiary, as the case may be; and (ii) maintain such books of record and account in
material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over the Loan
Parties or such Subsidiary, as the case may be.


 


6.10       Inspection
Rights.


 


(a)          Permit
representatives and independent contractors of the Agent to visit and inspect any of its properties, to examine its corporate,
financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts
with its directors, officers, and (in the presence of a Responsible Officer of the Parent or the Lead Borrower) Registered Public
Accounting Firm, all at the expense of the Loan Parties and at such reasonable times during normal business hours and as often
as may be reasonably desired, upon reasonable advance notice to the Lead Borrower; provided, however, that when a
Default or an Event of Default exists the Agent (or any of its representatives or independent contractors) may do any of the foregoing
at the expense of the Loan Parties at any time during normal business hours and without advance notice.


 






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(b)          Upon
the request of the Agent after reasonable prior notice, permit the Agent or professionals (including investment bankers, consultants,
accountants, and lawyers) retained by the Agent to conduct commercial finance examinations and other evaluations of the Loan Parties,
including, without limitation, of (i) the Lead Borrower’s practices in the computation of the Aggregate Borrowing Base, the
Revolving Borrowing Base, and the FILO Borrowing Base, (ii) the assets included in the Aggregate Borrowing Base, the Revolving
Borrowing Base, and the FILO Borrowing Base, and related financial information such as, but not limited to, sales, gross margins,
payables, accruals and reserves, and (iii) the Loan Parties’ business plan, forecasts and cash flows. The Loan Parties shall
pay the reasonable and documented out-of-pocket fees and expenses of the Agent and such professionals with respect to one commercial
finance examination in each Fiscal Year, provided that, in the event that Excess Availability is at any time less than thirty
(30%) percent of the Combined Loan Cap during any Fiscal Year of the Loan Parties, the Agent may conduct two (2) commercial finance
examinations in such Fiscal Year, at the Loan Parties’ expense. In addition to the foregoing, the Agent may conduct one additional
commercial finance examination in each Fiscal Year at the expense of the Agent and the Lenders and, if a Specified Event of Default
has occurred and is continuing, additional commercial finance examinations at the expense of the Loan Parties.


 


(c)          Upon
the request of the Agent after reasonable prior notice, permit the Agent or professionals (including appraisers) retained by the
Agent to conduct appraisals of the Borrower’s Inventory. The Loan Parties shall pay the fees and expenses of the Agent and
such professionals with respect to one Inventory appraisal in such Fiscal Year, provided that, in the event that Excess
Availability is at any time less than thirty (30%) percent of the Combined Loan Cap during any Fiscal Year of the Loan Parties,
the Agent may conduct two (2) Inventory appraisals in such Fiscal Year, at the Loan Parties’ expense. In addition to the
foregoing, the Agent may conduct one additional Inventory appraisal in each Fiscal Year at the expense of the Agent and the Lenders
and, if a Specified Event of Default has occurred and is continuing, additional Inventory appraisals at the expense of the Loan
Parties.


 


(d)          Upon
the request of the Agent after reasonable prior notice, permit the Agent or professionals (including appraisers) retained by the
Agent to conduct appraisals of the Eligible Real Estate. The Loan Parties shall pay the fees and expenses of the Agent and such
professionals with respect to one real estate appraisal in each twenty-four (24) month period. In addition to the foregoing, the
Agent may conduct one additional real estate appraisal in each twenty-four (24) month period at the expense of the Agent and the
Lenders and, if a Specified Event of Default has occurred and is continuing, additional real estate appraisals at the expense of
the Loan Parties.


 


(e)          Permit
the Agent, from time to time, to engage a geohydrologist, an independent engineer or other qualified consultant or expert, reasonably
acceptable to the Agent, at the expense of the Loan Parties, to undertake Phase I environmental site assessments during the term
of this Agreement of the affected Eligible Real Estate, provided that such assessments may only be undertaken (i) during the continuance
of a Default or an Event of Default, or (ii) if a Loan Party receives any notice or obtains knowledge of (A) any potential or known
release of any Hazardous Materials at or from any Eligible Real Estate, notification of which must be given to any Governmental
Authority under any Environmental Law, or notification of which has, in fact, been given to any Governmental Authority, or (B)
any complaint, order, citation or notice with regard to air emissions, water discharges, or any other environmental health or safety
matter affecting any Eligible Real Estate from any Governmental Authority (including, without limitation, the Environmental Protection
Agency). Environmental assessments may include detailed visual inspections of the affected Eligible Real Estate, including, without
limitation, any and all storage areas, storage tanks, drains, dry wells and leaching areas, if recommended by the Phase I environmental
assessment, and the taking of soil samples, surface water samples and ground water samples, as well as such other investigations
or analyses as are reasonably necessary for a determination of the compliance of the affected Eligible Real Estate and the use
and operation thereof with all applicable Environmental Laws. The Borrowers will, and will cause each of their Subsidiaries to,
cooperate in all respects with the Agent and such third parties to enable such assessment and evaluation to be timely completed
in a manner reasonably satisfactory to the Agent.


 




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6.11       Additional
Loan Parties. Notify the Agent promptly after any Person becomes a Subsidiary that is
a direct wholly-owned Subsidiary of a Loan Party, and promptly thereafter (and in any event within thirty (30) days or such longer
period as the Agent may agree), cause any such Person (a) which is not a CFC or Excluded Domestic Subsidiary to (i) become a Loan
Party by executing and delivering to the Agent a Joinder to this Agreement or a Joinder to the Facility Guaranty or such other
documents as the Agent shall deem appropriate for such purpose, (ii) grant a Lien to the Agent on such Person’s assets of
the same type that constitute Collateral to secure the Obligations, and (iii) deliver to the Agent documents of the types referred
to in clauses (iii) and (iv) of Section 4.01(a) and, if requested by Agent, customary opinions of counsel to such Person
(which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred
to in clause (a)), and (b) if any Equity Interests or Indebtedness of such Person are owned by or on behalf of any Loan Party,
to pledge such Equity Interests and promissory notes evidencing such Indebtedness (except that, if such Subsidiary is a CFC, the
Equity Interests of such Subsidiary to be pledged may be limited to 65% of the outstanding voting Equity Interests of such Subsidiary
and 100% of the non-voting Equity Interests of such Subsidiary, in each case in form, content and scope reasonably satisfactory
to the Agent. In no event shall compliance with this Section 6.11 waive or be deemed a waiver or consent to any transaction
giving rise to the need to comply with this Section 6.11 if such transaction was not otherwise expressly permitted by this
Agreement or constitute or be deemed to constitute, with respect to any Subsidiary, an approval of such Person as a Borrower or
Guarantor hereunder or permit the inclusion of any acquired assets in the computation of the Aggregate Borrowing Base, the Revolving
Borrowing Base and/or the FILO Borrowing Base.


 


6.12       Cash
Management.


 


(a)          On
or prior to the Fourth Restatement Date:


 


(i)          deliver
to the Agent copies of notifications (each, a “Credit Card Notification”) reasonably satisfactory in form and
substance to the Agent which have been executed on behalf of such Loan Party and delivered to such Loan Party’s credit card
clearinghouses and processors listed on Schedule 5.21(b); and


 


(ii)         enter
into a Deposit Account Control Agreement satisfactory in form and substance to the Agent with each Controlled Account Bank with
respect to each account (other than Excluded Accounts) where two (or such other greater number as determined by the Agent in its
reasonable discretion) or more DDAs are concentrated (collectively, the “Controlled Accounts”).


 


(b)          ACH
or wire transfer no less frequently than once each Business Day (and whether or not there are then any outstanding Obligations)
to a Controlled Account (or to a deposit account that would become a Controlled Account upon satisfaction of clause (b) above to
the extent required) all amounts on deposit in each DDA (net of any minimum balance, not to exceed $50,000, as may be required
to be kept in the subject DDA by the depository institution at which such DDA is maintained (provided that such amount shall
not exceed $500,000 in the aggregate for all such DDAs) and all payments due from all Credit Card Issuers and Credit Card Processors.


 




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(c)          After
the occurrence and during the continuance of a Cash Dominion Event, cause the ACH or wire transfer to the collection account maintained
by the Agent at Bank of America (the “Collection Account”), no less frequently than once each Business Day (and
whether or not there are then any outstanding Obligations), all cash receipts and collections received by each Loan Party from
all sources, including, without limitation, the following (in each case, other than cash equivalents being held in accordance with
the terms of the definition of “Permitted Investments”, cash maintained in the cash registers in the Stores in the
normal course of business and consistent with past practices in an amount not to exceed $10,000 with respect to each such location,
and amounts held in Excluded Accounts):


 


(i)          all
available cash receipts from the sale of Inventory (including without limitation, proceeds of credit card charges) and other assets
(whether or not constituting Collateral);


 


(ii)         all
proceeds of collections of accounts receivable;


 


(iii)        all
cash payments and net proceeds received by a Loan Party from any Person or from any source or on account of any Disposition or
other transaction or event;


 


(iv)        the
then contents of each DDA (net of any minimum balance, not to exceed $50,000, as may be required to be kept in the subject DDA
by the depository institution at which such DDA is maintained, provided that such amount shall not exceed $500,000 in the
aggregate for all such DDAs and Controlled Accounts as set forth in clause (v) below); and


 


(v)         the
then entire ledger balance of each Controlled Account (net of any minimum balance, not to exceed $50,000, as may be required to
be kept in the subject Controlled Account by the Controlled Account Bank, provided that such amount shall not exceed $500,000
in the aggregate for all such Controlled Accounts and DDAs as set forth in clause (iv) above).


 


(d)          The
Collection Account shall at all times be under the sole dominion and control of the Agent. The Loan Parties hereby acknowledge
and agree that (i) the Loan Parties have no right of withdrawal from the Collection Account, (ii) the funds on deposit in the Collection
Account shall at all times be collateral security for all of the Obligations and (iii) during the continuance of a Cash Dominion
Event, the funds on deposit in the Collection Account shall be applied to the Obligations as provided in this Agreement. In the
event that, notwithstanding the provisions of this Section 6.12, any Loan Party receives or otherwise has dominion and control
of any such cash receipts or collections (other than the minimum balances for all DDAs to the extent permitted under this Section
6.12, cash equivalents being held in accordance with the terms set forth in the definition of “Permitted Investments”
and cash maintained in the cash registers in the Stores in the normal course of business and consistent with past practices in
an amount not to exceed $10,000 with respect to each such location), such receipts and collections shall be held in trust by such
Loan Party for the Agent, shall not be commingled with any of such Loan Party’s other funds or deposited in any account of
such Loan Party and shall, not later than the Business Day after receipt thereof, be deposited into the Collection Account or dealt
with in such other fashion as such Loan Party may be instructed by the Agent; provided that the Loan Parties shall be obligated
to comply with the provisions of this sentence only after the occurrence and during the continuance of a Cash Dominion Event.


 


(e)          Upon
the request of the Agent, cause bank statements and/or other reports to be delivered to the Agent not less often than monthly,
accurately setting forth all amounts deposited in each Controlled Account to ensure the proper transfer of funds as set forth above.


 




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6.13       Information
Regarding the Collateral. Furnish to the Agent at least fifteen (15) days (or such shorter period
as the Agent shall agree) days prior written notice of any change in: (i) any Loan Party’s name or in any trade name used
to identify it in the conduct of its business or in the ownership of its properties; (ii) the location of any Loan Party’s
chief executive office, its principal place of business, any office in which it maintains books or records relating to Collateral
owned by it or any office or facility at which Collateral owned by it is located (including the establishment of any such new office
or facility); (iii) any Loan Party’s organizational structure or jurisdiction of incorporation or formation; or (iv) any
Loan Party’s Federal Taxpayer Identification Number or organizational identification number assigned to it by its state of
organization. The Loan Parties shall not effect or permit any change referred to in the preceding sentence unless all filings have
been made under the UCC or otherwise that are required in order for the Agent to continue at all times following such change to
have a valid, legal and perfected first priority security interest, subject only to Permitted Encumbrances having priority either
pursuant to applicable Law or to the extent expressly permitted to have priority pursuant to the other terms of this Agreement,
in all the Collateral for its own benefit and the benefit of the other Credit Parties (to the extent a security interest in such
Collateral can be perfected by the filing of a financing statement).


 


6.14       Reserved.


 


6.15       Environmental
Laws.


 


(a)          Conduct
its operations and keep and maintain its Real Estate in compliance with all Environmental Laws, except where the failure to do
so would not reasonably be expected to have a Material Adverse Effect; (b) obtain and renew all environmental permits for its operations
and properties except where the failure to do so would not reasonably be expected to have a Material Adverse Effect; and (c) implement
any and all investigation, remediation, removal and response actions that are necessary to comply with Environmental Laws pertaining
to the presence, generation, treatment, storage, use, disposal, transportation or release of any Hazardous Materials on, at, in,
under, above, to, from or about any of its Real Estate, provided, however, that neither a Loan Party nor any of its
Subsidiaries shall be required to undertake any such cleanup, removal, remedial or other action to the extent that (i) its obligation
to do so is being contested in good faith and by proper proceedings and adequate reserves have been set aside and are being maintained
by the Loan Parties with respect to such circumstances in accordance with GAAP or (ii) failure to undertake any cleanup, removal,
remedial or other action would not reasonably be expected to have a Material Adverse Effect.


