Exhibit
10.1


 


Execution
Version



 


FIRST AMENDMENT AGREEMENT


 


This FIRST AMENDMENT AGREEMENT (this “Amendment”),
dated as of September 8, 2021, is entered into among Tactile Systems Technology, Inc., a Delaware corporation (dba Tactile Medical) (the
 “Borrower”), the Lenders (as defined below) signatory hereto, and Wells Fargo Bank, National Association, a national
banking association, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”).


 


RECITALS


 


WHEREAS, the Borrower, the financial institutions
from time to time party thereto (the “Lenders”) and the Administrative Agent are parties to that certain Amended and
Restated Credit Agreement, dated as of April 30, 2021 (as amended, restated, supplemented or otherwise modified from time to time prior
to the date hereof, the “Existing Credit Agreement”, and as amended by this Amendment, the “Credit Agreement”);


 


WHEREAS, the Borrower, Swelling Solutions,
Inc., a Delaware corporation (the “Guarantor” and together with the Borrower, the “Grantors”) and
the Administrative Agent are parties to that certain Amended and Restated Security Agreement dated as of April 30, 2021 (as amended, restated,
supplemented or otherwise modified from time to time prior to the date hereof, the “Existing Security Agreement”, and
as modified, by this Amendment, the “Security Agreement”);


 


WHEREAS, on the date hereof, pursuant to
(i) that certain Asset Purchase Agreement, dated as of the date hereof (the “IBC Acquisition Agreement”) by and among
the Borrower, International Biophysics Corporation, a Texas corporation (“IBC”), and H. David Shockley, Jr. and (ii)
the Transaction Documents as defined in the IBC Acquisition Agreement (the “IBC Acquisition Documents”), the Borrower
will acquire from IBC substantially all of the assets of IBC (the “IBC Acquisition”); and


 


WHEREAS, to, among other things, permit
the IBC Acquisition under the Credit Agreement, the Borrower has requested that the Administrative Agent and the Lenders agree to certain
amendments to the Loan Documents, consent to the IBC Acquisition, and, subject to the terms and conditions set forth in this Amendment,
the Administrative Agent and the Lenders have agreed to provide certain consents and amendments.


 


AGREEMENT


 


NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree to be bound as follows:


 


Section 1.           Capitalized Terms.
Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement, unless the context
otherwise requires.


 






    1


    


    

 


Section 2.           Amendments to Existing Credit
Agreement.


 


2.1.       Effective
as of the First Amendment Date (defined below), the Existing Credit Agreement is hereby amended to delete the stricken text
(indicated textually in the same manner as the following example: stricken text)
and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined
text) as set forth in the pages attached hereto as Exhibit I. Exhibit I hereto is a copy of the Existing
Credit Agreement marked, as described in the preceding sentence, to show the additions and deletions made to the Existing Credit
Agreement on the First Amendment Date.


 


2.2.       Exhibits
to the Existing Credit Agreement are hereby amended by adding a new Exhibit A-3 (Form of Term Loan Note) immediately after the Exhibit
A-2 (Form of Swingline Note) attached as Exhibit II hereto.


 


2.3.       Each
of Exhibit B (Notice of Borrowing), Exhibit D (Notice of Prepayment), Exhibit E (Notice of Conversion/Continuation) and Exhibit F (Form
of Officer’s Compliance Certificate) to the Existing Credit Agreement is hereby amended and restated in its entirety by Exhibit
III, Exhibit IV, Exhibit V and Exhibit VI, respectively, attached hereto.


 


2.4        Schedules to the Existing
Credit Agreement are hereby amended and restated in their entirety by the schedules attached as Exhibit VII hereto.


 


Section 3.            Matters Regarding the
Existing Security Agreement.


 


3.1.       Schedule
1 (Copyrights, Patents and Trademarks) to the Existing Security Agreement is hereby amended and restated in its entirety by the schedule
attached as Exhibit VIII hereto.


 


Section 4.           Effectiveness of Amendment.
The consent and amendments set forth in Sections 2 and 3 hereof shall become effective upon the delivery of, or compliance with, the following
(the “First Amendment Date”):


 


4.1.      This
Amendment, duly executed by the Credit Parties, the Administrative Agent, and each of the Lenders (whether the same or different copies)
and delivered (including by way of facsimile or other electronic transmission (including by e-mail in .pdf format)) in each case with
original signatures to follow promptly thereafter, to the Administrative Agent.


 


4.2.       The
Term Loan Note, duly executed by the Borrower and delivered (including by way of facsimile or other electronic transmission (including
by e-mail in .pdf format)) with original signature to follow promptly thereafter, to the Administrative Agent.


 


4.3.       The
Assignment of Representations and Warranties (IBC), entered into by and between Borrower and the Administrative Agent.


 


4.4.      An
assignment of the representations and warranties insurance policy obtained by the Borrower in connection with the IBC Acquisition.


 


4.5.       The
Confirmatory Grant of Security Interest In Trademarks and Patents.


 






    2


    


    

 


4.6.     Completed
UCC, tax lien, judgment, pending litigation, bankruptcy and intellectual property searches for the Borrower, the Guarantor and IBC reasonably
satisfactory to the Administrative Agent.


 


4.7.       A
certificate of the Secretary or Assistant Secretary (or other appropriate officer) of each Credit Party each dated as of the date hereof
and certifying as to the following:


 


		(a)	A true and accurate copy of the resolutions or unanimous written consent of such Person (if such Person is party to this Amendment
or any IBC Acquisition Documents (together with any Loan Documents, the “Transaction Documents”) (as such term is amended
hereunder)) authorizing the execution, delivery, and performance of this
Amendment and each Loan Document to which such Person is a party.



 





		(b)	The incumbency, names, titles and signatures of the officers of such Person (if such Person is party to this Amendment or any Loan
Document) authorized to execute the Loan Documents to which such Person is a party.



 


		(c)	True and accurate copies of such Person’s organizational or constituent documents or a certification that any organizational
or constituent documents delivered and certified to the Administrative Agent on April 30, 2021, remain in full force and effect and have
not been amended, restated, replaced or otherwise modified in any way.



 


4.8.       Certificates
of current status or good standing for each Credit Party in the state of its organization, in each case as of a recent date.


 


4.9.       Payoff
letters, UCC-3 termination statements, and other related documents evidencing the termination and release of any and all Liens with respect
to Indebtedness of IBC, each in form and substance reasonably acceptable to the Administrative Agent.


 


4.10.     Evidence
satisfactory to the Administrative Agent that the Borrower has paid to the Administrative Agent for its own account, an upfront fee in
an amount of $150,000.


 


4.11.     A
certificate from an Authorized Officer of the Borrower dated as of the date hereof certifying that:


 


(a)       A
true and accurate copy of the IBC Acquisition Documents delivered in connection therewith have been duly executed and attached thereto,
and are in full force and effect, without modification or amendment on the date hereof;


 


(b)       All
material conditions to the closing of the IBC Acquisition have been, or substantially simultaneously with the effectiveness of this Amendment,
the IBC Acquisition shall be consummated;


 






    3


    


    

 


(c)       The
Consolidated EBITDA of the Borrower and its Subsidiaries, calculated on a consolidated basis, and calculated on a Pro Forma Basis giving
effect to the IBC Acquisition, for four-quarter period ending on June 30, 2021, was not less than $20,000,000.00;


 


(d)     The
ratio of Consolidated Total Indebtedness of the Borrower and its Subsidiaries as of the First Amendment Date to Consolidated EBITDA calculated
on a Pro Forma Basis giving effect to the IBC Acquisition, all borrowings funded on the First Amendment Date and the other transactions
contemplated in this Amendment, for the four-quarter period ending June 30, 2021 does not exceed 2.50 to 1.00;


 


(e)       As
of the First Amendment Date, upon giving effect to this Amendment, there exists no Default or Event of Default; and


 


(f)       Upon
giving effect to this Amendment, the representations and warranties in Article VII of the Credit Agreement are true and correct
in all material respects (without duplication of any materiality qualifier contained therein) as of the First Amendment Date, except
to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation
or warranty shall have been true and correct in all material respects (without duplication of any materiality qualifier contained
therein) on and as of such earlier date.


 


4.12.     Copies
of (a) projections and unaudited consolidated financial statements of the Borrower and the Subsidiaries calculated on a Pro Forma Basis
giving effect to the IBC Acquisition and demonstrating, to the Administrative Agent’s reasonable satisfaction, the solvency of the
Borrower and the Subsidiaries and that the Borrower and the Subsidiaries are able to comply with the financial covenants in this Agreement
and (b) a quality of earnings and accounting report with respect to the Borrower and the Subsidiaries after giving effect to the
IBC Acquisition prepared by Grant Thornton, LLP.


 


4.13.   The
Borrower shall have requested their counsel to prepare written opinions, addressed to the Lenders and dated the First Amendment Date,
in form and substance reasonably acceptable to the Administrative Agent, and such opinions shall have been delivered to the Administrative
Agent.


 


4.14.     The
Administrative Agent shall have received for itself and for the account of the Lenders all reasonable and documented fees and expenses
of counsel to the Administrative Agent payable pursuant to Section 12.3 of the Credit Agreement to the extent requested in advance
by the Administrative Agent.


 






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Section 5.         Release,
No Waiver, Representations, Warranties, Authority, No Adverse Claim.


 


5.1.      Release
of Claims. Each Credit Party, for itself and on behalf of its legal representatives, successors, and assigns, hereby (a) expressly
waives, releases, and relinquishes the Administrative Agent and each of the Lenders from any and all claims, offsets, defenses, affirmative
defenses, and counterclaims of any kind or nature whatsoever that such Credit Party has asserted, or might assert, against the Administrative
Agent or the Lenders with respect to the Obligations, the Credit Agreement (including as affected by this Amendment), and any other Loan
Document or Transaction Document, other than any such claim arising from the bad faith, gross negligence or willful misconduct of the
Administrative Agent or a Lender as determined by a final non-appealable order by a court of competent jurisdiction, in each case arising
on or before the date hereof, such waiver and release being with full knowledge and understanding of the circumstances and effect thereof,
and (b) expressly covenants and agrees never to institute, cause to be instituted, or continue prosecution of any suit or other form
of action or proceeding of any kind or nature whatsoever against the Administrative Agent or the Lenders by reason of or in connection
with any of the foregoing matters, claims, or causes of action.


 


5.2.       No
Waiver. The execution of this Amendment and acceptance of any documents related hereto shall not be deemed to be a waiver of any
Default or Event of Default under the Credit Agreement or breach, default, or event of default under any Security Document or other document
held by the Administrative Agent or the Lenders, whether or not known to the Administrative Agent or the Lenders and whether or not existing
on the date of this Amendment.


 


5.3.       Representations
and Warranties, No Default. Each Credit Party hereby represents that after giving effect to this Amendment:


 


(a)     It
is a corporation or limited liability company, as applicable, duly incorporated or organized, as the case may be, validly existing and
(to the extent such concept applies to such entity) in good standing under the laws of its jurisdiction of incorporation or organization
and, is duly qualified and authorized to do business in each jurisdiction in which the character of its Properties or the nature of its
business requires such qualification and authorization except where the failure to be so qualified would not reasonably be expected to
result a Material Adverse Effect.


 


(b)     It
has the power and authority and legal right to execute and deliver, and to perform its obligations under, this Amendment, the Credit Agreement,
the Notes, and all other Loan Documents, each as amended by this Amendment, to which it is a party and the performance of its obligations
thereunder have been duly authorized by proper organizational proceedings, and the Loan Documents to which such Person is a party constitute
legal, valid and binding obligations of such Person enforceable against such Person in accordance with their terms, except as enforceability
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal Debtor Relief Laws from time to time
in effect which affect the enforcement of creditors’ right in general and the availability of equitable remedies.


 






    5


    


    

 


(c)      The
execution, delivery and performance of this Amendment, the Credit Agreement, and all other Loan Documents, each as amended by this
Amendment, the Extensions of Credit thereunder and the transactions contemplated hereby or thereby do not and will not, by the
passage of time, the giving of notice or otherwise, (a) require any Governmental Approval or violate any Applicable Law
relating to any Credit Party or any Subsidiary thereof where the failure to obtain such Governmental Approval or such violation
could reasonably be expected to have a Material Adverse Effect, (b) conflict with, result in a breach of or constitute a
default under the articles of incorporation, bylaws or other organizational documents of any Credit Party or any Subsidiary thereof,
(c) conflict with, result in a breach of or constitute a default under any indenture, agreement or other instrument evidencing
Indebtedness or a payment obligation in excess of the Threshold Amount to which such Person is a party or by which any of its
properties may be bound or any Governmental Approval relating to such Person, which could, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect, (d) result in or require the creation or imposition of any Lien upon
or with respect to any property now owned or hereafter acquired by such Person other than Permitted Liens or (e) require any
consent or authorization of, filing with, or other act in respect of, an arbitrator or Governmental Authority and no consent of any
other Person is required in connection with the execution, delivery, performance, validity or enforceability of any Transaction
Document other than (i) consents, authorizations, filings or other acts or consents for which the failure to obtain or make
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (ii) consents or filings
under the UCC, (iii) filings with the United States Copyright Office and/or the United States Patent and Trademark Office and
(iv) filings of any mortgage or deed of trust with the applicable county recording office or register of deeds.


 


(d)     Reserved.


 


(e)     The
representations and warranties in Article VII of the Credit Agreement, as amended by this Amendment, are true and correct in all material
respects, without duplication as to any materiality modifiers, qualifications, or limitations set forth in Article VII of the Credit Agreement,
with respect to such Credit Party and its Subsidiaries as of the First Amendment Date, except to the extent such representations and warranties
specifically relate to an earlier date, in which case they are true and correct in all material respects as of such earlier date.


 


(f)      There
will exist no Default or Event of Default under the Credit Agreement.


 


(g)     To
the Borrower’s knowledge, no events have taken place and no circumstances exist at the date hereof that would give any Credit Party
a basis to assert a defense, offset, or counterclaim to any claim of the Administrative Agent or any Lender with respect to the Obligations.


 






    6


    


    

 


Section 6.        Reserved.


 


Section 7.       Affirmation
of Loan Documents, Further References, Affirmation of Security Interest and Guarantee. Each of the Administrative Agent,
the Lenders, and the Credit Party acknowledge and affirm that each of the Credit Agreement, any Guarantee, the Security Agreement, and
each of the other Loan Documents and Transaction Documents to which it is a party is hereby ratified and confirmed in all respects except
as expressly amended hereby, and all terms, conditions, and provisions of each such Loan Document and Transaction Document shall remain
unmodified and in full force and effect except as expressly amended hereby. Each Credit Party confirms to the Administrative Agent and
the Lenders that the Obligations are and continue to be guaranteed and secured by the security interest granted in favor of the Administrative
Agent for the benefit of the Administrative Agent and the Lenders under any Guarantee and any Security Documents, as applicable, and
that all of the terms, conditions, provisions, agreements, requirements, promises, obligations, duties, covenants, and representations
of such Credit Party under such documents and any and all other documents and agreements entered into with respect to the obligations
under the Credit Agreement are hereby ratified, assumed, and affirmed in all respects by such Credit Party, except as expressly modified
hereby.


 


Section 8.        Merger and Integration,
Superseding Effect. This Amendment embodies the entire agreement and understanding among any Credit Party, the Administrative
Agent, the Issuing Lender and the Lenders and supersedes all prior agreements and understandings among any Credit Party, the Administrative
Agent, the Issuing Lender and the Lenders relating to the subject matter hereof or thereof.


 


Section
9.        Severability. Any provision in this Amendment that is held to be inoperative, unenforceable or invalid in
any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable or invalid without affecting the remaining provisions
in that jurisdiction or the operation, enforceability or validity of that provision in any other jurisdiction, and to this end the
provisions of this Amendment are declared to be severable.


 


Section 10.      Successors.
This Amendment shall be binding upon the Credit Parties, the Lenders, the Administrative Agent, and their respective successors and assigns,
and shall inure to the benefit of the Credit Parties, the Administrative Agent, the Lenders, and the successors and assigns of the Administrative
Agent and the Lenders.


 


Section 11.      Expenses. The
Borrower shall pay the Administrative Agent, upon execution of this Amendment, the fees and expenses as provided in Section 12.3
of the Credit Agreement to the extent requested in advance by the Administrative Agent.


 


Section 12.      Headings.
Section headings in this Amendment are for convenience of reference only and shall not govern the interpretation of any of the provisions
of this Amendment.


 


Section 13.      Counterparts.
This Amendment 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.


 






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Section 14.      Governing Law.
THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF MINNESOTA, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE
TO NATIONAL BANKS.


 


[The remainder of this page is intentionally left
blank]


 






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IN WITNESS WHEREOF, the parties hereto have
caused this Consent and First Amendment Agreement to be executed as of the date and year first above written.


 


	 	TACTILE SYSTEMS TECHNOLOGY, INC., as Borrower



 


	 	By:	/s/ Brent Moen






	 	Name:	Brent Moen






	 	Title:	Chief Financial Officer



 


	 	SWELLING SOLUTIONS, INC., as Guarantor



 


	 	By:	/s/ Brent Moen






	 	Name:	Brent Moen






	 	Title:	Chief Financial Officer



 


[Signature Page to First Amendment Agreement]


 






    


    


    

 


 


	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent,
Swingline Lender, Issuing Lender and Lender



 


	 	By:	/s/ Jonathan Antonio






	 	Name:	Jonathan Antonio






	 	Title:	 Senior Vice President



 


[Signature Page to First Amendment Agreement]


 






    


    


    

  


EXECUTION
VERSION


 






 


$25,000,000.00EXHIBIT
I TO

FIRST AMENDMENT AGREEMENT


 


$55,000,000


 


AMENDED AND RESTATED CREDIT AGREEMENT


 


dated as of April 30, 2021,


 


by and among


 


Tactile Systems Technology, Inc. dba Tactile Medical,

as Borrower,


 


the Lenders referred to herein,


as Lenders,


 


and


 


WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent and Swingline Lender


 


 








 






     


     


    

 


TABLE OF CONTENTS


 


Page


 
	ARTICLE I DEFINITIONS	1


 


	SECTION 1.1	Definitions	1
	SECTION 1.2	Other Definitions and Provisions	36
	SECTION 1.3	Accounting Terms	36
	SECTION 1.4	UCC Terms	37
	SECTION 1.5	Rounding	37
	SECTION 1.6	References to Agreement and Laws	37
	SECTION 1.7	Times of Day	37
	SECTION 1.8	Letter of Credit Amounts	37
	SECTION 1.9	Guarantees	38
	SECTION 1.10	Covenant Compliance Generally	38
	SECTION 1.11	Rates	38



 


	ARTICLE
    II REVOLVING CREDIT FACILITY	39



 


	SECTION 2.1	Revolving Credit Loans	39
	SECTION 2.2	Swingline Loans	39
	SECTION 2.3	Procedure for Advances of Revolving Credit Loans and Swingline Loans	41
	SECTION 2.4	Repayment and Prepayment of Revolving Credit and Swingline Loans	42
	SECTION 2.5	Permanent Reduction of the Revolving Credit Commitment	43
	SECTION 2.6	Termination of Revolving Credit Facility	43



 


	ARTICLE III LETTER OF CREDIT FACILITY	44



 


	SECTION 3.1	L/C Facility	44
	SECTION 3.2	Procedure for Issuance of Letters of Credit	45
	SECTION 3.3	Commissions and Other Charges	45
	SECTION 3.4	L/C Participations	45
	SECTION 3.5	Reimbursement Obligation of the Borrower	46
	SECTION 3.6	Obligations Absolute	47
	SECTION 3.7	Effect of Letter of Credit Application	47
	SECTION 3.8	Resignation of Issuing Lenders	47
	SECTION 3.9	Reporting of Letter of Credit Information and L/C Commitment	48
	SECTION 3.10	Letters of Credit Issued for Subsidiaries	48
	 	 	 
	ARTICLE IV [Reserved]
    TERM LOAN FACILITY
    	49
	 	 
	SECTION 4.1	Initial Term Loan	49
	SECTION 4.2	Procedure for Advance of Term Loan	49
	SECTION 4.3	Repayment of Term Loans	50
	SECTION 4.4	Prepayments of Term Loans	50



 


	ARTICLE V GENERAL LOAN PROVISIONS	52



 


	SECTION 5.1	Interest	52
	SECTION 5.2	Notice and Manner of Conversion or Continuation of Loans	54
	SECTION 5.3	Fees	54
	SECTION 5.4	Manner of Payment	55
	SECTION 5.5	Evidence of Indebtedness	55
	SECTION 5.6	Sharing of Payments by Lenders	56
	SECTION 5.7	Administrative Agent’s Clawback	56
	SECTION 5.8	Changed Circumstances	57
	SECTION 5.9	Indemnity	60
	SECTION 5.10	Increased Costs	60



 






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Page


 


	SECTION 5.11	Taxes	62
	SECTION 5.12	Mitigation Obligations; Replacement of Lenders	65
	SECTION 5.13	Incremental Loans	66
	SECTION 5.14	Cash Collateral	68
	SECTION 5.15	Defaulting Lenders	69



 
	ARTICLE VI CONDITIONS OF CLOSING AND BORROWING	71


 


	SECTION 6.1	Conditions to Closing and Initial Extensions of Credit	71
	SECTION 6.2	Conditions to All Extensions of Credit	74



 
	ARTICLE VII REPRESENTATIONS AND WARRANTIES OF THE CREDIT PARTIES	74


 


	SECTION 7.1	Organization; Power; Qualification	74
	SECTION 7.2	Ownership	74
	SECTION 7.3	Authorization; Enforceability	75
	SECTION 7.4	Compliance of Agreement, Loan Documents and Borrowing with Laws, Etc.	75
	SECTION 7.5	Compliance with Law; Governmental Approvals	75
	SECTION 7.6	Tax Returns and Payments	75
	SECTION 7.7	Intellectual Property Matters	76
	SECTION 7.8	[Reserved]	76
	SECTION 7.9	Employee Benefit Matters	76
	SECTION 7.10	Margin Stock	77
	SECTION 7.11	Government Regulation	77
	SECTION 7.12	Material Contracts	77
	SECTION 7.13	Employee Relations	77
	SECTION 7.14	Burdensome Provisions	77
	SECTION 7.15	Financial Statements	77
	SECTION 7.16	No Material Adverse Change	77
	SECTION 7.17	Solvency	77
	SECTION 7.18	Title to Properties	77
	SECTION 7.19	Litigation	77
	SECTION 7.20	Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions	78
	SECTION 7.21	Absence of Defaults	78
	SECTION 7.22	[Reserved]	78
	SECTION 7.23	Disclosure	78



 
	ARTICLE VIII AFFIRMATIVE COVENANTS	79


 


	SECTION 8.1	Financial Statements and Budgets	79
	SECTION 8.2	Certificates; Other Reports	80
	SECTION 8.3	Notice of Litigation and Other Matters	81
	SECTION 8.4	Preservation of Corporate Existence and Related Matters	82
	SECTION 8.5	Maintenance of Property and Licenses	82
	SECTION 8.6	Insurance	83
	SECTION 8.7	Accounting Methods and Financial Records	83
	SECTION 8.8	Payment of Taxes and Other Obligations	83
	SECTION 8.9	Compliance with Laws and Approvals	83
	SECTION 8.10	Beneficial Ownership Certification	83
	SECTION 8.11	Compliance with ERISA	83




 






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Page


 


	SECTION 8.12	Compliance with Material Contracts	84
	SECTION 8.13	Visits and Inspections	84
	SECTION 8.14	Additional Subsidiaries	84
	SECTION 8.15	[Reserved]	85
	SECTION 8.16	Use of Proceeds	85
	SECTION 8.17	[Reserved]	85
	SECTION 8.18	Compliance with Anti-Corruption Laws; Beneficial Ownership Regulation; Anti-Money Laundering Laws and Sanctions	86
	SECTION 8.19	Corporate Governance	86
	SECTION 8.20	Further Assurances	86
	SECTION 8.21	Cash Management	86
	SECTION 8.22	Post-Closing Obligations	86



 
	ARTICLE IX NEGATIVE COVENANTS	87


 


	SECTION 9.1	Indebtedness	87
	SECTION 9.2	Liens	88
	SECTION 9.3	Investments	89
	SECTION 9.4	Fundamental Changes	90
	SECTION 9.5	Asset Dispositions	91
	SECTION 9.6	Restricted Payments	92
	SECTION 9.7	Transactions with Affiliates	93
	SECTION 9.8	Accounting Changes	94
	SECTION 9.9	Incurrence of and Payments and Modifications of Subordinated Indebtedness	94
	SECTION 9.10	No Further Negative Pledges; Restrictive Agreements	94
	SECTION 9.11	Nature of Business	94
	SECTION 9.12	Amendments of Other Documents	94
	SECTION 9.13	Sale Leasebacks	94
	SECTION 9.14	Capital Expenditures Reserved
    	95
	SECTION 9.15	Financial Covenants	95
	SECTION 9.16	Disposal of Subsidiary Interests	95



 


	ARTICLE X DEFAULT AND REMEDIES	95



 


	SECTION 10.1	Events of Default	97
	SECTION 10.2	Remedies	97
	SECTION 10.3	Rights and Remedies Cumulative; Non-Waiver; etc.	98
	SECTION 10.4	Crediting of Payments and Proceeds	99
	SECTION 10.5	Administrative Agent May File Proofs of Claim	100
	SECTION 10.6	Credit Bidding	100



 


	ARTICLE XI THE ADMINISTRATIVE AGENT	101



 


	SECTION 11.1	Appointment and Authority	101
	SECTION 11.2	Rights as a Lender	101
	SECTION 11.3	Exculpatory Provisions	102
	SECTION 11.4	Reliance by the Administrative Agent	103
	SECTION 11.5	Delegation of Duties	103
	SECTION 11.6	Resignation of Administrative Agent	103
	SECTION 11.7	Non-Reliance on Administrative Agent and Other Lenders	104




 






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Page


 


	SECTION 11.8	No Other Duties, Etc.	104
	SECTION 11.9	Collateral and Guaranty Matters	105
	SECTION 11.10	Secured Hedge Agreements and Secured Cash Management Agreements	105
	SECTION 11.11	Erroneous Payments	106



 


	ARTICLE
    XII MISCELLANEOUS	107



 


	SECTION 12.1	Notices	107
	SECTION 12.2	Amendments, Waivers and Consents	110
	SECTION 12.3	Expenses; Indemnity	112
	SECTION 12.4	Right of Setoff	114
	SECTION 12.5	Governing Law; Jurisdiction, Etc.	114
	SECTION 12.6	Waiver of Jury Trial	115
	SECTION 12.7	Reversal of Payments	116
	SECTION 12.8	Injunctive Relief	116
	SECTION 12.9	Successors and Assigns; Participations	116
	SECTION 12.10	Treatment of Certain Information; Confidentiality	120
	SECTION 12.11	Performance of Duties	121
	SECTION 12.12	All Powers Coupled with Interest	121
	SECTION 12.13	Survival	121
	SECTION 12.14	Titles and Captions	121
	SECTION 12.15	Severability of Provisions	121
	SECTION 12.16	Counterparts; Integration; Effectiveness; Electronic Execution	122
	SECTION 12.17	Term of Agreement	123
	SECTION 12.18	USA PATRIOT Act; Anti-Money Laundering Laws	123
	SECTION 12.19	Independent Effect of Covenants	123
	SECTION 12.20	No Advisory or Fiduciary Responsibility	123
	SECTION 12.21	Amendment and Restatement; No Novation	124
	SECTION 12.22	Inconsistencies with Other Documents	124
	SECTION 12.23	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	124
	SECTION 12.24	Certain ERISA Matters	125
	SECTION 12.25	Acknowledgement Regarding Any Supported QFCs	126




 






    iv 


     


    

 


	EXHIBITS	 	 
	Exhibit A-1	-	Form of Revolving Credit Note
	
    Exhibit A-2

    Exhibit A-3
	
    -

    -
	
    Form of Swingline Note

    Form of Term Loan Note

	Exhibit B	-	Form of Notice of Borrowing
	Exhibit C	-	Form of Notice of Account Designation
	Exhibit D	-	Form of Notice of Prepayment
	Exhibit E	-	Form of Notice of Conversion/Continuation
	Exhibit F	-	Form of Officer’s Compliance Certificate
	Exhibit G	-	Form of Assignment and Assumption
	Exhibit H-1	-	Form of U.S. Tax Compliance Certificate (Non-Partnership Foreign Lenders)
	Exhibit H-2	-	Form of U.S. Tax Compliance Certificate (Non-Partnership Foreign Participants)
	Exhibit H-3	-	Form of U.S. Tax Compliance Certificate (Foreign Participant Partnerships)
	Exhibit H-4	-	Form of U.S. Tax Compliance Certificate (Foreign Lender Partnerships)
	 
	SCHEDULES
	Schedule 7.1	-	Jurisdictions of Organization and Qualification
	Schedule 7.2	-	Subsidiaries and Capitalization
	Schedule 7.6	-	Tax Matters
	
    Schedule 7.9

    Schedule 7.12
	-	
    ERISA Plans

    Material Contracts

	Schedule 7.13	-	Labor and Collective Bargaining Agreements
	Schedule 7.18	-	Real Property
	Schedule 7.19	-	Litigation
	Schedule 9.1	-	Existing Indebtedness
	Schedule 9.2	-	Existing Liens
	Schedule 9.3	-	Existing Loans, Advances and Investments
	Schedule 9.7	-	Transactions with Affiliates


 






    v 


     


    

 



 


THIS AMENDED AND RESTATED
CREDIT AGREEMENT, dated as of April 30, 2021 (as amended by that certain First Amendment Agreement to which
this Agreement is attached), is by and among Tactile Systems Technology, Inc., a Delaware corporation (dba Tactile Medical),
as Borrower, the lenders who are party to this Agreement and the lenders who may become a party to this Agreement pursuant to the terms
hereof, as Lenders, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Administrative Agent for the Lenders.


 


STATEMENT OF PURPOSE


 


WHEREAS, the Borrower, certain
financial institutions party thereto and Wells Fargo Bank, National Association, as administrative agent, are parties to that certain
Credit Agreement, dated as of August 3, 2018 (as amended, modified, restated or supplemented immediately prior to the date hereof, the
 “Existing Credit Agreement”). The


 


WHEREAS,
the Borrower has requested, and subject to the terms and conditions set forth in this Agreement, the Administrative Agent and
the Lenders have agreed, to amend and restate the Existing Credit Agreement pursuant to the terms hereof,
including to provide to Borrower (a) a Revolving Credit Commitment in an amount not to exceed $25,000,000, and (b) after the First Amendment
Date, a Term Loan Commitment in an amount not to exceed $30,000,000.


 


NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, such parties hereby agree
that the Existing Credit Agreement shall be, and hereby is, amended and restated in its entirety as follows:


 


ARTICLE I



DEFINITIONS


 


SECTION 1.1        Definitions.
The following terms when used in this Agreement shall have the meanings assigned to them below:


 


“Acquisition”
means any transaction, or any series of related transactions, consummated on or after the date of this Agreement, by which any Credit
Party or any of its Subsidiaries (a) acquires any business or all or substantially all of the assets of any Person, or division thereof,
whether through purchase of assets, merger or otherwise or (b) directly or indirectly acquires (in one transaction or as the most recent
transaction in a series of transactions) at least a majority (in number of votes) of the securities of a corporation which have ordinary
voting power for the election of members of the board of directors or the equivalent governing body (other than securities having such
power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding ownership interests
of a partnership or limited liability company.


 


“Administrative Agent”
means Wells Fargo, in its capacity as Administrative Agent hereunder, and any successor thereto appointed pursuant to Section 11.6.


 


“Administrative Agent’s
Office” means the office of the Administrative Agent specified in or determined in accordance with the provisions of Section 12.1(c).


 


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


 






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





 


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


 


“Agent Parties”
has the meaning assigned thereto in Section 12.1(e).


 


“Agreement”
means this Credit Agreement.


 


“Announcements”
has the meaning assigned thereto in Section 1.11.


 


“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction from time to time concerning or relating to bribery or corruption,
including the United States Foreign Corrupt Practices Act of 1977 and the rules and regulations thereunder and the U.K. Bribery Act 2010
and the rules and regulations thereunder.


 


“Anti-Money
Laundering Laws” means any and all laws, statutes, regulations or obligatory government orders, decrees, ordinances or
rules related to terrorism financing, money laundering, any predicate crime to money laundering or any financial record keeping,
including any applicable provision of the PATRIOT Act and The Currency and Foreign Transactions Reporting Act (also known as the
 “Bank Secrecy Act,” 31 U.S.C. §§ 5311-5330 and 12U.S.C. §§ 1818(s), 1820(b) and 1951-1959).


 


“Applicable Law”
means all applicable provisions of constitutions, laws, statutes, ordinances, rules, treaties, regulations, permits, licenses, approvals,
interpretations and orders of Governmental Authorities and all orders and decrees of all courts and arbitrators.


 


“Applicable Margin”
means the corresponding percentages per annum for the Loans as set forth below based on the Consolidated Total Leverage Ratio:





	 	 	 	 	 
	Pricing Level	Consolidated Total Leverage Ratio	Commitment Facility Fee	
    LIBOR 

    +
	
    Base Rate

    +

     

	I	Less than 1.00 to 1.00	0.300%	1.65%1.75%	0.65%0.75%
	II	Greater than or equal to 1.00 to 1.00, but less than 1.75 to 1.00	0.325%	1.90%2.25%	0.90%1.25%
	III	Greater than or equal to 1.75 to 1.00, but less than 2.50 to 1.00	0.350%	2.15%2.75%	1.15%1.75%
	IV	Greater than or equal to 2.50 to 1.00	0.375%	2.40%3.25%	1.40%2.25%
	 	 	 	 	 


The Applicable Margin shall be determined and
adjusted quarterly on the date five (5) Business Days after the day on which the Borrower provides an Officer’s Compliance Certificate
pursuant to Section 8.2(a) for the most recently ended fiscal quarter of the Borrower (each such date, a “Calculation
Date”); provided that (a) at the time of the First Amendment Date, the Applicable
Margin shall be based on Pricing Level IIII until
the Calculation Date occurring after the fiscal quarter ending JuneSeptember
30, 2021 and, thereafter the Pricing Level shall be determined by reference to the Consolidated Total Leverage Ratio as of the last day
of the most recently ended fiscal quarter of the Borrower preceding the applicable Calculation Date, and (b) if the Borrower fails to
provide an Officer’s Compliance Certificate when due as required by Section 8.2(a) for the most recently ended fiscal
quarter of the Borrower preceding the applicable Calculation Date, the Applicable Margin from the date on which such Officer’s Compliance
Certificate was required to have been delivered shall be based on Pricing Level IV until such time as such Officer’s Compliance
Certificate is delivered, at which time the Pricing Level shall be determined by reference to the Consolidated Total Leverage Ratio as
of the last day of the most recently ended fiscal quarter of the Borrower preceding such Calculation Date. The applicable Pricing Level
shall be effective from one Calculation Date until the next Calculation Date. Any adjustment in the Pricing Level shall be applicable
to all Extensions of Credit then existing or subsequently made or issued.