 


6.16       Further
Assurances.


 


(a)          Execute
any and all further documents, financing statements, agreements and instruments, and take all such further actions (including the
filing and recording of financing statements and other documents), that may be required under any Law, or which the Agent may request,
to effectuate the transactions contemplated by the Loan Documents or to grant, preserve, protect or perfect the Liens created or
intended to be created by the Security Documents or the validity or priority of any such Lien, all at the expense of the Loan Parties.
The Loan Parties also agree to provide to the Agent, from time to time upon request, evidence satisfactory to the Agent as to the
perfection and priority of the Liens created or intended to be created by the Security Documents.


 




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(b)          If
any material assets are acquired by any Loan Party after the Fourth Restatement Date (other than (i) assets constituting Collateral
under the Security Documents that become subject to the perfected first-priority Lien under the Security Documents upon acquisition
thereof and (ii) Excluded Property (as defined in the Security Agreement)), notify the Agent thereof, and the Loan Parties will
cause such assets to be subjected to a Lien securing the Obligations and will take such actions as shall be necessary or shall
be requested by the Agent to grant and perfect such Liens, including actions described in paragraph (a) of this Section 6.16,
all at the expense of the Loan Parties. In no event shall compliance with this Section 6.16(b) waive or be deemed a waiver
or consent to any transaction giving rise to the need to comply with this Section 6.16(b) if such transaction was not otherwise
permitted by this Agreement or constitute or be deemed to constitute consent to the inclusion of any acquired assets in the computation
of the Aggregate Borrowing Base, the Revolving Borrowing Base and/or the FILO Borrowing Base.


 


(c)          Upon
the reasonable request of the Agent, cause each of its customs brokers, freight forwarders, consolidators and/or carriers to deliver
an agreement (including, without limitation, a Customs Broker/Carrier Agreement) to the Agent covering such matters and in such
form as the Agent may reasonably require.


 


6.17       Compliance
with Terms of Leaseholds. Except in each case as would not reasonably be expected to have a Material
Adverse Effect, (a) make all payments and otherwise perform all obligations in respect of all Leases to which any Loan Party is
a party, keep such Leases in full force and effect (b) not allow such Leases to lapse or be terminated or any rights to renew such
Leases to be forfeited or cancelled except in the ordinary course of business, consistent with past practices, and (c) notify the
Agent of any default by any party with respect to such Leases and cooperate with the Agent in all respects to cure any such default.


 


6.18       Material
Contracts. Except in each case as would not reasonably be expected to have a Material
Adverse Effect, (a) perform and observe all the terms and provisions of each Material Contract to be performed or observed by
it, (b) maintain each such Material Contract in full force and effect except to the extent such Material Contract is no longer
used or useful in the conduct of the business of the Loan Parties in the ordinary course of business, consistent with past practices,
and (c) enforce each such Material Contract in accordance with its terms.


 


ARTICLE VII

NEGATIVE COVENANTS


 


So long as any Lender shall
have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied (other than contingent
indemnification claims for which a claim has not been asserted), or any Letter of Credit shall remain outstanding, no Loan Party
shall, nor shall it permit any Subsidiary to, directly or indirectly:


 


7.01       Liens.
Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter
acquired or sign or file or suffer to exist under the UCC or any similar Law or statute of any jurisdiction a financing statement
that names any Loan Party or any Subsidiary thereof as debtor; sign or suffer to exist any security agreement authorizing any
Person thereunder to file such financing statement; sell any of its property or assets subject to an understanding or agreement
(contingent or otherwise) to repurchase such property or assets with recourse to it or any of its Subsidiaries; or assign or otherwise
transfer any accounts or other rights to receive income, other than, as to all of the above, Permitted Encumbrances.


 


7.02       Investments.
Make any Investments, except Permitted Investments.


 






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7.03       Indebtedness;
Disqualified Stock.


 


(a)          Create,
incur, assume, guarantee, suffer to exist or otherwise become or remain liable with respect to, any Indebtedness, except Permitted
Indebtedness. The accrual of interest and the accretion or amortization of original issue discount on Indebtedness and the payment
of interest in the form of additional Indebtedness originally incurred in accordance with this Section 7.03 will not constitute
an incurrence of Indebtedness. In the event that any item of Indebtedness meets more than one of the categories set forth in the
definition of “Permitted Indebtedness”, the Lead Borrower may classify such item of Indebtedness and only be required
to include the amount and type of such Indebtedness in one or more of such clauses at its election; or


 


(b) issue Disqualified Stock.


 


7.04       Fundamental
Changes. Merge, dissolve, liquidate, consolidate with or into another Person, except
that, so long as no Default or Event of Default shall have occurred and be continuing prior to or immediately after giving effect
to any action described below or would result therefrom:


 


(a)          any
Subsidiary which is not a Loan Party may merge with (i) a Loan Party, provided that the Loan Party shall be the continuing
or surviving Person, or (ii) any one or more other Subsidiaries which are not Loan Parties, provided that when any wholly-owned
Subsidiary is merging with another Subsidiary, the wholly-owned Subsidiary shall be the continuing or surviving Person;


 


(b)          any
Subsidiary which is a Loan Party may merge into any Subsidiary which is a Loan Party or into a Borrower, provided that in
any merger involving a Borrower, a Borrower shall be the continuing or surviving Person;


 


(c)          in
connection with a Permitted Acquisition, any Subsidiary of a Loan Party may merge with or into or consolidate with any other Person
or permit any other Person to merge with or into or consolidate with it; provided that (i) the Person surviving such merger
shall be a wholly-owned Subsidiary of a Loan Party and such Person shall become a Loan Party in accordance with the provisions
of Section 6.11 hereof, and (ii) in the case of any such merger to which any Loan Party is a party, such Loan Party is the
surviving Person;


 


(d)          any
Loan Party or any Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to
another Loan Party; and (ii) any Subsidiary which is not a Loan Party may Dispose of all or substantially all of its assets (upon
voluntary liquidation or otherwise) to another Subsidiary which is not a Loan Party;


 


(e)          (i)
any Guarantor (subject to compliance with Section 6.13, as applicable) or any Subsidiary which is not a Loan Party may liquidate
or dissolve or change its legal form if the Parent determines in good faith that such action is in the best interests of the Parent
and its Subsidiaries and is not materially disadvantageous to the Lenders; and (ii) subject to compliance with Section 6.13,
as applicable, any Borrower may change its legal form if the Parent determines in good faith that such action is in the best interests
of the Parent and its Subsidiaries and is not materially disadvantageous to the Lenders; and


 


(f)          a
merger, dissolution, amalgamation or consolidation, the purpose of which is to effect a Permitted Disposition, shall be permitted.


 


7.05       Dispositions.
Make any Disposition except Permitted Dispositions.


 




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7.06       Restricted
Payments. Declare or make, directly or indirectly, any Restricted Payment, or incur
any obligation (contingent or otherwise) to do so, except that each of the following shall be permitted so long as no Default
or Event of Default shall have occurred and be continuing prior, or immediately after giving effect, to the following, or would
result therefrom:


 


(a)          each
Loan Party or Subsidiary of a Loan Party may make Restricted Payments to any other Loan Party;


 


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


 


(c)          if
the Restricted Payment Conditions are satisfied, the Loan Parties and each Subsidiary may purchase, redeem or otherwise acquire
Equity Interests issued by it;


 


(d)          if
the Restricted Payment Conditions are satisfied, the Parent may declare or pay cash dividends to its stockholders;


 


(e)          each
Subsidiary that is not a Loan Party may make Restricted Payments to any other Subsidiary that is not a Loan Party (and in the case
of a Restricted Payment by a non-wholly-owned Subsidiary, to such other Subsidiary and to each other owner of Equity Interests
of such Subsidiary based upon their relative ownership interests of the relevant class of Equity Interests);


 


(f)          the
Parent may pay for and otherwise effect the repurchase, retirement or other acquisition or retirement for value of Equity Interests
of the Parent by any employee, director or officer of the Parent or any of its Subsidiaries pursuant to any equity plan, stock
option plan or any other benefit plan or any agreement with any employee, director or officer of the Parent or any of its Subsidiaries;
provided that the aggregate amount of Restricted Payments made pursuant to this clause (f) shall not exceed $1,000,000 in any calendar
year;


 


(g)          any
Loan Party and each Subsidiary may (i) pay cash in lieu of fractional Equity Interests in connection with any dividend, split or
combination thereof or any Permitted Investment and (ii) honor any conversion request by a holder of convertible Indebtedness and
make cash payments in lieu of fractional shares in connection with any such conversion; and


 


(h)          any
foreign Subsidiary may make Restricted Payments to any direct or indirect Subsidiary of the Parent so long as an amount equal to
such Restricted Payments made by such foreign Subsidiary is transferred to a Loan Party substantially concurrently with such Restricted
Payment.


 


7.07       Prepayments
of Indebtedness. Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled
maturity thereof in any manner any Indebtedness (other than the Obligations or Indebtedness between Loan Parties), or make any
payment in violation of any subordination terms of any Subordinated Indebtedness, except (a) as long as no Default or Event of
Default then exists, regularly scheduled or mandatory repayments, repurchases, redemptions or defeasances of (i) Permitted Indebtedness
(other than Subordinated Indebtedness), and (ii) Subordinated Indebtedness in accordance with the subordination terms thereof,
(b) voluntary prepayments, repurchases, redemptions or defeasances of (i) Permitted Indebtedness (but excluding on account of
any Subordinated Indebtedness) as long as the Payment Conditions are satisfied, and (ii) Subordinated Indebtedness in accordance
with the subordination terms thereof and as long as the Payment Conditions are satisfied, and (c) Permitted Refinancings of any
such Indebtedness.


 




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7.08       Change
in Nature of Business.


 


(a)          In
the case of the Parent, engage in any business or activity other than (a) the direct or indirect ownership of all outstanding Equity
Interests in the other Loan Parties, (b) maintaining its corporate existence, (c) participating in tax, accounting and other administrative
activities as the parent of the consolidated group of companies, including the Loan Parties, (d) the execution and delivery of
the Loan Documents to which it is a party and the performance of its obligations thereunder, and (e) activities incidental to the
businesses or activities described in clauses (a) through (d) of this Section 7.08(a).


 


(b)          In
the case of each of the Loan Parties, engage in any line of business substantially different from the business conducted by the
Loan Parties and their Subsidiaries on the Fourth Restatement Date or any business reasonably related or incidental thereto.


 


7.09       Transactions
with Affiliates. Enter into, renew, extend or be a party to any transaction of any kind
with any Affiliate of any Loan Party, whether or not in the ordinary course of business, other than on fair and reasonable terms
substantially as favorable to the Loan Parties or such Subsidiary as would be obtainable by the Loan Parties or such Subsidiary
at the time in a comparable arm’s length transaction with a Person other than an Affiliate, provided that the foregoing
restriction shall not apply to (a) a transaction between or among the Loan Parties, (b) transactions described on Schedule
7.09 hereto, (c) advances for commissions, travel and other similar purposes in the ordinary course of business to directors,
officers and employees, (d) the payment of reasonable fees and out-of-pocket costs to directors, and compensation and employee
benefit arrangements paid to, and indemnities provided for the benefit of, directors, officers or employees of the Parent or any
of its Subsidiaries, and (e) as long as no Change of Control results therefrom, any issuances of securities of the Parent (other
than Disqualified Stock and other Equity Interests not permitted hereunder) or other payments, awards or grants in cash, securities
or otherwise pursuant to, or the funding of, employment agreements, stock options and stock ownership plans (in each case in respect
of Equity Interests in the Parent) of the Parent or any of its Subsidiaries.


 


7.10       Burdensome
Agreements. Enter into or permit to exist any Contractual Obligation (other than
this Agreement or any other Loan Document) that (a) limits the ability (i) of any Subsidiary to make Restricted Payments or
other distributions to any Loan Party or to otherwise transfer property to or invest in a Loan Party, (ii) of any Subsidiary
to Guarantee the Obligations, (iii) of any Subsidiary to make or repay loans to a Loan Party, or (iv) of the Loan Parties or
any Subsidiary to create, incur, assume or suffer to exist Liens on property of such Person in favor of the Agent; provided, however,
that this clause (iv) shall not prohibit (A) any negative pledge incurred or provided in favor of any holder of Indebtedness
permitted under clauses (c) or (d) of the definition of Permitted Indebtedness solely to the extent any such negative pledge
relates to the property financed by or the subject of such Indebtedness; (B) customary anti-assignment provisions in
contracts restricting the assignment thereof or in contracts for the Disposition of any assets or any Person, provided that
the restrictions in any such contract shall apply only to the assets or Person that is to be Disposed of; (C) provisions in
leases of real property that prohibit mortgages or pledges of the lessee’s interest under such lease or restricting
subletting or assignment of such lease; (D) customary provisions in joint venture agreements and other similar agreements
applicable to joint ventures to the extent such joint ventures are not prohibited hereunder; (E) customary restrictions
arising under licenses and other contracts entered into in the ordinary course of business; (F) Contractual Obligations which
(x) exist on the date hereof and (to the extent not otherwise permitted by this Section 7.10) are listed on Schedule
7.10 hereto and (y) to the extent Contractual Obligations permitted by clause (x) are set forth in an agreement
evidencing Indebtedness, are set forth in any agreement evidencing any Permitted Refinancing of such Indebtedness so long as
such Permitted Refinancing does not expand the scope of such Contractual Obligation; (G) Contractual Obligations which are
binding on a Subsidiary at the time such Subsidiary first becomes a Subsidiary, so long as such Contractual Obligations were
not entered into in contemplation of such Person becoming a Subsidiary, or (H) restrictions imposed by any
agreement governing Indebtedness entered into after the Fourth Restatement Date and permitted under Section 7.03,
which are, taken as a whole, no more restrictive to the Parent or any Subsidiary than customary market terms for Indebtedness
of such type and which will not affect the obligation or the ability of the Loan Parties to make payments, grant Liens or
otherwise comply with the Loan Documents provided that a certificate of a Responsible Officer of the Lead Borrower delivered
to the Agent at least five (5) Business Days prior to the incurrence of such Indebtedness, together with a reasonably
detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating
thereto, stating that the Lead Borrower has determined in good faith that such terms and conditions satisfy the foregoing
requirement shall be conclusive evidence that such terms and conditions satisfy the foregoing requirement unless the Agent
notifies the Lead Borrower within such five (5) Business Day period that it disagrees with such determination (including a
reasonable description of the basis upon which it disagrees); or (b) requires the grant of a Lien to secure an obligation of
such Person if a Lien is granted to secure another obligation of such Person.


 






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7.11       Use
of Proceeds. Use the proceeds of any Credit Extension, whether directly or indirectly,
and whether immediately, incidentally or ultimately, (a) to purchase or carry margin stock (within the meaning of Regulation U
of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund Indebtedness originally
incurred for such purpose, or (b) for any purposes other than (i) to refinance the Indebtedness under the Existing Credit Agreement,
(ii) the acquisition of working capital assets in the ordinary course of business, (iii) to finance Capital Expenditures and Restricted
Payments of the Loan Parties, and (iv) for general corporate purposes, in each case to the extent expressly permitted under Law
and the Loan Documents.


 


7.12       Amendment
of Material Documents. Amend, modify or waive any of a Loan Party’s rights under (a) its
Organization Documents in a manner materially adverse to the Credit Parties, or (b) any Material Contract or Material Indebtedness
(other than on account of any Permitted Refinancing thereof), in each case to the extent that such amendment, modification or waiver
would result in a Default or Event of Default under any of the Loan Documents, would be materially adverse to the Credit Parties,
or otherwise would be reasonably likely to have a Material Adverse Effect.


 


7.13       Fiscal
Year. Change the Fiscal Year of any Loan Party, or the accounting policies or reporting practices
of the Loan Parties, except as required by GAAP.


 


7.14       Deposit
Accounts; Credit Card Processors. Open any new DDA that would constitute a Controlled Account
unless the Loan Parties deliver to the Agent appropriate Deposit Account Control Agreements consistent with the provisions of Section
6.12 and otherwise satisfactory to the Agent. No Loan Party shall maintain any bank accounts or enter into any agreements with
Credit Card Issuers or Credit Card Processors other than the ones expressly contemplated herein or in Section 6.12 hereof.


 


7.15       Consolidated
Fixed Charge Coverage Ratio. During the continuance of a Covenant Compliance Event, permit the
Consolidated Fixed Charge Coverage Ratio, calculated as of the last day of each Fiscal Quarter for the most recently completed
Measurement Period, to be less than 1.0 to 1.0.


 


7.16       Sanctions.
Directly or indirectly, use any Credit Extension
or the proceeds of any Credit Extension, or lend, contribute or otherwise make available such Credit Extension or the proceeds
of any Credit Extension to any Person, to fund any activities of or business with any Person, or in any Designated Jurisdiction,
that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a violation by any Person
(including any Person participating in the transaction, whether as Lender, Arranger, Agent, L/C Issuer, Swing Line Lender, or otherwise)
of Sanctions.


 




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7.17       Anti-Corruption
Laws. Directly or indirectly, use any Credit
Extension or the proceeds of any Credit Extension for any purpose which would breach the United States Foreign Corrupt Practices
Act of 1977, the UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions.         


 


ARTICLE VIII

EVENTS OF DEFAULT AND REMEDIES


 


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


 


(a)          Non-Payment.
The Borrowers or any other Loan Party fails to pay when and as required to be paid, (i) any amount of principal of, any Loan or
any L/C Obligation, or deposit any funds as Cash Collateral in respect of L/C Obligations, or (ii) any interest on any Loan or
on any L/C Obligation or any fee due hereunder which failure continues for three (3) Business Days, or (iii) any other amount payable
hereunder or under any other Loan Document which failure continues for five (5) Business Days; or


 


(b)          Specific
Covenants. Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of Sections 6.01,
6.02, 6.03, 6.05(a) (as it relates to a Loan Party), 6.07, 6.10, 6.11, 6.12, or
6.13 or Article VII; or


 


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


 


(d)          Representations
and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of any
Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith (including, without
limitation, any Borrowing Base Certificate) shall be incorrect or misleading in any material respect when made or deemed made;
or


 


(e)          Cross-Default.
Any Loan Party (A) fails to make any payment when due after giving effect to any applicable grace period (whether by scheduled
maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Material Indebtedness, or (B) fails to observe
or perform any other agreement or condition relating to any such Material Indebtedness or contained in any instrument or agreement
evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or
to permit the holder or holders of such Material Indebtedness or the beneficiary or beneficiaries of any Guarantee thereof (or
a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if
required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically
or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity
or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or


 




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(f)          Insolvency
Proceedings, Etc. (i) Any Loan Party institutes or consents to the institution of any proceeding under any Debtor Relief Law,
or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian,
conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or a proceeding
shall be commenced or a petition filed, without the application or consent of such Person, seeking or requesting the appointment
of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed and the appointment
continues undischarged, undismissed or unstayed for 45 calendar days or an order or decree approving or ordering any of the foregoing
shall be entered; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its
property is instituted without the consent of such Person and continues undismissed or unstayed for 45 calendar days, or an order
for relief is entered in any such proceeding, or (ii) any Loan Party or any Subsidiary thereof becomes unable or admits in writing
its inability or fails generally to pay its debts as they become due in the ordinary course of business; or


 


(g)          Attachment.
Any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property
of any such Person and is not released, vacated or fully bonded within thirty (30) days after its issuance or levy; or


 


(h)          Judgments.
Other than a judgment entered in connection with one or more of the Material Adverse Effect Exceptions (and within the applicable
consideration or dollar limits set forth in the definition of Material Adverse Effect Exceptions)F, there is entered against any
Loan Party or any Subsidiary thereof (i) one or more judgments or orders for the payment of money in an aggregate amount (as to
all such judgments and orders) exceeding $10,000,000 (to the extent not covered by independent third-party insurance as to which
the insurer is rated at least “A” by A.M. Best Company, has been notified of the potential claim and does not dispute
coverage), or (ii) any one or more non-monetary judgments that have, or could reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such
judgment or order, or (B) there is a period of 30 consecutive days during which a stay of enforcement of such judgment or order,
by reason of a pending appeal or otherwise, is not in effect; or


 


(i)          ERISA.
An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to
result in liability of any Loan Party under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate
amount in excess of $5,000,000 or which would reasonably likely result in a Material Adverse Effect; or


 


(j)          Invalidity
of Loan Documents. (i) Any material provision of any Loan Document, at any time after its execution and delivery and for any
reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in
full force and effect; or any Loan Party or any other Person contests in any manner the validity or enforceability of any material
provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any provision
of any Loan Document, or purports to revoke, terminate or rescind any provision of any Loan Document or seeks to avoid, limit or
otherwise adversely affect any Lien purported to be created under any Security Document; or (ii) any Lien purported to be created
under any Security Document shall cease to be, or shall be asserted by any Loan Party or any other Person not to be, a valid and
perfected Lien on any Collateral (other than an immaterial portion of the Collateral), with the priority required by the applicable
Security Document; or


 


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


 




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(l)           Cessation
of Business. Except as otherwise expressly permitted hereunder, any Loan Party shall take any action, or shall make a determination,
whether or not yet formally approved by any Loan Party’s management or board of directors, to (i) suspend the operation of
all or a material portion of its business in the ordinary course, (ii) suspend the payment of any material obligations in the ordinary
course or suspend the performance under material contracts in the ordinary course, (iii) solicit proposals for the liquidation
of, or undertake to liquidate, all or a material portion of its assets or Store locations, or (iv) solicit proposals for the employment
of, or employ, an agent or other third party to conduct a program of closings, liquidations, or “Going-Out-Of-Business”
sales of any material portion of its business; or


 


(m)         Loss
of Collateral. There occurs any uninsured casualty loss to any material portion of the Collateral; or


 


(n)          Breach
of Material Contracts. Any Loan Party or any Subsidiary thereof fails to make any payment when due (whether by scheduled maturity,
required prepayment, acceleration, demand, or otherwise) in respect of any Material Contract or fails to observe or perform any
other agreement or condition relating to any such Material Contract or contained in any instrument or agreement evidencing, securing
or relating thereto, or any other event occurs, the effect of which failure, default or other event is to cause, or to permit the
counterparty to such Material Contract to terminate such Material Contract; or


 


(o)          Indictment.
Other than pursuant to the Material Adverse Effect Exceptions, any Loan Party is criminally indicted or convicted of a felony for
fraud or dishonesty in connection with the Loan Parties’ business or charged by a Governmental Authority under any law that
would reasonably be expected to lead to forfeiture of any material portion of Collateral and such indictment, conviction or charge
remains unquashed or undismissed for a period of ninety (90) days or more and, if adversely determined, could reasonably be expected
to have a Material Adverse Effect;


 


(p)          Subordination.
(i) The subordination provisions of the documents evidencing or governing any Subordinated Indebtedness (the “Subordinated
Provisions”) shall, in whole or in part, terminate, cease to be effective or cease to be legally valid, binding and enforceable
against any holder of the applicable Subordinated Indebtedness or such holder shall fail to comply with such Subordination Provisions;
or (ii) any Borrower or any other Loan Party shall, directly or indirectly, disavow or contest in any manner (A) the effectiveness,
validity or enforceability of any of the Subordination Provisions, (B) that the Subordination Provisions exist for the benefit
of the Credit Parties, or (C) that all payments of principal of or premium and interest on the applicable Subordinated Indebtedness,
or realized from the liquidation of any property of any Loan Party, shall be subject to any of the Subordination Provisions.


 


8.02       Remedies
Upon Event of Default. If any Event of Default occurs and is continuing, the Agent may,
or, at the request of the Required Lenders (or, in the event that there are only two (2) Lenders hereunder, any Lender so long
as such Lender is a Lender as of the Fourth Restatement Date and maintains a Commitment not less than the Commitment of such Lender
as of the Fourth Restatement Date) shall, take any or all of the following actions:


 


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


 


(b)          declare
the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other Obligations (excluding
Other Liabilities not then due and payable) to be immediately due and payable, without presentment, demand, protest or other notice
of any kind, all of which are hereby expressly waived by the Loan Parties;


 




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(c)          require
that the Loan Parties Cash Collateralize the L/C Obligations; and


 


(d)          whether
or not the maturity of the Obligations shall have been accelerated pursuant hereto, proceed to protect, enforce and exercise all
rights and remedies of the Credit Parties under this Agreement, any of the other Loan Documents or Law, including, but not limited
to, by suit in equity, action at law or other appropriate proceeding, whether for the specific performance of any covenant or agreement
contained in this Agreement and the other Loan Documents or any instrument pursuant to which the Obligations are evidenced, and,
if such amount shall have become due, by declaration or otherwise, proceed to enforce the payment thereof or any other legal or
equitable right of the Credit Parties;


 


provided, however, that upon
the occurrence of any Default or Event of Default with respect to any Loan Party under Section 8.01(f), the obligation of
each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically terminate, the
unpaid principal amount of all outstanding Loans, all interest accrued thereon and all other Obligations shall automatically become
due and payable, and the obligation of the Loan Parties to Cash Collateralize the L/C Obligations as aforesaid shall automatically
become effective, in each case without further act of the Agent or any Lender. Notwithstanding anything to the contrary in this
Agreement, the remaining balance of the Cash Collateral will be returned to the Borrowers when all Letters of Credit have been
terminated or discharged, all Commitments have been terminated and all Obligations (other than contingent Obligations that by their
terms survive the termination of this Agreement) have been paid in full in immediately available funds.