 






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Notwithstanding the foregoing, in the event that
any financial statement or Officer’s Compliance Certificate delivered pursuant to Section 8.1 or 8.2(a) is shown
to be inaccurate (regardless of whether (i) this Agreement is in effect, (ii) any Commitments are in effect, or (iii) any
Extension of Credit is outstanding when such inaccuracy is discovered or such financial statement or Officer’s Compliance Certificate
was delivered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an
 “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (A) the Borrower shall
immediately deliver to the Administrative Agent a corrected Officer’s Compliance Certificate for such Applicable Period, (B) the
Applicable Margin for such Applicable Period shall be determined as if the Consolidated Total Leverage Ratio in the corrected Officer’s
Compliance Certificate were applicable for such Applicable Period, and (C) the Borrower shall immediately and retroactively be obligated
to pay to the Administrative Agent the accrued additional interest and fees owing as a result of such increased Applicable Margin for
such Applicable Period, which payment shall be promptly applied by the Administrative Agent in accordance with Section 5.4.
Nothing in this paragraph shall limit the rights of the Administrative Agent and Lenders with respect to Sections 5.1(b) and
10.2 nor any of their other rights under this Agreement or any other Loan Document. The Borrower’s obligations under this
paragraph shall survive the termination of the Commitments and the repayment of all other Obligations hereunder.


 


The Applicable Margins set forth above shall be
increased as, and to the extent, required by Section 5.13.


 


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


 


“Arranger”
means Wells Fargo Securities, LLC, in its capacity as sole lead arranger and sole bookrunner.


 


“Asset Disposition”
means the sale, transfer, license, lease or other disposition of any Property (including any disposition of Equity Interests) by any Credit
Party or any Subsidiary thereof, and any issuance of Equity Interests by any Subsidiary of the Borrower to any Person that is not a Credit
Party or any Subsidiary thereof.


 


“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 12.9), and accepted by the Administrative Agent, in substantially the form attached as Exhibit G
or any other form approved by the Administrative Agent and the Borrower.


 






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“Attributable Indebtedness”
means, on any date of determination, (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, the capitalized amount or principal amount of the remaining lease payments under the relevant lease that would appear on a balance
sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a Capital Lease Obligation.


 





“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if the then-current Benchmark
is a term rate, any tenor for such Benchmark or (b) otherwise, any payment period for interest calculated with reference to such Benchmark,
as applicable, that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and
not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period”
pursuant to Section 5.8(c)(iv).


 


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


 


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


 


“Bankruptcy Code”
means 11 U.S.C. §§ 101 et seq.


 


“Base Rate”
means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) LIBOR for an Interest
Period of one month plus 1%; each change in the Base Rate shall take effect simultaneously with the corresponding change or changes
in the Prime Rate, the Federal Funds Rate or LIBOR (provided that clause (c) shall not be applicable during any period in
which LIBOR is unavailable or unascertainable).


 


“Base Rate Loan”
means any Loan bearing interest at a rate based upon the Base Rate as provided in Section 5.1(a).


 


“Benchmark”
means, initially, USD LIBOR; provided that if a Benchmark Transition Event, a Term SOFR Transition Event, or an Early Opt-in Election,
as applicable, and its related Benchmark Replacement Date have occurred with respect to USD LIBOR or the then-current Benchmark, then
 “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior
benchmark rate pursuant to Section 5.8(c)(i).


 


“Benchmark Replacement”
means, for any Available Tenor,


 


(a)       with
respect to any Benchmark Transition Event or Early Opt-in Election, the first alternative set forth in the order below that can be determined
by the Administrative Agent for the applicable Benchmark Replacement Date:


 


(1)       the
sum of: (A) Term SOFR and (B) the related Benchmark Replacement Adjustment; provided, that, if the Borrower has provided a
notification to the Administrative Agent in writing on or prior to such Benchmark Replacement Date that the Borrower has a Hedge
Agreement in place with respect to any of the Loans as of the date of such notice (which such notification the Administrative Agent
shall be entitled to rely upon and shall have no duty or obligation to ascertain the correctness or completeness of), then the
Administrative Agent, in its sole discretion, may decide not to determine the Benchmark Replacement pursuant to this clause (a)(1)
for such Benchmark Transition Event or Early Opt-in Election, as applicable;


 






    4 


     


    

 





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


 


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


 


(b)       with
respect to any Term SOFR Transition Event, the sum of (i) Term SOFR and (ii) the related Benchmark Replacement Adjustment;


 


provided that, (i) in the case of clause
(a)(1), if the Administrative Agent decides that Term SOFR is not administratively feasible for the Administrative Agent, then Term SOFR
will be deemed unable to be determined for purposes of this definition and (ii) in the case of clause (a)(1) or clause (b) of this definition,
the applicable Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time
to time as selected by the Administrative Agent in its reasonable discretion. If the Benchmark Replacement as determined pursuant to clause
(a)(1), (a)(2) or (a)(3) or clause (b) of this definition would be less than the Floor, the Benchmark Replacement will be deemed to be
the Floor for the purposes of this Agreement and the other Loan Documents.


 


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


 


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


 


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


 


(b)       the
spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set
for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective
upon an index cessation event with respect to such Available Tenor of such Benchmark;


 


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


 





(3)       for
purposes of clause (b) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining
such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first
set for such Interest Period that has been selected or recommended by the Relevant Governmental Body for the replacement of such Available
Tenor of USD LIBOR with a SOFR-based rate;






    5 


     


    

 


provided that, (x) in the case of clause
(1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment
from time to time as selected by the Administrative Agent in its reasonable discretion and (y) if the then-current Benchmark is a term
rate, more than one tenor of such Benchmark is available as of the applicable Benchmark Replacement Date and the applicable Unadjusted
Benchmark Replacement that will replace such Benchmark in accordance with Section 5.8(c)(i) will not be a term rate, the Available
Tenor of such Benchmark for purposes of this definition of “Benchmark Replacement Adjustment” shall be deemed to be, with
respect to each Unadjusted Benchmark Replacement having a payment period for interest calculated with reference thereto, the Available
Tenor that has approximately the same length (disregarding business day adjustments) as such payment period.


 


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


 


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


 


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


 


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


 






    6 


     


    

 


(c)       in
the case of a Term SOFR Transition Event, the date that is thirty (30) days after the Administrative Agent has provided the Term SOFR
Notice to the Lenders and the Borrower pursuant to Section 5.8(c)(i)(B); or


 





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


 


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


 


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


 


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


 


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


 


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


 


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


 


“Benchmark Unavailability
Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (a) or (b)
of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder
and under any Loan Document in accordance with Section 5.8(c) and (y) ending at the time that a Benchmark Replacement has replaced
the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 5.8(c) .


 






    7 


     


    

 





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


 


“Beneficial Ownership
Regulation” means 31 CFR § 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”.


 


“Borrower”
means Tactile Systems Technology, Inc., a Delaware corporation, doing business as Tactile Medical.


 


“Borrower Materials”
has the meaning assigned thereto in Section 8.2.


 


“Business Day”
means (a) for all purposes other than as set forth in clause (b) below, any day other than a Saturday, Sunday or legal holiday
on which banks in Minneapolis, Minnesota and New York, New York, are open for the conduct of their commercial banking business and (b) with
respect to all notices and determinations in connection with, and payments of principal and interest on, any LIBOR Rate Loan, or any Base
Rate Loan as to which the interest rate is determined by reference to LIBOR, any day that is a Business Day described in clause (a) and
that is also a London Banking Day.


 


“Calculation Date”
has the meaning assigned thereto in the definition of Applicable Margin.


 


“Capital Expenditures”
means, with respect to the Borrower and its Subsidiaries on a Consolidated basis, for any period, (a) the additions to property, plant
and equipment and other capital expenditures that are (or would be) set forth in a consolidated statement of cash flows of such Person
for such period prepared in accordance with GAAP and (b) Capital Lease Obligations during such period.


 


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


 


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


 






    8 


     


    

 


“Cash
Equivalents” means, collectively, (a) marketable direct obligations issued or unconditionally guaranteed by the
United States or any agency thereof maturing within one hundred twenty (120) days from the date of acquisition thereof,
(b) commercial paper maturing no more than one hundred twenty (120) days from the date of creation thereof and currently having
the highest rating obtainable from either S&P or Moody’s, (c) certificates of deposit maturing no more than one
hundred twenty (120) days from the date of creation thereof issued by commercial banks incorporated under the laws of the United
States, each having combined capital, surplus and undivided profits of not less than $500,000,000 and having a rating of
 “A” or better by a nationally recognized rating agency; provided that the aggregate amount invested in such
certificates of deposit shall not at any time exceed $5,000,000 for any one such certificate of deposit and $10,000,000 for any one
such bank, or (d) time deposits maturing no more than thirty (30) days from the date of creation thereof with commercial banks
or savings banks or savings and loan associations each having membership either in the FDIC or the deposits of which are insured by
the FDIC and in amounts not exceeding the maximum amounts of insurance thereunder.


 





“Cash Management
Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft, credit or debit
card (including non-card electronic payables and purchasing cards), electronic funds transfer and other cash management arrangements.


 


“Cash Management
Bank” means any Person that, (a) at the time it enters into a Cash Management Agreement with a Credit Party, is a Lender, an
Affiliate of a Lender, the Administrative Agent or an Affiliate of the Administrative Agent, or (b) at the time it (or its Affiliate)
becomes a Lender or the Administrative Agent (including on the Closing Date), is a party to a Cash Management Agreement with a Credit
Party, in each case in its capacity as a party to such Cash Management Agreement.


 


“Change in Control”
means (i) an event or series of events by which any “person” or “group” (as such terms are used in Sections
13(d) and 14(d) of the Exchange Act, 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 Exchange Act directly or indirectly of more than forty percent (40%) of the
Equity Interests of the Borrower entitled to vote in the election of members of the board of directors (or equivalent governing body)
of the Borrower or (ii) the Borrower shall cease to own 100% of the Equity Interests of any Subsidiary other than (x) any Subsidiary that
merges with an into the Borrower or another Wholly-Owned Domestic Subsidiary of the Borrower in accordance with Section 9.4 or
(y) any Subsidiary that is permitted to be sold in accordance with Section 9.5.


 


“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, (i) the Dodd-Frank
Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives thereunder or issued in
connection therewith or in implementation thereof and (ii) all requests, rules, guidelines, requirements 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, implemented or issued.


 


“Class”
means, when used in reference to any Loan, whether such Loan is a Revolving Credit Loan, Swingline Loan or Term Loan and, when used in
reference to any Commitment, whether such Commitment is a Revolving Credit Commitment or a Term Loan Commitment.


 






    9 


     


    

 


“Closing Date”
means the date of this Agreement.


 





“Code”
means the Internal Revenue Code of 1986, and the rules and regulations promulgated thereunder.


 


“Collateral”
means the collateral security for the Secured Obligations pledged or granted pursuant to the Security Documents.


 


“Commitment Fee”
has the meaning assigned thereto in Section 5.3(a).


 


“Commitment Percentage”
means, as to any Lender, such Lender’s Revolving Credit Commitment Percentage or Term Loan Percentage, as applicable.


 


“Commitments”
means, collectively, as to all Lenders, the Revolving Credit Commitments and the Term Loan Commitments of such Lenders.


 


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


 


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


 


“Consolidated”
means, when used with reference to financial statements or financial statement items of any Person, such statements or items on a consolidated
basis in accordance with applicable principles of consolidation under GAAP.


 


“Consolidated EBITDA”
means, for any period, the sum of the following determined on a Consolidated basis, without duplication, for the Borrower and its Subsidiaries
in accordance with GAAP: (a) Consolidated Net Income for such period plus (b) the sum of the following, without duplication,
to the extent deducted in determining Consolidated Net Income for such period: (i) income and franchise taxes, (ii) Consolidated
Interest Expense, (iii) amortization, depreciation and other non-cash charges (including any impairment charges and inventory write-offs,
except to the extent that such non-cash charges are reserved for cash charges to be taken in the future), (iv) Transaction Costs,
(v) non-cash stock compensation expense for such period, (vi) any non-recurring costs and expenses included in the calculation of Consolidated
EBITDA included in the Borrower’s quarterly earnings releases (including any litigation defense costs and,
executive transition costs and any business optimization expenses, other restructuring and integration costs,
cost savings and expense-related synergies and other similar costs and expenses related to the IBC Acquisition (including retention, completion,
recruiting, and signing bonuses and expenses, consulting fees, expansion and relocation expenses, severance payments)), provided
that the aggregate amount of all such non-recurring costs and expenses shall not exceed (A) 20% of Consolidated
EBITDA for the fiscal quarters ended December 30, 2021, March 31, 2022, June 30, 2022 and September 30, 2022 and (B) 15% of
Consolidated EBITDA for any fiscal quarter thereafter as calculated prior to the implementation
of such add-back, less (c) the sum of the following, without duplication, to the extent included in determining Consolidated
Net Income for such period: (i) interest income, and (ii) any extraordinary gains. For purposes of determining
Consolidated EBITDA under this Agreement, (x) Consolidated EBITDA for the fiscal quarter ending September 30, 2021 shall be deemed to
be actual Consolidated EBITDA of the Borrower and its Subsidiaries for such fiscal quarter as determined on a Pro Forma Basis with respect
to the IBC Acquisition and calculated in a manner consistent with the definition of Consolidated EBITDA and (y) Consolidated EBITDA for
each of the fiscal quarters ending on the dates set forth below shall be deemed to be the amount set forth below opposite such date:


 


	Fiscal Quarter Ending	 	 	Consolidated EBITDA	 
	June 30, 2021	 	 	$	6,055,000.00	 
	March 31, 2021	 	 	$	1,474,000.00	 
	December 30, 2020	 	 	$	13,324,000.00	 
	September 30, 2020	 	 	$	  7,483,000.00	 



 



    10 


     


    







 


“Consolidated
Fixed Charge Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA, less federal, state,
local and foreign income taxes paid in cash, less Capital Expenditures that are not financed with Indebtedness under this Agreement or
other Indebtedness permitted under Section 9.1(d), in each case for the period of four (4) consecutive fiscal quarters ending on or immediately
prior to such date to (b) Consolidated Fixed Charges for the period of four (4) consecutive fiscal quarters ending on or immediately
prior to such date; provided however, that with respect to calculation of the Consolidated Fixed Charge Coverage Ratio (i) for purposes
of determining Consolidated Interest Expense for the periods ending September 30, 2021, December 31, 2021, March 31, 2022, and June 30,
2022, Interest Expense shall be deemed to be the amount of Interest Expense for such period since the First Amendment Date multiplied
by a fraction, the numerator of which is 365 and the denominator of which is the number of days in such period since the First Amendment
Date, and (ii) for purposes of calculating scheduled principal payments with respect to Indebtedness under this Agreement for each of
the four-quarter periods ending September 30, 2021, December 31, 2021, March 31, 2022 and June 30, 2022, such amount shall be deemed to
be $3,000,000 for each such four-quarter period being tested on such dates. 


 


“Consolidated
Fixed Charges” means, for any period, the sum of the following determined on a Consolidated basis for such period, without duplication,
for the Borrower and its Subsidiaries in accordance with GAAP: (a) Consolidated Interest Expense paid or payable in cash, (b) scheduled
principal payments with respect to Indebtedness, and (c) payments required to be made in cash for any earn-out obligations, including
but not limited to any payments paid in cash related to any IBC Earn-out Payment.


 


“Consolidated Interest
Expense” means, for any period, the sum of the following determined on a Consolidated basis, without duplication, for the Borrower
and its Subsidiaries in accordance with GAAP, interest expense attributable to Consolidated Total Indebtedness for such period.


 


“Consolidated Net
Income” means, for any period, the net income (or loss) of the Borrower and its Subsidiaries for such period, determined on
a Consolidated basis, without duplication, in accordance with GAAP; provided, that in calculating Consolidated Net Income of the
Borrower and its Subsidiaries for any period, there shall be excluded (a) the net income (or loss) of any Person (other than a Subsidiary
which shall be subject to clause (c) below), in which the Borrower or any of its Subsidiaries has a joint interest with a third party,
except to the extent such net income is actually paid in cash to the Borrower or any of its Subsidiaries by dividend or other distribution
during such period, (b) the net income (or loss) of any Person accrued prior to the date it becomes a Subsidiary of the Borrower
or any of its Subsidiaries or is merged into or consolidated with the Borrower or any of its Subsidiaries or that Person’s assets
are acquired by the Borrower or any of its Subsidiaries except to the extent included pursuant to the foregoing clause (a), (c) the
net income (if positive), of any Subsidiary to the extent that the declaration or payment of dividends or similar distributions by such
Subsidiary to the Borrower or any of its Subsidiaries of such net income (i) is not at the time permitted by operation of the terms
of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such Subsidiary
or (ii) would be subject to any taxes payable on such dividends or distributions, but in each case only to the extent of such prohibition
or taxes and (d) any gain or loss from Asset Dispositions during such period.


 






    11 


     


    

 


“Consolidated Total
Indebtedness” means, as of any date of determination with respect to the Borrower and its Subsidiaries on a Consolidated basis
without duplication, the sum of all Indebtedness of the Borrower and its Subsidiaries.


 





“Consolidated Total
Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Total Indebtedness on such date to (b)
Consolidated EBITDA for the period of four (4) consecutive fiscal quarters ending on or immediately prior to such date.


 


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


 


“Controlled Account”
means each deposit account and securities account that is subject to an account control agreement in form and substance satisfactory to
the Administrative Agent and each of the applicable Issuing Lenders that is entitled to Cash Collateral hereunder at the time such control
agreement is executed.


 


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


 


“Credit Facility”
means, collectively, the Revolving Credit Facility, any Term Loan Facility, the Swingline Facility and the L/C Facility.


 


“Credit Parties”
means, collectively, the Borrower and any Guarantor.


 


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


 


“Debt
Issuance” means the issuance of any Indebtedness for borrowed money by any Credit Party or any of its Subsidiaries.


 


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


 


“Default”
means any of the events specified in Section 10.1 which with the passage of time, the giving of notice or any other condition,
would constitute an Event of Default.


 


“Defaulting
Lender” means, subject to Section 5.15(b), any Lender that (a) has failed to (i) fund all or any portion of
the Revolving Credit Loans, participations in Letters of Credit or participations in Swingline Loans or any Term Loan required to be
funded by it hereunder within two Business Days of the date such Loans or participations were required to be funded hereunder unless
such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s
determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable
default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any
Issuing Lender, the Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect
of its participation in Letters of Credit or Swingline Loans) within two Business Days of the date when due, (b) has notified the
Borrower, the Administrative Agent, any Issuing Lender or the Swingline Lender in writing that it does not intend to comply with its
funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to
such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination
that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically
identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written
request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will
comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender
pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or
has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had
appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person
charged with reorganization or liquidation of its business or assets, including the FDIC or any other state or federal regulatory
authority acting in such a capacity or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a
Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect
parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with
immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its
assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements
made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of
clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a
Defaulting Lender (subject to Section 5.15(b)) upon delivery of written notice of such determination to the Borrower,
each Issuing Lender, the Swingline Lender and each Lender.


 






    12 


     


    

 





“Disqualified Equity
Interests” means any Equity Interests that, by their terms (or by the terms of any security or other Equity Interest into which
they are convertible or for which they are exchangeable) or upon the happening of any event or condition, (a)  mature or are mandatorily
redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result
of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset
sale event shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued and payable and the
termination of the Commitments), (b) are redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests)
(except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change
of control or asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued
and payable and the termination of the Commitments), in whole or in part, (c) provide for the scheduled payment of dividends in cash
or (d) are or become convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified
Equity Interests, in each case, prior to the date that is 91 days after the Term Loan Maturity Datelatest
scheduled maturity date of the Loans and Commitments; provided that if such Equity Interests are issued pursuant to
a plan for the benefit of the Borrower or its Subsidiaries or by any such plan to such officers or employees, such Equity Interests shall
not constitute Disqualified Equity Interests solely because they may be required to be repurchased by the Borrower or its Subsidiaries
in order to satisfy applicable statutory or regulatory obligations.


 


“Dollars”
or “$” means, unless otherwise qualified, dollars in lawful currency of the United States.


 






    13 


     


    

 


“Domestic Subsidiary”
means any Subsidiary organized under the laws of any political subdivision of the United States.


 


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


 





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


 


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


 


“EEA Financial Institution”
means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA
Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a)
of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described
in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.


 


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


 


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


 


“Electronic Record”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.


 


“Electronic Signature”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.


 


“Eligible Assignee”
means any Person that meets the requirements to be an assignee under Section 12.9(b)(iii), (v) and (vi) (subject
to such consents, if any, as may be required under Section 12.9(b)(iii)).


 


“Employee Benefit
Plan” means (a) any employee benefit plan within the meaning of Section 3(3) of ERISA that is maintained for employees
of any Credit Party or any ERISA Affiliate or (b) any Pension Plan or Multiemployer Plan that has at any time within the preceding
five (5) years been maintained, funded or administered for the employees of any Credit Party or any current or former ERISA Affiliate.


 


“Environmental Claims”
means any and all administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, accusations, allegations,
notices of noncompliance or violation, investigations (other than internal reports prepared by any Person in the ordinary course of business
and not in response to any third party action or request of any kind) or proceedings relating in any way to any actual or alleged violation
of or liability under any Environmental Law or relating to any permit issued, or any approval given, under any such Environmental Law,
including, without limitation, any and all claims by Governmental Authorities for enforcement, cleanup, removal, response, remedial or
other actions or damages, contribution, indemnification, cost recovery, compensation or injunctive relief resulting from Hazardous Materials
or arising from alleged injury or threat of injury to public health or the environment.


 









    14 


     


    





 


“Environmental Laws”
means any and all federal, foreign, state, provincial and local laws, statutes, ordinances, codes, rules, standards and regulations, permits,
licenses, approvals, interpretations and orders of courts or Governmental Authorities, relating to the protection of public health or
the environment, including, but not limited to, requirements pertaining to the manufacture, processing, distribution, use, treatment,
storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of Hazardous Materials.


 



“Equity Interests”
means (a) in the case of a corporation, capital stock, (b) in the case of an association or business entity, any and all shares,
interests, participations, rights or other equivalents (however designated) of capital stock, (c) in the case of a partnership, partnership
interests (whether general or limited), (d) in the case of a limited liability company, membership interests, (e) any other
interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets
of, the issuing Person and (f) any and all warrants, rights or options to purchase any of the foregoing.


 


“ERISA”
means the Employee Retirement Income Security Act of 1974, and the rules and regulations thereunder, each as amended or modified from
time to time.


 


“ERISA Affiliate”
means any Person who together with any Credit Party or any of its Subsidiaries is treated as a single employer within the meaning of Section 414(b),
(c), (m) or (o) of the Code or Section 4001(b) of ERISA.


 


“Erroneous Payment” has the
meaning assigned thereto in Section 11.11(a).


 


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


 


“Eurodollar Reserve
Percentage” means, for any day, the percentage which is in effect for such day as prescribed by the FRB (or any successor) for
determining the maximum reserve requirement (including, without limitation, any basic, supplemental or emergency reserves) in respect
of eurocurrency liabilities or any similar category of liabilities for a member bank of the Federal Reserve System in New York City.


 


“Event of Default”
means any of the events specified in Section 10.1; provided that any requirement for passage of time, giving of notice,
or any other condition, has been satisfied.


 


“Exchange Act”
means the Securities Exchange Act of 1934 (15 U.S.C. § 77 et seq.).


 


“Excluded Swap Obligation”
means, with respect to any Credit Party, any Swap Obligation if, and to the extent that, all or a portion of the liability of such Credit
Party for or the guarantee of such Credit Party of, or the grant by such Credit Party of a security interest to secure, such Swap Obligation
(or any liability or guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the
Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Credit Party’s
failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations
thereunder at the time the liability for or the guarantee of such Credit Party or the grant of such security interest becomes effective
with respect to such Swap Obligation (such determination being made after giving effect to any applicable keepwell, support or other agreement
for the benefit of the applicable Credit Party, including under the keepwell provisions in the Guaranty Agreement). If a Swap Obligation
arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that
is attributable to swaps for which such guarantee or security interest is or becomes illegal for the reasons identified in the immediately
preceding sentence of this definition.


 






    15 


     


    

 


“Excluded Taxes”
means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a
Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case,
(i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender,
its applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other
Connection Taxes, (b) in the case of a Lender, United States 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 5.12(b))
or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 5.11, amounts
with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such
Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 5.11(g)
and (d) any United States federal withholding Taxes imposed under FATCA.


 


“Existing Credit
Agreement” has the meaning assigned thereto in the Statement of Purpose.


 


“Extensions of Credit”
means, as to any Lender at any time, (a) an amount equal to the sum of (i) the aggregate principal amount of all Revolving Credit
Loans made by such Lender then outstanding, (ii) such Lender’s Revolving Credit Commitment Percentage of the L/C Obligations
then outstanding, (iii) such Lender’s Revolving Credit Commitment Percentage of the Swingline Loans then outstanding and (iv) the
aggregate principal amount of any Term Loans made by such Lender then outstanding, or (b) the making of any Loan or participation
in any Letter of Credit by such Lender, as the context requires.


 


“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.


 


“FCA” has
the meaning assigned thereto in Section 1.11.


 


“FDIC”
means the Federal Deposit Insurance Corporation.


 


“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, as published by the Federal Reserve Bank of New York on the Business Day
next succeeding such day, provided that if such rate is not so published for any day which is a Business Day, the Federal
Funds Rate for such day shall be the average of the quotation for such day on such transactions received by the Administrative Agent
from three federal funds brokers of recognized standing selected by the Administrative Agent. Notwithstanding the foregoing, if the
Federal Funds Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.


  


“Fee Letters”
means (a) the separate fee letter agreement dated the Closing Date among the Borrower, Wells Fargo and the Arranger and,
(b) the fee letter agreement dated the First Amendment Date among the Borrower, Wells Fargo and the
Arranger and (c) any letter between the Borrower and any Issuing Lender (other than Wells Fargo) relating to certain fees
payable to such Issuing Lender in its capacity as such.


 






    16 


     


    

 


“First
Amendment Date” means September 8, 2021.


 


“First Tier Foreign
Subsidiary” means any Foreign Subsidiary that is a “controlled foreign corporation” within the meaning of Section 957
of the Code and the Equity Interests of which are owned directly by any Credit Party.


 


“Fiscal Year”
means the fiscal year of the Borrower and its Subsidiaries ending on December 31.


 


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


 


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


 


“Foreign Subsidiary”
means any Subsidiary that is not a Domestic Subsidiary.


 


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


 


“Fronting Exposure”
means, at any time there is a Defaulting Lender, (a) with respect to any Issuing Lender, such Defaulting Lender’s Revolving Credit
Commitment Percentage of the outstanding L/C Obligations with respect to Letters of Credit issued by such Issuing Lender, other than such
L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized
in accordance with the terms hereof and (b) with respect to the Swingline Lender, such Defaulting Lender’s Revolving Credit Commitment
Percentage of outstanding Swingline Loans other than Swingline Loans as to which such Defaulting Lender’s participation obligation
has been reallocated to other Lenders or Cash Collateralized 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, bonds and similar extensions of credit in the ordinary course of its activities.


 


“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 Approvals”
means all authorizations, consents, approvals, permits, licenses and exemptions of, and all registrations and filings with or issued by,
any Governmental Authorities.


 


“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).


 






    17 


     


    

 


“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor
guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the
 “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor,
direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other
obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase
or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the
payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the
primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, (d) as an account party in respect
of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation or (e) for the purpose of assuming
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 (whether in whole or in part).


 


“Guarantor”
means any Subsidiary Guarantor from time to time and any other Person (other than the Borrower) from time to time that guarantees the
Secured Obligations or any portion thereof pursuant to a written guaranty agreement in form and substance acceptable to Administrative
Agent.


 


“Hazardous Materials”
means any substances or materials (a) which are or become defined as hazardous wastes, hazardous substances, pollutants, contaminants,
chemical substances or mixtures or toxic substances under any Environmental Law, (b) which are toxic, explosive, corrosive, flammable,
infectious, radioactive, carcinogenic, mutagenic or otherwise harmful to public health or the environment and are or become regulated
by any Governmental Authority, (c) the presence of which require investigation or remediation under any Environmental Law or common
law, (d) the discharge or emission or release of which requires a permit or license under any Environmental Law or other Governmental
Approval, (e) which are deemed by a Governmental Authority to constitute a nuisance or a trespass which pose a health or safety hazard
to Persons or neighboring properties, or (f) which contain, without limitation, asbestos, polychlorinated biphenyls, urea formaldehyde
foam insulation, petroleum hydrocarbons, petroleum derived substances or waste, crude oil, nuclear fuel, natural gas or synthetic gas.


 


“Health Care Receivable”
means any account receivable or other account that by law may not be assigned under, including, but not limited to, the Anti-Assignment
Act (41 U.S.C. § 15), the Assignment of Claims Act (31 U.S.C. § 3727), the Medicare “anti-assignment”
provisions (42 U.S.C. § 1395g(c) and 1395 u(b)(6)) and the Medicaid “anti-assignment” provisions (42 U.S.C. § 1396a(a)(32))
and all implementing regulations.


 


“Hedge Agreement”
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.


 


“Hedge Bank”
means any Person that, (a) at the time it enters into a Hedge Agreement with a Credit Party permitted under Article IX, is a Lender,
an Affiliate of a Lender, the Administrative Agent or an Affiliate of the Administrative Agent or (b) at the time it (or its Affiliate)
becomes a Lender or the Administrative Agent (including on the Closing Date), is a party to a Hedge Agreement with a Credit Party, in
each case in its capacity as a party to such Hedge Agreement.


 






    18 


     


    

 


“Hedge Termination
Value” means, in respect of any one or more Hedge Agreements, after taking into account the effect of any legally enforceable
netting agreement relating to such Hedge Agreements, (a) for any date on or after the date such Hedge Agreements 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 Hedge Agreements, as determined based
upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Hedge Agreements (which may
include a Lender or any Affiliate of a Lender).


 


“IBA” has
the meaning assigned thereto in Section 1.11.


 


“IBC”
means International Biophysics Corporation, a Texas corporation.


 


“IBC
Acquisition” means the Borrower’s purchase of substantially all of the assets of IBC pursuant to the terms of the IBC Acquisition
Agreement and IBC Acquisition Documents.


 


“IBC
Acquisition Agreement” means that certain Asset Purchase Agreement, dated as of the First Amendment Date by and among the Borrower,
IBC and H. David Shockley, Jr.


 


“IBC
Acquisition Documents” means the Transaction Documents (as defined in the IBC Acquisition Agreement).


 


“IBC
Earn-out Payment” means any Earn-Out Payments (as defined and described in Section 1.9 of the IBC Acquisition Agreement).


 


“Increase Amount
Date” has the meaning assigned thereto in Section 5.13(a).


 


“Increase Commitments”
has the meaning assigned thereto in Section 5.13(a)(ii).


 


“Increase Facilities
Limit” means $30,000,00025,000,000
less the total aggregate initial principal amount (as of the date of incurrence thereof) of all previously incurred unfunded Increase
Commitments and Increase Loans.


 


“Increase Lender”
has the meaning assigned thereto in Section 5.13(a).


 


“Increase Loans”
has the meaning assigned thereto in Section 5.13(a)(ii).


 


“Increase Term Loan”
has the meaning assigned thereto in Section 5.13(a)(i).


  


“Increase Term Loan
Commitment” has the meaning assigned thereto in Section 5.13(a)(i).


 


“Incremental Revolving
Credit Commitment” has the meaning assigned thereto in Section 5.13(a)(ii).


 


“Incremental Revolving
Credit Increase” has the meaning assigned thereto in Section 5.13(a)(ii).


 


“Indebtedness”
means, with respect to any Person at any date and without duplication, the sum of the following:


 






    19 


     


    

 


(a)       all
liabilities, obligations and indebtedness for borrowed money including, but not limited to, obligations evidenced by bonds, debentures,
notes or other similar instruments of any such Person;


 


(b)       all
obligations to pay the deferred purchase price of property or services of any such Person (excluding payment obligations under non-competition,
earn-out or similar agreements, including any payment obligations under any IBC Earn-out Payment, but
only excluding such payment obligations until such time that the payment obligations have become due and then
solely to the extent that any such payment obligations have not been paid within thirty (30) days of becoming
duewhen such payment is required to be made), except trade payables arising in
the ordinary course of business not more than ninety (90) days past due, or that are currently being contested in good faith by appropriate
proceedings and with respect to which reserves in conformity with GAAP have been provided for on the books of such Person;


 


(c)       the
Attributable Indebtedness of such Person with respect to such Person’s Capital Lease Obligations and Synthetic Leases (regardless
of whether accounted for as indebtedness under GAAP);


 


(d)       all
obligations of such Person under conditional sale or other title retention agreements relating to property purchased by such Person to
the extent of the value of such property (other than customary reservations or retentions of title under agreements with suppliers entered
into in the ordinary course of business);


 


(e)       all
Indebtedness of any other Person secured by a Lien on any asset owned or being purchased by such Person (including indebtedness arising
under conditional sales or other title retention agreements except trade payables arising in the ordinary course of business), whether
or not such indebtedness shall have been assumed by such Person or is limited in recourse;


 


(f)       all
obligations, contingent or otherwise, of any such Person relative to the face amount of letters of credit, whether or not drawn, including,
without limitation, any Reimbursement Obligation, and banker’s acceptances issued for the account of any such Person;


 


(g)       all
obligations of any such Person in respect of Disqualified Equity Interests;


 


(h)       all
net obligations of such Person under any Hedge Agreements; and


 


(i)       all
Guarantees of any such Person with respect to 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. In respect of Indebtedness of another Person secured by a Lien on the assets of the specified
Person, the amount of such Indebtedness as of any date of determination will be the lesser of (x) the fair market value of such assets
as of such date and (y) the amount of such Indebtedness as of such date.


 


The amount of any net obligation
under any Hedge Agreement on any date shall be deemed to be the Hedge 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 the Borrower
or any other Credit Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.


 


“Indemnitee”
has the meaning assigned thereto in Section 12.3(b).


 






    20 


     


    

 


“Information”
has the meaning assigned thereto in Section 12.10.


 


“Initial
Term Loan” means the $30,000,000.00 term loan made, or to be made, to the Borrower on the First Amendment Date by the Term Loan
Lenders pursuant to Section 4.1.


 


“Insurance and Condemnation
Event” means the receipt by any Credit Party or any of its Subsidiaries of any cash insurance proceeds or condemnation award
payable by reason of theft, loss, physical destruction or damage, taking or similar event with respect to any of their respective Property.


 


“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 (1), three (3), or six (6) months thereafter, in each case as selected by the Borrower in
its Notice of Borrowing or Notice of Conversion/Continuation and subject to availability; provided that:


 


(a)       the
Interest Period shall commence on the date of advance of or conversion to any LIBOR Rate Loan and, in the case of immediately successive
Interest Periods, each successive Interest Period shall commence on the date on which the immediately preceding Interest Period expires;


 


(b)       if
any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding
Business Day; provided that if any Interest Period with respect to a LIBOR Rate Loan would otherwise expire on a day that is not
a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on
the immediately preceding Business Day;


 


(c)       any
Interest Period with respect to a LIBOR Rate Loan 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
relevant calendar month at the end of such Interest Period;


 


(d)       no
Interest Period shall extend beyond the Revolving Credit Maturity Date or the Term Loan Maturity Date, as
applicable, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the quarterly principal installment
payments pursuant to Section 4.3 without payment of any amounts pursuant to Section 5.9;]
and


 


(e)       there
shall be no more than five (5) Interest Periods in effect at any time.


 


“Interstate Commerce
Act” means the body of law commonly known as the Interstate Commerce Act (49 U.S.C. App. § 1 et seq.).