 


No remedy herein is intended
to be exclusive of any other remedy and each and every remedy shall be cumulative and shall be in addition to every other remedy
given hereunder or now or hereafter existing at law or in equity or by statute or any other provision of Law.


 


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


 


First,
to payment of that portion of the Obligations (excluding the Other Liabilities) constituting fees, indemnities, Credit Party Expenses
and other amounts (including fees, charges and disbursements of counsel to the Agent and amounts payable under Article III)
payable to the Agent;


 


Second,
to payment of that portion of the Obligations (excluding the Other Liabilities) constituting indemnities (including indemnities
due under Section 10.04 hereof), Credit Party Expenses, and other amounts (other than principal, interest and fees) payable
to the Revolving Loan Lenders and the L/C Issuer (including Credit Party Expenses to the respective Revolving Loan Lenders and
the L/C Issuer and amounts payable under Article III), ratably among them in proportion to the amounts described in this
clause Second payable to them;


 


Third,
to the extent not previously reimbursed by the Revolving Loan Lenders, to payment to the Agent of that portion of the Obligations
constituting principal and accrued and unpaid interest on any Permitted Overadvances;


 


Fourth,
to the extent that Swing Line Loans have not been refinanced by a Committed Revolving Loan, payment to the Swing Line Lender of
that portion of the Obligations constituting principal and accrued and unpaid interest on the Swing Line Loans;


 




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Fifth,
to payment of that portion of the Obligations constituting accrued and unpaid interest on the Committed Revolving Loans, L/C Borrowings
and other Obligations (but excluding Other Liabilities), and fees (including Letter of Credit Fees and Commitment Fees), ratably
among the Revolving Loan Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Fifth
payable to them;


 


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


 


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


 


Eighth,
to payment of that portion of the Obligations constituting indemnities (including indemnities due under Section 10.04 hereof),
Credit Party Expenses, and other amounts (other than principal, interest and fees) payable to the FILO Term Loan Lenders (including
Credit Party Expenses to the respective FILO Term Loan Lenders and amounts payable under Article III), ratably among them
in proportion to the amounts described in this clause Eighth payable to them;


 


Ninth,
to payment of that portion of the Obligations constituting accrued and unpaid interest on the FILO Term Loans, ratably among the
FILO Term Loan Lenders in proportion to the respective amounts described in this clause Ninth payable to them;


 


Tenth,
to payment of that portion of the Obligations constituting unpaid principal of the FILO Term Loans, ratably among the FILO Term
Loan Lenders in proportion to the respective amounts described in this clause Tenth held by them;


 


Eleventh,
to payment of all other Obligations (including without limitation the cash collateralization of unliquidated indemnification obligations
as provided in Section 10.04, but excluding any Other Liabilities), ratably among the Credit Parties in proportion to the
respective amounts described in this clause Eleventh held by them;


 


Twelfth
to payment of that portion of the Obligations arising from Cash Management Services, ratably among the Credit Parties in proportion
to the respective amounts described in this clause Ninth held by them;


 


Thirteenth,
to payment of all other Obligations arising from Bank Products, ratably among the Credit Parties in proportion to the respective
amounts described in this clause Thirteenth held by them; and


 


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


 


Subject to Section 2.03(c), amounts
used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Seventh above shall be applied
to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters
of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in
the order set forth above. Notwithstanding anything to the contrary in this Agreement, the remaining balance of the Cash Collateral
will be returned to the Borrowers when all Letters of Credit have been terminated or discharged, all Commitments have been terminated
and all Obligations (other than contingent Obligations that by their terms survive the termination of this Agreement) have been
paid in full in immediately available funds.


 




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Excluded Swap Obligations
with respect to any Guarantor shall not be paid with amounts received from such Guarantor, but appropriate adjustments shall be
made with respect to payments from other Loan Parties to preserve the allocation to the Obligations otherwise set forth above in
this Section.


 


ARTICLE IX

THE AGENT


 


9.01       Appointment
and Authority.


 


(a)          Appointment.
Each of the Lenders (in its capacity as a Lender), the Swing Line Lender and the L/C Issuer hereby irrevocably appoints, designates
and authorizes Bank of America to act on its behalf as the Agent hereunder and under the other Loan Documents and authorizes the
Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms hereof or thereof,
together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit
of the Agent and the other Credit Parties, and no Loan Party or any Subsidiary thereof shall have rights as a third party beneficiary
of any of such provisions. It is understood and agreed that the use of the term “agent” herein or in any other Loan
Documents (or any other similar term) with reference to the Agent is not intended to connote any fiduciary or other implied (or
express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom,
and is intended to create or reflect only an administrative relationship between contracting parties. In addition, to the extent
required under the laws of any jurisdiction other than the United States of America, each of the Credit Parties hereby grants to
the Agent any required powers of attorney to execute any Security Document or other Loan Document governed by the laws of such
jurisdiction on such Credit Party’s behalf.


 


(b)          Collateral
Agent. The Agent shall also act as the “collateral agent” under the Loan Documents, and each of the Lenders, the
Swing Line Lender and the L/C Issuer hereby irrevocably appoints and authorizes the Agent to act as the agent of such Lender, the
Swing Line Lender and the L/C Issuer for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by
any of the Loan Parties to secure any of the Obligations, together with such powers and discretion as are reasonably incidental
thereto. In this connection, the Agent, as “collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed
by the Agent pursuant to Section 9.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof)
granted under the Security Documents, or for exercising any rights and remedies thereunder at the direction of the Agent), shall
be entitled to the benefits of all provisions of this Article IX and Article X (including Section 10.04(f), as though such
co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents) as if set forth in
full herein with respect thereto.


 






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9.02       Rights
as a Lender. The Person serving as the Agent hereunder shall have the same
rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Agent and
the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise
requires, include the Person serving as the Agent hereunder in its individual capacity. Such Person and its Affiliates may accept
deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally
engage in any kind of banking, trust, financial, advisory, underwriting or other business with the Loan Parties or any Subsidiary
or other Affiliate thereof as if such Person were not the Agent hereunder and without any duty to account therefor to the Lenders
or to provide notice to or consent of the Lenders with respect thereto.


 


9.03       Exculpatory
Provisions.


 


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


 


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


 


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


 


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


 


(b)          Neither
the Agent nor any of its Related Parties shall be liable for any action taken or not taken by the Agent under or in connection
with this Agreement or any other Loan Document or the transactions contemplated hereby or thereby (i) with the consent or
at the request of the Applicable Lenders, or as the Agent shall believe in good faith shall be necessary, under the circumstances
as provided in Sections 10.01 and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct as determined
by a court of competent jurisdiction by final and nonappealable judgment. The Agent shall be deemed not to have knowledge of any
Default or Event of Default unless and until notice describing such Default or Event of Default is given in writing to the Agent
by the Loan Parties, a Lender or the L/C Issuer. In the event that the Agent obtains such actual knowledge or receives such a notice,
the Agent shall give prompt notice thereof to each of the other Credit Parties. Upon the occurrence of a Default or an Event of
Default, the Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the
Applicable Lenders. Unless and until the Agent shall have received such direction, the Agent may (but shall not be obligated to)
take such action, or refrain from taking such action, with respect to any such Default or Event of Default as it shall deem advisable
in the best interest of the Credit Parties. In no event shall the Agent be required to comply with any such directions to the extent
that the Agent believes that its compliance with such directions would be unlawful.


 




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(c)          Neither
the Agent nor any of its Related Parties have any duty or obligation to any Lender or participant or any other Person to ascertain
or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document,
(ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith,
(iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein
or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement,
any other Loan Document or any other agreement, instrument or document or the creation, perfection or priority of any Lien purported
to be created by the Security Documents, (v) the value or the sufficiency of any Collateral, or (vi) the satisfaction of any condition
set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to
the Agent.


 


9.04       Reliance
by Agent. The Agent shall be entitled to rely upon, and shall be fully protected in relying upon
and shall not incur any liability for relying upon, any notice, request, certificate, communication, consent, statement, instrument,
document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed
by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Agent also may rely upon
any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall be fully protected
in relying thereon and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder
to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled
to the satisfaction of a Lender or the L/C Issuer, the Agent may presume that such condition is satisfactory to such Lender or
the L/C Issuer unless the Agent shall have received notice to the contrary from such Lender or the L/C Issuer prior to the making
of such Loan or the issuance of such Letter of Credit. The Agent may consult with legal counsel (who may be counsel for the Loan
Parties), 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. For purposes of determining compliance with the conditions
specified in Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted
or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory
to a Lender unless the Agent shall have received notice from such Lender prior to the proposed Fourth Restatement Date specifying
its objections.


 


9.05       Delegation
of Duties. The Agent may perform any and all of its duties and exercise its rights and
powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Agent. The Agent and
any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related
Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the 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 Agent. The Agent shall not be responsible for the negligence or misconduct of
any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that
the Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.


 


9.06       Resignation
of Agent 


 


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


 




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


 


(c)          Effect
of Resignation or Removal. With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the
retiring or removed Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except
that in the case of any collateral security held by the Agent on behalf of the Lenders or the L/C Issuer under any of the Loan
Documents, the retiring or removed Agent shall continue to hold such collateral security until such time as a successor Agent is
appointed) and (ii) except for any indemnity payments or other amounts then owed to the retiring or removed Agent, all
payments, communications and determinations provided to be made by, to or through the Agent shall instead be made by or to each
Lender and the L/C Issuer directly, until such time, if any, as the Required Lenders appoint a successor Agent as provided for
above. Upon the acceptance of a successor’s appointment as Agent hereunder, such successor shall succeed to and become vested
with all of the rights, powers, privileges and duties of the retiring (or removed) Agent (other than as provided in Section 3.01(g)
and other than any rights to indemnity payments or other amounts owed to the retiring or removed Agent as of the Resignation Effective
Date or the Removal Effective Date, as applicable), and the retiring or removed Agent shall be discharged from all of its duties
and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section).
The fees payable by the Borrowers to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed
between the Borrowers and such successor. After the retiring or removed Agent’s resignation or removal hereunder and under
the other Loan Documents, the provisions of this Article and Section 10.04 shall continue in effect for the benefit of such
retiring or removed Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be
taken by any of them (i) while the retiring or removed Agent was acting as Agent and (ii) after such resignation or removal for
as long as any of them continues to act in any capacity hereunder or under the other Loan Documents, including, without limitation,
(A) acting as collateral agent or otherwise holding any collateral security on behalf of any of the Credit Parties and (B) in respect
of any actions taken in connection with transferring the agency to any successor Agent.


 


(d)          L/C
Issuer and Swing Line Lender. Any resignation or removal by Bank of America as Agent pursuant to this Section shall also constitute
its resignation or removal as L/C Issuer and Swing Line Lender. If Bank of America resigns or is removed as an L/C Issuer, it shall
retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding
as of the effective date of its resignation or removal as L/C Issuer and all L/C Obligations with respect thereto, including the
right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c).
If Bank of America resigns or is removed as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided
for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation or removal,
including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line Loans
pursuant to Section 2.04(c). Upon the appointment by the Borrowers of a successor L/C Issuer or Swing Line Lender hereunder (which
successor shall in all cases be a Lender other than a Defaulting Lender), (i) such successor shall succeed to and become vested
with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as applicable, (iii) the
retiring L/C Issuer and Swing Line Lender shall be discharged from all of their respective duties and obligations hereunder or
under the other Loan Documents, and (iii) the successor L/C Issuer shall issue letters of credit in substitution for the Letters
of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Bank of America to effectively
assume the obligations of Bank of America with respect to such Letters of Credit.


 




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9.07       Non-Reliance
on Agent and Other Lenders. Each Lender and the L/C Issuer acknowledges that it has,
independently and without reliance upon the Agent or any other Lender or any of their Related Parties and based on such documents
and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender
and the L/C Issuer also acknowledges that it will, independently and without reliance upon the Agent or any other Lender or any
of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue
to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related
agreement or any document furnished hereunder or thereunder. Except as provided in Section 9.12, the Agent shall not have
any duty or responsibility to provide any Credit Party with any other credit or other information concerning the affairs, financial
condition or business of any Loan Party that may come into the possession of the Agent.


 


9.08       No
Other Duties, Etc.  Anything herein to the contrary notwithstanding, none of the
Arrangers or Syndication Agent listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement
or any of the other Loan Documents, except in its capacity as the Agent, a Lender or the L/C Issuer hereunder.


 


9.09       Agent
May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor
Relief Law or any other judicial proceeding relative to any Loan Party, the Agent (irrespective of whether the principal of any
Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether
the Agent shall have made any demand on the Loan Parties) shall be entitled and empowered, by intervention in such proceeding
or otherwise


 


(a)          to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order
to have the claims of the Lenders, the L/C Issuer, the Agent and the other Credit Parties (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer, the Agent, such Credit Parties and their respective
agents and counsel and all other amounts due the Lenders, the L/C Issuer the Agent and such Credit Parties under Sections 2.03(i),
2.03(j), 2.09 and 10.04) allowed in such judicial proceeding; and


 


(b)          to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;


 


and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and the
L/C Issuer to make such payments to the Agent and to pay to the Agent and, in the event that the Agent shall consent to the making
of such payments directly to the Lenders and the L/C Issuer, to pay the Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Agent and its agents and counsel, and any other amounts due the Agent under Sections 2.09
and 10.04.


 




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Nothing contained herein
shall be deemed to authorize the Agent to authorize or consent to or accept or adopt on behalf of any Credit Party any plan of
reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Credit Party or to authorize
the Agent to vote in respect of the claim of any Credit Party in any such proceeding.


 


The Credit Parties hereby
irrevocably authorize the Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Obligations
(including accepting some or all of the Collateral in satisfaction of some or all of the Obligations pursuant to a deed in lieu
of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any
portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code of the United States, including
under Sections 363, 1123 or 1129 of the Bankruptcy Code of the United States, or any similar Laws in any other jurisdictions to
which a Loan Party is subject, (b) at any other sale or foreclosure or acceptance of collateral in lieu of debt conducted by (or
with the consent or at the direction of) the Agent (whether by judicial action or otherwise) in accordance with any applicable
Law.  In connection with any such credit bid and purchase, the Obligations owed to the Credit Parties shall be entitled to
be, and shall be, credit bid on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving contingent
interests in the acquired assets on a ratable basis that would vest upon the liquidation of such claims in an amount proportional
to the liquidated portion of the contingent claim amount used in allocating the contingent interests) in the asset or assets so
purchased (or in the Equity Interests or debt instruments of the acquisition vehicle or vehicles that are used to consummate such
purchase).  In connection with any such bid (i) the Agent shall be authorized to form one or more acquisition vehicles to
make a bid, (ii) to adopt documents providing for the governance of the acquisition vehicle or vehicles (provided that any actions
by the Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or Equity Interests
thereof shall be governed, directly or indirectly, by the vote of the Required Lenders, irrespective of the termination of this
Agreement and without giving effect to the limitations on actions by the Required Lenders contained in Section 10.01 of this Agreement),
(iii) the Agent shall be authorized to assign the relevant Obligations to any such acquisition vehicle pro rata by the Lenders,
as a result of which each of the Lenders shall be deemed to have received a pro rata portion of any Equity Interests and/or debt
instruments issued by such an acquisition vehicle on account of the assignment of the Obligations to be credit bid, all without
the need for any Credit Party or acquisition vehicle to take any further action, and (iv) to the extent that Obligations that are
assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or
better, because the amount of Obligations assigned to the acquisition vehicle exceeds the amount of debt credit bid by the acquisition
vehicle or otherwise), such Obligations shall automatically be reassigned to the Lenders pro rata and the Equity Interests and/or
debt instruments issued by any acquisition vehicle on account of the Obligations that had been assigned to the acquisition vehicle
shall automatically be cancelled, without the need for any Credit Party or any acquisition vehicle to take any further action.


 


9.10       Collateral
and Guaranty Matters. The Credit Parties irrevocably authorize the Agent,
at its option and in its discretion,


 


(a)          to
release any Lien on any property granted to or held by the Agent under any Loan Document (i) upon termination of the Aggregate
Commitments and payment in full of all Obligations (other than contingent indemnification obligations for which no claim has been
asserted) and the expiration, termination or Cash Collateralization of all Letters of Credit, (ii) that is sold or to be sold
as part of or in connection with any sale permitted hereunder or under any other Loan Document, or (iii) if approved, authorized
or ratified in writing by the Applicable Lenders in accordance with Section 10.01;


 



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(b)          to subordinate any Lien on any property granted
to or held by the Agent under any Loan Document to the holder of any Lien on such property that is permitted by clause (h) of
the definition of Permitted Encumbrances; and


 


(c)          to
release any Guarantor from its obligations under the Facility Guaranty if such Person ceases to be a Subsidiary as a result of
a transaction permitted hereunder.


 


Upon request by the Agent at any time,
the Applicable Lenders will confirm in writing the Agent’s authority to release or subordinate its interest in particular
types or items of property, or to release any Guarantor from its obligations under the Facility Guaranty pursuant to this Section
9.10. In each case as specified in this Section 9.10, the Agent will, at the Loan Parties’ expense, execute and
deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item
of Collateral from the assignment and security interest granted under the Security Documents or to subordinate its interest in
such item, or to release such Guarantor from its obligations under the Facility Guaranty, in each case in accordance with the terms
of the Loan Documents and this Section 9.10.


 


The Agent shall not
be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or
collectability of the Collateral, the existence, priority or perfection of the Agent’s Lien thereon, or any certificate prepared
by any Loan Party in connection therewith, nor shall the Agent be responsible or liable to the Lenders for any failure to monitor
or maintain any portion of the Collateral.


 


9.11       Notice
of Transfer.


 


The Agent may deem
and treat a Lender party to this Agreement as the owner of such Lender’s portion of the Obligations for all purposes, unless
and until, and except to the extent, an Assignment and Assumption shall have become effective as set forth in Section 10.06.


 


9.12       Reports
and Financial Statements. By signing this Agreement, each Lender:


 


(a)          agrees
to furnish the Agent after the occurrence and during the continuance of a Cash Dominion Event (and thereafter at such frequency
as the Agent may reasonably request) with a summary of all Other Liabilities due or to become due to such Lender. In connection
with any distributions to be made hereunder, the Agent shall be entitled to assume that no amounts are due to any Lender on account
of Other Liabilities unless the Agent has received written notice thereof from such Lender and if such notice is received, the
Agent shall be entitled to assume that the only amounts due to such Lender on account of Other Liabilities is the amount set forth
in such notice;


 


(b)          is
deemed to have requested that the Agent furnish, and the Agent agrees to furnish, such Lender, promptly after they become available,
copies of all Borrowing Base Certificates and financial statements required to be delivered by the Lead Borrower hereunder;


 


(c)           is
deemed to have requested that the Agent furnish, and the Agent agrees to furnish, such Lender, promptly after they become available,
copies of all commercial finance examinations and appraisals of the Collateral received by the Agent (collectively, the “Reports”);


 






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(d)          expressly
agrees and acknowledges that the Agent makes no representation or warranty as to the accuracy of the Borrowing Base Certificates,
financial statements or Reports, and shall not be liable for any information contained in any Borrowing Base Certificate, financial
statement or Report;


 


(e)          expressly
agrees and acknowledges that the Reports are not comprehensive audits or examinations, that the Agent or any other party performing
any audit or examination will inspect only specific information regarding the Loan Parties and will rely significantly upon the
Loan Parties' books and records, as well as on representations of the Loan Parties' personnel;


 


(f)          agrees
to keep all Borrowing Base Certificates, financial statements and Reports confidential in accordance with the provisions of Section
10.07 hereof; and


 


(g)          without
limiting the generality of any other indemnification provision contained in this Agreement, agrees: (i) to hold the Agent and any
such other Lender preparing a Report harmless from any action the indemnifying Lender may take or conclusion the indemnifying Lender
may reach or draw from any Report in connection with any Credit Extensions that the indemnifying Lender has made or may make to
the Borrowers, or the indemnifying Lender's participation in, or the indemnifying Lender's purchase of, a Loan or Loans; and (ii)
to pay and protect, and indemnify, defend, and hold the Agent and any such other Lender preparing a Report harmless from and against,
the claims, actions, proceedings, damages, costs, expenses, and other amounts (including attorney costs) incurred by the Agent
and any such other Lender preparing a Report as the direct or indirect result of any third parties who might obtain all or part
of any Report through the indemnifying Lender.


 


9.13       Agency
for Perfection. Each Credit Party hereby appoints each other Credit Party as agent for the purpose of perfecting Liens for
the benefit of the Credit Parties, in assets which, in accordance with Article 9 of the UCC or any other Law of the United States
can be perfected only by possession or control. Should any Credit Party (other than the Agent) obtain possession or control of
any such Collateral, such Credit Party shall notify the Agent thereof, and, promptly upon the Agent's request therefor shall deliver
such Collateral to the Agent or otherwise deal with such Collateral in accordance with the Agent's instructions.


 


9.14       Indemnification
of Agent. Without limiting the obligations of Loan Parties hereunder, to the extent that the Loan Parties for any reason fails
to indefeasibly pay any amount required under Section 10.04 to be paid by them to the Agent (or any sub-agent thereof),
the Lenders shall indemnify the Agent, any sub-agent thereof, the L/C Issuer and any Related Party, as the case may be ratably
according to their Applicable Percentages, from and against any and all liabilities, 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 the Agent, any sub-agent thereof, the L/C Issuer and their Related Parties in any way relating to or arising out of this
Agreement or any other Loan Document or any action taken or omitted to be taken by the Agent, any sub-agent thereof, the L/C Issuer
and their Related Parties in connection therewith; provided, that no Lender shall be liable for any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Agent’s,
any sub-agent’s, the L/C Issuer’s and their Related Parties’ gross negligence or willful misconduct as determined
by a final and nonappealable judgment of a court of competent jurisdiction.


 


9.15       Relation
among Lenders. The Lenders are not partners or co-venturers, and no Lender shall be liable for the acts or omissions of, or (except
as otherwise set forth herein in case of the Agent) authorized to act for, any other Lender.


 






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9.16       Certain
ERISA Matters. 


 


(a)          Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Agent
and not, for the avoidance of doubt, to or for the benefit of the Lead Borrower or any other Loan Party, that at least one of the
following is and will be true:


 


(i)          such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit
Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the
Letters of Credit, the Commitments or this Agreement,


 


(ii)         the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by
independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company
general 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 Letters of Credit, the Commitments and this Agreement,


 


(iii)        (A)
such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI
of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into,
participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into,
participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies
the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements
of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or


 


(iv)        such
other representation, warranty and covenant as may be agreed in writing between the Agent, in its sole discretion, and such Lender.


 


(b)          In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender
has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause
(a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Agent and not, for the avoidance of doubt, to or for the benefit of any Borrower or any other Loan Party, that the Agent
is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation
or exercise of any rights by the Agent under this Agreement, any Loan Document or any documents related hereto or thereto).


 






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ARTICLE X

MISCELLANEOUS


 


10.01     Amendments,
Etc. 


 


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


 


(i)          increase
the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the written consent
of such Lender;


 


(ii)         as
to any Lender, postpone any date fixed by this Agreement or any other Loan Document for (i) any scheduled payment (including the
Maturity Date) of principal, interest, fees or other amounts due to such Lender hereunder or under any of the other Loan Documents
without the written consent of such Lender, or (ii) any scheduled or mandatory reduction or termination of the Aggregate Commitments
hereunder or under any other Loan Document, without the written consent of such Lender;


 


(iii)        as
to any Lender, reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing held by such Lender,
or (subject to clause (iv) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under
any other Loan Document to or for the account of such Lender; provided, however, that only the consent of the Required
Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of the Borrowers to
pay interest or Letter of Credit Fees at the Default Rate;


 


(iv)        as
to any Lender, change Section 2.13 or Section 8.03 in a manner that would alter the order of payments or the pro
rata sharing of payments required thereby without the written consent of such Lender;


 


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


 


(vi)        except
as expressly permitted hereunder or under any other Loan Document, release, or limit the liability of, any Loan Party without the
written consent of each Lender;


 


(vii)       except
for Permitted Dispositions or as provided in Section 9.10, release all or substantially all of the Collateral from the Liens
of the Security Documents without the written consent of each Lender;


 


(viii)      change
the definition of the terms “Aggregate Borrowing Base”, “Revolving Borrowing Base, “FILO Borrowing Base”,
or any component definition thereof if as a result thereof the amounts available to be borrowed by the Borrowers would be increased
without the written consent of each Lender, provided that the foregoing shall not limit the discretion of the Agent to change,
establish or eliminate any Reserves;


 






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(ix)         modify
the definition of Permitted Overadvance so as to increase the amount thereof or, except as otherwise provided in such definition,
the time period for which a Permitted Overadvance may remain outstanding without the written consent of each Lender; and


 


(x)          except
as expressly permitted herein or in any other Loan Document, subordinate the Obligations hereunder or the Liens granted hereunder
or under the other Loan Documents, to any other Indebtedness or Lien, as the case may be without the written consent of each Lender;


 


and, provided
further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the L/C Issuer in addition to the
Lenders required above, affect the rights or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any
Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by the
Swing Line Lender in addition to the Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement;
(iii) no amendment, waiver or consent shall, unless in writing and signed by the Agent in addition to the Lenders required above,
affect the rights or duties of any Agent under this Agreement or any other Loan Document; and (iv) each Fee Letter may be amended,
or rights or privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary
herein, (A) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and
any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected
with the consent of the Applicable Lenders other than Defaulting Lenders), except that (1) the Commitment of any Defaulting Lender
may not be increased or extended without the consent of such Lender and (2) any waiver, amendment or modification requiring the
consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender disproportionately adversely relative
to other affected Lenders shall require the consent of such Defaulting Lender; and (B) the Required Lenders shall determine
whether or not to allow a Loan Party to use cash collateral in the context of a bankruptcy or insolvency proceeding and such determination
shall be binding on all of the Lenders.