  


“Investment”
means, with respect to any Person, that such Person (a) purchases, owns, invests in or otherwise acquires (in one transaction or a series
of transactions), directly or indirectly, any Equity Interests, interests in any partnership or joint venture (including, without limitation,
the creation or capitalization of any Subsidiary), evidence of Indebtedness or other obligation or security, substantially all or a portion
of the business or assets of any other Person or any other investment or interest whatsoever in any other Person, (b) makes any Acquisition
or (c) makes or permits to exist, directly or indirectly, any loans, advances or extensions of credit to, or any investment in cash or
by delivery of Property in, any Person.


 


“Investment Company
Act” means the Investment Company Act of 1940 (15 U.S.C. § 80(a)(1), et seq.).


 






    21 


     


    

 


“IRS” means
the United States Internal Revenue Service.


 


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


 


“Issuing Lender”
has the meaning assigned thereto in Section 3.1(a).


 


“L/C Commitment”
means, as to any Issuing Lender, the obligation of such Issuing Lender to issue Letters of Credit for the account of the Borrower from
time to time in an amount not to exceed $1,000,000.


 


“L/C Facility”
means the letter of credit facility established pursuant to Article III.


 


“L/C Obligations”
means at any time, an amount equal to the sum of (a) the aggregate undrawn and unexpired amount of the then outstanding Letters of Credit
and (b) the aggregate amount of drawings under Letters of Credit which have not then been reimbursed pursuant to Section 3.5.


 


“L/C Participants”
means, with respect to any Letter of Credit, the collective reference to all the Revolving Credit Lenders other than the applicable Issuing
Lender.


 


“Lender”
means each Person executing this Agreement as a Lender on the Closing Date and any other Person that shall have become a party to this
Agreement as a Lender pursuant to an Assignment and Assumption or pursuant to Section 5.13, other than any Person that ceases
to be a party hereto as a Lender pursuant to an Assignment and Assumption. Unless the context otherwise requires, the term “Lenders”
includes the Swingline Lender.


 


“Lending Office”
means, with respect to any Lender, the office of such Lender maintaining such Lender’s Extensions of Credit.


 


“Letter of Credit
Application” means an application requesting such Issuing Lender to issue a Letter of Credit and a reimbursement agreement,
in each case in the form specified by the applicable Issuing Lender from time to time.


 


“Letters of Credit”
means the collective reference to letters of credit issued pursuant to Section 3.1.


 


“LIBOR”
means, subject to the implementation of a Benchmark Replacement in accordance with Section 5.8(c),


 






    22 


     


    

 


ARTICLE
I(b)       for any interest rate calculation with
respect to a LIBOR Rate Loan, the rate of interest per annum determined on the basis of the rate for deposits in Dollars for a period
equal to the applicable Interest Period as published by the ICE Benchmark Administration Limited, a United Kingdom company, or a comparable
or successor quoting service approved by the Administrative Agent, at approximately 11:00 a.m. (London time) two (2) London Banking Days
prior to the first day of the applicable Interest Period. If, for any reason, such rate is not so published then “LIBOR”
shall be determined by the Administrative Agent to be the arithmetic average of the rate per annum at which deposits in Dollars would
be offered by first class banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m. (London time)
two (2) London Banking Days prior to the first day of the applicable Interest Period for a period equal to such Interest Period, and


 


(b)(c)       for
any interest rate calculation with respect to a Base Rate Loan, the rate of interest per annum determined on the basis of the rate for
deposits in Dollars for an Interest Period equal to one month (commencing on the date of determination of such interest rate) as published
by the ICE Benchmark Administration Limited, a United Kingdom company, or a comparable or successor quoting service approved by the Administrative
Agent, at approximately 11:00 a.m. (London time) on such date of determination, or, if such date is not a Business Day, then the immediately
preceding Business Day. If, for any reason, such rate is not so published then “LIBOR” for such Base Rate Loan shall be determined
by the Administrative Agent to be the arithmetic average of the rate per annum at which deposits in Dollars would be offered by first
class banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m. (London time) on such date of determination
for a period equal to one month commencing on such date of determination.


 


Each calculation by the Administrative
Agent of LIBOR shall be conclusive and binding for all purposes, absent manifest error.


 


Notwithstanding the foregoing,
(x) in no event shall LIBOR (including, without limitation, any Benchmark Replacement with respect thereto) be less than 0%, and
(y) unless otherwise specified in any amendment to this Agreement entered into in accordance with Section 5.8(c), in the event
that Benchmark Replacement with respect to LIBOR is implemented then all references herein to LIBOR shall be deemed references to such
Benchmark Replacement.


 


“LIBOR Rate”
means a rate per annum determined by the Administrative Agent pursuant to the following formula:


 


	LIBOR Rate =	LIBOR
	 	1.00-Eurodollar Reserve Percentage


 


“LIBOR Rate Loan”
means any Loan bearing interest at a rate based upon the LIBOR Rate as provided in Section 5.1(a).


 


“Lien”
means, with respect to any asset, any mortgage, leasehold mortgage, lien, pledge, charge, security interest, hypothecation or encumbrance
of any kind in respect of such asset. For the purposes of this Agreement, a Person shall be deemed to own subject to a Lien any asset
which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, Capital Lease Obligation
or other title retention agreement relating to such asset.


 


“Loan
Documents” means, collectively, this Agreement, each Note, the Letter of Credit Applications, the Security Documents, the
Fee Letters, and each other document, instrument, certificate and agreement executed and delivered by the Credit Parties or any of
their respective Subsidiaries in favor of or provided to the Administrative Agent or any Secured Party in connection with this
Agreement or otherwise referred to herein or contemplated hereby (excluding any Secured Hedge Agreement and any Secured Cash
Management Agreement).


 


“Loans”
means the collective reference to the Revolving Credit Loans, any Term Loan and the Swingline Loans, and “Loan” means any
of such Loans.


 


“London Banking Day”
means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank Eurodollar market.


 


“Material Adverse
Effect” means, with respect to the Borrower and its Subsidiaries, a material adverse effect on (a) the business, assets, properties,
financial condition or operations, taken as a whole, of any such Person, (b) the ability of any such Person to perform its obligations
under the Loan Documents to which it is a party, (c) the rights and remedies of the Administrative Agent or any Lender under any Loan
Document or (d) the legality, validity, binding effect or enforceability against any Credit Party of any Loan Document to which it is
a party.


 






    23 


     


    

 


“Material Contract”
means contracts, the termination or breach of which would require filing or reporting obligations with the SEC or other Governmental Agency.


 


“Minimum Collateral
Amount” means, at any time, (a) with respect to Cash Collateral consisting of cash or deposit account balances provided to reduce
or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to 105% of the Fronting Exposure of the Issuing
Lenders with respect to Letters of Credit issued and outstanding at such time, (b) with respect to Cash Collateral consisting of cash
or deposit account balances provided in accordance with the provisions of Section 10.2(b), an amount equal to 105% of the outstanding
amount of all LC Obligations and (c) otherwise, an amount determined by the Administrative Agent and each of the applicable Issuing Lenders
that is entitled to Cash Collateral hereunder at such time in their sole discretion.


 


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


 


“Multiemployer Plan”
means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which any Credit Party or any ERISA Affiliate
is making, or is accruing an obligation to make, or has accrued an obligation to make contributions within the preceding five (5) years,
or to which any Credit Party or any ERISA Affiliate has any liability (contingent or otherwise).


 


“Net
Cash Proceeds” means, as applicable, (a) with respect to any Asset Disposition or Insurance and Condemnation Event, the gross
proceeds received by any Credit Party or any of its Subsidiaries therefrom (including any cash, Cash Equivalents, deferred payment pursuant
to, or by monetization of, a note receivable or otherwise, as and when received) less the sum of (i) in the case of an Asset Disposition,
all income taxes and other taxes assessed by, or reasonably estimated to be payable to, a Governmental Authority as a result of such transaction
(provided that if such estimated taxes exceed the amount of actual taxes required to be paid in cash in respect of such Asset Disposition,
the amount of such excess shall constitute Net Cash Proceeds), (ii) all reasonable and customary out-of-pocket fees and expenses incurred
in connection with such transaction or event and (iii) the principal amount of, premium, if any, and interest on any Indebtedness
secured by a Lien on the asset (or a portion thereof) disposed of that is pari passu to or senior in ranking to the Liens on such asset
created by the Loan Documents, which Indebtedness is required to be repaid in connection with such transaction or event, and (b) with
respect to any Debt Issuance, the gross cash proceeds received by any Credit Party or any of its Subsidiaries therefrom less all reasonable
and customary out-of-pocket legal, underwriting and other fees and expenses incurred in connection therewith.


 


“Non-Consenting Lender”
means any Lender that does not approve any consent, waiver, amendment, modification or termination that (a) requires the approval of all
Lenders or all affected Lenders in accordance with the terms of Section 12.2 and (b) has been approved by the Required Lenders
or the Required Facility Lenders, as applicable.


 


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


 


“Non-Guarantor Subsidiary”
means any Subsidiary of Borrower that is not a Subsidiary Guarantor, if any.


 






    24 


     


    

 


“Notes”
means the collective reference to the Revolving Credit Notes, the Swingline Note and the Term Loan Notes.


 


“Notice of Account
Designation” has the meaning assigned thereto in Section 2.3(b).


 


“Notice of Borrowing”
has the meaning assigned thereto in Section 2.3(a).


 


“Notice of Conversion/Continuation”
has the meaning assigned thereto in Section 5.2.


 


“Notice of Prepayment”
has the meaning assigned thereto in Section 2.4(c).


 


“Obligations”
means, in each case, whether now in existence or hereafter arising: (a) the principal of and interest on (including interest accruing
after the filing of any bankruptcy or similar petition) the Loans, (b) the L/C Obligations and (c) all other fees and commissions
(including attorneys’ fees), charges, indebtedness, loans, liabilities, financial accommodations, obligations, covenants and duties
owing by the Credit Parties to the Lenders, the Issuing Lender or the Administrative Agent, in each case under any Loan Document, with
respect to any Loan or Letter of Credit of every kind, nature and description, direct or indirect, absolute or contingent, due or to become
due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any note and including interest and fees that
accrue after the commencement by or against any Credit Party of any proceeding under any Debtor Relief Laws, naming such Person as the
debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.


 


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


 


“Officer’s
Compliance Certificate” means a certificate of the chief financial officer or the treasurer of the Borrower substantially in
the form attached as Exhibit F.


 


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


 


“Other Taxes”
means all present or future stamp, court, documentary, intangible, recording, filing or similar Taxes that arise from any payment made
under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest
under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to
an assignment (other than an assignment made pursuant to Section 5.12).


 


“Paid in Full”
means (a) with respect to the Obligations means (i) the payment in full in cash and performance of all Obligations (other than (A) L/C
Obligations related to Letters of Credit that have (1) terminated or expired, (2) been Cash Collateralized in accordance with this Agreement
or (3) otherwise been satisfied in a manner acceptable to the Issuing Lender in its sole discretion and (B) contingent indemnification
obligations not then due) and (ii) the termination of all Commitments and (b) with respect to the Secured Obligations means (i) the payment
in full in cash and performance of all Secured Obligations (other than (A) L/C Obligations related to Letters of Credit that have (1)
terminated or expired, (2) been Cash Collateralized in accordance with this Agreement or (3) otherwise have been satisfied in a manner
acceptable to the Issuing Lender in its sole discretion, (B) contingent indemnification obligations and (C) Obligations under any Secured
Cash Management Agreements and Secured Hedge Agreement as to which arrangements have been made satisfactory to the applicable Cash Management
Bank or Hedge Bank) and (ii) the termination of all Commitments.


 






    25 


     


    

 


“Participant”
has the meaning assigned thereto in Section 12.9(d).


 


“Participant Register”
has the meaning assigned thereto in Section 12.9(d).


 


“PATRIOT Act”
means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).


 


“PBGC”
means the Pension Benefit Guaranty Corporation or any successor agency.


 


“Pension Plan”
means any Employee Benefit Plan, other than a Multiemployer Plan, which is subject to the provisions of Title IV of ERISA or Section 412
of the Code and which (a) is maintained, funded or administered for the employees of any Credit Party or any ERISA Affiliate, (b) has
at any time within the preceding five (5) years been maintained, funded or administered for the employees of any Credit Party or any current
or former ERISA Affiliates or (c) any Credit Party or any ERISA Affiliate has any liability (contingent or otherwise).


 


“Permitted Acquisition”
means the IBC Acquisition and any other Acquisition that
meets all of the following requirements:


 


(a)       no
less than fifteen (15) Business Days prior to the proposed closing date of such Acquisition (or such shorter period as may be agreed to
by the Administrative Agent), the Borrower shall have delivered written notice of such Acquisition to the Administrative Agent and the
Lenders, which notice shall include the proposed closing date of such Acquisition;


 


(b)       the
board of directors or other similar governing body of the Person to be acquired shall have approved such Acquisition (and, if requested,
the Administrative Agent shall have received evidence, in form and substance reasonably satisfactory to the Administrative Agent, of such
approval);


 


(c)       the
Person or business to be acquired shall be in a line of business permitted pursuant to Section 9.11 or, in the case of an
Acquisition of assets, the assets acquired are useful in the business of the Borrower and its Subsidiaries as conducted immediately prior
to such Acquisition;


 


(d)       if
such Acquisition is a merger or consolidation, the Borrower or a Subsidiary Guarantor shall be the surviving Person and no Change in Control
shall have been effected thereby;


 


(e)       no
later than three (3) Business Days prior to the proposed closing date of such Acquisition (or such shorter period as may be agreed to
by the Administrative Agent), the Borrower shall have delivered to the Administrative Agent an Officer’s Compliance Certificate
for the most recent fiscal quarter end preceding such Acquisition for which financial statements are available demonstrating, in form
and substance reasonably satisfactory to the Administrative Agent, (i) that the Borrower is in compliance on a Pro Forma Basis (as
of the closing date of the Acquisition) with each covenant contained in Section 9.15 and (ii) that the Consolidated Total
Leverage Ratio calculated on a Pro Forma Basis (as of the closing date of the Acquisition and after giving effect to the Acquisition)
shall be no greater than 2.002.50 to 1.00;


 


(f)       no
later than five (5) Business Days prior to the proposed closing date of such Acquisition (or such shorter period as may be agreed to by
the Administrative Agent) the Borrower, to the extent requested by the Administrative Agent, (i) shall have delivered to the Administrative
Agent promptly upon the finalization thereof copies of substantially final Permitted Acquisition Documents, which shall be in form and
substance reasonably satisfactory to the Administrative Agent, and (ii) shall have delivered to, or made available for inspection
by, the Administrative Agent substantially complete Permitted Acquisition Diligence Information, which shall be in form and substance
reasonably satisfactory to the Administrative Agent;


 






    26 


     


    

 


(g)       no
Default or Event of Default shall have occurred and be continuing both before and after giving effect to such Acquisition and any Indebtedness
incurred in connection therewith;


 


(h)       reserved;


 


(i)       the
Borrower shall demonstrate, in form and substance reasonably satisfactory to the Administrative Agent, that the entity to be acquired
had positive Consolidated EBITDA for the four (4) fiscal quarter period ended immediately prior to the proposed closing date of such Acquisition;
and


 


(j)       the
Borrower shall have (i) delivered to the Administrative Agent a certificate of a Responsible Officer certifying that all of the requirements
set forth above have been satisfied or will be satisfied on or prior to the consummation of such purchase or other Acquisition and (ii) provided
such other documents and other information as may be reasonably requested by the Administrative Agent or the Required Lenders (through
the Administrative Agent) in connection with such purchase or other Acquisition.


 


“Permitted Acquisition
Diligence Information” means with respect to any applicable Acquisition, to the extent applicable, all material financial information,
all material contracts, all material customer lists, all material supply agreements, and all other material information, in each case,
reasonably requested to be delivered to the Administrative Agent in connection with such Acquisition (except to the extent that any such
information is (a) subject to any confidentiality agreement, unless mutually agreeable arrangements can be made to preserve such
information as confidential, (b) classified or (c) subject to any attorney-client privilege).


 


“Permitted Acquisition
Documents” means with respect to any Acquisition proposed by the Borrower or any Subsidiary Guarantor, final copies or substantially
final drafts if not executed at the required time of delivery of the purchase agreement, sale agreement, merger agreement or other agreement
evidencing such Acquisition, including, without limitation, all legal opinions and each other document executed, delivered, contemplated
by or prepared in connection therewith and any amendment, modification or supplement to any of the foregoing.


 


“Permitted Liens”
means the Liens permitted pursuant to Section 9.2.


 


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


 


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


 


“Prime Rate”
means, at any time, the rate of interest per annum publicly announced from time to time by the Administrative Agent as its prime rate.
Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime rate occurs. The parties
hereto acknowledge that the rate announced publicly by the Administrative Agent as its prime rate is an index or base rate and shall not
necessarily be its lowest or best rate charged to its customers or other banks.


 






    27 


     


    

 


“Pro Forma Basis”
means, for purposes of calculating Consolidated EBITDA for any period during which one or more Specified Transactions occurs, that such
Specified Transaction (and all other Specified Transactions that have been consummated during the applicable period) shall be deemed to
have occurred as of the first day of the applicable period of measurement and:


 


(a)       all income
statement items (whether positive or negative) attributable to the Property or Person disposed of in a Specified Disposition shall be
excluded, and all income statement items (whether positive or negative) as estimated by the Borrower in good faith by a Responsible Officer
and which may include, for the avoidance of doubt, the amount of “run rate” cost savings, operating expenses and reductions
and synergies reasonably expected to be realized within twelve (12) months of such Specified Transaction calculated on a basis consistent
with GAAP attributable to the Property or Person acquired in a Permitted Acquisition shall be included (provided that such income
statement items to be included are reflected in financial statements or other financial data reasonably acceptable to the Administrative
Agent and based upon reasonable assumptions and calculations which are expected to have a continuous impact); and


 


(b)       in
the event that any Credit Party or any Subsidiary thereof incurs (including by assumption or guarantees) or repays (including by redemption,
repayment, retirement, discharge, defeasance or extinguishment) any Indebtedness included in the calculations of any financial ratio or
test (in each case, other than Indebtedness incurred or repaid under any revolving credit facility in the ordinary course of business
for working capital purposes), (i) during the applicable measurement period or (ii) subsequent to the end of the applicable measurement
period and prior to or simultaneously with the event for which the calculation of any such ratio is made, then such financial ratio or
test shall be calculated giving pro forma effect to such incurrence or repayment of Indebtedness, to the extent required, as if
the same had occurred on the last day of the applicable measurement period and any such Indebtedness that is incurred (including by assumption
or guarantee) that has a floating or formula rate of interest shall have an implied rate of interest for the applicable period determined
by utilizing the rate which is or would be in effect with respect to such Indebtedness as of the relevant date of determination.


 


“Property”
means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible,
including, without limitation, Equity Interests.


 


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


 


“Public Lenders”
has the meaning assigned thereto in Section 8.2.


 


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


 


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


 


“Reference Time”
with respect to any setting of the then-current Benchmark means (1) if such Benchmark is USD LIBOR, 11:00 a.m. (London time) on the day
that is two (2) London Banking Days preceding the date of such setting, and (2) if such Benchmark is not USD LIBOR, the time determined
by the Administrative Agent in its reasonable discretion.


 


“Register”
has the meaning assigned thereto in Section 12.9(c).


 


“Reimbursement Obligation”
means the obligation of the Borrower to reimburse any Issuing Lender pursuant to Section 3.5 for amounts drawn under Letters
of Credit issued by such Issuing Lender.


 






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“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.


 


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


 


“Removal Effective
Date” has the meaning assigned thereto in Section 11.6(b).


 


“Required Accounts”
has the meaning assigned thereto in Section 8.21.


 


“Required
Facility Lenders” means (a) for the Revolving Credit Facility, the Required Revolving Credit Lenders or (b) for the Term Loan Facility,
the Required Term Loan Lenders, as applicable.


 


“Required Lenders”
means, at any time, Lenders having Total Credit Exposures representing more than fifty percent (50%) of the Total Credit Exposures of
all Lenders. The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time.


 


“Required Revolving
Credit Lenders” means, at any date, any combination of Revolving Credit Lenders holding more than fifty percent (50%) of the
sum of the aggregate amount of the Revolving Credit Commitment or, if the Revolving Credit Commitment has been terminated, any combination
of Revolving Credit Lenders holding more than fifty percent (50%) of the aggregate Extensions of Credit under the Revolving Credit Facility;
provided that the Revolving Credit Commitment of, and the portion of the Extensions of Credit under the Revolving Credit Facility,
as applicable, held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Revolving
Credit Lenders.


 


“Required Term Loan Lenders”
means, at any time, Lenders having outstanding Term Loans, representing more than fifty percent (50%) of the sum of the aggregate outstanding
Term Loans at such time. The outstanding Term Loans of any Defaulting Lender shall be disregarded in determining Required Term Loan Lenders
at any time.


 


“Resignation Effective
Date” has the meaning assigned thereto in Section 11.6(a).


 


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


 


“Responsible Officer”
means, as to any Person, the chief executive officer, president, chief financial officer, controller, treasurer or assistant treasurer
of such Person or any other officer of such Person designated in writing by the Borrower and reasonably acceptable to the Administrative
Agent; provided that, to the extent requested thereby, the Administrative Agent shall have received a certificate of such Person
certifying as to the incumbency and genuineness of the signature of each such officer. Any document delivered hereunder or under any other
Loan Document that is signed by a Responsible Officer of a Person shall be conclusively presumed to have been authorized by all necessary
corporate, limited liability company, partnership and/or other action on the part of such Person and such Responsible Officer shall be
conclusively presumed to have acted on behalf of such Person.


 






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“Restricted Payment”
means the payment of any dividend by the Borrower (other than dividends payable solely in common stock of the Borrower) on, or the making
of any payment or other distribution on account of, or the purchase, redemption, retirement or other acquisition (directly or indirectly)
of, or the setting apart of assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other
acquisition of any Equity Interest of any Credit Party (whether now or hereafter outstanding), the making of any payment with respect
to any earn-out or similar obligation incurred in connection with an Acquisition permitted hereunder, or the making of any other distribution
in respect thereof, either directly or indirectly, whether in cash or property or in obligations of any Credit Party.


   


“Revolving Credit
Commitment” means (a) as to any Revolving Credit Lender, the obligation of such Revolving Credit Lender to make Revolving
Credit Loans to, and to purchase participations in L/C Obligations and Swingline Loans for the account of, the Borrower hereunder in an
aggregate principal amount at any time outstanding not to exceed the amount set forth opposite such Revolving Credit Lender’s name
on the Register, as such amount may be modified at any time or from time to time pursuant to the terms hereof (including, without limitation,
Section 5.13) and (b) as to all Revolving Credit Lenders, the aggregate commitment of all Revolving Credit Lenders to
make Revolving Credit Loans, as such amount may be modified at any time or from time to time pursuant to the terms hereof (including,
without limitation, Section 5.13). The aggregate Revolving Credit Commitment of all the Revolving Credit Lenders on the Closing
Date shall be $25,000,000.


 


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


 


“Revolving Credit
Exposure” means, as to any Revolving Credit Lender at any time, the aggregate principal amount at such time of its outstanding
Revolving Credit Loans and such Revolving Credit Lender’s participation in L/C Obligations and Swingline Loans at such time.


 


“Revolving Credit
Facility” means the revolving credit facility established pursuant to Article II (including any increase in such revolving
credit facility established pursuant to Section 5.13).


 


“Revolving Credit
Lenders” means, collectively, all of the Lenders with a Revolving Credit Commitment.


 


“Revolving Credit
Loan” means any revolving loan made to the Borrower pursuant to Section 2.1, and all such revolving loans collectively
as the context requires.


 


“Revolving Credit
Maturity Date” means the earliest to occur of (a) April 30September
8, 2024, (b) the date of termination of the entire Revolving Credit Commitment by the Borrower pursuant to Section 2.5,
and (c) the date of termination of the Revolving Credit Commitment pursuant to Section 10.2(a).


 


“Revolving Credit
Note” means a promissory note made by the Borrower in favor of a Revolving Credit Lender evidencing the Revolving Credit Loans
made by such Revolving Credit Lender, substantially in the form attached as Exhibit A-1, and any substitutes therefor, and
any replacements, restatements, renewals or extension thereof, in whole or in part.


 






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“Revolving Credit
Outstandings” means the sum of (a) with respect to Revolving Credit Loans and Swingline Loans on any date, the aggregate
outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Revolving Credit Loans and
Swingline Loans, as the case may be, occurring on such date; plus (b) with respect to any L/C Obligations on any date, the
aggregate outstanding amount thereof on such date after giving effect to any Extensions of Credit 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 of outstanding unpaid
drawings under any Letters of Credit or any reductions in the maximum amount available for drawing under Letters of Credit taking effect
on such date.


     


“Revolving Extensions
of Credit” means (a) any Revolving Credit Loan then outstanding, (b) any Letter of Credit then outstanding or (c) any
Swingline Loan then outstanding.


 


“S&P”
means Standard & Poor’s Rating Service, a division of S&P Global Inc. and any successor thereto.


 


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


 


“Sanctioned Person”
means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC (including OFAC’s
Specially Designated Nationals and Blocked Persons List and OFAC’s Consolidated Non-SDN List), the U.S. Department of State, the
United Nations Security Council, the European Union, any European member state, Her Majesty’s Treasury, or other relevant sanctions
authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or controlled by, or acting or
purporting to act for or on behalf of, directly or indirectly, any such Person or Persons described in clauses (a) and (b), including
a Person that is deemed by OFAC to be a Sanctions target based on the ownership of such legal entity by Sanctioned Person(s) or (d) any
Person otherwise a target of Sanctions, including vessels and aircraft, that are designated under any Sanctions program.


 


“Sanctions”
means any and all economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and restrictions and anti-terrorism
laws, including but not limited to those imposed, administered or enforced from time to time by the U.S. government (including those administered
by OFAC or the U.S. Department of State), the United Nations Security Council, the European Union, any European member state, Her Majesty’s
Treasury, or other relevant sanctions authority in any jurisdiction in which (a) the Borrower or any of its Subsidiaries or Affiliates
is located or conducts business, (b) in which any of the proceeds of the Extensions of Credit will be used, or (c) from which repayment
of the Extensions of Credit will be derived.


 


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


 


“Secured Cash Management
Agreement” means any Cash Management Agreement between or among any Credit Party and any Cash Management Bank.


 


“Secured Hedge Agreement”
means any Hedge Agreement between or among any Credit Party and any Hedge Bank.


 


“Secured Obligations”
means, collectively, (a) the Obligations and (b) all existing or future payment and other obligations owing by any Credit Party under
(i) any Secured Hedge Agreement and (ii) any Secured Cash Management Agreement; provided that the “Secured Obligations”
of a Credit Party shall exclude any Excluded Swap Obligations with respect to such Credit Party.


 






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“Secured Parties”
means, collectively, the Administrative Agent, the Lenders, the Issuing Lenders, the Hedge Banks, the Cash Management Banks, each co-agent
or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 11.5, any other holder from time
to time of any of any Secured Obligations and, in each case, their respective successors and permitted assigns.


   


“Securities Act”
means the Securities Act of 1933 (15 U.S.C. § 77 et seq.).


 


“Security Agreement”
means that certain Amended and Restated Security Agreement of even date herewith executed by the Credit Parties in favor of the Administrative
Agent, for the ratable benefit of the Secured Parties, which shall be in form and substance acceptable to the Administrative Agent.


 


“Security Documents”
means the collective reference to the Security Agreement and each other agreement or writing pursuant to which any Credit Party pledges
or grants a security interest in any Property or assets securing the Secured Obligations.


 


“SOFR”
means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published
by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.


 


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


 


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


 


“Solvent”
and “Solvency” mean, with respect to any Person on any date of determination, that on such date (a) the fair value
of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the
present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability
of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it
will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature, (d) such Person
is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property
would constitute an unreasonably small capital, and (e) such Person is able to pay its debts and liabilities, contingent obligations
and other commitments as they mature in the ordinary course of business. The amount of contingent liabilities at any time shall be computed
as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be
expected to become an actual or matured liability.


 


“Specified Disposition”
means any Asset Disposition having gross sales proceeds in excess of $1,000,000.


 


“Specified Transactions”
means (a) any Specified Disposition, (b) any Permitted Acquisition, (c) the payment of a Restricted
Payment, and (cd) the Transactions.


 


“Subordinated Indebtedness”
means the collective reference to any Indebtedness incurred by the Borrower or any of its Subsidiaries that is subordinated in right and
time of payment to the Obligations on terms and conditions satisfactory to the Administrative Agent in its sole discretion.


 






    32 


     


    

 


“Subsidiary”
means as to any Person, any corporation, partnership, limited liability company or other entity of which more than fifty percent (50%)
of the outstanding Equity Interests having ordinary voting power to elect a majority of the board of directors (or equivalent governing
body) or other managers of such corporation, partnership, limited liability company or other entity is at the time owned by (directly
or indirectly) or the management is otherwise controlled by (directly or indirectly) such Person (irrespective of whether, at the time,
Equity Interests of any other class or classes of such corporation, partnership, limited liability company or other entity shall have
or might have voting power by reason of the happening of any contingency). Unless otherwise qualified, references to “Subsidiary”
or “Subsidiaries” herein shall refer to those of the Borrower.


  


“Subsidiary Guarantors”
means, collectively, all direct and indirect Subsidiaries of the Borrower (other than Foreign Subsidiaries to the extent that and for
so long as the guaranty of such Foreign Subsidiary would have adverse tax consequences for the Borrower or any other Credit Party or result
in a violation of Applicable Laws) that is also a Guarantor, if any.


 


“Swap Obligation”
means, with respect to any Credit 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.


 


“Sweep Arrangement”
has the meaning assigned thereto in Section 2.2(a).


 


“Swingline Commitment”
means the lesser of (a) $1,000,000 and (b) the Revolving Credit Commitment.


 


“Swingline Facility”
means the swingline facility established pursuant to Section 2.2.


 


“Swingline Lender”
means Wells Fargo in its capacity as swingline lender hereunder or any successor thereto.


 


“Swingline Loan”
means any swingline loan made by the Swingline Lender to the Borrower pursuant to Section 2.2, and all such swingline loans
collectively as the context requires.


 


“Swingline Note”
means a promissory note made by the Borrower in favor of the Swingline Lender evidencing the Swingline Loans made by the Swingline Lender,
substantially in the form attached as Exhibit A-2, and any substitutes therefor, and any replacements, restatements,
renewals or extension thereof, in whole or in part.


 


“Swingline Participation
Amount” has the meaning assigned thereto in Section 2.2(b)(iii).


 


“Synthetic Lease”
means any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product where
such transaction is considered borrowed money indebtedness for tax purposes but is classified as an operating lease in accordance with
GAAP.


 


“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, fines, additions to tax or penalties applicable thereto.


 


“Term Loan Commitment”
means (a) as to any Term Loan Lender, the obligation of such Term Loan Lender to make a portion of any
Increasethe Initial Term Loan and/or Incremental
Term Loans, as applicable, to the account of the Borrower hereunder on the First Amendment Date
(in the case of the Initial Term Loan) or the applicable borrowing date (in the case of any Incremental
Term Loan) in an aggregate principal amount not to exceed the amount set forth opposite such Lender’s name on the Register,
as such amount may be increased, reduced or otherwise modified at any time or from time to time
pursuant to the terms hereof and (b) as to all Term Loan Lenders, the aggregate commitment of all Term Loan Lenders to make such
Increase Term Loans. The aggregate Term Loan Commitment
with respect to the Initial Term Loan of all Term Loan Lenders on the First Amendment Date shall be $30,000,000. 


 






    33 


     


    

  


“Term Loan Facility”
means the term loan facility that may beestablished pursuant
to Article IV (including any new or incremental term loan facility established pursuant to Section 5.13).


 


“Term Loan Lender”
means any Lender that elects, pursuant to Section 5.13 to makewith
a Term Loan Commitment and/or outstanding Term Loans.


 


“Term Loan Maturity
Date” means the date set forth in an amendment to this Agreement relating tofirst
to occur of (a) September 8, 2024, and (b) the maturity date of Increaseacceleration
of the Term Loans, as set forth in pursuant to
Section 5.1310.2(a).


 


“Term Loan Note”
means a promissory note made by the Borrower in favor of a Term Loan Lender evidencing the portion of the Increase
Term Loans that may be made by such Term Loan Lender pursuant
to Section 5.13, substantially in the form attached as Exhibit A-3,
and any substitutes therefor, and any replacements, restatements, renewals or extension thereof, in whole or in part.


 


“Term Loan Percentage”
means, with respect to any Term Loan Lender at any time, the percentage of the total outstanding principal balance of the Increase
Term Loans represented by the outstanding principal balance of such Term Loan Lender’s Increase
Term Loans.


 


“Term Loans”
means the IncreaseInitial Term Loans and, if applicable,
the Incremental Term Loans and “Term Loan” means any of such Increase Term
Loans.


 


“Term SOFR”
means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has
been selected or recommended by the Relevant Governmental Body.


 


“Term SOFR Notice”
means a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Transition Event.


 


“Term SOFR Transition
Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental
Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event
or an Early Opt-in Election, as applicable, has previously occurred resulting in the replacement of the then-current Benchmark for all
purposes hereunder and under any Loan Document in accordance with Section 5.8(c) with a Benchmark Replacement the Unadjusted Benchmark
Replacement component of which is not Term SOFR.


 


“Termination
Event” means the occurrence of any of the following which, individually or in the aggregate, has resulted or could
reasonably be expected to result in liability of the Credit Parties in an aggregate amount in excess of the Threshold Amount:
(a) a “Reportable Event” described in Section 4043 of ERISA for which the thirty (30) day notice requirement
has not been waived by the PBGC, or (b) the withdrawal of any Credit Party or any ERISA Affiliate from a Pension Plan during a
plan year in which it 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, or (c) the termination of a Pension Plan,
the filing of a notice of intent to terminate a Pension Plan or the treatment of a Pension Plan amendment as a termination, under
Section 4041 of ERISA, if the plan assets are not sufficient to pay all plan liabilities, or (d) the institution of
proceedings to terminate, or the appointment of a trustee with respect to, any Pension Plan by the PBGC, or (e) any other event
or condition which would constitute grounds under Section 4042(a) of ERISA for the termination of, or the appointment of a
trustee to administer, any Pension Plan, or (f) the imposition of a Lien pursuant to Section 430(k) of the Code or
Section 303 of ERISA, or (g) the determination that any Pension Plan or Multiemployer Plan is considered an at-risk plan or
plan in endangered or critical status within the meaning of Sections 430, 431 or 432 of the Code or Sections 303, 304 or 305 of
ERISA or (h) the partial or complete withdrawal of any Credit Party or any ERISA Affiliate from a Multiemployer Plan if
withdrawal liability is asserted by such plan, or (i) any event or condition which results in the reorganization or insolvency
of a Multiemployer Plan under Section 4245 of ERISA, or (j) any event or condition which results in the termination of a
Multiemployer Plan under Section 4041A of ERISA or the institution by PBGC of proceedings to terminate a Multiemployer Plan
under Section 4042 of ERISA, or (k) 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 any Credit Party or any ERISA Affiliate.


 






    34 


     


    

  


“Threshold Amount”
means $1,000,000.


 


“Total Credit Exposure”
means, as to any Lender at any time, the unused Commitments, Revolving Credit Exposure and outstanding Term Loans of such Lender at such
time.