 


(b)          Notwithstanding
anything to the contrary in this Agreement or any other Loan Document, (x) no provider or holder of any Bank Products or Cash Management
Services shall have any voting or approval rights hereunder (or be deemed a Lender) solely by virtue of its status as the provider
or holder of such agreements or products or the Obligations owing thereunder, nor shall the consent of any such provider or holder
be required (other than in their capacities as Lenders, to the extent applicable) for any matter hereunder or under any of the
other Loan Documents, including as to any matter relating to the Collateral or the release of Collateral or any Loan Party, and
(y) any Loan Document may be amended and waived with the consent of the Agent at the request of the Borrowers without the need
to obtain the consent of any other Lender if such amendment or waiver is delivered in order (i) to comply with local Law or
advice of local counsel, (ii) to cure ambiguities or defects or (iii) to cause any Loan Document to be consistent with
this Agreement and the other Loan Documents.


 


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


 






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(d)          Notwithstanding
anything to the contrary herein, (i) this Agreement may be amended and restated without the consent of any Lender (but with the
consent of the Lead Borrower and the Agent) if, upon giving effect to such amendment and restatement, such Lender shall no longer
be a party to this Agreement (as so amended and restated), the Commitments of such Lender shall have terminated, such Lender shall
have no other commitment or other obligation hereunder and shall have been paid in full all principal, interest and other amounts
owing to it or accrued for its account under this Agreement, and (ii) the Agent may amend or modify this Agreement and any other
Loan Document to (A) cure any ambiguity, omission, mistake, defect or inconsistency therein so long as, in each case the Lenders
shall have received at least five (5) days’ prior written notice thereof and the Agent shall not have received, within five
(5) days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders
object to such amendment or (B) grant a new Lien for the benefit of the Credit Parties, extend an existing Lien over additional
property (other than Real Estate) for the benefit of the Credit Parties or join additional Persons as Loan Parties.


 


10.02     Notices;
Effectiveness; Electronic Communications.


 


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


 


(i)          if
to the Loan Parties, the Agent, the L/C Issuer or the Swing Line Lender, to the address, fax number, electronic mail address or
telephone number specified for such Person on Schedule 10.02; and


 


(ii)         if
to any other Lender, to the address, fax number, electronic mail address or telephone number specified in its Administrative Questionnaire
(including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then
in effect for the delivery of notices that may contain material non-public information relating to the Borrowers).


 


Notices and
other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have
been given when received; notices and other communications sent by fax transmission shall be deemed to have been given when sent
(except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of
business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications
to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b).


 






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(b)          Electronic
Communications. Notices and other communications to the Agent, the Lenders, the Swing Line Lender and the L/C Issuer hereunder
may be delivered or furnished by electronic communication (including e-mail, FPML messaging, and Internet or intranet websites)
pursuant to procedures approved by the Agent, provided that the foregoing shall not apply to notices to any Lender, the
Swing Line Lender or the L/C Issuer pursuant to Article II if such Lender or the L/C Issuer, as applicable, has notified
the Agent that it is incapable of receiving notices under such Article by electronic communication. The Agent, the Swing Line Lender,
the L/C Issuer or the Lead Borrower each may, in its discretion, agree to accept notices and other communications to it hereunder
by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited
to particular notices or communications.


 


Unless the 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 and other 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), if such notice, email or other communication is not sent during the normal business hours
of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next
Business Day for the recipient.


 


(c)          Change
of Address, Etc. Each of the Loan Parties, the Agent, the L/C Issuer and the Swing Line Lender may change its address, fax
number or telephone number or e-mail address for notices and other communications hereunder by notice to the other parties hereto.
Each other Lender may change its address, fax number or telephone number or e-mail address for notices and other communications
hereunder by notice to the Lead Borrower, the Agent, the L/C Issuer and the Swing Line Lender. In addition, each Lender agrees
to notify the Agent from time to time to ensure that the Agent has on record (i) an effective address, contact name, telephone
number, fax number and e-mail address to which notices and other communications may be sent and (ii) accurate wire instructions
for such Lender.


 


(d)          Reliance
by Agent, L/C Issuer and Lenders. The Agent, the L/C Issuer and the Lenders shall be entitled to rely and act upon any notices
(including telephonic Committed Loan Notices and Swing Line Loan Notices) purportedly given by or on behalf of the Loan Parties
even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other
form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.
The Loan Parties shall indemnify the Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all losses,
costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of
the Loan Parties. All telephonic notices to and other telephonic communications with the Agent may be recorded by the Agent, and
each of the parties hereto hereby consents to such recording.


 


10.03     No
Waiver; Cumulative Remedies. No failure by any Credit Party to exercise, and no delay by any such Person in exercising, any
right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single
or partial exercise of any right, remedy, power or privilege hereunder or under any other Loan Document preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges provided
herein and in the other Loan Documents are cumulative and not exclusive of any rights, remedies, powers and privileges provided
by law. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed
as a waiver of any Default or Event of Default, regardless of whether any Credit Party may have had notice or knowledge of such
Default or Event of Default at the time.


 






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Notwithstanding anything
to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under
the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings
at Law in connection with such enforcement shall be instituted and maintained exclusively by, the Agent in accordance with Section
8.02 for the benefit of all the Lenders and the L/C Issuer; provided, however, that the foregoing shall not prohibit
(a) the Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Agent)
hereunder and under the other Loan Documents, (b) the L/C Issuer or the Swing Line Lender from exercising the rights and remedies
that inure to its benefit (solely in its capacity as L/C Issuer or Swing Line Lender, as the case may be) hereunder and under the
other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 10.08 (subject to the terms
of Section 2.13), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during
the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that
if at any time there is no Person acting as Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall
have the rights otherwise ascribed to the Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in
clauses (b) and (c) of the preceding proviso and subject to Section 2.13, any Lender may, with the consent
of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.


 


10.04     Expenses;
Indemnity; Damage Waiver.


 


(a)          Costs
and Expenses. The Borrowers shall pay all Credit Party Expenses.


 


(b)          Indemnification
by the Loan Parties. The Loan Parties shall indemnify the Agent (and any sub-agent thereof), each other Credit Party, and each
Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold
each Indemnitee harmless (on an after tax basis) from, any and all losses, claims, causes of action, damages, liabilities, settlement
payments, costs, and related expenses (including the reasonable and documented fees, disbursements and other charges of counsel,
but limited to (i) one firm of outside counsel for all Indemnitees and (ii) one firm of local counsel for all Indemnitees in each
appropriate jurisdiction (provided that, if an Indemnitee notifies the Lead Borrower that such firm’s representation of such
Indemnitee would be inappropriate due to an actual or potential conflict of interest, such Indemnitee shall be entitled to engage
one firm of outside counsel representing such Indemnitee), but excluding Taxes, which shall be governed by Section 3.01),
incurred by any Indemnitee or asserted against any Indemnitee by any third party or by any Borrower or any other Loan Party arising
out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement
or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or
thereunder, the consummation of the transactions contemplated hereby or thereby, or the administration of this Agreement and the
other Loan Documents, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any
refusal by the L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with
such demand do not strictly comply with the terms of such Letter of Credit, any bank advising or confirming a Letter of Credit
and any other Person seeking to enforce the rights of a Borrower, beneficiary, transferee, or assignee or Letter of Credit proceeds
or the holder of an instrument or document related to any Letter of Credit), (iii) any actual or alleged presence or release
of Hazardous Materials on or from any property owned or operated by any Loan Party or any of its Subsidiaries, or any Environmental
Liability related in any way to any Loan Party or any of its Subsidiaries, (iv) any claims of, or amounts paid by any Credit Party
to, a Controlled Account Bank or other Person which has entered into a control agreement with any Credit Party hereunder, or (v)
any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract,
tort or any other theory, whether brought by a third party or by any Borrower or any other Loan Party or any of the Loan Parties’
directors, shareholders or creditors, and regardless of whether any Indemnitee is a party thereto, in all cases, whether or not
caused by or arising, in whole or in part, out of the comparative, contributory or sole negligence of the Indemnitee; provided
that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities
or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted
from the gross negligence, willful misconduct or bad faith of such Indemnitee or (y) result from a claim brought by a Borrower
or any other Loan Party against an Indemnitee for breach of such Indemnitee’s obligations hereunder or under any other Loan
Document, if such Borrower or such other Loan Party has obtained a final and nonappealable judgment in its favor on such claim
as determined by a court of competent jurisdiction. Without limiting the provisions of Section 3.01(c), this Section
10.04(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from
any non-Tax claim.


 






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(c)          Waiver
of Consequential Damages, Etc. To the fullest extent permitted by Law, the Loan Parties shall not assert, and hereby waive,
any claim against any Indemnitee, on any theory of liability for special, indirect, consequential or punitive damages arising out
of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated
hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof; provided
that the Indemnitees shall remain liable for any direct or actual damages determined in a final, nonappealable judgment by a court
of competent jurisdiction to have resulted from such Indemnitees’ gross negligence, willful misconduct, bad faith or material
breach hereunder or under any other Loan Document.


 


(d)          Payments.
All amounts due under this Section shall be payable on demand therefor.


 


(e)          Limitation
of Liability. No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information
or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other
information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated
hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee
as determined by a final and nonappealable judgment of a court of competent jurisdiction.


 


(f)           Reimbursement
by Lenders. To the extent that the Loan Parties for any reason fail to indefeasibly pay any amount required under clause (a)
or (b) of this Section to be paid by it to the Agent (or any sub-agent thereof), the L/C Issuer, the Swing Line Lender or
any Related Party of any of the foregoing, each Lender severally agrees to pay to the Agent (or any such sub-agent), the L/C Issuer,
the Swing Line Lender or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time
that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the total credit
exposure under the FILO Term Loan Facility and Revolving Loan Facility at such time) of such unpaid amount (including any such
unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them based on such Lender’s
Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought), provided,
further that, the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be,
was incurred by or asserted against the Agent (or any such sub-agent), the L/C Issuer or the Swing Line Lender in its capacity
as such, or against any Related Party of any of the foregoing acting for the Agent (or any such sub-agent), the L/C Issuer or the
Swing Line Lender in connection with such capacity. The obligations of the Lenders under this clause (f) are subject to the provisions
of Section 2.12(d).


 






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(g)          Survival.
The agreements in this Section and the indemnity provisions of Section 10.02(d) shall survive the resignation of any Agent, the
L/C Issuer or the Swing Line Lender, the assignment of any Commitment or Loan by any Lender, the replacement of any Lender, the
termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.


 


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


 


10.06     Successors
and Assigns.


 


(a)          Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted hereby, except that no Loan Party may assign or otherwise transfer any of
its rights or obligations hereunder or under any other Loan Document without the prior written consent of the Agent and each Lender
and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in
accordance with the provisions of Section 10.06(b), (ii) by way of participation in accordance with the provisions of subsection
Section 10.06(d), or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section
10.06(f) (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors
and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly
contemplated hereby, the Related Parties of each of the Credit Parties) any legal or equitable right, remedy or claim under or
by reason of this Agreement.


 


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


 


(i)          Minimum
Amounts.


 


(A)         in
the case of an assignment of the entire remaining amount of the assigning Lender's Commitment and the Loans at the time owing to
it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender, no minimum
amount need be assigned; and


 






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(B)         in
any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans
of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of
the Trade Date, shall be $5,000,000 or a whole multiple in excess thereof unless each of the Agent and, so long as no Default or
Event of Default has occurred and is continuing, the Lead Borrower otherwise consents (each such consent not to be unreasonably
withheld or delayed, and shall be deemed given by the Lead Borrower if the Lead Borrower has not responded to such request for
consent within five (5) Business Days); provided, however, that concurrent assignments to members of an Assignee
Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and
members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has
been met;


 


(ii)         Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights
and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not
apply to the Swing Line Lender’s rights and obligations in respect of Swing Line Loans;


 


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


 


(A)         the
consent of the Lead Borrower (such consent not to be unreasonably withheld or delayed and shall be deemed given by the Lead Borrower
if the Lead Borrower has not responded to such request for consent within five (5) Business Days) shall be required unless (1)
a Default or Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender,
an Affiliate of a Lender or an Approved Fund with respect to such Lender; and


 


(B)         the
consent of the Agent, the L/C Issuer and the Swing Line Lender (such consent not to be unreasonably withheld or delayed) shall
be required for assignments in respect of any Commitment if such assignment is to a Person that is not a Lender, an Affiliate of
such Lender or an Approved Fund with respect to such Lender; and


 


(iv)        Assignment
and Assumption. The parties to each assignment shall execute and deliver to the Agent an Assignment and Assumption, together
with a processing and recordation fee of $3,500, provided, however, that the Agent may, in its sole discretion, elect
to waive such processing and recordation fee in the case of any assignment. The assignee, if it shall not be a Lender, shall deliver
to the Agent an Administrative Questionnaire.