 


“Transaction Costs”
means all transaction fees, charges and other amounts related to the Transactions, any Permitted Acquisitions and the issuance by the
Borrower of Qualified Equity Interests (including, in each case, any financing fees, merger and acquisition fees, legal fees and expenses,
due diligence fees or any other fees and expenses in connection therewith, as applicable).


 


“Transactions”
means, collectively, (a) the initial Extensions of Credit, (b on
the Closing Date, (b) the Initial Term Loan on the First Amendment Date in connection with the IBC Acquisition, (c) the Incremental
Loans and (cd) the payment of the Transaction
Costs incurred in connection with the foregoing.


 


“UCC” means
the Uniform Commercial Code as in effect in the State of Minnesota.


 


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


 


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


 


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


 


“United States”
means the United States of America.


 


“USD LIBOR”
means the London interbank offered rate for Dollars.


 


“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 assigned thereto in Section 5.11(g).


 






    35 


     


    

 


“Wells Fargo”
means Wells Fargo Bank, National Association, a national banking association.


 


“Wholly-Owned”
means, with respect to a Subsidiary, that all of the Equity Interests of such Subsidiary are, directly or indirectly, owned or controlled
by the Borrower and/or one or more of its Wholly-Owned Subsidiaries (except for directors’ qualifying shares or other shares required
by Applicable Law to be owned by a Person other than the Borrower and/or one or more of its Wholly-Owned Subsidiaries).


   


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


 


“Write-Down and
Conversion Powers” means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such
EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and
conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any powers of the
applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK
Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into
shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have
effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers
under that Bail-In Legislation that are related to or ancillary to any of those powers.


 


SECTION 1.2       Other Definitions
and 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, (b) whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms, (c) the words “include”,
 “includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (d) the
word “will” shall be construed to have the same meaning and effect as the word “shall”, (e) any reference herein
to any Person shall be construed to include such Person’s successors and assigns, (f) the words “herein”, “hereof”
and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any
particular provision hereof, (g) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer
to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (h) 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, (i) the term “documents” includes any and all instruments, documents,
agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic
form and (j) 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”.


 


SECTION 1.3       Accounting
Terms.


 


(a)       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 and in a manner consistent with that used in preparing the audited
financial statements required by Section 8.1(a), except as otherwise specifically prescribed herein. Notwithstanding
the foregoing or anything else to the contrary stated in this Agreement, for purposes of determining compliance with any covenant (including
the computation of any financial covenant) contained herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried
at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall
be disregarded.


 


(b)       If
at any time any change in GAAP (including if the Borrower elects to avail itself of any early application related to any pending change
in GAAP) would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or
the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such
ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required
Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with
GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements
and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations
of such ratio or requirement made before and after giving effect to such change in GAAP. Notwithstanding any other provision contained
herein, any lease that was treated as an operating lease for purposes of GAAP as of the closing date of the Existing Credit Agreement
(the “Original Closing Date”) shall continue to be treated as an operating lease (and any future lease, if it were
in effect on the Original Closing Date, that would be treated as an operating lease for purposes of GAAP as of the Original Closing Date
shall be treated as an operating lease), in each case for purposes of this Agreement, notwithstanding any change in GAAP after the Original
Closing Date.


 






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SECTION 1.4       UCC
Terms. Terms defined in the UCC in effect on the Closing 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.


 


SECTION 1.5       Rounding.
Any financial ratios required to be maintained 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 or percentage is expressed herein
and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).


 


SECTION 1.6       References
to Agreement and Laws. Unless otherwise expressly provided herein, (a) any definition or reference to formation documents, governing
documents, agreements (including the Loan Documents) and other contractual documents or instruments shall be deemed to include all subsequent
amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements,
extensions, supplements and other modifications are not prohibited by any Loan Document; and (b) any definition or reference to any
Applicable Law, including, without limitation, Anti-Corruption Laws, Anti-Money Laundering Laws, the Bankruptcy Code, the Code, the Commodity
Exchange Act, ERISA, the Exchange Act, the PATRIOT Act, the Securities Act, the UCC, the Investment Company Act, the Trading with the
Enemy Act of the United States or any of the foreign assets control regulations of the United States Treasury Department, shall include
all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Applicable Law.


 


SECTION 1.7       Times of
Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard,
as applicable).


 


SECTION 1.8       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 mean the maximum face amount of such Letter of Credit after giving effect to all increases thereof contemplated by such Letter of Credit
or the Letter of Credit Application therefor (at the time specified therefor in such applicable Letter of Credit or Letter of Credit Application
and as such amount may be reduced by (a) any permanent reduction of such Letter of Credit or (b) any amount which is drawn,
reimbursed and no longer available under such Letter of Credit).


 






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SECTION 1.9       Guarantees.
Unless otherwise specified in this Agreement, the amount of any Guarantee shall be the lesser of the amount of the obligations guaranteed
and still outstanding and the maximum amount for which the guaranteeing Person may be liable pursuant to the terms of the instrument embodying
such Guarantee.


   


SECTION 1.10       Covenant
Compliance Generally. For purposes of determining compliance under Sections 9.1, 9.2, 9.3, 9.5 and 9.6,
any amount in a currency other than Dollars will be converted to Dollars in a manner consistent with that used in calculating Consolidated
Net Income in the most recent annual financial statements of the Borrower and its Subsidiaries delivered pursuant to Section 8.1(a).
Notwithstanding the foregoing, for purposes of determining compliance with Sections 9.1, 9.2 and 9.3, with respect
to any amount of Indebtedness or Investment in a currency other than Dollars, no breach of any basket contained in such sections shall
be deemed to have occurred solely as a result of changes in rates of exchange occurring after the time such Indebtedness or Investment
is incurred; provided that for the avoidance of doubt, the foregoing provisions of this Section 1.10 shall otherwise
apply to such Sections, including with respect to determining whether any Indebtedness or Investment may be incurred at any time under
such Sections.


 


SECTION
1.11       Rates. The interest rate on LIBOR Rate Loans and Base Rate Loans (when
determined by reference to clause (c) of the definition of Base Rate) may be determined by reference to LIBOR, which is derived from
the London interbank offered rate. The London interbank offered rate is intended to represent the rate at which contributing banks
may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, ICE Benchmark Administration
(“IBA”), the administrator of the London interbank offered rate, and the Financial Conduct Authority (the
 “FCA”), the regulatory supervisor of IBA, announced in public statements (the “Announcements”)
that the final publication or representativeness date for the London interbank offered rate for Dollars for: (a) 1-week and 2-month
tenor settings will be December 31, 2021 and (b) overnight, 1-month, 3-month, 6-month and 12-month tenor settings will be June 30,
2023. No successor administrator for IBA was identified in such Announcements. As a result, it is possible that commencing
immediately after such dates, the London interbank offered rate for such tenors may no longer be available or may no longer be
deemed a representative reference rate upon which to determine the interest rate on LIBOR Rate Loans or Base Rate Loans (when
determined by reference to clause (c) of the definition of Base Rate). There is no assurance that the dates set forth in the
Announcements will not change or that IBA or the FCA will not take further action that could impact the availability, composition or
characteristics of any London interbank offered rate. Public and private sector industry initiatives have been and continue, as of
the date hereof, to be underway to implement new or alternative reference rates to be used in place of the London interbank offered
rate. In the event that the London interbank offered rate or any other then-current Benchmark is no longer available or in certain
other circumstances set forth in Section 5.8(c), such Section 5.8(c) provides a mechanism for determining an
alternative rate of interest. The Administrative Agent will notify the Borrower, pursuant to Section 5.8(c), of any change to
the reference rate upon which the interest rate on LIBOR Rate Loans and Base Rate Loans (when determined by reference to clause (c)
of the definition of Base Rate) is based. However, the Administrative Agent does not warrant or accept any responsibility for, and
shall not have any liability with respect to, (i) the administration of, submission of, calculation of or any other matter related
to the London interbank offered rate or other rates in the definition of “LIBOR” or with respect to any alternative,
comparable or successor rate thereto, or replacement rate thereof (including any then-current Benchmark or any Benchmark
Replacement), including whether the composition or characteristics of any such alternative, successor or replacement reference rate
(including any Benchmark Replacement), as it may or may not be adjusted pursuant to Section 5.8(c), will be similar to, or
produce the same value or economic equivalence of, LIBOR or any other Benchmark, or have the same volume or liquidity as did the
London interbank offered rate or any other Benchmark prior to its discontinuance or unavailability, or (ii) the effect,
implementation or composition of any Benchmark Replacement Conforming Changes.


 






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ARTICLE II



REVOLVING CREDIT FACILITY


   


SECTION 2.1       Revolving
Credit Loans. Subject to the terms and conditions of this Agreement and the other Loan Documents, and in reliance upon the representations
and warranties set forth in this Agreement and the other Loan Documents, each Revolving Credit Lender severally agrees to make Revolving
Credit Loans in Dollars to the Borrower from time to time from the Closing Date to, but not including, the Revolving Credit Maturity Date
as requested by the Borrower in accordance with the terms of Section 2.3; provided, that (a) the Revolving Credit
Outstandings shall not exceed the Revolving Credit Commitment and (b) the Revolving Credit Exposure of any Revolving Credit Lender
shall not at any time exceed such Revolving Credit Lender’s Revolving Credit Commitment. Each Revolving Credit Loan by a Revolving
Credit Lender shall be in a principal amount equal to such Revolving Credit Lender’s Revolving Credit Commitment Percentage of the
aggregate principal amount of Revolving Credit Loans requested on such occasion. Subject to the terms and conditions hereof, the Borrower
may borrow, repay and reborrow Revolving Credit Loans hereunder until the Revolving Credit Maturity Date.


 


SECTION 2.2       Swingline
Loans.


 


(a)       Availability.
Subject to the terms and conditions of this Agreement and the other Loan Documents, including, without limitation, Section 6.2(e)
of this Agreement, and in reliance upon the representations and warranties set forth in this Agreement and the other Loan Documents, the
Swingline Lender may, in its sole discretion, make Swingline Loans in Dollars to the Borrower from time to time from the Closing Date
to, but not including, the Revolving Credit Maturity Date; provided, that (i) after giving effect to any amount requested,
the Revolving Credit Outstandings shall not exceed the Revolving Credit Commitment and (ii) the aggregate principal amount of all
outstanding Swingline Loans (after giving effect to any amount requested) shall not exceed the Swingline Commitment. Notwithstanding any
provision herein to the contrary, the Swingline Lender, in its sole discretion may agree in writing with the Borrower that the Swingline
Facility may be used to automatically draw and repay Swingline Loans (subject to the limitations set forth herein) pursuant to cash management
arrangements between the Borrower and the Swingline Lender (the “Sweep Arrangement”); provided however, that on and
after the Closing Date, such Sweep Arrangement shall not be available to the Borrower until such time as the Swingline Lender agrees in
writing.  If applicable, principal and interest on Swingline Loans deemed requested pursuant to the Sweep Arrangement shall be paid
pursuant to the terms and conditions agreed to between the Borrower and the Swingline Lender (without any deduction, setoff or counterclaim
whatsoever). The borrowing and disbursement provisions set forth in Section 2.3 and any other provision hereof with respect
to the timing or amount of payments on the Swingline Loans (other than Section 2.4(a)) shall not be applicable to Swingline
Loans made and prepaid pursuant to the Sweep Arrangement. Unless sooner paid pursuant to the provisions hereof or the provisions of the
Sweep Arrangement, the principal amount of the Swingline Loans shall be paid in full, together with accrued interest thereon, on the Revolving
Credit Maturity Date.


 


(b)       Refunding.


 


(i)       The
Swingline Lender, at any time and from time to time in its sole and absolute discretion may, on behalf of the Borrower (which hereby irrevocably
directs the Swingline Lender to act on its behalf), by written notice given no later than 11:00 a.m. on any Business Day request each
Revolving Credit Lender to make, and each Revolving Credit Lender hereby agrees to make, a Revolving Credit Loan as a Base Rate Loan in
an amount equal to such Revolving Credit Lender’s Revolving Credit Commitment Percentage of the aggregate amount of the Swingline
Loans outstanding on the date of such notice, to repay the Swingline Lender. Each Revolving Credit Lender shall make the amount of such
Revolving Credit Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office
not later than 1:00 p.m. on the day specified in such notice. The proceeds of such Revolving Credit Loans shall be immediately made available
by the Administrative Agent to the Swingline Lender for application by the Swingline Lender to the repayment of the Swingline Loans. No
Revolving Credit Lender’s obligation to fund its respective Revolving Credit Commitment Percentage of a Swingline Loan shall be
affected by any other Revolving Credit Lender’s failure to fund its Revolving Credit Commitment Percentage of a Swingline Loan,
nor shall any Revolving Credit Lender’s Revolving Credit Commitment Percentage be increased as a result of any such failure of any
other Revolving Credit Lender to fund its Revolving Credit Commitment Percentage of a Swingline Loan.


 






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(ii)       The
Borrower shall pay to the Swingline Lender on demand, and in any event on the Revolving Credit Maturity Date, in immediately available
funds the amount of such Swingline Loans to the extent amounts received from the Revolving Credit Lenders are not sufficient to repay
in full the outstanding Swingline Loans requested or required to be refunded. In addition, the Borrower irrevocably authorizes the Administrative
Agent to charge any account maintained by the Borrower with the Swingline Lender (up to the amount available therein) in order to immediately
pay the Swingline Lender the amount of such Swingline Loans to the extent amounts received from the Revolving Credit Lenders are not sufficient
to repay in full the outstanding Swingline Loans requested or required to be refunded. If any portion of any such amount paid to the Swingline
Lender shall be recovered by or on behalf of the Borrower from the Swingline Lender in bankruptcy or otherwise, the loss of the amount
so recovered shall be ratably shared among all the Revolving Credit Lenders in accordance with their respective Revolving Credit Commitment
Percentages.


 


(iii)       If
for any reason any Swingline Loan cannot be refinanced with a Revolving Credit Loan pursuant to Section 2.2(b)(i), each Revolving
Credit Lender shall, on the date such Revolving Credit Loan was to have been made pursuant to the notice referred to in Section 2.2(b)(i),
purchase for cash an undivided participating interest in the then outstanding Swingline Loans by paying to the Swingline Lender an amount
(the “Swingline Participation Amount”) equal to such Revolving Credit Lender’s
Revolving Credit Commitment Percentage of the aggregate principal amount of Swingline Loans then outstanding. Each Revolving Credit Lender
will immediately transfer to the Swingline Lender, in immediately available funds, the amount of its Swingline Participation Amount. Whenever,
at any time after the Swingline Lender has received from any Revolving Credit Lender such Revolving Credit Lender’s Swingline Participation
Amount, the Swingline Lender receives any payment on account of the Swingline Loans, the Swingline Lender will distribute to such Revolving
Credit Lender its Swingline Participation Amount (appropriately adjusted, in the case of interest payments, to reflect the period of time
during which such Lender’s participating interest was outstanding and funded and, in the case of principal and interest payments,
to reflect such Revolving Credit Lender’s pro rata portion of such payment if such payment is not sufficient to pay the principal
of and interest on all Swingline Loans then due); provided that in the event that such payment received by the Swingline Lender
is required to be returned, such Revolving Credit Lender will return to the Swingline Lender any portion thereof previously distributed
to it by the Swingline Lender.


 


(iv)       Each
Revolving Credit Lender’s obligation to make the Revolving Credit Loans referred to in Section  2.2(b)(i) and to
purchase participating interests pursuant to Section 2.2(b)(iii) shall be absolute and unconditional and shall not be
affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that such Revolving Credit
Lender or the Borrower may have against the Swingline Lender, the Borrower or any other Person for any reason whatsoever, (B) the
occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Article
VI, (C) any adverse change in the condition (financial or otherwise) of the Borrower, (D) any breach of this Agreement or any
other Loan Document by the Borrower, any other Credit Party or any other Revolving Credit Lender or (E) any other circumstance,
happening or event whatsoever, whether or not similar to any of the foregoing.


   


(v)       If
any Revolving Credit Lender fails to make available to the Administrative Agent, for the account of the Swingline Lender, any amount required
to be paid by such Revolving Credit Lender pursuant to the foregoing provisions of this Section 2.2(b) by the time specified in
Section 2.2(b)(i) or 2.2(b)(iii), as applicable, the Swingline Lender shall be entitled to recover from such Revolving Credit
Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment
is required to the date on which such payment is immediately available to the Swingline Lender at a rate per annum equal to the applicable
Federal Funds Rate, plus any administrative, processing or similar fees customarily charged by the Swingline Lender in connection with
the foregoing. If such Revolving Credit Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute
such Revolving Credit Lender’s Revolving Credit Loan or Swingline Participation Amount, as the case may be. A certificate of the
Swingline Lender submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this
clause (iii) shall be conclusive absent manifest error.


  


(c)       Defaulting
Lenders. Notwithstanding anything to the contrary contained in this Agreement, this Section 2.2 shall be subject to the
terms and conditions of Section 5.14 and Section 5.15.


 






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SECTION 2.3       Procedure
for Advances of Revolving Credit Loans and Swingline Loans.


 


(a)       Requests
for Borrowing. The Borrower shall give the Administrative Agent irrevocable prior written notice substantially in the form of Exhibit B
(a “Notice of Borrowing”) not later than 11:00 a.m. (i) on the same Business Day as each Base Rate Loan and each
Swingline Loan and (ii) at least three (3) Business Days before each LIBOR Rate Loan, of its intention to borrow, specifying (A) the
date of such borrowing, which shall be a Business Day, (B) the amount of such borrowing, which shall be, (x) with respect to
Base Rate Loans (other than Swingline Loans) in an aggregate principal amount of $500,000 or a whole multiple of $500,000 in excess thereof,
(y) with respect to LIBOR Rate Loans in an aggregate principal amount of $500,000 or a whole multiple of $500,000 in excess thereof
and (z) with respect to Swingline Loans in an aggregate principal amount of $500,000 or a whole multiple of $100,000 in excess thereof,
(C) whether such Loan is to be a Revolving Credit Loan or Swingline Loan, (D) in the case of a Revolving Credit Loan whether
the Loans are to be LIBOR Rate Loans or Base Rate Loans, and (E) in the case of a LIBOR Rate Loan, the duration of the Interest Period
applicable thereto. If the Borrower fails to specify a type of Loan in a Notice of Borrowing, then the applicable Loans shall be made
as Base Rate Loans. If the Borrower requests a borrowing of LIBOR Rate Loans in any such Notice of Borrowing, but fails to specify an
Interest Period, it will be deemed to have specified an Interest Period of one month. A Notice of Borrowing received after 11:00 a.m.
shall be deemed received on the next Business Day. The Administrative Agent shall promptly notify the Revolving Credit Lenders of each
Notice of Borrowing.


 


(b)       Disbursement
of Revolving Credit and Swingline Loans. Not later than 1:00 p.m. on the proposed borrowing date, (i) each Revolving Credit Lender
will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately
available to the Administrative Agent, such Revolving Credit Lender’s Revolving Credit Commitment Percentage of the Revolving Credit
Loans to be made on such borrowing date and (ii) the Swingline Lender will make available to the Administrative Agent, for the account
of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, the Swingline Loans
to be made on such borrowing date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of each
borrowing requested pursuant to this Section in immediately available funds by crediting or wiring such proceeds to the deposit account
of the Borrower identified in the most recent notice substantially in the form attached as Exhibit C (a “Notice
of Account Designation”) delivered by the Borrower to the Administrative Agent or as may be otherwise agreed upon by the Borrower
and the Administrative Agent from time to time. Subject to Section 5.7 hereof, the Administrative Agent shall not be obligated
to disburse the portion of the proceeds of any Revolving Credit Loan requested pursuant to this Section to the extent that any Revolving
Credit Lender has not made available to the Administrative Agent its Revolving Credit Commitment Percentage of such Loan. Revolving Credit
Loans to be made for the purpose of refunding Swingline Loans shall be made by the Revolving Credit Lenders as provided in Section 2.2(b).


 






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SECTION 2.4       Repayment
and Prepayment of Revolving Credit and Swingline Loans.


 


(a)       Repayment
on Termination Date. The Borrower hereby agrees to repay the outstanding principal amount of (i) all Revolving Credit Loans in
full on the Revolving Credit Maturity Date, and (ii) all Swingline Loans in accordance with Section 2.2(b) (but, in any
event, no later than the Revolving Credit Maturity Date), together, in each case, with all accrued but unpaid interest thereon.


 


(b)       Mandatory
Prepayments. If at any time the Revolving Credit Outstandings exceed the Revolving Credit Commitment, the Borrower agrees to repay
immediately upon notice from the Administrative Agent, by payment to the Administrative Agent for the account of the Revolving Credit
Lenders, Extensions of Credit in an amount equal to such excess with each such repayment applied first, to the principal amount
of outstanding Swingline Loans, second to the principal amount of outstanding Revolving Credit Loans and third, with respect
to any Letters of Credit then outstanding, a payment of Cash Collateral into a Cash Collateral account opened by the Administrative Agent,
for the benefit of the Revolving Credit Lenders, in an amount equal to such excess (such Cash Collateral to be applied in accordance with
Section 10.2(b)).


 


(c)       Optional
Prepayments. The Borrower may at any time and from time to time prepay Revolving Credit Loans and Swingline Loans, in whole or in
part, without premium or penalty, with irrevocable prior written notice to the Administrative Agent substantially in the form attached
as Exhibit D (a “Notice of Prepayment”) given not later than 11:00 a.m. (i) on the same Business
Day as each Base Rate Loan and each Swingline Loan and (ii) at least three (3) Business Days before each LIBOR Rate Loan, specifying
the date and amount of prepayment and whether the prepayment is of LIBOR Rate Loans, Base Rate Loans, Swingline Loans or a combination
thereof, and, if of a combination thereof, the amount allocable to each. Upon receipt of such notice, the Administrative Agent shall promptly
notify each Revolving Credit Lender. If any such notice is given, the amount specified in such notice shall be due and payable on the
date set forth in such notice. Partial prepayments shall be in an aggregate amount of $500,000 or a whole multiple of $500,000 in excess
thereof with respect to Base Rate Loans (other than Swingline Loans), $500,000 or a whole multiple of $500,000 in excess thereof with
respect to LIBOR Rate Loans and $500,000 or a whole multiple of $100,000 in excess thereof with respect to Swingline Loans. A Notice of
Prepayment received after 11:00 a.m. shall be deemed received on the next Business Day. Each such repayment shall be accompanied by any
amount required to be paid pursuant to Section 5.9 hereof. Notwithstanding the foregoing, any Notice of a Prepayment delivered
in connection with any refinancing of all of the Credit Facility with the proceeds of such refinancing or of any incurrence of Indebtedness
or the occurrence of some other identifiable event or condition, may be, if expressly so stated to be, contingent upon the consummation
of such refinancing or incurrence or occurrence of such other identifiable event or condition and may be revoked by the Borrower in the
event such contingency is not met (provided that the failure of such contingency shall not relieve the Borrower from its obligations
in respect thereof under Section 5.9).


 






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(d)       [Reserved].


  


(e)       Limitation
on Prepayment of LIBOR Rate Loans. The Borrower may not prepay any LIBOR Rate Loan on any day other than on the last day of the Interest
Period applicable thereto unless such prepayment is accompanied by any amount required to be paid pursuant to Section 5.9
hereof.


 


(f)       Hedge
Agreements. No repayment or prepayment of the Loans pursuant to this Section shall affect any of the Borrower’s obligations
under any Hedge Agreement entered into with respect to the Loans.


 


SECTION 2.5       Permanent
Reduction of the Revolving Credit Commitment.


 


(a)       Voluntary
Reduction. The Borrower shall have the right at any time and from time to time, upon at least three (3) Business Days prior
irrevocable written notice to the Administrative Agent, to permanently reduce, without premium or penalty, (i) the entire
Revolving Credit Commitment at any time or (ii) portions of the Revolving Credit Commitment, from time to time, in an aggregate
principal amount not less than $3,000,000 or any whole multiple of $1,000,000 in excess thereof. Any reduction of the Revolving
Credit Commitment shall be applied to the Revolving Credit Commitment of each Revolving Credit Lender according to its Revolving
Credit Commitment Percentage. All Commitment Fees accrued until the effective date of any termination of the Revolving Credit
Commitment shall be paid on the effective date of such termination. Notwithstanding the foregoing, any notice to reduce the
Revolving Credit Commitment delivered in connection with any refinancing of all of the Credit Facility with the proceeds of such
refinancing or of any incurrence of Indebtedness or the occurrence of some other identifiable event or condition, may be, if
expressly so stated to be, contingent upon the consummation of such refinancing or incurrence or occurrence of such identifiable
event or condition and may be revoked by the Borrower in the event such contingency is not met (provided that the failure of
such contingency shall not relieve the Borrower from its obligations in respect thereof under Section 5.9).


 


(b)       [Reserved].


 


(c)       [Reserved].


 


(d)       Corresponding
Payment. Each permanent reduction permitted pursuant to this Section shall be accompanied by a payment of principal sufficient to
reduce the aggregate outstanding Revolving Credit Loans, Swingline Loans and L/C Obligations, as applicable, after such reduction to the
Revolving Credit Commitment as so reduced, and if the aggregate amount of all outstanding Letters of Credit exceeds the Revolving Credit
Commitment as so reduced, the Borrower shall be required to deposit Cash Collateral in a Cash Collateral account opened by the Administrative
Agent in an amount equal to such excess. Such Cash Collateral shall be applied in accordance with Section 10.2(b). Any reduction
of the Revolving Credit Commitment to zero shall be accompanied by payment of all outstanding Revolving Credit Loans and Swingline Loans
(and furnishing of Cash Collateral satisfactory to the Administrative Agent for all L/C Obligations) and shall result in the termination
of the Revolving Credit Commitment and the Swingline Commitment and the Revolving Credit Facility. If the reduction of the Revolving Credit
Commitment requires the repayment of any LIBOR Rate Loan, such repayment shall be accompanied by any amount required to be paid pursuant
to Section 5.9 hereof.


 


SECTION 2.6       Termination
of Revolving Credit Facility. The Revolving Credit Facility and the Revolving Credit Commitments shall terminate on the Revolving
Credit Maturity Date.


 






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ARTICLE III



LETTER OF CREDIT FACILITY


   


SECTION 3.1       L/C Facility.


 


(a)       Availability.
The Borrower may, upon written notice to the Administrative Agent, request any Revolving Credit Lender to issue, and, subject to the written
approval of the Administrative Agent (not to be unreasonably withheld or delayed), such Revolving Credit Lender may, if in its sole discretion
it elects to do so, on the terms and conditions set forth herein and in reliance on the agreements of the Lenders set forth in Section
3.4(a), issue standby Letters of Credit (in such capacity, an “Issuing Lender”); provided (x) that the total
number of Issuing Lenders shall not exceed two (2) and (y) that the aggregate amount of all Letters of Credit issued hereunder shall not
exceed the L/C Commitment.


 


(b)       Terms
of Letters of Credit. Each Letter of Credit shall (i) be denominated in Dollars in a minimum amount of $100,000, (or such
lesser amount as agreed to by the applicable Issuing Lender and the Administrative Agent), (ii) expire on a date no more than
twelve (12) months after the date of issuance or last renewal of such Letter of Credit (subject to automatic renewal for additional
one (1) year periods (but not to a date later than the date set forth below) pursuant to the terms of the Letter of Credit
Application or other documentation acceptable to the applicable Issuing Lender), which date shall be no later than the fifth (5th)
Business Day prior to the Revolving Credit Maturity Date. No Issuing Lender shall at any time be obligated to issue any Letter of
Credit hereunder if (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to
enjoin or restrain such Issuing Lender from issuing such Letter of Credit, or any Applicable Law applicable to such Issuing Lender
or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such
Issuing Lender shall prohibit, or request that such Issuing Lender refrain from, the issuance of letters of credit generally or such
Letter of Credit in particular or shall impose upon such Issuing Lender with respect to letters of credit generally or such Letter
of Credit in particular any restriction or reserve or capital requirement (for which such Issuing Lender is not otherwise
compensated) not in effect on the Closing Date, or any unreimbursed loss, cost or expense that was not applicable, in effect or
known to such Issuing Lender as of the Closing Date and that such Issuing Lender in good faith deems material to it, (B) the
conditions set forth in Section 6.2 are not satisfied, (C) the issuance of such Letter of Credit would violate one or more
policies of such Issuing Lender applicable to letters of credit generally or (D) the proceeds of which would be made available to
any Person (x) to fund any activity or business of or with any Sanctioned Person, or in any Sanctioned Country or (y) in any manner
that would result in a violation of any Sanctions by any party to this Agreement or (E) any Revolving Credit Lender is at that time
a Defaulting Lender, unless such Issuing Lender has entered into arrangements, including the delivery of Cash Collateral,
satisfactory to such Issuing Lender (in its sole discretion) with the Borrower or such Lender to eliminate such Issuing
Lender’s actual or potential Fronting Exposure (after giving effect to Section 5.15(a)(iv)) with respect to the
Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C
Obligations as to which such Issuing Lender has actual or potential Fronting Exposure, as it may elect in its sole discretion.
References herein to “issue” and derivations thereof with respect to Letters of Credit shall also include extensions or
modifications of any outstanding Letters of Credit, unless the context otherwise requires.


 


(c)       Defaulting
Lenders. Notwithstanding anything to the contrary contained in this Agreement, Article III shall be subject to the terms and
conditions of Section 5.14 and Section 5.15.


 






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SECTION 3.2        Procedure
for Issuance of Letters of Credit. The Borrower may from time to time request that any Issuing Lender issue a Letter of Credit by
delivering to such Issuing Lender at its applicable office (with a copy to the Administrative Agent at the Administrative Agent’s
Office) a Letter of Credit Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents
and other papers and information as such Issuing Lender or the Administrative Agent may reasonably request. Upon receipt of any Letter
of Credit Application, the applicable Issuing Lender shall, if in its sole discretion it elects to do so, process such Letter of Credit
Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with
its customary procedures and shall, subject to Section 3.1 and Article VI, promptly issue the Letter of Credit requested
thereby (but in no event shall such Issuing Lender be required to issue any Letter of Credit earlier than three (3) Business Days after
its receipt of the Letter of Credit Application therefor and all such other certificates, documents and other papers and information
relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such Issuing
Lender and the Borrower. The applicable Issuing Lender shall promptly furnish to the Borrower and the Administrative Agent a copy of
such Letter of Credit and the Administrative Agent shall promptly notify each Revolving Credit Lender of the issuance and upon request
by any Lender, furnish to such Revolving Credit Lender a copy of such Letter of Credit and the amount of such Revolving Credit Lender’s
participation therein.


 


SECTION 3.3         Commissions
and Other Charges.


 


(a)       Letter
of Credit Commissions. Subject to Section 5.15(a)(iii)(B), the Borrower shall pay to the Administrative Agent, for the
account of the applicable Issuing Lender and the L/C Participants, a letter of credit commission with respect to each Letter of Credit
in the amount equal to the daily amount available to be drawn under such standby Letters of Credit times the Applicable Margin with respect
to Revolving Credit Loans that are LIBOR Rate Loans (determined, in each case, on a per annum basis). Such commission shall be payable
quarterly in arrears on the last Business Day of each calendar quarter, on the Revolving Credit Maturity Date and thereafter on demand
of the Administrative Agent. The Administrative Agent shall, promptly following its receipt thereof, distribute to the applicable Issuing
Lender and the L/C Participants all commissions received pursuant to this Section 3.3 in accordance with their respective
Revolving Credit Commitment Percentages.


 


(b)       Issuance
Fee. In addition to the foregoing commission, the Borrower shall pay directly to the applicable Issuing Lender, for its own account,
an issuance fee with respect to each Letter of Credit issued by such Issuing Lender as set forth in the Fee Letter executed by such Issuing
Lender. Such issuance fee shall be payable quarterly in arrears on the last Business Day of each calendar quarter commencing with the
first such date to occur after the issuance of such Letter of Credit, on the Revolving Credit Maturity Date and thereafter on demand of
the applicable Issuing Lender.


 


(c)       Other
Fees, Costs, Charges and Expenses. In addition to the foregoing fees and commissions, the Borrower shall pay or reimburse each Issuing
Lender for such normal and customary fees, costs, charges and expenses as are incurred or charged by such Issuing Lender in issuing, effecting
payment under, amending or otherwise administering any Letter of Credit issued by it.


 


SECTION 3.4         L/C Participations.


 


(a)       Each
Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant, and, to induce each Issuing Lender to issue
Letters of Credit hereunder, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from
each Issuing Lender, on the terms and conditions hereinafter stated, for such L/C Participant’s own account and risk an
undivided interest equal to such L/C Participant’s Revolving Credit Commitment Percentage in each Issuing Lender’s
obligations and rights under and in respect of each Letter of Credit issued by it hereunder and the amount of each draft paid by
such Issuing Lender thereunder. Each L/C Participant unconditionally and irrevocably agrees with each Issuing Lender that, if a
draft is paid under any Letter of Credit issued by such Issuing Lender for which such Issuing Lender is not reimbursed in full by
the Borrower through a Revolving Credit Loan or otherwise in accordance with the terms of this Agreement, such L/C Participant shall
pay to such Issuing Lender upon demand at such Issuing Lender’s address for notices specified herein an amount equal to such
L/C Participant’s Revolving Credit Commitment Percentage of the amount of such draft, or any part thereof, which is not so
reimbursed.


 






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(b)       Upon
becoming aware of any amount required to be paid by any L/C Participant to any Issuing Lender pursuant to Section 3.4(a) in
respect of any unreimbursed portion of any payment made by such Issuing Lender under any Letter of Credit, issued by it, such Issuing
Lender shall notify the Administrative Agent of such unreimbursed amount and the Administrative Agent shall notify each L/C Participant
(with a copy to the applicable Issuing Lender) of the amount and due date of such required payment and such L/C Participant shall pay
to the Administrative Agent (which, in turn shall pay such Issuing Lender) the amount specified on the applicable due date. If any such
amount is paid to such Issuing Lender after the date such payment is due, such L/C Participant shall pay to such Issuing Lender on demand,
in addition to such amount, the product of (i) such amount, times (ii) the daily average Federal Funds Rate as determined
by the Administrative Agent during the period from and including the date such payment is due to the date on which such payment is immediately
available to such Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such
period and the denominator of which is 360. A certificate of such Issuing Lender with respect to any amounts owing under this Section
shall be conclusive in the absence of manifest error. With respect to payment to such Issuing Lender of the unreimbursed amounts described
in this Section, if the L/C Participants receive notice that any such payment is due (A) prior to 1:00 p.m. on any Business Day, such
payment shall be due that Business Day, and (B) after 1:00 p.m. on any Business Day, such payment shall be due on the following Business
Day.


 


(c)       Whenever,
at any time after any Issuing Lender has made payment under any Letter of Credit issued by it and has received from any L/C Participant
its Revolving Credit Commitment Percentage of such payment in accordance with this Section, such Issuing Lender receives any payment related
to such Letter of Credit (whether directly from the Borrower or otherwise), or any payment of interest on account thereof, such Issuing
Lender will distribute to such L/C Participant its pro rata share thereof; provided, that in the event that any such payment
received by such Issuing Lender shall be required to be returned by such Issuing Lender, such L/C Participant shall return to such Issuing
Lender the portion thereof previously distributed by such Issuing Lender to it.


 


(d)       Each
L/C Participant’s obligation to make the Revolving Credit Loans referred to in Section  3.4(b) and to purchase participating
interests pursuant to Section 3.4(a) shall be absolute and unconditional and shall not be affected by any circumstance, including
(i) any setoff, counterclaim, recoupment, defense or other right that such Revolving Credit Lender or the Borrower may have against the
Issuing Lender, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event
of Default or the failure to satisfy any of the other conditions specified in Article VI, (iii) any adverse change in the condition
(financial or otherwise) of the Borrower, (iv) any breach of this Agreement or any other Loan Document by the Borrower, any other Credit
Party or any other Revolving Credit Lender or (v) any other circumstance, happening or event whatsoever, whether or not similar to any
of the foregoing.


 


SECTION
3.5         Reimbursement Obligation of the Borrower. In the event of any
drawing under any Letter of Credit, the Borrower agrees to reimburse (either with the proceeds of a Revolving Credit Loan as
provided for in this Section or with funds from other sources), in same day funds, the applicable Issuing Lender on each date on
which such Issuing Lender notifies the Borrower of the date and amount of a draft paid by it under any Letter of Credit for the
amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such Issuing
Lender in connection with such payment. Unless the Borrower shall by 11:00 a.m. on the applicable reimbursement date notify such
Issuing Lender that the Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, the Borrower
shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders
make a Revolving Credit Loan as a Base Rate Loan on the applicable repayment date in the amount of (i) such draft so paid and
(ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and
the Revolving Credit Lenders shall make a Revolving Credit Loan as a Base Rate Loan in such amount, the proceeds of which shall be
applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit
Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such
Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and shall not be affected by
any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth in Section 2.3(a)
or Article VI. If the Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to
reimburse such Issuing Lender as provided above, or if the amount of such drawing is not fully refunded through a Base Rate Loan as
provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding
Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or
otherwise) until payment in full.


 






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SECTION 3.6         Obligations
Absolute. The Borrower’s obligations under this Article III (including, without limitation, the Reimbursement Obligation)
shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment
which the Borrower may have or have had against the applicable Issuing Lender or any beneficiary of a Letter of Credit or any other Person.
The Borrower also agrees that the applicable Issuing Lender and the L/C Participants shall not be responsible for, and the Borrower’s
Reimbursement Obligation under Section 3.5 shall not be affected by, among other things, the validity or genuineness of documents
or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between
or among the Borrower and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred
or any claims whatsoever of the Borrower against any beneficiary of such Letter of Credit or any such transferee. No Issuing Lender shall
be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted,
in connection with any Letter of Credit issued by it, except for errors or omissions caused by such Issuing Lender’s gross negligence
or willful misconduct, as determined by a court of competent jurisdiction by final nonappealable judgment. The Borrower agrees that any
action taken or omitted by any Issuing Lender under or in connection with any Letter of Credit issued by it or the related drafts or documents,
if done in the absence of gross negligence or willful misconduct shall be binding on the Borrower and shall not result in any liability
of such Issuing Lender or any L/C Participant to the Borrower. The responsibility of any Issuing Lender to the Borrower in connection
with any draft presented for payment under any Letter of Credit issued to it shall, in addition to any payment obligation expressly provided
for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit
in connection with such presentment substantially conforms to the requirements under such Letter of Credit.


 


SECTION 3.7        Effect of
Letter of Credit Application. To the extent that any provision of any Letter of Credit Application related to any Letter of Credit
is inconsistent with the provisions of this Article III, the provisions of this Article III shall apply.


 


SECTION 3.8         Resignation
of Issuing Lenders.


 


(a)       Any
Lender may at any time resign from its role as an Issuing Lender hereunder upon not less than thirty (30) days prior notice to the Borrower
and the Administrative Agent (or such shorter period of time as may be acceptable to the Borrower and the Administrative Agent).


 


(b)       Any
resigning Issuing Lender shall retain all the rights, powers, privileges and duties of an Issuing Lender hereunder with respect to all
Letters of Credit issued by it that are outstanding as of the effective date of its resignation as an Issuing Lender and all L/C Obligations
with respect thereto (including, without limitation, the right to require the Revolving Credit Lenders to take such actions as are required
under Section 3.4). Without limiting the foregoing, upon the resignation of a Lender as an Issuing Lender hereunder, the Borrower
may, or at the request of such resigned Issuing Lender the Borrower shall, use commercially reasonable efforts to, arrange for one or
more of the other Issuing Lenders to issue Letters of Credit hereunder in substitution for the Letters of Credit, if any, issued by such
resigned Issuing Lender and outstanding at the time of such resignation, or make other arrangements satisfactory to the resigned Issuing
Lender to effectively cause another Issuing Lender to assume the obligations of the resigned Issuing Lender with respect to any such Letters
of Credit.


 



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SECTION
3.9        Reporting of Letter of Credit Information and L/C Commitment. At any time that there is an Issuing Lender that is not
also the financial institution acting as Administrative Agent, then (a) on the last Business Day of each calendar month, (b) on each
date that a Letter of Credit is amended, terminated or otherwise expires, (c) on each date that a Letter of Credit is issued or the
expiry date of a Letter of Credit is extended, and (d) upon the request of the Administrative Agent, each Issuing Lender (or, in the
case of clauses (b), (c) or (d) of this Section, the applicable Issuing Lender) shall deliver to the Administrative Agent a report
setting forth in form and detail reasonably satisfactory to the Administrative Agent information (including, without limitation, any
reimbursement, Cash Collateral, or termination in respect of Letters of Credit issued by such Issuing Lender) with respect to each
Letter of Credit issued by such Issuing Lender that is outstanding hereunder. In addition, each Issuing Lender shall provide notice
to the Administrative Agent of its L/C Commitment, or any change thereto, promptly upon it becoming an Issuing Lender or making any
change to its L/C Commitment. No failure on the part of any Issuing Lender to provide such information pursuant to this Section
3.9 shall limit the obligations of the Borrower or any Revolving Credit Lender hereunder with respect to its reimbursement and
participation obligations hereunder.


 


SECTION 3.10      Letters
of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations
of, or is for the account of, a Subsidiary, the Borrower shall be obligated to reimburse, or to cause the applicable Subsidiary to reimburse,
the applicable Issuing Lender hereunder for any and all drawings under such Letter of Credit. The Borrower hereby acknowledges that the
issuance of Letters of Credit for the account of any of its Subsidiaries inures to the benefit of the Borrower and that the Borrower’s
business derives substantial benefits from the businesses of such Subsidiaries.


 



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ARTICLE IV


 


[Reserved]


 


ARTICLE IV


 


TERM LOAN
FACILITY


 


SECTION 4.1          Initial Term
Loan. Subject to the terms and conditions of this Agreement and the other Loan Documents, and in reliance upon the representations
and warranties set forth in this Agreement and the other Loan Documents, each Term Loan Lender severally agrees to make the Initial
Term Loan to the Borrower on the First Amendment Date in a principal amount equal to such Lender’s Term Loan Commitment as of
the First Amendment Date.


 


SECTION 4.2           Procedure
for Advance of Term Loan.


 


(a)       Initial
Term Loan. The Borrower shall give the Administrative Agent an irrevocable Notice of Borrowing prior to 11:00 a.m. on the First Amendment
Date requesting that the Term Loan Lenders make the Initial Term Loan as a Base Rate Loan on such date (provided that the Borrower may
request, no later than three (3) Business Days prior to the First Amendment Date, that the Lenders make the Initial Term Loan as a LIBOR
Rate Loan if the Borrower has delivered to the Administrative Agent a letter in form and substance reasonably satisfactory to the Administrative
Agent indemnifying the Lenders in the manner set forth in Section 5.9 of this Agreement). Upon receipt of such Notice of Borrowing
from the Borrower, the Administrative Agent shall promptly notify each Term Loan Lender thereof. Not later than 1:00 p.m. on the First
Amendment Date, each Term Loan Lender will make available to the Administrative Agent for the account of the Borrower, at the Administrative
Agent’s Office in immediately available funds, the amount of such Initial Term Loan to be made by such Term Loan Lender on the
First Amendment Date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of the Initial Term
Loan in immediately available funds by wire transfer to such Person or Persons as may be designated by the Borrower in writing.


 






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(b)       Incremental
Term Loans. Any Incremental Term Loans shall be borrowed pursuant to, and in accordance with Section 5.13.


 


SECTION 4.3          Repayment
of Term Loans.


 


(a)       Initial
Term Loan. The Borrower shall repay the aggregate outstanding principal amount of the Initial Term Loan in consecutive quarterly installments
on the fifth Business Day after the end of each of March, June, September and December commencing December 31, 2021 with the payment
dates as set forth below, with all unpaid amounts on the Initial Term Loan payable in full on the Term Loan Maturity Date, except as
the amounts of individual installments may be adjusted pursuant to Section 4.4 hereof:


 


	PAYMENT DATE	PRINCIPAL

INSTALLMENT
	January 7, 2022	$750,000
	April 7, 2022	$750,000
	July 8, 2022	$750,000
	October 7, 2022	$750,000
	January 6, 2023	$750,000
	April 7, 2023	$750,000
	July 10, 2023	$750,000
	October 6, 2023	$750,000
	January 8, 2024	$750,000
	April 5, 2024	$750,000
	July 8, 2024	$750,000


 


If not sooner paid, the Initial
Term Loan shall be paid in full, together with accrued interest thereon, on the Term Loan Maturity Date.


 


(b)       Incremental
Term Loans. The Borrower shall repay the aggregate outstanding principal amount of each Incremental Term Loan (if any) as determined
pursuant to, and in accordance with, Section 5.13.


 


SECTION 4.4           Prepayments
of Term Loans.


 


(a)       Optional
Prepayments. The Borrower shall have the right at any time and from time to time, without premium or penalty, to prepay the Term Loans,
in whole or in part, upon delivery to the Administrative Agent of a Notice of Prepayment not later than 11:00 a.m. (i) on the same
Business Day as each Base Rate Loan and (ii) at least three (3) Business Days before each LIBOR Rate Loan, specifying the date and
amount of repayment, whether the repayment is of LIBOR Rate Loans or Base Rate Loans or a combination thereof, and if a combination thereof,
the amount allocable to each and whether the repayment is of the Initial Term Loan, an Incremental Term Loan or a combination thereof,
and if a combination thereof, the amount allocable to each. Each optional prepayment of the Term Loans hereunder shall be in an aggregate
principal amount of at least $3,000,000 or any whole multiple of $1,000,000 in excess thereof (or, if less, the remaining outstanding
principal amount thereof) and shall be applied to prepay the Initial Term Loan and, if applicable, any Incremental Term Loans, on a pro
rata basis (each such prepayment to be applied to reduce the scheduled principal amortizations payments under Section 4.3(a) as directed
by the Borrower on a pro rata basis). Each repayment shall be accompanied by any amount required to be paid pursuant to Section 5.9
hereof. A Notice of Prepayment received after 11:00 a.m. shall be deemed received on the next Business Day. The Administrative Agent
shall promptly notify the applicable Term Loan Lenders of each Notice of Prepayment. Notwithstanding the foregoing, any Notice of Prepayment
delivered in connection with any refinancing of all of the Credit Facility with the proceeds of such refinancing or of any other incurrence
of Indebtedness or the occurrence of some other identifiable event or condition, may be, if expressly so stated to be, contingent upon
the consummation of such refinancing or incurrence or occurrence of such other identifiable event or condition and may be revoked by
the Borrower in the event such contingency is not met; provided that the delay or failure of such contingency shall not relieve the Borrower
from its obligations in respect thereof under Section 5.9.


 






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(b)       Mandatory
Prepayments.


 


(i)        Debt
Issuances. The Borrower shall make mandatory principal prepayments of the Term Loans and/or Cash Collateralize the L/C Obligations in
the manner set forth in clause (iv) below in an amount equal to one hundred percent (100%) of the aggregate Net Cash Proceeds from any
Debt Issuance not otherwise permitted pursuant to Section 9.1. Such prepayment shall be made within three (3) Business Days after
the date of receipt of the Net Cash Proceeds of any such Debt Issuance.


 


(ii)      Asset
Dispositions and Insurance and Condemnation Events. The Borrower shall make mandatory principal prepayments of the Loans in the manner
set forth in clause (iv) below in amounts equal to one hundred percent (100%) of the aggregate Net Cash Proceeds from (A) any Asset Disposition
(other than any Asset Disposition permitted pursuant to, and in accordance with, clauses (a) through (l) of Section 9.5) or (B)
any Insurance and Condemnation Event, to the extent that the aggregate amount of such Net Cash Proceeds, in the case of each of clauses
(A) and (B), respectively, exceed $1,000,000 during any Fiscal Year. Such prepayments shall be made within three (3) Business Days after
the date of receipt of the Net Cash Proceeds; provided that, so long as no Default or Event of Default has occurred and is continuing,
no prepayment shall be required under this Section 4.4(b)(ii) with respect to such portion of such Net Cash Proceeds that the Borrower
shall have, on or prior to such date given written notice to the Administrative Agent of its intent to reinvest in accordance with Section
4.4(b)(iii).


 


(iii)      Reinvestment
Option. With respect to any Net Cash Proceeds realized or received with respect to any Asset Disposition or any Insurance and Condemnation
Event by any Credit Party of any Subsidiary thereof (in each case, to the extent not excluded pursuant to Section 4.4(b)(ii)), at the
option of the Borrower, the Credit Parties may (x) reinvest all or any portion of such Net Cash Proceeds in assets used or useful for
the business of the Credit Parties and their Subsidiaries either within twelve (12) months following receipt of such Net Cash Proceeds
or (y) enter into a binding commitment thereof for such Net Cash Proceeds within said twelve (12) months and subsequently makes such
reinvestment within six (6) months after expiration of such twelve (12) month period; provided that if any Net Cash Proceeds are no longer
intended to be or cannot be so reinvested at any time after delivery of a notice of reinvestment election, an amount equal to any such
Net Cash Proceeds shall be applied within three (3) Business Days after the applicable Credit Party reasonably determines that such Net
Cash Proceeds are no longer intended to be or cannot be so reinvested to the prepayment of the Loans as set forth in this Section 4.4(b);
provided further that any Net Cash Proceeds relating to Collateral shall be reinvested in assets constituting Collateral.  Pending
the final application of any such Net Cash Proceeds, the applicable Credit Party may invest an amount equal to such Net Cash Proceeds
in any manner that is not prohibited by this Agreement.


 






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(iv)      Notice;
Manner of Payment. Upon the occurrence of any event triggering the prepayment requirement under clauses (i) and (ii) above, the Borrower
shall promptly deliver a Notice of Prepayment to the Administrative Agent and upon receipt of such notice, the Administrative Agent shall
promptly so notify the Lenders. Each prepayment of the Loans under this Section shall be applied ratably between the Term Loans and (unless
otherwise agreed by the applicable Incremental Lenders) any Incremental Term Loans to reduce on a pro rata basis in inverse order of
maturity the remaining scheduled principal installments of the Term Loans and as determined by the Borrower and the applicable Incremental
Lenders to reduce the remaining scheduled principal installments of any Incremental Term Loans pursuant to Section 4.3.


 


(v)       Prepayment
of LIBOR Rate Loans. Each prepayment shall be accompanied by any amount required to be paid pursuant to Section 5.9; provided that,
so long as no Default or Event of Default shall have occurred and be continuing, if any prepayment of LIBOR Rate Loans is required to
be made under this Section 4.4(b) prior to the last day of the Interest Period therefor, in lieu of making any payment pursuant to this
Section 4.4(b) in respect of any such LIBOR Rate Loan prior to the last day of the Interest Period therefor, the Borrower may, in its
sole discretion, deposit an amount sufficient to make any such prepayment otherwise required to be made thereunder together with accrued
interest to the last day of such Interest Period into an account held at, and subject to the sole control of, the Administrative Agent
until the last day of such Interest Period, at which time the Administrative Agent shall be authorized (without any further action by
or notice to or from the Borrower or any other Credit Party) to apply such amount to the prepayment of such Term Loans in accordance
with this Section 4.4(b).  Upon the occurrence and during the continuance of any Default or Event of Default, the Administrative
Agent shall also be authorized (without any further action by or notice to or from the Borrower or any other Credit Party) to apply such
amount to the prepayment of the outstanding Term Loans in accordance with the relevant provisions of this Section 4.4(b).


 


(i)(c)             No
Reborrowing. Amounts prepaid under the Term Loan pursuant to this Section may not be reborrowed.


 


ARTICLE V


 


GENERAL LOAN PROVISIONS


SECTION 5.1         Interest.


 


(a)       Interest
Rate Options. Subject to the provisions of this Section, at the election of the Borrower, (i) the
Revolving Credit Loans and the Term Loans shall bear interest at (A) the Base
Rate plus the Applicable Margin or (B) the LIBOR Rate plus the Applicable Margin (provided that the LIBOR Rate
shall not be available until three (3) Business after the Closing Date unless the Borrower has delivered to the Administrative Agent a
letter in form and substance reasonably satisfactory to the Administrative Agent indemnifying the Lenders in the manner set forth in Section 5.9
of this Agreement) and (ii) any Swingline Loan shall bear interest at the Base Rate plus the Applicable Margin. The Borrower
shall select the rate of interest and Interest Period, if any, applicable to any Loan at the time a Notice of Borrowing is given or at
the time a Notice of Conversion/Continuation is given pursuant to Section 5.2.


 






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(b)       Default
Rate. Subject to Section 10.3, (i) immediately upon the occurrence and during the continuance of an Event of Default
under Section 10.1(i) or (j), or (ii) at the election of the Required Lenders (or the Administrative Agent at
the direction of the Required Lenders), upon the occurrence and during the continuance of any other Event of Default, (A) the Borrower
shall no longer have the option to request LIBOR Rate Loans, Swingline Loans or Letters of Credit, (B) all outstanding LIBOR Rate
Loans shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable
to LIBOR Rate Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the
rate (including the Applicable Margin) then applicable to Base Rate Loans, (C) all outstanding Base Rate Loans and other Obligations
arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the
rate (including the Applicable Margin) then applicable to Base Rate Loans or such other Obligations arising hereunder or under any other
Loan Document and (D) all accrued and unpaid interest shall be due and payable on demand of the Administrative Agent. Interest shall continue
to accrue on the Obligations after the filing by or against the Borrower of any petition seeking any relief in bankruptcy or under any
Debtor Relief Law.


 


(c)       Interest
Payment and Computation. Interest on each Base Rate Loan shall be due and payable in arrears on the last Business Day of each calendar
quarter commencing June 30, 2021; and interest on each LIBOR Rate Loan shall be due and payable on the last day of each Interest Period
applicable thereto, and if such Interest Period extends over three (3) months, at the end of each three (3) month interval during such
Interest Period. All computations of interest for Base Rate Loans when the Base Rate is determined by the 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 provided
hereunder shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable,
being paid than if computed on the basis of a 365/366-day year).


 


(d)       Maximum
Rate. In no contingency or event whatsoever shall the aggregate of all amounts deemed interest under this Agreement charged or collected
pursuant to the terms of this Agreement exceed the highest rate permissible under any Applicable Law which a court of competent jurisdiction
shall, in a final determination, deem applicable hereto. In the event that such a court determines that the Lenders have charged or received
interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum
rate permitted by Applicable Law and the Lenders shall at the Administrative Agent’s option (i) promptly refund to the Borrower
any interest received by the Lenders in excess of the maximum lawful rate or (ii) apply such excess to the principal balance of the
Obligations. It is the intent hereof that the Borrower not pay or contract to pay, and that neither the Administrative Agent nor any Lender
receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by the Borrower
under Applicable Law.


 






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SECTION 5.2        Notice
and Manner of Conversion or Continuation of Loans. Provided that no Default or Event of Default has occurred and is then continuing,
the Borrower shall have the option to (a) convert at any time following the third Business Day after the Closing Date all or any
portion of any outstanding Base Rate Loans (other than Swingline Loans) in a principal amount equal to $500,000 or any whole multiple
of $500,000 in excess thereof into one or more LIBOR Rate Loans and (b) upon the expiration of any Interest Period, (i) convert
all or any part of its outstanding LIBOR Rate Loans in a principal amount equal to $500,000 or a whole multiple of $500,000 in excess
thereof into Base Rate Loans (other than Swingline Loans) or (ii) continue such LIBOR Rate Loans as LIBOR Rate Loans. Whenever the
Borrower desires to convert or continue Loans as provided above, the Borrower shall give the Administrative Agent irrevocable prior written
notice in the form attached as Exhibit E (a “Notice of Conversion/Continuation”) not later than
11:00 a.m. three (3) Business Days before the day on which a proposed conversion or continuation of such Loan is to be effective specifying
(A) the Loans to be converted or continued, and, in the case of any LIBOR Rate Loan to be converted or continued, the last day of
the Interest Period therefor, (B) the effective date of such conversion or continuation (which shall be a Business Day), (C) the
principal amount of such Loans to be converted or continued, and (D) the Interest Period to be applicable to such converted or continued
LIBOR Rate Loan. If the Borrower fails to give a timely Notice of Conversion/Continuation prior to the end of the Interest Period for
any LIBOR Rate Loan, then the applicable LIBOR Rate Loan shall be converted to a Base Rate Loan. Any such automatic conversion to a Base
Rate Loan shall be effective as of the last day of the Interest Period then in effect with respect to the applicable LIBOR Rate Loan.
If the Borrower requests a conversion to, or continuation of, LIBOR Rate Loans, 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 Swingline Loan may not be converted
to a LIBOR Rate Loan. The Administrative Agent shall promptly notify the affected Lenders of such Notice of Conversion/Continuation.


 


SECTION 5.3         Fees.


 


(a)       Commitment
Fee. CommencingWithout affecting any fees or other
payments made to the Administrative Agent prior to the First Amendment Date, commencing on the ClosingFirst
Amendment Date, subject to Section 5.15(a)(iii)(A), the Borrower shall pay to the Administrative Agent, for the
account of the Revolving Credit Lenders, a non-refundable commitment fee (the “Commitment Fee”) at a rate per annum
equal to the rate set forth in the definition of Applicable Margin under the column entitled “Commitment Facility Fee” on
the average daily unused portion of the Revolving Credit Commitment of the Revolving Credit Lenders (other than the Defaulting Lenders,
if any); provided, that the amount of outstanding Swingline Loans shall not be considered usage of the Revolving Credit Commitment
for the purpose of calculating the Commitment Fee but the amount of outstanding Letters of Credit shall be considered usage of the Revolving
Credit Commitment for purpose of calculating the Commitment Fee. The Commitment Fee shall be payable in arrears on the last Business
Day of each calendar quarter during the term of this Agreement commencing June 30, 2021 and ending on the date upon which all Obligations
(other than contingent indemnification obligations not then due) arising under the Revolving Credit Facility shall have been indefeasibly
and irrevocably Paid In Full and the Revolving Credit Commitment has been terminated. The Commitment Fee shall be distributed by the
Administrative Agent to the Revolving Credit Lenders (other than any Defaulting Lender) pro rata in accordance with
such Revolving Credit Lenders’ respective Revolving Credit Commitment Percentages.


 


(b)       [Reserved].


 


(c)       Other
Fees. The Borrower shall pay to the Arranger and the Administrative Agent for their own respective accounts fees in the amounts and
at the times specified in their Fee LetterLetters.
The Borrower shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and at the times so
specified.


 






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SECTION
5.4         Manner of Payment. Each payment by the Borrower on account of the
principal of or interest on the Loans or of any fee, commission or other amounts (including the Reimbursement Obligation) payable to
the Lenders under this Agreement shall be made not later than 1:00 p.m. on the date specified for payment under this Agreement to
the Administrative Agent at the Administrative Agent’s Office for the account of the Lenders entitled to such payment in
Dollars, in immediately available funds and shall be made without any setoff, counterclaim or deduction whatsoever. Any payment
received after such time but before 2:00 p.m. on such day shall be deemed a payment on such date for the purposes of Section 10.1,
but for all other purposes shall be deemed to have been made on the next succeeding Business Day. Any payment received after 2:00
p.m. shall be deemed to have been made on the next succeeding Business Day for all purposes. Upon receipt by the Administrative
Agent of each such payment, the Administrative Agent shall distribute to each such Lender at its address for notices set forth
herein its Commitment Percentage in respect of the relevant Credit Facility (or other applicable share as provided herein) of such
payment and shall wire advice of the amount of such credit to each Lender. Each payment to the Administrative Agent on account of
the principal of or interest on the Swingline Loans or of any fee, commission or other amounts payable to the Swingline Lender shall
be made in like manner, but for the account of the Swingline Lender. Each payment to the Administrative Agent of any Issuing
Lender’s fees or L/C Participants’ commissions shall be made in like manner, but for the account of such Issuing Lender
or the L/C Participants, as the case may be. Each payment to the Administrative Agent of Administrative Agent’s fees or
expenses shall be made for the account of the Administrative Agent and any amount payable to any Lender under Sections 5.9, 5.10, 5.11
or 12.3 shall be paid to the Administrative Agent for the account of the applicable Lender. Subject to the definition of
Interest Period, if any payment under this Agreement shall be specified to be made upon a day which is not a Business Day, it shall
be made on the next succeeding day which is a Business Day and such extension of time shall in such case be included in computing
any interest if payable along with such payment. Notwithstanding the foregoing, if there exists a Defaulting Lender each payment by
the Borrower to such Defaulting Lender hereunder shall be applied in accordance with Section 5.15(a)(ii).


 


SECTION 5.5         Evidence
of Indebtedness.


 


(a)       Extensions
of Credit. The Extensions of Credit made by each Lender and each Issuing Lender shall be evidenced by one or more accounts or records
maintained by such Lender or such Issuing Lender and by the Administrative Agent in the ordinary course of business. The accounts or records
maintained by the Administrative Agent and each Lender or the applicable Issuing Lender shall be conclusive absent manifest error of the
amount of the Extensions of Credit made by the Lenders or such Issuing Lender to the Borrower and its Subsidiaries and the interest and
payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the
Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records
maintained by any Lender or any Issuing Lender and the accounts and records of the Administrative Agent in respect of such matters, the
accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through
the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Revolving Credit Note, Term Note and/or Swingline Note, as applicable, which shall evidence such Lender’s
Revolving Credit Loans, Term Loans and/or Swingline Loans, as applicable, in addition to such
accounts or records. Each Lender may attach schedules to its Notes and endorse thereon the date, amount and maturity of its Loans and
payments with respect thereto.


 


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


 






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SECTION 5.6         Sharing
of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect
of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender’s receiving payment
of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations (other than pursuant to Sections
5.9, 5.10, 5.11 or 12.3) greater than its pro  rata share thereof as provided herein, then
the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for
cash at face value) participations in the Loans and such other obligations of the other Lenders, or make such other adjustments as shall
be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount
of principal of and accrued interest on their respective Loans and other amounts owing them; provided that:


 


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


 


(ii)      the
provisions of this paragraph shall not be construed to apply to (A) any payment made by the Borrower pursuant to and in accordance
with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (B) the
application of Cash Collateral provided for in Section 5.14 or (C) any payment obtained by a Lender as consideration
for the assignment of, or sale of, a participation in any of its Loans or participations in Swingline Loans and Letters of Credit to any
assignee or participant.


 


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


 


SECTION 5.7         Administrative
Agent’s Clawback.


 


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


 



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


 


(c)       Nature
of Obligations of Lenders. The obligations of the Lenders under this Agreement to make the Loans, to issue or participate in Letters
of Credit and to make payments under this Section, Section 5.11(e), Section 12.3(c) or Section 12.7, as applicable,
are several and are not joint or joint and several. The failure of any Lender to make available its Commitment Percentage of any Loan
requested by the Borrower shall not relieve it or any other Lender of its obligation, if any, hereunder to make its Commitment Percentage
of such Loan available on the borrowing date, but no Lender shall be responsible for the failure of any other Lender to make its Commitment
Percentage of such Loan available on the borrowing date.


 


SECTION 5.8         Changed
Circumstances.


 


(a)       Circumstances
Affecting LIBOR Rate Availability. Subject to clause (c) below, in connection with any request for a LIBOR Rate Loan or a conversion
to or continuation thereof or otherwise, if for any reason (i) the Administrative Agent shall determine (which determination shall be
conclusive and binding absent manifest error) that Dollar deposits are not being offered to banks in the London interbank Eurodollar market
for the applicable amount and Interest Period of such Loan, (ii) the Administrative Agent shall determine (which determination shall be
conclusive and binding absent manifest error) that reasonable and adequate means do not exist for the ascertaining the LIBOR Rate for
such Interest Period with respect to a proposed LIBOR Rate Loan or (iii) the Required Lenders shall determine (which determination shall
be conclusive and binding absent manifest error) that the LIBOR Rate does not adequately and fairly reflect the cost to such Lenders of
making or maintaining such Loans during such Interest Period, then the Administrative Agent shall promptly give notice thereof to the
Borrower. Thereafter, until the Administrative Agent notifies the Borrower that such circumstances no longer exist, the obligation of
the Lenders to make LIBOR Rate Loans and the right of the Borrower to convert any Loan to or continue any Loan as a LIBOR Rate Loan shall
be suspended, and the Borrower shall either (A) repay in full (or cause to be repaid in full) the then outstanding principal amount
of each such LIBOR Rate Loan together with accrued interest thereon (subject to Section 5.1(d)), on the last day of the then
current Interest Period applicable to such LIBOR Rate Loan; or (B) convert the then outstanding principal amount of each such LIBOR Rate
Loan to a Base Rate Loan as of the last day of such Interest Period.


 


(b)       Laws
Affecting LIBOR Rate Availability. If, after the date hereof, the introduction of, or any change in, any Applicable Law or any change
in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation
or administration thereof, or compliance by any of the Lenders (or any of their respective Lending Offices) with any request or directive
(whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make it unlawful
or impossible for any of the Lenders (or any of their respective Lending Offices) to honor its obligations hereunder to make or maintain
any LIBOR Rate Loan, such Lender shall promptly give notice thereof to the Administrative Agent and the Administrative Agent shall promptly
give notice to the Borrower and the other Lenders. Thereafter, until the Administrative Agent notifies the Borrower that such circumstances
no longer exist, (i) the obligations of the Lenders to make LIBOR Rate Loans, and the right of the Borrower to convert any Loan to
a LIBOR Rate Loan or continue any Loan as a LIBOR Rate Loan shall be suspended and thereafter the Borrower may select only Base Rate Loans
and (ii) if any of the Lenders may not lawfully continue to maintain a LIBOR Rate Loan to the end of the then current Interest Period
applicable thereto, the applicable Loan shall immediately be converted to a Base Rate Loan for the remainder of such Interest Period.


 



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(c)       Benchmark
Replacement Setting.


 


(i)       (A)        Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document (and any Hedge Agreement shall be deemed
not to be a “Loan Document” for purposes of this Section 5.8(c)) if a Benchmark Transition Event or an Early Opt-in
Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting
of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a)(1) or (a)(2) of the definition
of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for
all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any
amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement
is determined in accordance with clause (a)(3) of the definition of “Benchmark Replacement” for such Benchmark Replacement
Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any
Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such
Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement
or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark
Replacement from Lenders comprising the Required Lenders of each Class.


 


(B)       Notwithstanding
anything to the contrary herein or in any other Loan Document, if a Term SOFR Transition Event and its related Benchmark Replacement Date
have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement
will replace the then-current Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and
subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other
Loan Document; provided that this clause (B) shall not be effective unless the Administrative Agent has delivered to the Lenders
and the Borrower a Term SOFR Notice. For the avoidance of doubt, the Administrative Agent shall not be required to deliver a Term SOFR
Notice after a Term SOFR Transition Event and may elect or not elect to do so in its sole discretion.


 


(ii)       Benchmark
Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have
the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in
any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further
action or consent of any other party to this Agreement or any other Loan Document.


 






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(iii)       Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (A) any
occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related
Benchmark Replacement Date, (B) the implementation of any Benchmark Replacement, (C) the effectiveness of any Benchmark Replacement Conforming
Changes, (D) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 5.8(c)(iv) below and (E) the commencement
or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative
Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 5.8(c), including any determination with respect
to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain
from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion
and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant
to this Section 5.8(c).


 


(iv)       Unavailability
of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection
with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including Term SOFR or USD LIBOR)
and either (1) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time
to time as selected by the Administrative Agent in its reasonable discretion or (2) the regulatory supervisor for the administrator of
such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be
no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings
at or after such time to remove such unavailable or non-representative tenor and (B) if a tenor that was removed pursuant to clause (A)
above either (1) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (2)
is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark
Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or
after such time to reinstate such previously removed tenor.


 


(v)       Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower
may revoke any request for a borrowing of, conversion to or continuation of LIBOR Rate Loans to be made, converted or continued during
any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for
a borrowing of or conversion to Base Rate Loans. During any Benchmark Unavailability Period or at any time that a tenor for the then-current
Benchmark is not an Available Tenor, the component of the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark,
as applicable, will not be used in any determination of the Base Rate.


 


(vi)       London
Interbank Offered Rate Benchmark Transition Event. On March 5, 2021, the IBA, the administrator of the London interbank offered rate,
and the FCA, the regulatory supervisor of the IBA, made the Announcements that the final publication or representativeness date for (I)
1-week and 2-month London interbank offered rate tenor settings will be December 31, 2021 and (II) overnight, 1-month, 3-month, 6-month
and 12-month London interbank offered rate tenor settings will be June 30, 2023. No successor administrator for the IBA was identified
in such Announcements. The parties hereto agree and acknowledge that the Announcements resulted in the occurrence of a Benchmark Transition
Event with respect to the London interbank offered rate pursuant to the terms of this Agreement and that any obligation of the Administrative
Agent to notify any parties of such Benchmark Transition Event pursuant to clause (iii) of this Section 5.8(c) shall be deemed
satisfied.


 






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(d)       Illegality.
If, in any applicable jurisdiction, the Administrative Agent, any Issuer Lender or any Lender determines that any Applicable Law has
made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for the Administrative Agent, any Issuer Lender
or any Lender to (i) perform any of its obligations hereunder or under any other Loan Document, (ii) to fund or maintain its participation
in any Loan or (iii) issue, make, maintain, fund or charge interest or fees with respect to any Extension of Credit, such Person shall
promptly notify the Administrative Agent, then, upon the Administrative Agent notifying the Borrower, and until such notice by such Person
is revoked, any obligation of such Person to issue, make, maintain, fund or charge interest or fees with respect to any such Extension
of Credit shall be suspended, and to the extent required by Applicable Law, cancelled. Upon receipt of such notice, the Credit Parties
shall, (A) repay that Person’s participation in the Loans or other applicable Obligations on the last day of the Interest Period
for each Loan or other Obligation occurring after the Administrative Agent has notified the Borrower or, if earlier, the date specified
by such Person in the notice delivered to the Administrative Agent (being no earlier than the last day of any applicable grace period
permitted by Applicable Law) and (B) take all reasonable actions requested by such Person to mitigate or avoid such illegality.


 


SECTION 5.9         Indemnity.
The Borrower hereby indemnifies each of the Lenders against any loss or out of pocket expense (including any loss or out of pocket expense
arising from the liquidation or reemployment of funds obtained by it to maintain a LIBOR Rate Loan or from fees payable to terminate the
deposits from which such funds were obtained) which may arise or be attributable to each Lender’s obtaining, liquidating or employing
deposits or other funds acquired to effect, fund or maintain any Loan (a) as a consequence of any failure by the Borrower to make
any payment when due of any amount due hereunder in connection with a LIBOR Rate Loan, (b) due to any failure of the Borrower to
borrow or continue a LIBOR Rate Loan or convert to a LIBOR Rate Loan on a date specified therefor in a Notice of Borrowing or Notice of
Conversion/Continuation or (c) due to any payment, prepayment or conversion of any LIBOR Rate Loan on a date other than the last day of
the Interest Period therefor. The amount of such loss or expense shall be determined, in the applicable Lender’s sole discretion,
based upon the assumption that such Lender funded its Commitment Percentage of the LIBOR Rate Loans in the London interbank market and
using any reasonable attribution or averaging methods which such Lender deems appropriate and practical. A certificate of such Lender
setting forth the basis for determining such amount or amounts necessary to compensate such Lender shall be forwarded to the Borrower
through the Administrative Agent and shall be conclusively presumed to be correct save for manifest error.