 


(v)         No
Assignment to Certain Persons. No such assignment shall be made (A) to the Loan Parties or any of the Loan Parties’ Subsidiaries,
(B) to any Defaulting Lender or any of its Subsidiaries or Affiliates, or any Person who, upon becoming a Lender hereunder, would
constitute any of the foregoing Persons described in this clause (B), (C) to a Disqualified Lender, or (D) to a natural Person
(or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of a natural Person).


 






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(vi)        Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such
assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the
assignment shall make such additional payments to the Agent in an aggregate amount sufficient, upon distribution thereof as appropriate
(which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions,
including funding, with the consent of the Lead Borrower and the Agent, the applicable pro rata share of Revolving Loans previously
requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent),
to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Agent, the L/C Issuer or any
Revolving Loan Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share
of all Revolving Loans and participations in Letters of Credit and Swing Line Loans in accordance with its Applicable Percentage.
Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall
become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest
shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.


 


Subject to acceptance
and recording thereof by the Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each
Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning
Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations
under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations
under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections
3.01, 3.04, 3.05, and 10.04 with respect to facts and circumstances occurring prior to the effective date
of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment
by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s
having been a Defaulting Lender. Upon request, the Borrowers (at their expense) shall execute and deliver a Note to the assignee
Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection
shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance
with Section 10.06(d).


 


(c)          Register.
The Agent, acting solely for this purpose as an agent of the Borrowers (and such agency being solely for tax purposes), shall maintain
at the Agent’s Office a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in electronic form)
and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and
stated interest) of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).
The entries in the Register shall be conclusive, absent manifest error, and the Loan Parties, the 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 Lead Borrower and any
Lender at any reasonable time and from time to time upon reasonable prior notice.


 






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(d)          Participations.


 


(i)          Any
Lender may at any time, without the consent of, or notice to, the Loan Parties or the Agent, sell participations to any Person
(other than a natural person, or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit
of a natural Person, a Defaulting Lender, or the Loan Parties or any of the Loan Parties’ Affiliates or Subsidiaries) (each,
a “Participant”) in all or a portion of such Lender's rights and/or obligations under this Agreement (including
all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations and/or Swing
Line Loans) owing to it); provided that (A) such Lender's obligations under this Agreement shall remain unchanged,
(B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the
Loan Parties, the Agent, the Lenders and the L/C Issuer shall continue to deal solely and directly with such Lender in connection
with such Lender's rights and obligations under this Agreement. Any Participant shall agree in writing to comply with all confidentiality
obligations set forth in Section 10.07 as if such Participant was a Lender hereunder.


 


(ii)         Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole
right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided
that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment,
waiver or other modification described in clauses (i) through (iv), (vi) and (vii) of the first proviso to Section 10.01
that affects such Participant. Subject to subsection (e) of this Section, the Loan Parties agree that each Participant shall be
entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had
acquired its interest by assignment pursuant to Section 10.06(b). To the extent permitted by law, each Participant also
shall be entitled to the benefits of Section 10.08 as though it were a Lender, provided such Participant agrees to be subject
to Section 2.02 as though it were a Lender.


 


(iii)        Each
Lender that sells a participation shall, acting solely for this purpose as an 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 the Loan Documents (the “Participant Register”); provided
that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of
any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other
obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such
commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury
Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each
Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement
notwithstanding any notice to the contrary. For the avoidance of doubt, the Agent (in its capacity as Agent) shall have no responsibility
for maintaining a Participant Register.


 


(e)          Limitations
upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Section 3.01 or 3.04
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 is made with the Lead Borrower's prior written consent. A Participant that would
be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless the Lead Borrower
is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Loan Parties, to
comply with Section 3.01(e) as though it were a Lender.


 






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(f)          Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations
to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.


 


(g)          Resignation
as L/C Issuer or Swing Line Lender after Assignment or Resignation. Any resignation by Bank of America as Agent pursuant to
Section 9.06 hereof shall also constitute its resignation as L/C Issuer and as Swing Line Lender.


 


10.07     Treatment
of Certain Information; Confidentiality. Each of the Credit Parties agrees to maintain the confidentiality of the Information
(as defined below), except that Information may be disclosed (a) to its Affiliates, Approved Funds, and to its and its Affiliates’
and Approved Funds’ respective partners, directors, officers, employees, investors, partners, credit providers, agents, funding
sources, attorneys, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be
informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent
requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority), (c) to
the extent required by Laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection
with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement
or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions
substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant
in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any
Swap Contract relating to any Loan Party and its obligations, (g) with the consent of the Lead Borrower or (h) to the extent such
Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to any
Credit Party or any of their respective Affiliates on a non-confidential basis from a source other than the Loan Parties.


 


For purposes of this
Section, “Information” means all information received from the Loan Parties or any Subsidiary thereof relating to the
Loan Parties or any Subsidiary thereof or their respective businesses, other than any such information that is available to any
Credit Party on a non-confidential basis prior to disclosure by the Loan Parties or any Subsidiary thereof, provided that,
in the case of information received from any Loan Party or any Subsidiary after the Fourth Restatement Date, such information is
clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information
as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the
same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.


 


Each of the Credit
Parties acknowledges that (a) the Information may include material non-public information concerning the Loan Parties or a Subsidiary,
as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it
will handle such material non-public information in accordance with Law, including Federal and state securities Laws.


 






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10.08     Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, the L/C Issuer and each of their respective
Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of the Agent or the
Required Lenders, 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, in whatever currency) or other property at any time held and other obligations (in whatever currency)
at any time owing by such Lender, the L/C Issuer or any such Affiliate to or for the credit or the account of the Borrowers or
any other Loan Party against any and all of the Obligations now or hereafter existing under this Agreement or any other Loan Document
to such Lender or the L/C Issuer, regardless of the adequacy of the Collateral, and irrespective of whether or not such Lender
or the L/C Issuer shall have made any demand under this Agreement or any other Loan Document and although such obligations of the
Borrowers or such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender or the L/C Issuer
different from the branch or office holding such deposit or obligated on such indebtedness; provided, that in the event
that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to
the Agent for further application in accordance with the provisions of Section 2.16 and, pending such payment, shall be
segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Agent, the L/C Issuer
and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Agent a statement describing in reasonable detail
the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, the L/C
Issuer and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights
of setoff) that such Lender, the L/C Issuer or their respective Affiliates may have. Each Lender and the L/C Issuer agrees to notify
the Lead Borrower and the Agent promptly after any such setoff and application, provided that the failure to give such notice
shall not affect the validity of such setoff and application.


 


10.09     Interest
Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be
paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by Law (the “Maximum
Rate”). If the Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest
shall be applied to the principal of the Loans and other Obligations (other than Other Liabilities not then due and owing) or,
if it exceeds such unpaid principal, refunded to the Borrowers. In determining whether the interest contracted for, charged, or
received by the Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by Law, (a) characterize any
payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects
thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the
contemplated term of the Obligations hereunder.


 


10.10    Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement
and the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede
any and all previous letters of intent, commitment letters, 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 Agent and when the Agent shall have received counterparts hereof that, when taken together, bear the signatures of each
of the other parties hereto provided that the Fee Letter shall survive the execution and delivery of this Agreement and shall continue
to be a binding obligation of each of the parties thereto. Delivery of an executed counterpart of a signature page of this Agreement
by telecopy, pdf or other electronic transmission shall be as effective as delivery of a manually executed counterpart of this
Agreement.


 






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10.11     Survival.
All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or
thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations
and warranties have been or will be relied upon by the Credit Parties, regardless of any investigation made by any Credit Party
or on their behalf and notwithstanding that any Credit Party may have had notice or knowledge of any Default or Event of Default
at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder
(other than contingent indemnity obligations for which claims have not been asserted) shall remain unpaid or unsatisfied or any
Letter of Credit shall remain outstanding. Further, the provisions of Sections 3.01, 3.04, 3.05 and 10.04
and Article IX shall survive and remain in full force and effect regardless of the repayment of the Obligations, the expiration
of the Letters of Credit or the termination of the Commitments or the termination of this Agreement or any provision hereof. In
connection with the termination of this Agreement and the release and termination of the security interests in the Collateral,
the Agent may require such indemnities and collateral security as it shall reasonably deem necessary or appropriate to protect
the Credit Parties against (x) loss on account of credits previously applied to the Obligations that may subsequently be reversed
or revoked, (y) any obligations that may thereafter arise with respect to the Other Liabilities, and (z) any Obligations that may
thereafter arise under Section 10.04 hereof.


  


10.12     Severability.
If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable
provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.12, if and to the extent that the
enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined
in good faith by the Agent, the L/C Issuer or the Swing Line Lender, as applicable, then such provisions shall be deemed to be
in effect only to the extent not so limited


 


10.13     Replacement
of Lenders.


 


If any Lender requests
compensation under Section 3.04, or if the Borrowers are required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 3.01, or if any Lender is a Defaulting Lender or a Non-Consenting
Lender, then the Borrowers may, at their sole expense and effort, upon notice to such Lender and the Agent, require such Lender
to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required
by, Section 10.06), all of its interests, rights (other than its existing rights to payments pursuant to Section 3.01
and 3.04) and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations
(which assignee may be another Lender, if a Lender accepts such assignment), provided that:


 


(a)          the
Borrowers shall have paid to the Agent the assignment fee specified in Section 10.06(b);


 


(b)          such
Lender shall have received payment of an amount equal to the outstanding principal of its Loans and L/C Advances, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under
Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers
(in the case of all other amounts);


 


(c)          in
the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made
pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; and


 


(d)          such
assignment does not conflict with Laws; and


 






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


 


A Lender shall not
be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Borrowers to require such assignment and delegation cease to apply.


 


10.14     Governing
Law; Jurisdiction; Etc.


 


(a)          GOVERNING
LAW. This Agreement and the other Loan Documents and any claims, controversy, dispute
or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement or any other
Loan Document (except, as to any other Loan Document, as expressly set forth therein) and the transactions contemplated hereby
and thereby shall be governed by, and construed in accordance with, the law of the State of NEW yORK.


 


(b)          SUBMISSION
TO JURISDICTION. EACH LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY agrees that it will
not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or
in tort or otherwise, against the Agent, any Lender, the l/c Issuer, or any Related Party of the foregoing in any way relating
to this Agreement or any other Loan Document or the transactions relating hereto or thereto, in any forum other than THE
COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF
NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE
JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND
DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. EACH OF THE LOAN PARTIES
HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT
SHALL AFFECT ANY RIGHT THAT ANY CREDIT PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT AGAINST ANY LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.


 


(c)          WAIVER
OF VENUE. EACH LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT
IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE LOAN 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.


 






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(d)          SERVICE
OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02.
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.


 


10.15     Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO
HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION.


 


10.16     No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby, the Loan Parties
each acknowledge and agree that: (i) the credit facility provided for hereunder and any related arranging or other services in
connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document)
are an arm’s-length commercial transaction between the Loan Parties, on the one hand, and the Credit Parties, on the other
hand, and each of the Loan Parties is capable of evaluating and understanding and understands and accepts the terms, risks and
conditions of the transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification
hereof or thereof); (ii) in connection with the process leading to such transaction, each Credit Party is and has been acting solely
as a principal and is not the financial advisor, agent or fiduciary, for the Loan Parties or any of their respective Affiliates,
stockholders, creditors or employees or any other Person; (iii) none of the Credit Parties has assumed or will assume an advisory,
agency or fiduciary responsibility in favor of the Loan Parties with respect to any of the transactions contemplated hereby or
the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Loan
Document (irrespective of whether any of the Credit Parties has advised or is currently advising any Loan Party or any of its Affiliates
on other matters) and none of the Credit Parties has any obligation to any Loan Party or any of its Affiliates with respect to
the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; (iv)
the Credit Parties and their respective Affiliates may be engaged in a broad range of transactions that involve interests that
differ from those of the Loan Parties and their respective Affiliates, and none of the Credit Parties has any obligation to disclose
any of such interests by virtue of any advisory, agency or fiduciary relationship; and (v) the Credit Parties have not provided
and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby
(including any amendment, waiver or other modification hereof or of any other Loan Document) and each of the Loan Parties has consulted
its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate. Each of the Loan Parties hereby
waives and releases, to the fullest extent permitted by law, any claims that it may have against each of the Credit Parties with
respect to any breach or alleged breach of agency or fiduciary duty.


 






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10.17     USA
PATRIOT Act Notice. Each Lender that is subject to the Act (as hereinafter defined) and the Agent (for itself and not on behalf
of any Lender) hereby notifies the Loan Parties that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L.
107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information
that identifies each Loan Party, which information includes the name and address of each Loan Party and other information that
will allow such Lender or the Agent, as applicable, to identify each Loan Party in accordance with the Act. Each Loan Party is
in compliance, in all material respects, with the Patriot Act. No part of the proceeds of the Loans will be used by the Loan Parties,
directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party,
candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or
obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. The Loan Parties
shall, promptly following a request by the Agent or any Lender, provide all documentation and other information that the Agent
or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money
laundering rules and regulations, including the Act.