 


SECTION 5.10       Increased
Costs.


 


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


 


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


 


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


 


(iii)       impose
on any Lender or any Issuing Lender or the London interbank market any other condition, cost or expense (other than Taxes) 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, the Issuing Lender or such other Recipient of making, converting to, continuing or maintaining any
Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender, such Issuing Lender or such other
Recipient of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue
any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender, such Issuing Lender or such other Recipient
hereunder (whether of principal, interest or any other amount) then, upon written request of such Lender, such Issuing Lender or other
Recipient, the Borrower shall promptly pay to any such Lender, such Issuing Lender or other Recipient, as the case may be, such additional
amount or amounts as will compensate such Lender, such Issuing Lender or other Recipient, as the case may be, for such additional costs
incurred or reduction suffered.


 



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


 


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


 


(d)       Delay
in Requests. Failure or delay on the part of any Lender or any Issuing Lender or such other Recipient to demand compensation pursuant
to this Section shall not constitute a waiver of such Lender’s or such Issuing Lender’s or such other Recipient’s right
to demand such compensation; provided that the Borrower shall not be required to compensate any Lender or an Issuing Lender or
any other Recipient pursuant to this Section for any increased costs incurred or reductions suffered more than nine (9) months prior to
the date that such Lender or such Issuing Lender or such other Recipient, as the case may be, notifies the Borrower of the Change in Law
giving rise to such increased costs or reductions, and of such Lender’s or such Issuing Lender’s or such other Recipient’s
intention to claim compensation therefor (except that if the Change in Law giving rise to such increased costs or reductions is retroactive,
then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).


 






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SECTION 5.11       Taxes.


 


(a)       Defined
Terms. For purposes of this Section 5.11, the term “Lender” includes any Issuing Lender and the term “Applicable
Law” includes FATCA.


 


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


 


(c)       Payment
of Other Taxes by the Credit Parties. The Borrower and any other Credit Party shall timely pay to the relevant Governmental Authority
in accordance with Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.


 


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


 


(e)       Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i)
any Indemnified Taxes attributable to such Lender (but only to the extent that any Credit Party has not already indemnified the Administrative
Agent for such Indemnified Taxes and without limiting the obligation of the Credit Parties to do so), (ii) any Taxes attributable to
such Lender’s failure to comply with the provisions of Section 12.9(d) relating to the maintenance of a Participant
Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent
in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes
the Administrative Agent to setoff and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise
payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this
paragraph (e).


 


(f)       Evidence
of Payments. As soon as practicable after any payment of Taxes by any Credit Party to a Governmental Authority pursuant to this Section 5.11,
such Credit Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory
to the Administrative Agent.


 






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(g)       Status
of Lenders.


 


(i)       Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall
deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit
such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by
the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested
by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such
Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding
two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 5.11(g)(ii)(A),
(ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution
or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial
position of such Lender.


 


(ii)       Without
limiting the generality of the foregoing:


 


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


 


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


 


(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 establishing an exemption from, or reduction of, United States
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 establishing an exemption from, or reduction of, United States federal withholding
Tax pursuant to the “business profits” or “other income” article of such tax treaty;


 


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


 






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(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, a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-2 or Exhibit H-3, IRS
Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender
is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such
Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-4 on behalf of each
such direct and indirect partner;


 


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


 


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


 


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


 


(h)       Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any
Taxes as to which it has been indemnified pursuant to this Section 5.11 (including by the payment of additional amounts pursuant
to this Section 5.11), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes)
of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such
refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over
pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event
that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary
in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this
paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party
would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed
and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed
to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential)
to the indemnifying party or any other Person.


 



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(i)       Survival.
Each party’s obligations under this Section 5.11 shall survive the resignation or replacement of the
Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the
repayment, satisfaction or discharge of all obligations under any Loan Document.


 


SECTION 5.12       Mitigation
Obligations; Replacement of Lenders.


 


(a)       Designation
of a Different Lending Office. If any Lender requests compensation under Section 5.10, or requires the Borrower to pay
any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 5.11,
then such Lender shall, at the request of the Borrower, use reasonable efforts to designate a different Lending Office for funding or
booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in
the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 5.10
or Section 5.11, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or
expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses
incurred by any Lender in connection with any such designation or assignment.


 


(b)       Replacement
of Lenders. If any Lender requests compensation under Section 5.10, or if the Borrower is required to pay any Indemnified
Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 5.11,
and, in each case, such Lender has declined or is unable to designate a different Lending Office or assigns its rights and obligations
hereunder to another of its offices, branches or affiliates in accordance with Section 5.12(a), or if any Lender is a Defaulting
Lender or a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative
Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in,
and consents required by, Section 12.9), all of its interests, rights (other than its existing rights to payments pursuant
to Section 5.10 or Section 5.11) and obligations under this Agreement and the related Loan Documents to an Eligible
Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided
that:


 


(i)        the
Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 12.9;


 


(ii)       such
Lender shall have received payment of an amount equal to the outstanding principal of its Loans and funded participations in Letters of
Credit and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan
Documents (including any amounts under Section 5.9) from the assignee (to the extent of such outstanding principal and accrued
interest and fees) or the Borrower (in the case of all other amounts;


 



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(iii)       in
the case of any such assignment resulting from a claim for compensation under Section 5.10 or payments required to be made
pursuant to Section 5.11, such assignment will result in a reduction in such compensation or payments thereafter;


 





(iv)       such
assignment does not conflict with Applicable Law; and


 


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


 


A Lender shall not be required
to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling
the Borrower to require such assignment and delegation cease to apply.


 


(c)       Selection
of Lending Office. Subject to Section 5.12(a), each Lender may make any Loan to the Borrower through any Lending Office, provided
that the exercise of this option shall not affect the obligations of the Borrower to repay the Loan in accordance with the terms of this
Agreement or otherwise alter the rights of the parties hereto.


 
	 	SECTION 5.13	Incremental Loans.


 


(a)       At
any time following the ClosingFirst Amendment
Date the Borrower may by written notice to the Administrative Agent elect to request the establishment of:


 


(i)      one
or more incremental term loan commitments (any such incremental
term loan commitment, an “Increase Term Loan Commitment”) to make one or more additional
term loans (each, including a borrowing of an
additional term loan the principal amount of which will be added to the outstanding principal amount of the existing tranche of Term Loans
with the latest scheduled maturity date (any such additional term loan, an “Increase Term Loan”); or


 


(ii)     one
or more increases in the Revolving Credit Commitments (any such increase, an “Incremental Revolving Credit
Commitment” and, together with the Increase Term Loan Commitments, the “Increase Commitments”) to make
revolving credit loans under the Revolving Credit Facility (any such increase, an “Incremental Revolving Credit
Increase” and, together with the Increase Term Loans, the “Increase Loans”);


 


provided that
(1) the total aggregate initial principal amount (as of the date of incurrence thereof) of such requested Increase Commitments
and Increase Loans shall not exceed the Increase Facilities Limit and (2) the total aggregate amount for each Increase
Commitment (and the Increase Loans made thereunder) shall not be less than a minimum principal amount of $5,000,000 or, if less, the
remaining amount permitted pursuant to the foregoing clause (1). Each such notice shall specify the date (each, an
 “Increase Amount Date”) on which the Borrower proposes that any Increase Commitment shall be effective, which
shall be a date not less than ten (10) Business Days after the date on which such notice is delivered to Administrative Agent (or
such later date as may be approved by the Administrative Agent). The Borrower may invite any Lender, any Affiliate of any Lender
and/or any Approved Fund, and/or any other Person reasonably satisfactory to the Administrative Agent, to provide an Increase
Commitment (any such Person, an “Increase Lender”). Any proposed Increase Lender offered or approached to provide
all or a portion of any Increase Commitment may elect or decline, in its sole discretion, to provide such Increase Commitment or any
portion thereof. Any Increase Commitment shall become effective as of such Increase Amount Date; provided that each of the
following conditions has been satisfied or waived as of such Increase Amount Date:


 






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(A)      no
Default or Event of Default shall exist on such Increase Amount Date immediately prior to or after giving effect to (1) any Increase Commitment,
(2) the making of any Increase Loans pursuant thereto and (3) any Permitted Acquisition consummated in connection therewith;





 





(B)       the
Administrative Agent shall have received from the Borrower an Officer’s Compliance Certificate demonstrating, in form and substance
reasonably satisfactory to the Administrative Agent, that the (1) Borrower is in compliance with the financial covenants set forth
in Section 9.15 and (2) Consolidated Total Leverage Ratio will be at least 0.25 to 1.00 less than the maximum Consolidated
Total Leverage Ratio in effect as of the Increase Amount Date pursuant to Section 9.15(a), in each case based on the financial
statements most recently delivered pursuant to Section 8.1(a) or 8.1(b), as applicable, both before and after giving
effect (on a Pro Forma Basis) to (x) any Increase Commitment, (y) the making of any Increase Loans pursuant thereto (with any
Increase Commitment and the Revolving Credit Commitment being deemed to be fully funded) and (z) any Permitted Acquisition consummated
in connection therewith;


 


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


 


(D)       the
proceeds of any Increase Loans shall be used for general corporate purposes of the Borrower and its Subsidiaries (including Permitted
Acquisitions);


 


(E)       each
Increase Commitment (and the Increase Loans made thereunder) shall constitute Obligations of the Borrower and shall be secured and guaranteed
with the other Extensions of Credit on a pari passu basis;


 


(F)       in
the case of each Incremental Revolving Credit Commitment, such Incremental Revolving Credit Commitment shall (1) mature on the Revolving
Credit Maturity Date, (2) bear interest and be entitled to fees, in each case, at the rate applicable to the Revolving Credit Loans, and
(3) be subject to the same terms and conditions of the Revolving Credit Loans;


 


(G)       in
the case of each Increase Term Loan, the terms governing such Increase Term Loan (1) must be acceptable to Administrative Agent and each
Increase Lender providing such Increase Loan in their sole discretion; and (2) will be set forth in an amendment to this Agreement in
form and substance acceptable to Administrative Agent and each Increase Lender providing such Increase Loan in their sole discretion;


 


(H)      (1)      
any Increase Lender making any Increase Term Loan shall (unless otherwise agreed by the applicable Increase Lenders) share payments
made on each Increase Term Loan pro rata on the basis of the original aggregate funded amount thereof among each Increase Term Loan;
and


 






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(2)       any
Increase Lender with an Incremental Revolving Credit Increase shall be entitled to the same voting rights as the existing Revolving Credit
Lenders under the Revolving Credit Facility and any Extensions of Credit made in connection with each Incremental Revolving Credit Increase
shall receive proceeds of prepayments on the same basis as the other Revolving Credit Loans made hereunder;


 





(I)         such
Increase Commitments shall be effected pursuant to one or more amendments to this Agreement executed and delivered by the Borrower, the
Administrative Agent and the applicable Increase Lenders (which amendment may, without the consent of any other Lenders, effect such amendments
to this Agreement and the other Loan Documents as may be necessary or appropriate, in the sole opinion of the Administrative Agent and
the applicable Increase Lender, to effect the provisions of this Section 5.13); and


 


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


 


(b)          The
Increase Lenders shall be included in any determination of the Required Lenders or,
Required Revolving Credit Lenders or Required Term Loan Lenders, as applicable, and, unless otherwise
agreed, the Increase Lenders will not constitute a separate voting class for any purposes under this Agreement.


 


(c)          (i)        On any Increase Amount
Date on which any Increase Term Loan Commitment becomes effective, subject to the foregoing terms and conditions, each Increase Lender
with an Increase Term Loan Commitment shall make, or be obligated to make, an Increase Term Loan to the Borrower in an amount equal to
its Increase Term Loan Commitment and shall become an Increase Term Loan Lender hereunder with respect to such Increase Term Loan Commitment
and the Increase Term Loan made pursuant thereto.


 


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


 


SECTION 5.14        Cash
Collateral. At any time that there shall exist a Defaulting Lender, within three (3) Business Days following the written request
of the Administrative Agent, any Issuing Lender (with a copy to the Administrative Agent) or the Swingline Lender (with a copy to
the Administrative Agent), the Borrower shall Cash Collateralize the Fronting Exposure of such Issuing Lender and/or the Swingline
Lender, as applicable, with respect to such Defaulting Lender (determined after giving effect to Section 5.15(a)(iv) and
any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.


 


(a)       Grant
of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to
the Administrative Agent, for the benefit of each Issuing Lender and the Swingline Lender, and agrees to maintain, a first priority security
interest in all such Cash Collateral as security for the Defaulting Lender’s obligation to fund participations in respect of L/C
Obligations and Swingline Loans, to be applied pursuant to subsection (b) below. If at any time the Administrative Agent determines that
Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent, each Issuing Lender and the Swingline
Lender as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will,
promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient
to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender).


 






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(b)       Application.
Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, Cash Collateral provided under this Section 5.14
or Section 5.15 in respect of Letters of Credit and Swingline Loans shall be applied to the satisfaction of the
Defaulting Lender’s obligation to fund participations in respect of L/C Obligations and Swingline Loans (including, as to Cash
Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided,
prior to any other application of such property as may otherwise be provided for herein.


 


(c)       Termination
of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce the Fronting Exposure of any Issuing Lender
and/or the Swingline Lender, as applicable, shall no longer be required to be held as Cash Collateral pursuant to this Section 5.14
following (i) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable
Lender), or (ii) the determination by the Administrative Agent, the Issuing Lenders and the Swingline Lender that there exists excess
Cash Collateral; provided that, subject to Section 5.15, the Person providing Cash Collateral, the Issuing Lenders
and the Swingline Lender may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations;
and provided further that to the extent that such Cash Collateral was provided by the Borrower, such Cash Collateral shall remain
subject to the security interest granted pursuant to the Loan Documents. So long as no Default or Event of Default then exists, any Cash
Collateral no longer required to be so held shall be promptly returned first to the Borrower until it has received all Cash Collateral
provided by it, before any such Cash Collateral is returned to the Defaulting Lender.


 


SECTION 5.15Defaulting
Lenders.


 


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


 


(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 definitiondefinitions
of Required Lenders, Required Revolving Credit Lenders, Required Term Loan Lenders and/or
Section 12.2.


 


(ii)      Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account
of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article X or otherwise) or received by
the Administrative Agent from a Defaulting Lender pursuant to Section 12.4 shall be applied at such time or times as may
be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to
the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting
Lender to the Issuing Lenders or the Swingline Lender hereunder; third, to Cash Collateralize the Fronting Exposure of the
Issuing Lenders and the Swingline Lender with respect to such Defaulting Lender in accordance with Section 5.14; fourth,
as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan or funded participation
in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by
the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit
account and released pro rata in order to (A) satisfy such Defaulting Lender’s potential future funding obligations
with respect to Loans and funded participations under this Agreement and (B) Cash Collateralize the Issuing Lenders’ future
Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in
accordance with Section 5.14; sixth, to the payment of any amounts owing to the Lenders, the Issuing Lenders or
the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, any Issuing Lender or
the Swingline 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
Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as
a result of such Defaulting Lender's breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or
as otherwise directed by a court of competent jurisdiction; provided that if (1) such payment is a payment of the principal
amount of any Loans or funded participations in Letters of Credit or Swingline Loans in respect of which such Defaulting Lender has
not fully funded its appropriate share, and (2) such Loans were made or the related Letters of Credit or Swingline Loans were issued
at a time when the conditions set forth in Section 6.2 were satisfied or waived, such payment shall be applied solely to
pay the Loans of, and funded participations in Letters of Credit or Swingline Loans owed to, all Non-Defaulting Lenders on a pro
rata basis prior to being applied to the payment of any Loans of, or funded participations in Letters of Credit or Swingline
Loans owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations and
Swingline Loans are held by the Lenders pro rata in accordance with the Revolving Credit Commitments under the applicable
Revolving Credit Facility without giving effect to Section 5.15(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 5.15(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender
irrevocably consents hereto.


 






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(iii)     Certain
Fees.


 


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


 


(B)        Each
Defaulting Lender shall be entitled to receive letter of credit commissions pursuant to Section 3.3 for any period during
which that Lender is a Defaulting Lender only to the extent allocable to its Revolving Credit Commitment Percentage of the stated amount
of Letters of Credit for which it has provided Cash Collateral pursuant to Section 5.14.


 


(C)        With
respect to any Commitment Fee or letter of credit commission not required to be paid to any Defaulting Lender pursuant to clause (A) or
(B) above, the Borrower shall (1) 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 Swingline Loans that has been reallocated to
such Non-Defaulting Lender pursuant to clause (iv) below, (2) pay to each applicable Issuing Lender and Swingline Lender, as applicable,
the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Lender’s or Swingline
Lender’s Fronting Exposure to such Defaulting Lender (other than any portion of such Fronting Exposure that has been Cash Collateralized
by the Borrower, and (3) not be required to pay the remaining amount of any such fee.


 


(iv)     Reallocation
of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in L/C Obligations
and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Revolving Credit Commitment
Percentages (calculated without regard to such Defaulting Lender’s Revolving Credit Commitment) but only to the extent that such
reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s
Revolving Credit Commitment. Subject to Section 12.23, no reallocation hereunder shall constitute a waiver or release of any claim
of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of
a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.


 








(v)      Cash
Collateral, Repayment of Swingline Loans. If the reallocation described in clause (iv) above cannot, or can only partially, be effected,
the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, repay Swingline
Loans in an amount equal to the Swingline Lenders’ Fronting Exposure and (y) second, Cash Collateralize the Issuing Lenders’
Fronting Exposure in accordance with the procedures set forth in Section 5.14.


 


(b)       Defaulting
Lender Cure. If the Borrower, the Administrative Agent, the Issuing Lenders and the Swingline Lender agree in writing that a
Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective
date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any
Cash Collateral), such Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders
or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded
participations in Letters of Credit and Swingline Loans to be held pro rata by the Lenders in accordance with the Commitments
under the applicable Credit Facility (without giving effect to Section 5.15(a)(iv)), whereupon such Lender will cease to
be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made
by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the
extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a
waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.


 






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ARTICLE VI



CONDITIONS OF CLOSING AND BORROWING


 


SECTION 6.1         Conditions
to Closing and Initial Extensions of Credit. The obligation of the Lenders to close this Agreement and to make the initial Loans
or issue or participate in the initial Letter of Credit, if any, is subject to the satisfaction of each of the following
conditions:


 


(a)       Executed
Loan Documents. This Agreement, a Revolving Credit Note in favor of each Revolving Credit Lender requesting a Revolving Credit Note,
a Term Loan Note in favor of each Term Loan Lender requesting a Term Loan Note (with respect to the Term
Loan Lenders making the Initial Term Loan on the First Amendment Date), a Swingline Note in favor of the Swingline Lender (in
each case, if requested thereby), and the Security Documents, together with any other applicable Loan Documents, shall have been duly
authorized, executed and delivered to the Administrative Agent by the parties thereto, shall be in full force and effect and no Default
or Event of Default shall exist hereunder or thereunder.


 


(b)       Closing
Certificates; Etc. The Administrative Agent shall have received each of the following in form and substance reasonably satisfactory
to the Administrative Agent:


 


(i)       Officer’s
Certificate. A certificate from a Responsible Officer of the Borrower to the effect that (A) all representations and warranties
of the Credit Parties contained in this Agreement and the other Loan Documents are true, correct and complete in all material respects
(except to the extent any such representation and warranty is qualified by materiality or reference to Material Adverse Effect, in which
case such representation and warranty shall be true, correct and complete in all respects) as of the Closing Date; (B) none of the
Credit Parties is in violation of any of the covenants contained in this Agreement and the other Loan Documents as of the Closing Date;
(C) after giving effect to the Transactions, no Default or Event of Default has occurred and is continuing; (D) since December
31, 2020, no event has occurred or condition arisen, either individually or in the aggregate, that has had or could reasonably be expected
to have a Material Adverse Effect; and (E) each of the Credit Parties, as applicable, has satisfied each of the conditions set forth in
Section 6.1 and Section 6.2.





 





(ii)      Certificate
of Secretary of each Credit Party. A certificate of a Responsible Officer of each Credit Party certifying as to the incumbency and
genuineness of the signature of each officer of such Credit Party executing Loan Documents to which it is a party and certifying that
attached thereto is a true, correct and complete copy of (A) the articles or certificate of incorporation or formation (or equivalent),
as applicable, of such Credit Party and all amendments thereto, certified as of a recent date by the appropriate Governmental Authority
in its jurisdiction of incorporation, organization or formation (or equivalent), as applicable, (B) the bylaws or other governing
document of such Credit Party as in effect on the Closing Date, (C) resolutions duly adopted by the board of directors (or other
governing body) of such Credit Party authorizing and approving the transactions contemplated hereunder and the execution, delivery and
performance of this Agreement and the other Loan Documents to which it is a party, and (D) each certificate required to be delivered
pursuant to Section 6.1(b)(iii).


 


(iii)     Certificates
of Good Standing. Certificates as of a recent date of the good standing of each Credit Party under the laws of its jurisdiction of
incorporation, organization or formation (or equivalent), as applicable, and, to the extent requested by the Administrative Agent, each
other jurisdiction where such Credit Party is qualified to do business except where failure to qualify in such jurisdiction would not
reasonably be expected to have a Material Adverse Effect.


 


(iv)     Opinions
of Counsel. Opinions of counsel to the Credit Parties addressed to the Administrative Agent and the Lenders with respect to the Credit
Parties, the Loan Documents and such other matters as the Administrative Agent shall request (which such opinions shall expressly permit
reliance, subject to customary conditions, by permitted assigns of the Administrative Agent and the Lenders).


 


(c)       Personal
Property Collateral.


 


(i)       Filings
and Recordings. The Administrative Agent shall have received all filings and recordations that are necessary to perfect the
security interests of the Administrative Agent, on behalf of the Secured Parties, in the Collateral and the Administrative Agent
shall have received evidence reasonably satisfactory to the Administrative Agent that upon such filings and recordations such
security interests constitute valid and perfected first priority Liens thereon (subject to Permitted Liens).


 


(ii)      Pledged
Collateral. The Administrative Agent shall have received (A) original stock certificates or other certificates evidencing the
certificated Equity Interests pledged pursuant to the Security Documents, together with an undated stock power for each such certificate
duly executed in blank by the registered owner thereof and (B) each original promissory note pledged pursuant to the Security Documents
together with an undated allonge for each such promissory note duly executed in blank by the holder thereof.


 






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(iii)     Lien
Search. The Administrative Agent shall have received the results of a Lien search (including a search as to judgments, pending litigation,
bankruptcy, tax and intellectual property matters), in form and substance reasonably satisfactory thereto, made against the Credit Parties
under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under
the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of such Credit Party, indicating among
other things that the assets of each such Credit Party are free and clear of any Lien (except for Permitted Liens).


 


(iv)     Property
and Liability Insurance. The Administrative Agent shall have received, in each case in form and substance reasonably satisfactory
to the Administrative Agent, (A) evidence of property, business interruption and liability insurance covering each Credit Party, (B) evidence
of payment of all insurance premiums for the current policy year of each policy, (C) if requested by the Administrative Agent, copies
of such insurance policies, and (D) insurance certificates listing the Administrative Agent as loss payee (and mortgagee, as applicable)
on all policies for property hazard insurance and as additional insured on all policies for liability insurance.


 


(v)      [Reserved].


 


(vi)     Other
Collateral Documentation. The Administrative Agent shall have received any documents reasonably requested thereby or as required by
the terms of the Security Documents to evidence its security interest in the Collateral (including, without limitation, any control agreements,
landlord waivers or collateral access agreements, notices and assignments of claims required under Applicable Laws, bailee or warehouseman
letters or filings with the FDA or any other applicable Governmental Authority).


 


(d)       [Reserved].


 


(e)       Consents;
Defaults.


 


(i)       Governmental
and Third Party Approvals. The Credit Parties shall have received all material governmental, shareholder and third party consents
and approvals necessary in connection with the transactions contemplated by this Agreement and the other Loan Documents and all applicable
waiting periods shall have expired without any action being taken by any Person that could reasonably be expected to restrain, prevent
or impose any material adverse conditions on any of the Credit Parties or such other transactions or that could seek or threaten any of
the foregoing, and no law or regulation shall be applicable which in the reasonable judgment of the Administrative Agent could reasonably
be expected to have such effect.


 


(ii)      No
Injunction, Etc. No action, proceeding or investigation shall have been instituted, threatened or proposed before any Governmental
Authority to enjoin, restrain, or prohibit, or to obtain substantial damages in respect of, or which is related to or arises out of this
Agreement or the other Loan Documents or the consummation of the transactions contemplated hereby or thereby, or which, in the Administrative
Agent’s sole discretion, would make it inadvisable to consummate the transactions contemplated by this Agreement or the other Loan
Documents or the consummation of the transactions contemplated hereby or thereby.


 


(f)       Financial
Matters.





 





(i)       Financial
Statements. The Administrative Agent shall have received the audited Consolidated balance sheet of the Borrower and its Subsidiaries
as of December 31, 2018, December 31, 2019 and December 31, 2020 and the related audited statements of income and retained earnings and
cash flows for the Fiscal Year then ended.


 


(ii)      [Reserved].


 








(iii)     Financial
Projections. The Administrative Agent shall have received pro forma Consolidated financial statements for the Borrower and its Subsidiaries,
and projections prepared by management of the Borrower, of balance sheets, income statements and cash flow statements on a quarterly basis
for the term of the Credit Facility, which shall not be materially inconsistent with any financial information or projections previously
delivered to the Administrative Agent.


 






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(iv)     Financial
Condition/Solvency Certificate. The Borrower shall have delivered to the Administrative Agent a certificate, in form and substance
reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of the Borrower, that (A) after
giving effect to the Transactions, the Credit Parties and each of their Subsidiaries are, on a Consolidated basis, Solvent, (B) the
financial projections previously delivered to the Administrative Agent represent the good faith estimates (utilizing reasonable assumptions)
of the financial condition and operations of the Borrower and its Subsidiaries and (C) attached thereto is a calculation of the Applicable
Margin.


 


(v)      Closing
Leverage Ratio. The ratio of Consolidated Total Indebtedness of the Borrower and its Subsidiaries as of the Closing Date calculated
on a Pro Forma Basis after giving effect to the Transactions to Consolidated EBITDA for the four-quarter period most recently ended prior
to the Closing Date for which financial statements are available (calculated on a Pro Forma Basis after giving effect to the Transactions
will not exceed 1.00 to 1.00 (the “Closing Leverage Ratio”).


 


(vi)     Payment
at Closing. The Borrower shall have paid or made arrangements to pay contemporaneously with closing (A) to the Administrative
Agent, the Arranger and the Lenders the fees set forth or referenced in Section 5.3, including the Fee Letter, and any other
accrued and unpaid fees or commissions due hereunder, (B) all reasonable and documented fees, charges and disbursements of counsel
to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent accrued and unpaid prior
to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate
of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate
shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent) and (C) to any other
Person such amount as may be due thereto in connection with the transactions contemplated hereby, including all taxes, fees and other
charges in connection with the execution, delivery, recording, filing and registration of any of the Loan Documents.


 


(g)       [Reserved].


 


(h)       Miscellaneous.


 


(i)       [Reserved].


 


(ii)      Notice
of Account Designation. The Administrative Agent shall have received a Notice of Account Designation specifying the account or accounts
to which the proceeds of any Loans made on or after the Closing Date are to be disbursed.





 





(iii)     Due
Diligence. The Administrative Agent shall have completed, to its satisfaction, all legal, tax, environmental, business and other due
diligence with respect to the business, assets, liabilities, operations and condition (financial or otherwise) of the Borrower and its
Subsidiaries in scope and determination satisfactory to the Administrative Agent in its sole discretion.


 


(iv)     [Reserved].


 


(v)      [Reserved].


 


(vi)     [Reserved].


 


(vii)    Other
Collateral Documentation. The Administrative Agent shall have received any documents reasonably requested thereby or as required by
the terms of the Security Documents to evidence its security interest in the Collateral (including, without limitation, any control agreements,
landlord waivers or collateral access agreements, notices and assignments of claims required under Applicable Laws, bailee or warehouseman
letters or filings with the FDA or any other applicable Governmental Authority).


 


Without limiting the generality of the provisions
of Section 11.3(c), for purposes of determining compliance with the conditions specified in this Section 6.1,
the Administrative Agent and each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or
to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory
to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying
its objection thereto.


 






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SECTION 6.2         Conditions
to All Extensions of Credit. The obligations of the Lenders to make or participate in any Extensions of Credit (including the
initial Extension of Credit), convert or continue any Loan and/or any Issuing Lender to issue or extend any Letter of Credit are
subject to the satisfaction of the following conditions precedent on the relevant borrowing, continuation, conversion, issuance or
extension date:


 


(a)       Continuation
of Representations and Warranties. The representations and warranties contained in this Agreement and the other Loan Documents shall
be true and correct in all material respects, except for any representation and warranty that is qualified by materiality or reference
to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects, on and as of such borrowing,
continuation, conversion, issuance or extension date with the same effect as if made on and as of such date (except for any such representation
and warranty that by its terms is made only as of an earlier date, which representation and warranty shall remain true and correct in
all material respects as of such earlier date, except for any representation and warranty that is qualified by materiality or reference
to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects as of such earlier date).


 


(b)      No
Existing Default. No Default or Event of Default shall have occurred and be continuing (i) on the borrowing, continuation or conversion
date with respect to such Loan or after giving effect to the Loans to be made, continued or converted on such date or (ii) on the issuance
or extension date with respect to such Letter of Credit or after giving effect to the issuance or extension of such Letter of Credit on
such date.


 


(c)      Notices.
The Administrative Agent shall have received a Notice of Borrowing, Letter of Credit Application, or Notice of Conversion/Continuation,
as applicable, from the Borrower in accordance with Section 2.3(a), Section 3.2, or Section 5.2, as applicable.





 





(d)      Additional
Documents. The Administrative Agent shall have received each additional document, instrument, legal opinion or other item reasonably
requested by it in accordance with and required to be delivered by the terms of this Agreement.


 


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


 


ARTICLE VII



REPRESENTATIONS AND WARRANTIES OF THE CREDIT PARTIES


 


To induce the Administrative
Agent and Lenders to enter into this Agreement and to induce the Lenders to make Extensions of Credit, the Credit Parties hereby represent
and warrant to the Administrative Agent and the Lenders both before and after giving effect to the transactions contemplated hereunder,
which representations and warranties shall be deemed made on the Closing Date and/or on such other date as
may be set forth in this Article VII, and as otherwise set forth in Section 6.2, that:


 


SECTION 7.1        Organization;
Power; Qualification. Each Credit Party and each Subsidiary thereof (a) is duly organized, validly existing and in good
standing under the laws of the jurisdiction of its incorporation or formation, (b) has the organizational power and authority
to own its Properties and to carry on its business as now being conducted and (c) is duly qualified and authorized to do
business in each jurisdiction in which the character of its Properties or the nature of its business requires such qualification and
authorization except where the failure to be so qualified would not reasonably be expected to result a Material Adverse Effect. The
jurisdictions in which each Credit Party and each Subsidiary thereof are organized as of the ClosingFirst
Amendment Date are described on Schedule 7.1. No Credit Party nor any Subsidiary thereof is an EEA Financial
Institution.


 


SECTION 7.2       Ownership.
Each Subsidiary of each Credit Party as of the ClosingFirst
Amendment Date is listed on Schedule 7.2. As of the ClosingFirst
Amendment Date, the capitalization of each Subsidiary of a Credit Party and
its Subsidiaries consists of the number of shares, authorized, issued and outstanding, of such classes and series,
with or without par value, described on Schedule 7.2. All outstanding shares have been duly authorized and validly issued and
are fully paid and nonassessable and not subject to any preemptive or similar rights, except as described in Schedule 7.2. As
of the ClosingFirst Amendment Date, there
are no outstanding stock purchase warrants, subscriptions, options, securities, instruments or other rights of any type or nature
whatsoever, which are convertible into, exchangeable for or otherwise provide for or require the issuance of Equity Interests of any Subsidiary
of a Credit Party or any Subsidiary thereof, except as described on Schedule
7.2.


 






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SECTION 7.3       Authorization;
Enforceability. Each Credit Party has the organizational right, power and authority and has taken all necessary corporate and
other action to authorize the execution, delivery and performance of this Agreement and each of the other Loan Documents to which it
is a party in accordance with their respective terms. This Agreement and each of the other Loan Documents have been duly executed
and delivered by the duly authorized officers of each Credit Party that is a party thereto, and each such document constitutes the
legal, valid and binding obligation of each Credit Party that is a party thereto, enforceable against such Credit Party in
accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or
similar state or federal Debtor Relief Laws from time to time in effect which affect the enforcement of creditors’ rights in
general and the availability of equitable remedies.


 





SECTION 7.4       Compliance
of Agreement, Loan Documents and Borrowing with Laws, Etc. The execution, delivery and performance by each Credit Party and each
Subsidiary thereof of the Loan Documents to which each such Person is a party, in accordance with their respective terms, the
Extensions of Credit hereunder and the transactions contemplated hereby or thereby do not and will not, by the passage of time, the
giving of notice or otherwise, (a) require any Governmental Approval or violate any Applicable Law relating to any Credit Party
or any Subsidiary thereof where the failure to obtain such Governmental Approval or such violation could reasonably be expected to
have a Material Adverse Effect, (b) conflict with, result in a breach of or constitute a default under the articles of
incorporation, bylaws or other organizational documents of any Credit Party or any Subsidiary thereof, (c) conflict with,
result in a breach of or constitute a default under any indenture, agreement or other instrument evidencing Indebtedness or a
payment obligation in excess of the Threshold Amount to which such Person is a party or by which any of its properties may be bound
or any Governmental Approval relating to such Person, which could, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect, (d) result in or require the creation or imposition of any Lien upon or with respect to any property
now owned or hereafter acquired by such Person other than Permitted Liens or (e) require any consent or authorization of,
filing with, or other act in respect of, an arbitrator or Governmental Authority and no consent of any other Person is required in
connection with the execution, delivery, performance, validity or enforceability of this Agreement other than (i) consents,
authorizations, filings or other acts or consents for which the failure to obtain or make could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect, (ii) consents or filings under the UCC, (iii) filings
with the United States Copyright Office and/or the United States Patent and Trademark Office and (iv) filings of any mortgage or
deed of trust with the applicable county recording office or register of deeds.


 


SECTION 7.5       Compliance
with Law; Governmental Approvals. Each Credit Party and each Subsidiary thereof (a) has all Governmental Approvals required
by any Applicable Law for it to conduct its business, each of which is in full force and effect, is final and not subject to review
on appeal and is not the subject of any pending or, to its knowledge, threatened attack by direct or collateral proceeding,
(b) is in compliance with each Governmental Approval applicable to it and in compliance with all other Applicable Laws
(including Environmental Laws) relating to it or any of its respective properties and (c) has timely filed all material
reports, documents and other materials required to be filed by it under all Applicable Laws with any Governmental Authority and has
retained all material records and documents required to be retained by it under Applicable Law, except in each case of clauses
(a), (b) or (c) where the failure to have, comply or file could not reasonably be expected to have a Material
Adverse Effect.


 


SECTION 7.6       Tax
Returns and Payments. Except to the extent permitted by Section 8.8, each Credit Party and each Subsidiary thereof has
duly filed or caused to be filed all federal and state and material local and other tax returns required by Applicable Law to be
filed, and has paid, or made adequate provision for the payment of, all federal, state, local and other taxes, assessments and
governmental charges or levies upon it and its property, income, profits and assets which are due and payable (other than any amount
the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in
conformity with GAAP have been provided for on the books of the relevant Credit Party). Such returns accurately reflect in all
material respects all liability for taxes of any Credit Party or any Subsidiary thereof for the periods covered thereby. As of the ClosingFirst
Amendment Date, except as set forth on Schedule 7.6, there is no ongoing audit or examination or, to the
knowledge of each of the Credit Parties and each Subsidiary thereof, other investigation by any Governmental Authority of the tax
liability of any Credit Party or any Subsidiary thereof. No Governmental Authority has asserted any Lien or other claim against any
Credit Party or any Subsidiary thereof with respect to unpaid taxes which has not been discharged or resolved (other than
(a) any amount the validity of which is currently being contested in good faith by appropriate proceedings and with respect to
which reserves in conformity with GAAP have been provided for on the books of the relevant Credit Party and (b) Permitted
Liens). The charges, accruals and reserves on the books of each Credit Party and each Subsidiary thereof in respect of federal,
state, local and other taxes for all Fiscal Years and portions thereof since the organization of any Credit Party or any Subsidiary
thereof are in the judgment of the Borrower adequate, and the Borrower does not anticipate any additional taxes or assessments for
any of such years.


 






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SECTION 7.7       Intellectual
Property Matters. Each Credit Party and each Subsidiary thereof owns or possesses rights to use all material franchises,
licenses, copyrights, copyright applications, patents, patent rights or licenses, patent applications, trademarks, trademark rights,
service mark, service mark rights, trade names, trade name rights, copyrights and other rights with respect to the foregoing which
are reasonably necessary to conduct its business, except where the failure to own or possess such rights could not reasonably be
expected to have a Material Adverse Effect. No event has occurred which permits, or after notice or lapse of time or both would
permit, the revocation or termination of any such rights, and no Credit Party nor any Subsidiary thereof is liable to any Person for
infringement under Applicable Law with respect to any such rights as a result of its business operations, except in each case as
could not reasonably be expected to have a Material Adverse Effect.


 


SECTION 7.8       [Reserved]


 


SECTION 7.9       Employee
Benefit Matters.


 


(a)      As
of the ClosingFirst Amendment Date, no Credit
Party nor any ERISA Affiliate maintains or contributes to, or has any obligation under, any Pension Plan or Multiemployer Plan other than
those identified on Schedule 7.9;


 


(b)      Each
Credit Party and each ERISA Affiliate is in compliance with all applicable provisions of ERISA, the Code and the regulations and official
interpretations thereunder with respect to all Employee Benefit Plans except for any required amendments for which the remedial amendment
period as defined in Section 401(b) of the Code has not yet expired and except where a failure to so comply could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each Employee Benefit Plan that is intended to be qualified
under Section 401(a) of the Code (i) has been determined by the IRS to be so qualified, and each trust related to such plan has been
determined to be exempt under Section 501(a) of the Code except for such plans that have not yet received determination letters but
for which the remedial amendment period for submitting a determination letter has not yet expired or (ii) is maintained on a pre-approved
plan document for which the pre-approved plan sponsor has received an opinion or advisory letter from the IRS. No liability has been incurred
by any Credit Party or any ERISA Affiliate which remains unsatisfied for any taxes or penalties assessed with respect to any Employee
Benefit Plan or any Multiemployer Plan except for a liability that could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect;


 


(c)      As
of the ClosingFirst Amendment Date, no Pension
Plan has been terminated, nor has any Pension Plan become subject to funding based upon benefit restrictions under Section 436 of
the Code, nor has any funding waiver from the IRS been received or requested with respect to any Pension Plan, nor has any Credit Party
or any ERISA Affiliate failed to make any contributions or to pay any amounts due and owing as required by Sections 412 or 430 of the
Code, Section 302 of ERISA or the terms of any Pension Plan on or prior to the due dates of such contributions under Sections 412
or 430 of the Code or Section 302 of ERISA, nor has there been any event requiring any disclosure under Section 4041(c)(3)(C)
or 4063(a) of ERISA with respect to any Pension Plan;


 


(d)      Except
where the failure of any of the following representations to be correct could not reasonably be expected, individually or in the aggregate,
to have a Material Adverse Effect, no Credit Party nor any ERISA Affiliate has: (i) engaged in a nonexempt prohibited transaction
described in Section 406 of the ERISA or Section 4975 of the Code, (ii) incurred any liability to the PBGC which remains
outstanding other than the payment of premiums and there are no premium payments which are due and unpaid, (iii) failed to make a
required contribution or payment to a Multiemployer Plan, or (iv) failed to make a required installment or other required payment
under Sections 412 or 430 of the Code;





 





(e)      No
Termination Event has occurred or is reasonably expected to occur;


 


(f)       Except
where the failure of any of the following representations to be correct could not reasonably be expected, individually or in the
aggregate, to have a Material Adverse Effect, no proceeding, claim (other than a benefits claim in the ordinary course of business),
lawsuit and/or investigation is existing or, to its knowledge, threatened concerning or involving (i) any employee welfare benefit
plan (as defined in Section 3(1) of ERISA) currently maintained or contributed to by any Credit Party or any ERISA Affiliate,
(ii) any Pension Plan or (iii) any Multiemployer Plan.


 






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SECTION 7.10       Margin
Stock. No Credit Party nor any Subsidiary thereof is engaged principally or as one of its activities in the business of extending
credit for the purpose of “purchasing” or “carrying” any “margin stock” (as each such term is defined
or used, directly or indirectly, in Regulation U of the FRB). No part of the proceeds of any of the Loans or Letters of Credit will be
used for purchasing or carrying margin stock or for any purpose which violates, or which would be inconsistent with, the provisions of
Regulation T, U or X of the FRB. Following the application of the proceeds of each Extension of Credit, not more than twenty-five percent
(25%) of the value of the assets (either of the Borrower only or of the Borrower and its Subsidiaries on a Consolidated basis) subject
to the provisions of Section 9.2 or Section 9.5 will be “margin stock”.


 


SECTION 7.11       Government
Regulation. No Credit Party nor any Subsidiary thereof is an “investment company” or a company
 “controlled” by an “investment company” (as each such term is defined or used in the Investment Company Act)
and no Credit Party nor any Subsidiary thereof is, or after giving effect to any Extension of Credit will be, subject to regulation
under the Interstate Commerce Act, or any other Applicable Law which limits its ability to incur or consummate the transactions
contemplated hereby.


 


SECTION 7.12       Material
Contracts. Schedule 7.12 sets forth a complete and accurate list of all Material Contracts of each Credit Party and each
Subsidiary thereof in effect as of the ClosingFirst
Amendment Date. Other than as set forth in Schedule 7.12, as of the ClosingFirst
Amendment Date, each such Material Contract is, and after giving effect to the consummation of the transactions
contemplated by the Loan Documents will be, in full force and effect in accordance with the terms thereof. As of the ClosingFirst
Amendment Date, no Credit Party nor any Subsidiary thereof (nor, to its knowledge, any other party thereto) is in
material breach of or in material default under any Material Contract to the extent such breach or default would require filing or
reporting obligations with the SEC or other Governmental Agency.


 


SECTION 7.13       Employee
Relations. As of the ClosingFirst
Amendment Date, no Credit Party nor any Subsidiary thereof is party to any collective bargaining agreement, nor has any
labor union been recognized as the representative of its employees except as set forth on Schedule 7.13. The Borrower knows
of no pending, threatened or contemplated strikes, work stoppage or other collective labor disputes involving its employees or those
of its Subsidiaries that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.


 


SECTION 7.14       Burdensome
Provisions. The Credit Parties and their respective Subsidiaries do not presently anticipate that future expenditures needed to
meet the provisions of any statutes, orders, rules or regulations of a Governmental Authority will be so burdensome as to have a
Material Adverse Effect. No Subsidiary is party to any agreement or instrument or otherwise subject to any restriction or
encumbrance that restricts or limits its ability to make dividend payments or other distributions in respect of its Equity Interests
to the Borrower or any Subsidiary or to transfer any of its assets or properties to the Borrower or any other Subsidiary in each
case other than existing under or by reason of the Loan Documents or Applicable Law.





 





SECTION 7.15       Financial
Statements. The audited and unaudited financial statements delivered pursuant to Section 6.1(f)(i) are complete and
correct and fairly present in all material respects on a Consolidated basis the assets, liabilities and financial position of the
Borrower and its Subsidiaries as at such dates, and the results of the operations and changes of financial position for the periods
then ended (other than customary year-end adjustments for unaudited financial statements and the absence of footnotes from unaudited
financial statements). All such financial statements, including the related schedules and notes thereto, have been prepared in
accordance with GAAP. Such financial statements show all material indebtedness and other material liabilities, direct or contingent,
of the Borrower and its Subsidiaries as of the date thereof, including material liabilities for taxes, material commitments, and
Indebtedness, in each case, to the extent required to be disclosed under GAAP.


 


SECTION 7.16       No
Material Adverse Change. Since December 31, 2020, there has been no material adverse change in the properties, business,
operations or financial condition of the Borrower and its Subsidiaries and no event has occurred or condition arisen, either
individually or in the aggregate, that could reasonably be expected to have a Material Adverse Effect.


 


SECTION 7.17       Solvency.
The Credit Parties and their Subsidiaries are, on a Consolidated basis, Solvent.


 


SECTION 7.18       Title
to Properties. As of the ClosingFirst
Amendment Date, the real property listed on Schedule 7.18 constitutes all of the real property that is owned,
leased, subleased or used by any Credit Party or any of its Subsidiaries. Each Credit Party and each Subsidiary thereof has such
title to the real property owned or leased by it as is necessary or desirable to the conduct of its business and valid and legal
title to all of its personal property and assets, except those which have been disposed of by the Credit Parties and their
Subsidiaries subsequent to such date which dispositions have been in the ordinary course of business or as otherwise expressly
permitted hereunder.


 


SECTION 7.19       Litigation.
Except for matters existing on the ClosingFirst
Amendment Date and set forth on Schedule 7.19, there are no actions, suits or proceedings pending nor, to its
knowledge, threatened against or in any other way relating adversely to or affecting any Credit Party or any Subsidiary thereof or
any of their respective properties in any court or before any arbitrator of any kind or before or by any Governmental Authority that
could reasonably be expected to have a Material Adverse Effect.


 






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SECTION 7.20    Anti-Corruption
Laws; Anti-Money Laundering Laws and Sanctions.


 


(a)       None
of (i) the Borrower, any Subsidiary or, to the knowledge of the Borrower or such Subsidiary, any of their respective directors, officers,
employees or Affiliates, or (ii) any agent or representative of the Borrower or any Subsidiary that will act in any capacity in connection
with or benefit from the Credit Facility, (A) is a Sanctioned Person or currently the subject or target of any Sanctions, (B) has its
assets located in a Sanctioned Country, (C) is under administrative, civil or criminal investigation for an alleged violation of, or received
notice from or made a voluntary disclosure to any governmental entity regarding a possible violation of, Anti-Corruption Laws, Anti-Money
Laundering Laws or Sanctions by a governmental authority that enforces Sanctions or any Anti-Corruption Laws or Anti-Money Laundering
Laws, or (D) directly or indirectly derives revenues from investments in, or transactions with, Sanctioned Persons.


 


(b)       Each
of the Borrower and its Subsidiaries has implemented and maintains in effect policies and procedures
designed to ensure compliance by the Borrower and its Subsidiaries and their respective directors,
officers, employees, agents and Affiliates with all Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions.



 


(c)       Each
of the Borrower and its Subsidiaries, and to the knowledge of the Borrower, director, officer, employee, agent and Affiliate of Borrower
and each such Subsidiary, is in compliance with all Anti-Corruption Laws, Anti-Money Laundering Laws in all material respects and applicable
Sanctions.


 


(d)       No
proceeds of any Extension of Credit have been used, directly or indirectly, by the Borrower, any of its Subsidiaries or any of its or
their respective directors, officers, employees and agents in violation of Section 8.16(c).


 


SECTION 7.21    Absence
of Defaults. No event has occurred or is continuing (a) which constitutes a Default or an Event of Default, or (b) which
constitutes, or which with the passage of time or giving of notice or both would constitute, a default or event of default by any Credit
Party or any Subsidiary thereof under any judgment, decree or order to which any Credit Party or any Subsidiary thereof is a party or
by which any Credit Party or any Subsidiary thereof or any of their respective properties may be bound or which would require any Credit
Party or any Subsidiary thereof to make any payment thereunder prior to the scheduled maturity date therefor that could, either individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.


 


SECTION 7.22    [Reserved].


 


SECTION 7.23    Disclosure.
The Borrower and/or its Subsidiaries have disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate
or other restrictions to which any Credit Party and any Subsidiary thereof are subject, and all other matters known to them, that, individually
or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. No financial statement, material report, material
certificate or other material information furnished (whether in writing or orally) by or on behalf of any Credit Party or any Subsidiary
thereof to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this
Agreement or delivered hereunder (as modified or supplemented by other information so furnished), taken together as a whole, contains
any untrue statement of a material fact or omits to state any material fact necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, pro
forma financial information, estimated financial information and other projected or estimated information, such information was prepared
in good faith based upon assumptions believed to be reasonable at the time (it being recognized by the Lenders that projections are not
to be viewed as facts and that the actual results during the period or periods covered by such projections may vary from such projections).


 






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ARTICLE VIII



AFFIRMATIVE COVENANTS


 


Until all of the Obligations
have been Paid in Full and the Commitments terminated, each Credit Party will, and will cause each of its Subsidiaries to:


 


SECTION 8.1    Financial
Statements and Budgets. Deliver to the Administrative Agent, in form and detail satisfactory to the Administrative Agent (which shall
promptly make such information available to the Lenders in accordance with its customary practice):


 


(a)       Annual
Financial Statements. As soon as practicable and in any event within ninety (90) days (or, if earlier, on the date of any required
public filing thereof) after the end of each Fiscal Year (commencing with the Fiscal Year ended December 31, 2021), an audited Consolidated
balance sheet of the Borrower and its Subsidiaries as of the close of such Fiscal Year and audited Consolidated statements of income,
retained earnings and cash flows including the notes thereto, all in reasonable detail setting forth in comparative form the corresponding
figures as of the end of and for the preceding Fiscal Year and prepared in accordance with GAAP and, if applicable, containing disclosure
of the effect on the financial position or results of operations of any change in the application of accounting principles and practices
during the year. Such annual financial statements shall be audited by Grant Thornton LLP or an independent certified public accounting
firm of recognized national standing acceptable to the Administrative Agent, and accompanied by a report and opinion thereon by such certified
public accountants prepared in accordance with generally accepted auditing standards that is not subject to any “going concern”
or similar qualification or exception or any qualification as to the scope of such audit or with respect to accounting principles followed
by the Borrower or any of its Subsidiaries not in accordance with GAAP.


 


(b)       Quarterly
Financial Statements. As soon as practicable and in any event within forty-five (45) days (or, if earlier, on the date of any required
public filing thereof) after the end of the first three fiscal quarters of each Fiscal Year (commencing with the fiscal quarter ended
March 31, 2021), an unaudited Consolidated balance sheet of the Borrower and its Subsidiaries as of the close of such fiscal quarter and
unaudited Consolidated statements of income, retained earnings and cash flows and a report containing management’s discussion and
analysis of such financial statements for the fiscal quarter then ended and that portion of the Fiscal Year then ended, including the
notes thereto, all in reasonable detail setting forth in comparative form the corresponding figures as of the end of and for the corresponding
period in the preceding Fiscal Year and prepared by the Borrower in accordance with GAAP and, if applicable, containing disclosure of
the effect on the financial position or results of operations of any change in the application of accounting principles and practices
during the period, and certified by the chief financial officer of the Borrower to present fairly in all material respects the financial
condition of the Borrower and its Subsidiaries on a Consolidated basis as of their respective dates and the results of operations of the
Borrower and its Subsidiaries for the respective periods then ended, subject to normal year-end adjustments and the absence of footnotes.


 






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(c)       Annual
Business Plan and Budget. As soon as practicable and in any event within sixty (60) days after the end of each Fiscal Year, a business
plan and operating and capital budget of the Borrower and its Subsidiaries for the ensuing one fiscal year, such plan to be prepared in
accordance with GAAP and to include, on a quarterly basis, the following: a quarterly operating and capital budget, a projected income
statement, statement of cash flows and balance sheet, calculations demonstrating projected compliance with the financial covenants set
forth in Section 9.15, accompanied by a certificate from a Responsible Officer of the Borrower to the effect that such budget
contains good faith estimates (utilizing assumptions believed to be reasonable at the time of delivery of such budget) of the financial
condition and operations of the Borrower and its Subsidiaries for such period.


 


SECTION 8.2    Certificates;
Other Reports. Deliver to the Administrative Agent (which shall promptly make such information available to the Lenders in accordance
with its customary practice):


 


(a)       at
each time financial statements are delivered pursuant to Sections 8.1(a) or (b), a duly completed Officer’s Compliance
Certificate signed by the chief executive officer, chief financial officer, treasurer or controller of the Borrower and a report containing
management’s discussion and analysis of such financial statement;


 





(b)       at
each time a Compliance Certificate is delivered in connection with the financial statements delivered pursuant to Section 8.1(b),
a certification of an applicable officer of the Borrower identifying all federally registered copyrights, copyright applications, patents,
patent applications, trademarks and trademark applications included in the Collateral not previously identified on the Closing Date or
in a prior delivered Compliance Certificate.


 


(c)       promptly
upon receipt thereof, copies of all reports, if any, submitted to any Credit Party, any Subsidiary thereof or any of their respective
boards of directors by their respective independent public accountants in connection with their auditing function, including, without
limitation, any management report and any management responses thereto;


 


(d)       promptly
after the assertion or occurrence thereof, notice of any action or proceeding against or of any noncompliance by any Credit Party or any
Subsidiary thereof with any Environmental Law that could reasonably be expected to have a Material Adverse Effect;


 


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


 


(f)       promptly,
and in any event within five (5) Business Days after receipt thereof by any Credit Party or any Subsidiary thereof, copies of each notice
or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation
or possible investigation or other inquiry by such agency regarding financial or other operational results of any Credit Party or any
Subsidiary thereof;


 


(g)       promptly
upon the request thereof, such other information and documentation required under applicable “know your customer” rules and
regulations, the PATRIOT Act or any applicable Anti-Money Laundering Laws or Anti-Corruption Laws, in each case as from time to time reasonably
requested by the Administrative Agent or any Lender; and


 


(h)       such
other information regarding the operations, business affairs and financial condition of any Credit Party or any Subsidiary thereof as
the Administrative Agent or any Lender may reasonably request.


 






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Documents required to be delivered pursuant to
Section 8.1(a) or (b) or Section 8.2(f) (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 Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address
listed in Section 12.1; or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet
website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored
by the Administrative Agent). The Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents
referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery,
and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.


 


The Borrower hereby acknowledges that
(a) the Administrative Agent and/or the Arranger will make available to the Lenders and the Issuing Lenders materials and/or
information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting
the Borrower Materials on the Platform and (b) certain of the Lenders may be “public-side” Lenders (i.e.,
Lenders that do not wish to receive material non-public information with respect to the Borrower or its securities) (each, a
 “Public Lender”). The Borrower hereby agrees that so long as the Borrower is the issuer of any outstanding debt
or equity securities that are registered or issued pursuant to a private offering or is actively contemplating issuing any such
securities it will use commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed to
the Public Lenders and that (w) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC”
which, at a minimum, means that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by
marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the
Arranger, the Issuing Lenders and the Lenders to treat such Borrower Materials as not containing any material non-public information
(although it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United States Federal
and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they
shall be treated as set forth in Section 12.10); (y) all Borrower Materials marked “PUBLIC” are
permitted to be made available through a portion of the Platform designated “Public Investor;” and (z) the
Administrative Agent and the Arranger shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as
being suitable only for posting on a portion of the Platform not designated “Public Investor.” Notwithstanding the
foregoing, the Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC”.


 


SECTION 8.3    Notice of
Litigation and Other Matters. Promptly (but in no event later than ten (10) days after any Responsible Officer of any Credit Party
obtains knowledge thereof) notify the Administrative Agent in writing of (which shall promptly make such information available to the
Lenders in accordance with its customary practice):


 


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


 


(b)       the
commencement of all proceedings and investigations by or before any Governmental Authority and all actions and proceedings in any court
or before any arbitrator against or involving any Credit Party or any Subsidiary thereof or any of their respective properties, assets
or businesses in each case that if adversely determined could reasonably be expected to result in a Material Adverse Effect;


 


(c)       any
notice of any violation received by any Credit Party or any Subsidiary thereof from any Governmental Authority including, without limitation,
any notice of violation of Environmental Laws which in any such case could reasonably be expected to have a Material Adverse Effect;


 






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(d)       any
labor controversy that has resulted in, or threatens to result in, a strike or other work action against any Credit Party or any Subsidiary
thereof;


 


(e)       any
attachment, judgment, lien, levy or order exceeding the Threshold Amount that may be assessed against or threatened against any Credit
Party or any Subsidiary thereof;


 


(f)       any
event which constitutes or which with the passage of time or giving of notice or both would constitute a default or event of default under
any Material Contract to which the Borrower or any of its Subsidiaries is a party or by which the Borrower or any Subsidiary thereof or
any of their respective properties may be bound which could reasonably be expected to have a Material Adverse Effect;


 


(g)       (i) any
unfavorable determination letter from the IRS regarding the qualification of an Employee Benefit Plan under Section 401(a) of the
Code (along with a copy thereof), (ii) all notices received by any Credit Party or any ERISA Affiliate of the PBGC’s intent
to terminate any Pension Plan or to have a trustee appointed to administer any Pension Plan, (iii) all notices received by any Credit
Party or any ERISA Affiliate from a Multiemployer Plan sponsor concerning the imposition or amount of withdrawal liability pursuant to
Section 4202 of ERISA and (iv) the Borrower obtaining knowledge or reason to know that any Credit Party or any ERISA Affiliate
has filed or intends to file a notice of intent to terminate any Pension Plan under a distress termination within the meaning of Section 4041(c)
of ERISA; and


 


(h)       any
other event which could reasonably be expected to have a Material Adverse Effect.


 


Each notice pursuant to Section 8.3
shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein
and stating what action the Borrower has taken and proposes to take with respect thereto. Each notice pursuant to Section 8.3(a)
shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached.


 


SECTION 8.4    Preservation
of Corporate Existence and Related Matters. Except as permitted by Section 9.4, preserve and maintain its separate corporate
existence or equivalent form and all rights, franchises, licenses and privileges necessary to the conduct of its business, and qualify
and remain qualified as a foreign corporation or other entity and authorized to do business in each jurisdiction in which the failure
to so qualify would reasonably be expected to have a Material Adverse Effect.


 


SECTION 8.5    Maintenance
of Property and Licenses.


 


(a)       In
addition to the requirements of any of the Security Documents, protect and preserve all Properties necessary in and material to its business,
including copyrights, patents, trade names, service marks and trademarks; maintain in good working order and condition, ordinary wear
and tear excepted, all buildings, equipment and other tangible real and personal property; and from time to time make or cause to be made
all repairs, renewals and replacements thereof and additions to such Property necessary for the conduct of its business, so that the business
carried on in connection therewith may be conducted in a commercially reasonable manner, in each case except as such action or inaction
could not reasonably be expected to result in a Material Adverse Effect.


 


(b)       Maintain,
in full force and effect in all material respects, each and every material license, permit, certification, qualification, approval
or franchise issued by any Governmental Authority required for each of them to conduct their respective businesses as presently
conducted, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.


 






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SECTION 8.6    Insurance.
Maintain insurance with financially sound and reputable insurance companies against at least such risks and in at least such amounts,
subject to such deductibles and covering such properties and risks, as are customarily maintained by similar businesses and as may be
required by Applicable Law and as are required by any Security Documents (including, without limitation, hazard and business interruption
insurance). All such insurance shall, (a) provide that no cancellation or material modification thereof shall be effective until
at least 30 days after receipt by the Administrative Agent of written notice thereof, (b) name the Administrative Agent as an additional
insured party thereunder and (c) in the case of each casualty insurance policy, name the Administrative Agent as lender’s loss
payee or mortgagee, as applicable. On the Closing Date and from time to time thereafter deliver to the Administrative Agent upon its request
information in reasonable detail as to the insurance then in effect, stating the names of the insurance companies, the amounts and rates
of the insurance, the dates of the expiration thereof and the properties and risks covered thereby.


 


SECTION 8.7    Accounting
Methods and Financial Records. Maintain a system of accounting, and keep proper books, records and accounts (which shall be accurate
and complete in all material respects) as may be required or as may be necessary to permit the preparation of financial statements in
accordance with GAAP and in material compliance with the regulations of any Governmental Authority having jurisdiction over it or any
of its Properties.


 


SECTION 8.8    Payment
of Taxes and Other Obligations. Pay and perform (a) all taxes, assessments and other governmental charges that may be levied
or assessed upon it or any of its Property and (b) all other Indebtedness, obligations and liabilities in accordance with customary
trade practices; provided, that the Borrower or such Subsidiary may contest any item described in clause (a) of this Section
in good faith so long as adequate reserves are maintained with respect thereto in accordance with GAAP, except where the failure to pay
or perform such items described in clauses (a) or (b) of this Section could not reasonably be expected to have a Material Adverse
Effect.


 


SECTION 8.9    Compliance
with Laws and Approvals. Observe and remain in compliance in all material respects with all Applicable Laws (including Environmental
Laws) and maintain in full force and effect all Governmental Approvals, in each case applicable to the conduct of its business except
where the failure to do so could not reasonably be expected to have a Material Adverse Effect.


 


SECTION 8.10    Beneficial
Ownership Certification. Upon request by the Administration Agent or any Lender, the Borrower shall deliver to the Administrative
Agent, and directly to any Lender requesting the same, a Beneficial Ownership Certification in relation to it (or a certification that
such Borrower qualifies for an express exclusion from the “legal entity customer” definition under the Beneficial Ownership
Regulations), in each case within five (5) Business Days of such request.


 


SECTION 8.11    Compliance
with ERISA. In addition to and without limiting the generality of Section 8.9, (a) except where the failure to so comply
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) comply with applicable
provisions of ERISA, the Code and the regulations and published interpretations thereunder with respect to all Employee Benefit Plans,
(ii) not take any action or fail to take action the result of which could reasonably be expected to result in a liability to the
PBGC or to a Multiemployer Plan, (iii) not participate in any prohibited transaction that could result in any civil penalty under
ERISA or tax under the Code and (iv) operate each Employee Benefit Plan in such a manner that will not incur any tax liability under
Section 4980B of the Code or any liability to any qualified beneficiary as defined in Section 4980B of the Code and (b) furnish
to the Administrative Agent upon the Administrative Agent’s request such additional information about any Employee Benefit Plan
as may be reasonably requested by the Administrative Agent to assess compliance with this Agreement.


 






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SECTION 8.12    Compliance
with Material Contracts. Comply in all material respects with, and maintain in full force and effect, each Material Contract, except
to the extent such noncompliance or non-maintenance could not reasonably be expected to have a Material Adverse Effect.


 


SECTION
8.13    Visits and Inspections. Permit representatives of the Administrative Agent (and, during the
continuance of an Event of Default, any Lender), from time to time upon prior reasonable notice and at such times during normal
business hours, all at the expense of the Borrower, to visit and inspect its properties; inspect, audit and make extracts from its
books, records and files, including, but not limited to, management letters prepared by independent accountants; and discuss with
its principal officers, and its independent accountants, its business, assets, liabilities, financial condition, results of
operations and business prospects; provided that excluding any such visits and inspections during the continuation of an
Event of Default, the Administrative Agent shall not exercise such rights more often than one time during any calendar year at the
Borrower’s expense; provided further that upon the occurrence and during the continuance of an Event of Default, the
Administrative Agent or any Lender may do any of the foregoing at the expense of the Borrower at any time without advance
notice.


 


SECTION 8.14    Additional
Subsidiaries.


 


(a)       Additional
Domestic Subsidiaries. Promptly notify the Administrative Agent of the creation or acquisition of any Domestic Subsidiary and, within
thirty (30) days after such creation or acquisition, as such time period may be extended by the Administrative Agent in its sole discretion,
cause such Domestic Subsidiary to (i) become a Subsidiary Guarantor by delivering to the Administrative Agent a duly executed supplement
to the Subsidiary Guaranty Agreement or such other document as the Administrative Agent shall deem appropriate for such purpose, (ii) grant
a security interest in all Collateral (subject to the exceptions specified in the Security Agreement) owned by such Domestic Subsidiary
by delivering to the Administrative Agent a duly executed supplement to each applicable Security Document or such other document as the
Administrative Agent shall deem appropriate for such purpose and comply with the terms of each applicable Security Document, (iii) deliver
to the Administrative Agent such opinions, documents and certificates referred to in Section 6.1 as may be reasonably requested
by the Administrative Agent, (iv) if such Equity Interests are certificated, deliver to the Administrative Agent such original certificated
Equity Interests or other certificates and stock or other transfer powers evidencing the Equity Interests of such Person, (v) deliver
to the Administrative Agent such updated Schedules to the Loan Documents as requested by the Administrative Agent with respect to such
Domestic Subsidiary, and (vi) deliver to the Administrative Agent such other documents as may be reasonably requested by the Administrative
Agent, all in form, content and scope reasonably satisfactory to the Administrative Agent.


 


(b)       Additional
Foreign Subsidiaries. Notify the Administrative Agent promptly after any Person becomes a First Tier Foreign Subsidiary, and promptly
thereafter (and, in any event, within forty five (45) days after such notification, as such time period may be extended by the Administrative
Agent in its sole discretion), cause (i) the applicable Credit Party to deliver to the Administrative Agent Security Documents pledging
sixty-five percent (65%) of the total outstanding voting Equity Interests (and one hundred percent (100%) of the non-voting Equity Interests)
of any such new First Tier Foreign Subsidiary and a consent thereto executed by such new First Tier Foreign Subsidiary (including, without
limitation, if applicable, original certificated Equity Interests (or the equivalent thereof pursuant to the Applicable Laws and practices
of any relevant foreign jurisdiction) evidencing the Equity Interests of such new First Tier Foreign Subsidiary, together with an appropriate
undated stock or other transfer power for each certificate duly executed in blank by the registered owner thereof), (ii) such Person
to deliver to the Administrative Agent such opinions, documents and certificates referred to in Section 6.1 as may be reasonably
requested by the Administrative Agent, (iii) such Person to deliver to the Administrative Agent such updated Schedules to the Loan
Documents as requested by the Administrative Agent with regard to such Person and (iv) such Person to deliver to the Administrative
Agent such other documents as may be reasonably requested by the Administrative Agent, all in form, content and scope reasonably satisfactory
to the Administrative Agent.


 






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(c)       [Reserved].


 


(d)       Merger
Subsidiaries. Notwithstanding the foregoing, to the extent any new Subsidiary is created solely for the purpose of consummating a
merger transaction pursuant to a Permitted Acquisition, and such new Subsidiary at no time holds any assets or liabilities other than
any merger consideration contributed to it contemporaneously with the closing of such merger transaction, such new Subsidiary shall not
be required to take the actions set forth in Section 8.14(a) or (b), as applicable, until the consummation of such
Permitted Acquisition (at which time, the surviving entity of the respective merger transaction shall be required to so comply with Section 8.14(a)
or (b), as applicable, within thirty (30) days of the consummation of such Permitted Acquisition, as such time period may be extended
by the Administrative Agent in its sole discretion).


 


(e)       Exclusions.
The provisions of this Section 8.14 shall not apply to assets as to which the Administrative Agent and the Borrower shall
reasonably determine that the costs and burdens of obtaining a security interest therein or perfection thereof outweigh the value of the
security afforded thereby.


 


SECTION 8.15    [Reserved].


 





SECTION 8.16    Use of
Proceeds.


 


(a)       The
Borrower shall use the proceeds of the Extensions of Credit (i) to finance Capital Expenditures, (ii) pay fees, commissions
and expenses in connection with the Transactions, and (iii) to
consummate the IBC Acquisition and (iv) for working capital and general corporate purposes of the Borrower and its Subsidiaries;
provided that no part of the proceeds of any of the Loans or Letters of Credit shall be used for purchasing or carrying margin
stock (within the meaning of Regulation T, U or X of the FRB) or for any purpose which violates the provisions of Regulation T, U or X
of the FRB. If requested by the Administrative Agent or any Lender (through the Administrative Agent), the Borrower shall promptly furnish
to the Administrative Agent and each requesting Lender a statement in conformity with the requirements of Form G-3 or Form U-1, as applicable,
under Regulation U of the FRB.


 


(b)       The
Borrower shall use the proceeds of any Increase Term Loan and any Incremental Revolving Credit Increase as permitted pursuant to Section 5.13,
as applicable.


 


(c)       The
Borrower will not request any Extension of Credit, and the Borrower shall not use, and shall ensure that its Subsidiaries and its or their
respective directors, officers, employees and agents shall not use, the proceeds of any Extension of Credit, directly or indirectly, (i)
in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to
any Person in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws, (ii) for the purpose of funding, financing or facilitating
any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would
result in the violation of any Sanctions applicable to any party hereto.


 


SECTION 8.17    [Reserved].


 






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SECTION 8.18    Compliance
with Anti-Corruption Laws; Beneficial Ownership Regulation; Anti-Money Laundering Laws and Sanctions. (a) Maintain in effect and enforce
policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees
and agents with all Anti-Corruption Laws, Anti-Money Laundering Laws and
applicable Sanctions, (b) notify the Administrative Agent and each Lender that previously received a Beneficial Ownership Certification
(or a certification that the Borrower qualifies for an express exclusion to the “legal entity customer” definition under the
Beneficial Ownership Regulation) of any change in the information provided in the Beneficial Ownership Certification that would result
in a change to the list of beneficial owners identified therein (or, if applicable, the Borrower ceasing to fall within an express exclusion
to the definition of “legal entity customer” under the Beneficial Ownership Regulation) and (c) promptly upon the reasonable
request of the Administrative Agent or any Lender, provide the Administrative Agent or directly to such Lender, as the case may be, any
information or documentation requested by it for purposes of complying with the Beneficial Ownership Regulation.


 


SECTION 8.19    Corporate
Governance. (a) Maintain entity records and books of account separate from those of any other entity which is an Affiliate of
such entity, (b) not commingle its funds or assets with those of any other entity which is an Affiliate of such entity (except pursuant
to cash management systems reasonably acceptable to the Administrative Agent) and (c) provide that its board of directors (or equivalent
governing body) will hold all appropriate meetings to authorize and approve such entity’s actions, which meetings will be separate
from those of any other entity which is an Affiliate of such entity. For the purposes of this Section 8.18, “Affiliate”
shall not include the Borrower or any Subsidiary thereof.


 


SECTION 8.20    Further
Assurances. 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), which may be required under any Applicable Law, or which
the Administrative Agent or the Required Lenders may reasonably 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 Credit Parties.  The Borrower also agrees to provide to the Administrative Agent,
from time to time upon the reasonable request by the Administrative Agent, evidence reasonably satisfactory to the Administrative Agent
as to the perfection and priority of the Liens created or intended to be created by the Security Documents.