 


10.18     Foreign
Asset Control Regulations. Neither of the advance of the Loans nor the use of the proceeds of any thereof will violate the
Trading With the Enemy Act (50 U.S.C. § 1 et seq., as amended) (the "Trading With the Enemy Act") or any
of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended)
(the "Foreign Assets Control Regulations") or any enabling legislation or executive order relating thereto (which
for the avoidance of doubt shall include, but shall not be limited to (a) Executive Order 13224 of September 21, 2001 Blocking
Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001))
(the "Executive Order") and (b) the Uniting and Strengthening America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56)). Furthermore, none of the Borrowers or their Affiliates (a)
is or will become a "blocked person" as described in the Executive Order, the Trading With the Enemy Act or the Foreign
Assets Control Regulations or (b) engages or will engage in any dealings or transactions, or be otherwise associated, with any
such "blocked person" or in any manner violative of any such order.


 


10.19     Time
of the Essence. Time is of the essence of the Loan Documents.


 


10.20     Reserved.


 


10.21     Press
Releases. Each Credit Party agrees that neither it nor its Affiliates will in the future issue any press releases or
other public disclosure using the name of the Parent or its Subsidiaries without at least two (2) Business Days’ prior notice
to the Agent and without the prior written consent of the Agent unless (and only to the extent that) such Credit Party or Affiliate
is required to do so under applicable law and then, in any event, such Credit Party or Affiliate will consult with the Lead Borrower
before issuing such press release or other public disclosure. Subject to the foregoing, each Loan Party consents to the publication
by the Agent or any Lender of advertising material relating to the financing transactions contemplated by this Agreement using
any Loan Party’s name, product photographs, logo or trademark. The Agent or such Lender shall provide a draft reasonably
in advance of any advertising material to the Lead Borrower for review and comment prior to the publication thereof and reasonably
cooperate with the Lead Borrower in connection with any modifications requested by the Lead Borrower. The Agent reserves the right
to provide to industry trade organizations information necessary and customary for inclusion in league table measurements.


 






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10.22     Additional
Waivers.


 


(a)          The
Obligations are the joint and several obligations of each Loan Party. To the fullest extent permitted by Law, the obligations of
each Loan Party shall not be affected by (i) the failure of any Credit Party to assert any claim or demand or to enforce or
exercise any right or remedy against any other Loan Party under the provisions of this Agreement, any other Loan Document or otherwise,
(ii) any rescission, waiver, amendment or modification of, or any release from any of the terms or provisions of, this Agreement
or any other Loan Document, (iii) the failure to perfect any security interest in, or the release of, any of the Collateral
or other security held by or on behalf of the Agent or any other Credit Party, or (iv) any default, failure or delay, willful or
otherwise, in the performance of any of the Obligations, or by any other act or omission that may or might in any manner or to
any extent vary the risk of any Loan Party or that would otherwise operate as a discharge of any Loan Party as a matter of law
or equity (other than the indefeasible payment in full in cash of all the Obligations after the termination of the Commitments).
The obligations of each Loan Party shall not be subject to any reduction, limitation, impairment or termination for any reason
(other than the indefeasible payment in full in cash of the Obligations after the termination of the Commitments), including any
claim of waiver, release, surrender, alteration or compromise of any of the Obligations, and shall not be subject to any defense
or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of any
of the Obligations or otherwise.


 


(b)          To
the fullest extent permitted by Law, each Loan Party waives any defense based on or arising out of any defense of any other Loan
Party or the unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability
of any other Loan Party, other than the indefeasible payment in full in cash of all the Obligations and the termination of the
Commitments. The Agent and the other Credit Parties may, at their election, foreclose on any security held by one or more of them
by one or more judicial or non-judicial sales, accept an assignment of any such security in lieu of foreclosure, compromise or
adjust any part of the Obligations, make any other accommodation with any other Loan Party, or exercise any other right or remedy
available to them against any other Loan Party, without affecting or impairing in any way the liability of any Loan Party hereunder
except to the extent that all of the Obligations have been indefeasibly paid in full in cash and the Commitments have been terminated.
Each Loan Party waives any defense arising out of any such election even though such election operates, pursuant to Law, to impair
or to extinguish any right of reimbursement or subrogation or other right or remedy of such Loan Party against any other Loan Party.


 


(c)          Upon
payment by any Loan Party of any Obligations, all rights of such Loan Party against any other Loan Party arising as a result thereof
by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subordinate and junior
in right of payment to the prior indefeasible payment in full in cash of all of the Obligations and the termination of the Commitments.
In addition, any indebtedness of any Loan Party now or hereafter held by any other Loan Party is hereby subordinated in right of
payment to the prior indefeasible payment in full of the Obligations and no Loan Party will demand, sue for or otherwise attempt
to collect any such indebtedness. If any amount shall erroneously be paid to any Loan Party on account of (i) such subrogation,
contribution, reimbursement, indemnity or similar right or (ii) any such indebtedness of any Loan Party, such amount shall be held
in trust for the benefit of the Credit Parties and shall forthwith be paid to the Agent to be credited against the payment of the
Obligations, whether matured or unmatured, in accordance with the terms of this Agreement and the other Loan Documents. Subject
to the foregoing, to the extent that any Borrower shall, under this Agreement as a joint and several obligor, repay any of the
Obligations constituting Loans made to another Borrower hereunder or other Obligations incurred directly and primarily by any other
Borrower (an "Accommodation Payment"), then the Borrower making such Accommodation Payment shall be entitled to
contribution and indemnification from, and be reimbursed by, each of the other Borrowers in an amount, for each of such other Borrowers,
equal to a fraction of such Accommodation Payment, the numerator of which fraction is such other Borrower's Allocable Amount and
the denominator of which is the sum of the Allocable Amounts of all of the Borrowers. As of any date of determination, the "Allocable
Amount" of each Borrower shall be equal to the maximum amount of liability for Accommodation Payments which could be asserted
against such Borrower hereunder without (a) rendering such Borrower "insolvent" within the meaning of Section 101
(32) of the Bankruptcy Code, Section 2 of the Uniform Fraudulent Transfer Act ("UFTA") or Section 2 of the Uniform
Fraudulent Conveyance Act ("UFCA"), (b) leaving such Borrower with unreasonably small capital or assets,
within the meaning of Section 548 of the Bankruptcy Code, Section 4 of the UFTA, or Section 5 of the UFCA, or (c) leaving
such Borrower unable to pay its debts as they become due within the meaning of Section 548 of the Bankruptcy Code or Section 4
of the UFTA, or Section 5 of the UFCA.


 






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10.23     No
Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the
event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the
parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provisions of this Agreement.


 


10.24     Attachments.
The exhibits, schedules and annexes attached to this Agreement are incorporated herein and shall be considered a part of this
Agreement for the purposes stated herein, except that in the event of any conflict between any of the provisions of such exhibits
and the provisions of this Agreement, the provisions of this Agreement shall prevail.


 


10.25     Electronic
Execution of Assignments and Certain Other Documents. The words “execute,” “execution,” “signed,”
“signature,” and words of like import in any Assignment and Assumption or in any amendment or other modification hereof
(including waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms
and contract formations on electronic platforms approved by the Agent, or the keeping of records in electronic form, each of which
shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws
based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary
the Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed
to by the Agent pursuant to procedures approved by it; provided further without limiting the foregoing, upon the request
of the Agent, any electronic signature shall be promptly followed by such manually executed counterpart.


 


10.26     Keepwell.
Each Loan Party that is a Qualified ECP Guarantor at the time the Facility Guaranty or the grant of a security interest under the
Loan Documents, in each case, by any Specified Loan Party becomes effective with respect to any Swap Obligation, hereby jointly
and severally, absolutely, unconditionally and irrevocably undertakes to provide such funds or other support to each Specified
Loan Party with respect to such Swap Obligation as may be needed by such Specified Loan Party from time to time to honor all of
its obligations under the Loan Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount of
such liability that can be hereby incurred without rendering such Qualified ECP Guarantor’s obligations and undertakings
under the Facility Guaranty voidable under applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for
any greater amount). The obligations and undertakings of each Qualified ECP Guarantor under this Section shall remain in full force
and effect until payment in full of the Obligations have been indefeasibly paid and performed in full. Each Loan Party intends
this Section to constitute, and this Section shall be deemed to constitute, a guarantee of the obligations of, and a “keepwell,
support, or other agreement” for the benefit of, each Specified Loan Party for all purposes of the Commodity Exchange Act.


 


10.27     Conflict
of Terms. Except as otherwise provided in this Agreement or any of the other Loan Documents by specific reference to the applicable
provisions of this Agreement, if any provision contained in this Agreement conflicts with any provision in any of the other Loan
Documents, the provision contained in this Agreement shall govern and control.


 






    	 	145	 



     


    

 


10.28     Acknowledgement
and Consent to Bail-In of EEA Financial Institutions. Solely to the extent any Lender or L/C Issuer that is an EEA Financial
Institution is a party to this Agreement and notwithstanding anything to the contrary in any Loan Document or in any other agreement,
arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender or the L/C
Issuer that is an EEA 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 an EEA Resolution Authority and agrees and consents to, and acknowledges and
agrees to be bound by:


 


(a)          the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any Lender that is an EEA Financial Institution; and


 


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


 


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


 


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


 


(iii)        the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.


 


[Remainder of Page Intentionally Left
Blank; Signature Pages Follows.]


 






    	 	146	 



     


    

  


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


 


	 	BORROWERS:
	 	 
	 	LUMBER LIQUIDATORS, INC., as Lead Borrower and as a Borrower


 


	 	By:	/s/ Martin D. Agard
	 	 	Name: 	Martin D. Agard
	 	 	Title:	Chief Financial Officer and Treasurer


 


	 	LUMBER LIQUIDATORS SERVICES, LLC, as a Borrower


 


	 	By:	LUMBER LIQUIDATORS, INC., its Manager


 


	 	By:	/s/ Martin D. Agard
	 	 	Name: 	Martin D. Agard
	 	 	Title:	Chief Financial Officer and
	 	 	 	Treasurer


 


[Lumber Liquidators – Signature Page
to Fourth Amended and Restated Credit Agreement]


 




    	 



     


    

 


	 	GUARANTORS:
	 	 
	 	LUMBER LIQUIDATORS HOLDINGS, INC., as Parent and as a Guarantor


 


	 	By:	/s/ Martin D. Agard
	 	 	Name: 	Martin D. Agard
	 	 	Title:	Chief Financial Officer 


 


	 	LUMBER LIQUIDATORS LEASING, LLC, as a Guarantor


 


	 	By:	LUMBER LIQUIDATORS, INC., its Manager


 


	 	By:	/s/ Martin D. Agard
	 	 	Name: 	Martin D. Agard
	 	 	Title:	Chief Financial Officer and Treasurer


 


	 	LUMBER LIQUIDATORS PRODUCTION, LLC, as a Guarantor


 


	 	By:	LUMBER LIQUIDATORS SERVICES, LLC, its Manager


 


	 	By:	LUMBER LIQUIDATORS, INC., its Manager


 


	 	By:	/s/ Martin D. Agard
	 	 	Name: 	Martin D. Agard
	 	 	Title:	Chief Financial Officer and Treasurer


 


[Lumber Liquidators – Signature Page
to Fourth Amended and Restated Credit Agreement]


 




    	 



     


    

 


	 	GUARANTORS (CONT’D):
	 	 
	 	Lumber Liquidators Foreign Holdings, LLC, as a Guarantor


 


	 	By:	LUMBER LIQUIDATORS HOLDINGS, INC., its Manager


 


	 	By:	/s/ Martin D. Agard
	 	 	Name: 	Martin D. Agard
	 	 	Title:	Chief Financial Officer


 


	 	LUMBER LIQUIDATORS FOREIGN OPERATIONS, LLC, as a Guarantor


 


	 	By:	LUMBER LIQUIDATORS FOREIGN HOLDINGS, LLC, its Manager


 


	 	By:	LUMBER LIQUIDATORS HOLDINGS, INC., its Manager


 


	 	By:	/s/ Martin D. Agard
	 	 	Name: 	Martin D. Agard
	 	 	Title:	Chief Financial Officer


 


[Lumber Liquidators – Signature Page
to Fourth Amended and Restated Credit Agreement]


 




    	 



     


    

 


	 	bank of america, n.a., as Agent


 


	 	By:	/s/ Matthew Potter
	 	 	Name: 	Matthew Potter
	 	 	Title:	Senior Vice President


 


[Lumber Liquidators – Signature Page
to Fourth Amended and Restated Credit Agreement]


 




    	 



     


    

 


	 	bank of america, n.a., as a Revolving Loan Lender, as a FILO Term Loan Lender, as L/C Issuer, and as Swing Line Lender


 


	 	By:	/s/ Matthew Potter
	 	 	Name: 	Matthew Potter
	 	 	Title:	Senior Vice President


 


[Lumber Liquidators – Signature Page
to Fourth Amended and Restated Credit Agreement]


 




    	 



     


    

 


	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Revolving Loan Lender and as a FILO Term Loan Lender


 


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


 


[Lumber Liquidators – Signature Page
to Fourth Amended and Restated Credit Agreement]