 


SECTION
8.21    Cash Management. The Borrower and its Subsidiaries shall at all times maintain all of their
deposit, cash management and operating accounts (other than as relates to credit cards) with Wells Fargo (collectively, the
 “Required Accounts”). The Borrower and its Subsidiaries shall use commercially reasonable efforts to direct all
customers and any other Persons making payments to make payments to the Required Accounts.  Any Subsidiary of the Borrower
acquired or created after the Closing Date shall comply with the terms of this Section 8.21 within ninety (90) days of such
acquisition or creation.  The Required Accounts shall not be subject to deduction, set-off, banker’s lien, or any other
right in favor of any Person other than the Administrative Agent.


 


SECTION 8.22    Post-Closing
Obligations.


 


(a)       Within
ninety (90) days after the Borrower or any Subsidiary acquires any real property after the Closing Date with a fair market value greater
than $4,000,000, the Borrower or such Subsidiary, as applicable, shall deliver to the Administrative Agent a mortgage, deed of trust,
or other similar document, together with such other collateral documents as the Administrative Agent reasonably requires, including without
limitation surveys, appraisals, environmental site assessment reports, and flood certificates and evidence of flood insurance to the extent
required under applicable law, and shall cooperate with the Administrative Agent in obtaining a title insurance policy with respect to
such real property on such terms as the Administrative Agent reasonably requires.


 






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(b)       Within
forty five (45) days after the Closing Date, if not delivered on the Closing Date, the Borrower shall deliver to the Administrative Agent
security agreements duly executed by the applicable Credit Parties for all federally registered copyrights, copyright applications, patents,
patent applications, trademarks and trademark applications included in the Collateral, in each case in form and substance satisfactory
to the Administrative Agent and in proper form for filing with the U.S. Patent and Trademark Office or U.S. Copyright Office, as applicable.


 


ARTICLE IX



NEGATIVE COVENANTS


 


Until all of the Obligations
have been Paid in Full and the Commitments terminated, the Credit Parties will not, and will not permit any of their respective Subsidiaries
to.


 


SECTION 9.1    Indebtedness.
Create, incur, assume or suffer to exist any Indebtedness except:


 


(a)       the
Obligations;


 


(b)       Indebtedness
(i) owing under Hedge Agreements with a Lender entered into in order to manage existing or anticipated interest rate, exchange rate or
commodity price risks and not for speculative purposes and (ii) owing under Secured Cash Management Agreements with a Lender in an aggregate
principal amount not to exceed $1,000,000 at any time outstanding, unless otherwise consented to by the Administrative Agent;


 


(c)       Indebtedness
existing on the Closing Date and listed on Schedule 9.1, and the renewal, refinancing, extension and replacement (but not the increase
in the aggregate principal amount) thereof;


 


(d)       Capital
Lease Obligations and Indebtedness incurred in connection with purchase money Indebtedness in an aggregate amount not to exceed $1,000,000
at any time outstanding;


 


(e)       [Reserved];


 


(f)       Guarantees
with respect to Indebtedness permitted pursuant to subsections (a) through (e) of this Section;


 


(g)       unsecured
intercompany Indebtedness owed by any Credit Party to another Credit Party;


 


(h)       Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or other similar instrument drawn against insufficient
funds in the ordinary course of business;


 


(i)       unsecured
Indebtedness incurred in the ordinary course of business with a Person other than a Lender in respect of credit cards, credit card processing
services, debit cards, purchase cards and commercial cards in an aggregate amount not to exceed $2,500,000;


 


(j)       Indebtedness
under performance bonds, surety bonds, release, appeal and similar bonds, statutory obligations or with respect to workers’ compensation
claims, in each case incurred in the ordinary course of business, and reimbursement obligations in respect of any of the foregoing;


 


(k)       Subordinated
Indebtedness permitted pursuant to Section 9.9;


 






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(l)        [Reserved];contingent
Indebtedness arising with respect to customary indemnification obligations in connection with the IBC Acquisition;


 


(m)       unsecured
Indebtedness of any Credit Party or any Subsidiary thereof not otherwise permitted pursuant to this Section in an aggregate principal
amount not to exceed $2,500,000 at any time outstanding.


 


SECTION 9.2    Liens.
Create, incur, assume or suffer to exist, any Lien on or with respect to any of its Property, whether now owned or hereafter acquired,
except:


 


(a)       Liens
created pursuant to the Loan Documents (including, without limitation, Liens in favor of the Swingline Lender and/or the Issuing Lenders,
as applicable, on Cash Collateral granted pursuant to the Loan Documents);


 


(b)       Liens
in existence on the Closing Date and described on Schedule 9.2, and the replacement, renewal or extension thereof (including Liens
incurred, assumed or suffered to exist in connection with any refinancing, refunding, renewal or extension of Indebtedness permitted pursuant
to Section 9.1(c) (solely to the extent that such Liens were in existence on the Closing Date and described on Schedule
9.2)); provided that the scope of any such Lien shall not be increased, or otherwise expanded, to cover any additional property
or type of asset, as applicable, beyond that in existence on the Closing Date, except for products and proceeds of the foregoing;


 


(c)       Liens
for taxes, assessments and other governmental charges or levies (excluding any Lien imposed pursuant to any of the provisions of ERISA
or Environmental Laws) (i) not yet due or as to which the period of grace (not to exceed sixty (60) days), if any, related thereto
has not expired or (ii) which are being contested in good faith and by appropriate proceedings if adequate reserves are maintained
to the extent required by GAAP;


 


(d)       the
claims of materialmen, mechanics, carriers, warehousemen, processors or landlords for labor, materials, supplies or rentals incurred in
the ordinary course of business, which (i) are not overdue for a period of more than sixty (60) days, or if more than sixty (60)
days overdue, no action has been taken to enforce such Liens and such Liens are being contested in good faith and by appropriate proceedings
if adequate reserves are maintained to the extent required by GAAP and (ii) do not, individually or in the aggregate, materially
impair the use thereof in the operation of the business of the Borrower or any of its Subsidiaries;


 


(e)       deposits
or pledges made in the ordinary course of business in connection with, or to secure payment of, obligations under workers’ compensation,
unemployment insurance and other types of social security or similar legislation, or to secure the performance of bids, trade contracts
and leases (other than Indebtedness), statutory obligations, surety bonds (other than bonds related to judgments or litigation), performance
bonds and other obligations of a like nature incurred in the ordinary course of business, in each case, so long as no foreclosure sale
or similar proceeding has been commenced with respect to any portion of the Collateral on account thereof;


 


(f)       encumbrances
in the nature of zoning restrictions, easements and rights or restrictions of record on the use of real property, which in the aggregate
are not substantial in amount and which do not, in any case, detract from the value of such property or impair the use thereof in the
ordinary conduct of business;


 






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(g)       Liens
arising from the filing of precautionary UCC financing statements relating solely to personal property leased pursuant to operating leases
entered into in the ordinary course of business of the Borrower and its Subsidiaries;


 


(h)       Liens
securing Indebtedness permitted under Section 9.1(d); provided that (i) such Liens shall be created substantially
simultaneously with the acquisition, repair, construction, improvement or lease, as applicable, of the related Property, (ii) such
Liens do not at any time encumber any property other than the Property financed or improved by such Indebtedness, (iii) the amount
of Indebtedness secured thereby is not increased and (iv) the principal amount of Indebtedness secured by any such Lien shall at
no time exceed one hundred percent (100%) of the original price for the purchase, repair, construction, improvement or lease amount (as
applicable) of such Property at the time of purchase, repair, construction, improvement or lease (as applicable);


 


(i)       Liens
securing judgments for the payment of money not constituting an Event of Default under Section 10.1(m) or securing appeal
or other surety bonds relating to such judgments;


 


(j)       [Reserved];


 


(k)       [Reserved];


 


(l)       (i) Liens
of a collecting bank arising in the ordinary course of business under Section 4-210 of the Uniform Commercial Code in effect in the
relevant jurisdiction and (ii) Liens of any depositary bank in connection with statutory, common law and contractual rights of setoff
and recoupment with respect to any deposit account of the Borrower or any Subsidiary thereof;


 


(m)       (i) contractual
or statutory Liens of landlords to the extent relating to the property and assets relating to any lease agreements with such landlord,
and (ii) contractual Liens of suppliers (including sellers of goods) or customers granted in the ordinary course of business to the
extent limited to the property or assets relating to such contract; and


 


(n)       any
interest or title of a licensor, sublicensor, lessor or sublessor with respect to any assets under any license or lease agreement
entered into in the ordinary course of business which do not (i) interfere in any material respect with the business of the
Borrower or its Subsidiaries or materially detract from the value of the relevant assets of the Borrower or its Subsidiaries or
(ii) secure any Indebtedness.


 


SECTION 9.3    Investments.
Make any Investment, except:


 


(a)       Investments
(i) existing on the Closing Date in Subsidiaries existing on the Closing Date; (ii) existing on the Closing Date (other than Investments
in Subsidiaries existing on the Closing Date) and described on Schedule 9.3; and (iii) made after the Closing Date by any Credit
Party in any other Credit Party;


 


(b)       Investments
in cash and Cash Equivalents;


 


(c)       Investments
by the Borrower or any of its Subsidiaries consisting of Capital Expenditures permitted by this Agreement;


 


(d)       deposits
made in the ordinary course of business to secure the performance of leases or other obligations as permitted by Section 9.2;


 






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(e)       Hedge
Agreements permitted pursuant to Section 9.1;


 


(f)       purchases
of assets in the ordinary course of business;


 


(g)       Investments
by the Borrower or any Subsidiary thereof in the form of Permitted Acquisitions (including the IBC Acquisition)
to the extent that (i) any Person acquired in such Acquisition is a Wholly-Owned Subsidiary of the Borrower and becomes a Subsidiary Guarantor
in the manner contemplated by Section 8.14 and (ii) any Property acquired in such Acquisition is acquired by the Borrower
or a Subsidiary Guarantor or a Subsidiary that becomes a Subsidiary Guarantor in the manner contemplated by Section 8.14;


 


(h)       [Reserved].


 


(i)       Investments
in the form of Restricted Payments permitted pursuant to Section 9.6;


 


(j)       Guarantees
permitted pursuant to Section 9.1;


 


(k)       Investments
not otherwise permitted pursuant to this Section in an aggregate amount not to exceed $2,500,000 at any time outstanding; provided
that immediately before and immediately after giving pro forma effect to any such Investments and any Indebtedness incurred in connection
therewith, no Default or Event of Default shall have occurred and be continuing.


 


For purposes of determining the amount of any
Investment outstanding for purposes of this Section 9.3, such amount shall be deemed to be the amount of such Investment outstanding
at any time when made, purchased or acquired (without adjustment for subsequent increases or decreases in the value of such Investment)
less any amount returned, distributed, realized or otherwise received in cash in respect of such Investment (not to exceed the
original amount invested).


 


SECTION 9.4    Fundamental
Changes. Merge, consolidate or enter into any similar combination with, or enter into any Asset Disposition of all or substantially
all of its assets (whether in a single transaction or a series of transactions) with, any other Person or liquidate, wind-up or dissolve
itself (or suffer any liquidation or dissolution) except:


 


(a)       (i) any
Wholly-Owned Subsidiary of the Borrower may be merged, amalgamated or consolidated with or into the Borrower (provided that the
Borrower shall be the continuing or surviving entity) or (ii) any Wholly-Owned Subsidiary of the Borrower may be merged, amalgamated
or consolidated with or into any Subsidiary Guarantor (provided that the Subsidiary Guarantor shall be the continuing or surviving
entity or simultaneously with such transaction, the continuing or surviving entity shall become a Subsidiary Guarantor and the Borrower
shall comply with Section 8.14 in connection therewith);


 


(b)       (i) any
Non-Guarantor Subsidiary that is a Foreign Subsidiary may be merged, amalgamated or consolidated with or into, or be liquidated into,
any other Non-Guarantor Subsidiary and (ii) any Non-Guarantor Subsidiary that is a Domestic Subsidiary may be merged, amalgamated
or consolidated with or into, or be liquidated into, any other Non-Guarantor Subsidiary that is a Domestic Subsidiary;


 


(c)       any
Subsidiary may dispose of all or substantially all of its assets (upon voluntary liquidation, dissolution, winding up or otherwise) to
the Borrower or any Subsidiary Guarantor; provided that, with respect to any such disposition by any Non-Guarantor Subsidiary,
the consideration for such disposition shall not exceed the fair value of such assets;


 






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(d)       (i) any
Non-Guarantor Subsidiary that is a Foreign Subsidiary may dispose of all or substantially all of its assets (upon voluntary liquidation,
dissolution, winding up or otherwise) to any other Non-Guarantor Subsidiary and (ii) any Non-Guarantor Subsidiary that is a Domestic
Subsidiary may dispose of all or substantially all of its assets (upon voluntary liquidation, dissolution, winding up or otherwise) to
any other Non-Guarantor Subsidiary that is a Domestic Subsidiary;


 





(e)       Asset
Dispositions permitted by Section 9.5 (other than clause (b) thereof);


 


(f)       any
Wholly-Owned Subsidiary of the Borrower may merge with or into the Person such Wholly-Owned Subsidiary was formed to acquire in connection
with any acquisition permitted hereunder (including, without limitation, any Permitted Acquisition permitted pursuant to Section 9.3(g));
provided that in the case of any merger involving a Wholly-Owned Subsidiary that is a Domestic Subsidiary, (i) a Subsidiary Guarantor
shall be the continuing or surviving entity or (ii) simultaneously with such transaction, the continuing or surviving entity shall become
a Subsidiary Guarantor and the Borrower shall comply with Section 8.14 in connection therewith; and


 


(g)       any
Person may merge into the Borrower or any of its Wholly-Owned Subsidiaries in connection with a Permitted Acquisition permitted pursuant
to Section 9.3(g); provided that (i) in the case of a merger involving the Borrower or a Subsidiary Guarantor,
the continuing or surviving Person shall be the Borrower or such Subsidiary Guarantor and (ii) the continuing or surviving Person
shall be the Borrower or a Wholly-Owned Subsidiary of the Borrower.


 


SECTION 9.5    Asset Dispositions.
Make any Asset Disposition except:


 


(a)       the
sale of inventory in the ordinary course of business;


 


(b)       the
transfer of assets to the Borrower or any Subsidiary Guarantor pursuant to any other transaction permitted pursuant to Section 9.4;


 


(c)       the
write-off, discount, sale or other disposition of defaulted or past-due receivables and similar obligations in the ordinary course of
business and not undertaken as part of an accounts receivable financing transaction;


 


(d)       the
disposition of any Hedge Agreement;


 


(e)       dispositions
of Investments in cash and Cash Equivalents;


 


(f)       the
transfer by any Credit Party of its assets to any other Credit Party;


 


(g)       the
transfer by any Non-Guarantor Subsidiary of its assets to any Credit Party (provided that in connection with any new transfer,
such Credit Party shall not pay more than an amount equal to the fair market value of such assets as determined in good faith at the time
of such transfer);


 


(h)       the
transfer by any Non-Guarantor Subsidiary of its assets to any other Non-Guarantor Subsidiary;


 


(i)       the
sale of obsolete, worn-out or surplus assets no longer used or usable in the business of the Borrower or any of its Subsidiaries;


 






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(j)       non-exclusive
licenses and sublicenses of intellectual property rights in the ordinary course of business not interfering, individually or in the aggregate,
in any material respect with the conduct of the business of the Borrower and its Subsidiaries;


 


(k)       leases,
subleases, licenses or sublicenses of real or personal property granted by the Borrower or any of its Subsidiaries to others in the ordinary
course of business not detracting from the value of such real or personal property or interfering in any material respect with the business
of the Borrower or any of its Subsidiaries;


 


(l)       Asset
Dispositions in connection with Insurance and Condemnation Events; and


 


(m)       Asset
Dispositions not otherwise permitted pursuant to this Section; provided that (i) at the time of such Asset Disposition, no Default
or Event of Default shall exist or would result from such Asset Disposition, (ii) such Asset Disposition is made for fair market value
and the consideration received shall be no less than 75% in cash, and (iii) the aggregate fair market value of all property disposed of
in reliance on this clause (m) shall not exceed $2,500,000 in any Fiscal Year.


 


SECTION 9.6    Restricted
Payments. Declare or pay any Restricted Payments; provided that:


 


(a)       so
long as no Default or Event of Default has occurred and is continuing or would result therefrom, the Borrower or any of its Subsidiaries
may pay dividends in shares of its own Qualified Equity Interests;


 


(b)       any
Subsidiary of the Borrower may pay cash dividends to the Borrower or any Subsidiary Guarantor;


 


(c)       (i) any
Non-Guarantor Subsidiary that is a Domestic Subsidiary may make Restricted Payments to any other Non-Guarantor Subsidiary that is a
Domestic Subsidiary (and, if applicable, to other holders of its outstanding Equity Interests on a ratable basis) and (ii) any
Non-Guarantor Subsidiary that is a Foreign Subsidiary may make Restricted Payments to any other Non-Guarantor Subsidiary (and, if
applicable, to other holders of its outstanding Equity Interests on a ratable basis);


 


(d)       so
long as no Default or Event of Default has occurred and is continuing or would result therefrom, including that the Borrower is in compliance
on a Pro Forma Basis (after giving effect to the Restricted Payment) with each covenant contained in Section 9.15, the Borrower
or any of its Subsidiaries may pay earn-out obligations (including but not limited to the IBC Earn-Out Payment),
whether existing on the date of this Agreement or incurred in the future; and


 


(e)       so
long as no Default or Event of Default has occurred and is continuing or would result therefrom, redeem, retire or otherwise acquire shares
of its Equity Interests or options or other equity or phantom equity in respect of its Equity Interests from present or former officers,
employees, directors or consultants (or their family members or trusts or other entities for the benefit of any of the foregoing), including
any deemed redemptions or acquisitions upon the withholding of a portion of such Equity Interests to cover tax withholding obligations
of such Persons.


 






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SECTION 9.7     Transactions
with Affiliates. Directly or indirectly enter into any transaction, including, without limitation, any purchase, sale, lease or exchange
of Property, the rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate, other than:


 


(a)       transactions
permitted by Sections 9.1, 9.3, 9.4, 9.5, and 9.6;


 


(b)       transactions
existing on the Closing Date and described on Schedule 9.7;


 


(c)       transactions
among Credit Parties not prohibited hereunder;


 


(d)       other
transactions in the ordinary course of business on terms at least as favorable as would be obtained by it on a comparable arm’s-length
transaction with an independent, unrelated third party as determined in good faith by the board of directors (or equivalent governing
body) of the Borrower;


 


(e)       employment
and severance arrangements (including equity incentive plans and employee benefit plans and arrangements) with their respective officers
and employees in the ordinary course of business; and


 


(f)       payment
of customary fees and reasonable out of pocket costs to, and indemnities for the benefit of, directors, officers and employees of the
Borrower and its Subsidiaries in the ordinary course of business to the extent attributable to the ownership or operation of the Borrower
and its Subsidiaries.


 


SECTION 9.8     Accounting
Changes.


 


(a)       Change
its Fiscal Year end, or make (without the consent of the Administrative Agent) any material change in its accounting treatment and reporting
practices except as required by GAAP.


 


(b)       Amend,
modify or change its articles of incorporation (or corporate charter or other similar organizational documents) or amend, modify or change
its bylaws (or other similar documents) in any manner materially adverse to the rights or interests of the Lenders.


 


SECTION 9.9     Incurrence
of and Payments and Modifications of Subordinated Indebtedness.


 


(a)       Incur
any Subordinated Indebtedness without the prior written consent of the Administrative Agent and the Required Lenders, such consent to
be provided in the sole discretion of the Administrative Agent and the Required Lenders.


 


(b)       Amend,
modify, waive or supplement (or permit the modification, amendment, waiver or supplement of) any of the terms or provisions of any Subordinated
Indebtedness permitted to be incurred hereunder in any respect which would materially and adversely affect the rights or interests of
the Administrative Agent and Lenders hereunder or would violate the subordination terms thereof.


 


(c)       Cancel,
forgive, make any payment or prepayment on, or redeem or acquire for value (including, without limitation, (x) by way of depositing
with any trustee with respect thereto money or securities before due for the purpose of paying when due and (y) at the maturity thereof)
any Subordinated Indebtedness incurred hereunder other than pursuant to the terms of any subordination agreement as agreed with the Administrative
Agent in its sole discretion.


 


SECTION 9.10     No Further
Negative Pledges; Restrictive Agreements.


 


(a)       Enter
into, assume or be subject to any agreement prohibiting or otherwise restricting the creation or assumption of any Lien upon any
material portion of its properties or assets, whether now owned or hereafter acquired, or requiring the grant of any security for
such obligation if security is given for some other obligation, except (i) pursuant to this Agreement and the other Loan
Documents, (ii) pursuant to any document or instrument governing Indebtedness incurred pursuant to Section 9.1(d)
(provided that any such restriction contained therein relates only to the asset or assets financed thereby),
(iii) customary restrictions contained in the organizational documents of any Non-Guarantor Subsidiary as of the Closing Date,
and (iv) customary restrictions in connection with any Permitted Lien or any document or instrument governing any Permitted
Lien (provided that any such restriction contained therein relates only to the asset or assets subject to such Permitted
Lien).


 






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(b)       Create
or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Credit Party
or any Subsidiary thereof to (i) pay dividends or make any other distributions to any Credit Party or any Subsidiary on its Equity
Interests or with respect to any other interest or participation in, or measured by, its profits, (ii) pay any Indebtedness or other
obligation owed to any Credit Party or (iii) make loans or advances to any Credit Party, except in each case for such encumbrances
or restrictions existing under or by reason of (A) this Agreement and the other Loan Documents and (B) Applicable Law.


 


(c)       Create
or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Credit Party
or any Subsidiary thereof to (i) sell, lease or transfer any of its properties or assets to any Credit Party or (ii) act as
a Credit Party pursuant to the Loan Documents or any renewals, refinancings, exchanges, refundings or extension thereof, except in each
case for such encumbrances or restrictions existing under or by reason of (A) this Agreement and the other Loan Documents, (B) Applicable
Law, (C) any document or instrument governing Indebtedness incurred pursuant to Section 9.1(d) (provided that
any such restriction contained therein relates only to the asset or assets acquired in connection therewith), (D) any Permitted Lien
or any document or instrument governing any Permitted Lien (provided that any such restriction contained therein relates only to
the asset or assets subject to such Permitted Lien), (E) obligations that are binding on a Subsidiary at the time such Subsidiary
first becomes a Subsidiary of the Borrower, so long as such obligations are not entered into in contemplation of such Person becoming
a Subsidiary, (F) customary restrictions contained in an agreement related to the sale of Property (to the extent such sale is permitted
pursuant to Section 9.5) that limit the transfer of such Property pending the consummation of such sale, (G) customary
restrictions in leases, subleases, licenses and sublicenses or asset sale agreements otherwise permitted by this Agreement so long as
such restrictions relate only to the assets subject thereto and (H) customary provisions restricting assignment of any agreement
entered into in the ordinary course of business.


 


SECTION 9.11     Nature
of Business. Engage in any business other than (a) the business conducted by the Borrower
and its Subsidiaries as of the Closing Date and business activities reasonably related or ancillary thereto,
and (b) the business conducted by IBC immediately prior to the First Amendment Date and business activities reasonably related or ancillary
thereto.


 


SECTION 9.12     Amendments
of Other Documents. Amend, modify, waive or supplement (or permit modification, amendment, waiver or supplement of) any of the terms
or provisions of any Material Contract, in any respect which would materially and adversely affect (a) the ability of the Borrower or
any Guarantor to fulfill their Obligations to the Administrative Agent and the Lenders; or (b) the Administrative Agent’s rights
in or Liens on the Collateral.


 


SECTION 9.13     Sale Leasebacks.
Directly or indirectly become or remain liable as lessee or as guarantor or other surety with respect to any lease, whether an operating
lease or a capital lease, of any Property (whether real, personal or mixed), whether now owned or hereafter acquired, (a) which any
Credit Party or any Subsidiary thereof has sold or transferred or is to sell or transfer to a Person which is not another Credit Party
or Subsidiary of a Credit Party or (b) which any Credit Party or any Subsidiary of a Credit Party intends to use for substantially
the same purpose as any other Property that has been sold or is to be sold or transferred by such Credit Party or such Subsidiary to another
Person which is not another Credit Party or Subsidiary of a Credit Party in connection with such lease.


 






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SECTION 9.14         Capital
ExpendituresReserved . Permit the
aggregate amount of all Capital Expenditures in any Fiscal Year to exceed the amount set forth below for such Fiscal Year (or for
the 2024 Fiscal Year, from January 1, 2024 through April 30, 2024):


 


	Fiscal Year	Amount
	2021	$ 6,500,000
	2022	$ 7,500,000
	2023	$ 7,500,000
	2024	$ 7,500,000







 


SECTION 9.15       Financial
Covenants.


 


(a)       Consolidated
Total Leverage Ratio. As of the last day of any fiscal quarter, permit the Consolidated Total Leverage Ratio to be greater than 3.00
to 1.00 for the period of four (4) consecutive fiscal quarters ending on or immediately prior to such date.


 


(b)       Minimum LiquidityConsolidated
EBITDA. As of the last day of any fiscal quarter, permit the amount of unrestricted cash
and Cash Equivalents of the Borrower and its Consolidated SubsidiariesEBITDA to
be less than $5,000,00020,000,000 for the period of
four (4) consecutive fiscal quarters ending on or immediately prior to such date.


 


(c)       Consolidated Fixed Charge Coverage
Ratio. As of the last day of any fiscal quarter, permit the Consolidated Fixed Charge Coverage Ratio to be less than 1.50 to 1.00 for
the period of four (4) consecutive fiscal quarters ending on or immediately prior to such date.


 


SECTION 9.16       Disposal
of Subsidiary Interests. Permit any Domestic Subsidiary to be a non-Wholly-Owned Subsidiary except as a result of or in connection
with a dissolution, merger, amalgamation, consolidation or disposition permitted by Section 9.4 or 9.5.


 


ARTICLE X


 


DEFAULT AND REMEDIES


 


SECTION 10.1        Events
of Default. Each of the following shall constitute an Event of Default:


 


(a)       Default
in Payment of Principal of Loans and Reimbursement Obligations. The Borrower shall default in any payment of principal of any Loan
or Reimbursement Obligation when and as due (whether at maturity, by reason of acceleration or otherwise) or fail to provide Cash Collateral
pursuant to Section 2.4(b), Section 2.5(d), Section 5.14 or Section 5.15(a)(v).


 


(b)       Other
Payment Default. The Borrower shall default in the payment when and as due (whether at maturity, by reason of acceleration or otherwise)
of interest on any Loan or Reimbursement Obligation or the payment of any other Obligation, and such default shall continue for a period
of three (3) Business Days.


 


(c)       Misrepresentation.
Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of any Credit Party or any Subsidiary
thereof in this Agreement, in any other Loan Document, or in any document delivered in connection herewith or therewith that is subject
to materiality or Material Adverse Effect qualifications, shall be incorrect or misleading in any respect when made or deemed made or
any representation, warranty, certification or statement of fact made or deemed made by or on behalf of any Credit Party or any Subsidiary
thereof in this Agreement, any other Loan Document, or in any document delivered in connection herewith or therewith that is not subject
to materiality or Material Adverse Effect qualifications, shall be incorrect or misleading in any material respect when made or deemed
made.


 






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(d)       Default
in Performance of Certain Covenants. Any Credit Party or any Subsidiary thereof shall default in the performance or observance of
any covenant or agreement contained in Sections 8.1, 8.2(a), 8.3(a), 8.4, 8.14, 8.16, 8.18,
or 8.21 or Article IX.


 


(e)       Default
in Performance of Other Covenants and Conditions. Any Credit Party or any Subsidiary thereof shall default in the performance or observance
of any term, covenant, condition or agreement contained in this Agreement (other than as specifically provided for in this Section) or
any other Loan Document and such default shall continue for a period of thirty (30) days after the earlier of (i) the Administrative
Agent’s delivery of written notice thereof to the Borrower and (ii) a Responsible Officer of the Borrower having obtained knowledge
thereof.


 


(f)       Indebtedness
Cross-Default. Any Credit Party shall (i) default in the payment of any Indebtedness (other than the Loans or any Reimbursement
Obligation) the aggregate principal amount (including undrawn committed or available amounts), or with respect to any Hedge Agreement,
the Hedge Termination Value, of which is in excess of the Threshold Amount beyond the period of grace if any, provided in the instrument
or agreement under which such Indebtedness was created, or (ii) default in the observance or performance of any other agreement or
condition relating to any Indebtedness (other than the Loans or any Reimbursement Obligation) the aggregate principal amount (including
undrawn committed or available amounts), or with respect to any Hedge Agreement, the Hedge Termination Value, of which is in excess of
the Threshold Amount or contained in any instrument or agreement evidencing, securing or relating thereto or any other event shall occur
or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Indebtedness
(or a trustee or agent on behalf of such holder or holders) to cause, with the giving of notice and/or lapse of time, if required, any
such Indebtedness to (A) 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 (any applicable grace period having expired)
or (B) be cash collateralized.


 


(g)       Other
Cross-Defaults. Any Credit Party or any Subsidiary thereof shall default in the payment of any material amount when due, or in the
performance or observance, of any material obligation or condition of any Material Contract, except to the extent such nonpayment or nonperformance
could not reasonably be expected to have a Material Adverse Effect.


 


(h)       Change
in Control. Any Change in Control shall occur.


 


(i)       Voluntary
Bankruptcy Proceeding. Any Credit Party or any Subsidiary thereof shall (i) commence a voluntary case under any Debtor Relief
Laws, (ii) file a petition seeking to take advantage of any Debtor Relief Laws, (iii) consent to or fail to contest in a timely
and appropriate manner any petition filed against it in an involuntary case under any Debtor Relief Laws, (iv) apply for or consent
to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian,
trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign, (v) admit in writing its inability
to pay its debts as they become due, (vi) make a general assignment for the benefit of creditors, or (vii) take any corporate
action for the purpose of authorizing any of the foregoing.


 






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(j)       Involuntary
Bankruptcy Proceeding. A case or other proceeding shall be commenced against any Credit Party or any Subsidiary thereof in any court
of competent jurisdiction seeking (i) relief under any Debtor Relief Laws, or (ii) the appointment of a trustee, receiver, custodian,
liquidator or the like for any Credit Party or any Subsidiary thereof or for all or any substantial part of their respective assets, domestic
or foreign, and such case or proceeding shall continue without dismissal or stay for a period of sixty (60) consecutive days, or
an order granting the relief requested in such case or proceeding (including, but not limited to, an order for relief under such federal
bankruptcy laws) shall be entered.


 


(k)       Failure
of Agreements. Any provision of this Agreement or any provision of any other Loan Document shall for any reason cease to be valid
and binding on any Credit Party or any Subsidiary thereof party thereto or any such Person shall so state in writing, or any Loan Document
shall for any reason cease to create a valid and perfected first priority Lien (subject to Permitted Liens) on, or security interest in,
any of the Collateral purported to be covered thereby, in each case other than in accordance with the express terms hereof or thereof,
except as a result of the release of any Credit Party pursuant to the terms of the Loan Documents.


 


(l)       ERISA
Events. The occurrence of any of the following events: (i) any Credit Party or any ERISA Affiliate fails to make full payment
when due of all amounts which, under the provisions of any Pension Plan or Sections 412 or 430 of the Code, any Credit Party or any ERISA
Affiliate is required to pay as contributions thereto and such unpaid amounts are in excess of the Threshold Amount, (ii) a Termination
Event or (iii) any Credit Party or any ERISA Affiliate makes a complete or partial withdrawal from any Multiemployer Plan and the
Multiemployer Plan notifies such Credit Party or ERISA Affiliate that such entity has incurred a withdrawal liability requiring payments
in an amount exceeding the Threshold Amount.


 


(m)       Judgment.
One or more judgments, orders or decrees shall be entered against any Credit Party or any Subsidiary thereof by any court and continues
without having been discharged, vacated or stayed for a period of thirty (30) consecutive days after the entry thereof and such judgments,
orders or decrees are either (i) for the payment of money, individually or in the aggregate (not paid or fully covered by insurance as
to which the relevant insurance company has acknowledged coverage), equal to or in excess of the Threshold Amount or (ii) for injunctive
relief and could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.


 


(n)       Subordination
Terms. (i) Any of the Secured Obligations for any reason shall cease to be “senior debt,” “senior indebtedness,”
 “designated senior debt” or “senior secured financing” (or any comparable term) under, and as defined in, any
documentation governing any Subordinated Indebtedness that is subordinated (in terms of payment or lien priority) to the Secured Obligations,
(ii) the subordination provisions set forth in the documentation for any Subordinated Indebtedness that is subordinated (in terms of payment
or lien priority) to the Secured Obligations shall, in whole or in part, cease to be effective or cease to be legally valid, binding and
enforceable against the holders of any Subordinated Indebtedness, if applicable, or (iii) any Credit Party or any Subsidiary of any Credit
Party, shall assert any of the foregoing in writing.


 


SECTION 10.2        Remedies.
Upon the occurrence and during the continuance of an Event of Default, with the consent of the Required Lenders, the Administrative Agent
may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower:


 


(a)       Acceleration;
Termination of Credit Facility. Terminate the Revolving Credit CommitmentCommitments and
declare the principal of and interest on the Loans and the Reimbursement Obligations at the time outstanding, and all other amounts owed
to the Lenders and to the Administrative Agent under this Agreement or any of the other Loan Documents and all other Obligations, to
be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other
notice of any kind, all of which are expressly waived by each Credit Party, anything in this Agreement or the other Loan Documents to
the contrary notwithstanding, and terminate the Credit Facility and any right of the Borrower to request borrowings or Letters of Credit
thereunder; provided, that upon the occurrence of an Event of Default specified in Section 10.1(i) or (j),
the Credit Facility shall be automatically terminated and all Obligations shall automatically become due and payable without presentment,
demand, protest or other notice of any kind, all of which are expressly waived by each Credit Party, anything in this Agreement or in
any other Loan Document to the contrary notwithstanding.


 






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(b)       Letters
of Credit. With respect to all Letters of Credit with respect to which presentment for honor shall not have occurred at the time of
an acceleration pursuant to the preceding paragraph, demand that the Borrower deposit in a Cash Collateral account opened by the Administrative
Agent an amount equal to the Minimum Collateral Amount. Amounts held in such Cash Collateral account shall be applied by the Administrative
Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall
have expired or been fully drawn upon, if any, shall be applied to repay the other Secured Obligations in accordance with Section 10.3.
After all such Letters of Credit shall have expired or been fully drawn upon, the Reimbursement Obligation shall have been satisfied and
all other Secured Obligations shall have been Paid in Full, the balance, if any, in such Cash Collateral account shall be returned to
the Borrower.


 


(c)       General
Remedies. Exercise on behalf of the Secured Parties all of its other rights and remedies under this Agreement, the other Loan Documents
and Applicable Law, in order to satisfy all of the Secured Obligations.


 


SECTION 10.3         Rights and
Remedies Cumulative; Non-Waiver; etc.


 


(a)       The
enumeration of the rights and remedies of the Administrative Agent and the Lenders set forth in this Agreement is not intended to be exhaustive
and the exercise by the Administrative Agent and the Lenders of any right or remedy shall not preclude the exercise of any other rights
or remedies, all of which shall be cumulative, and shall be in addition to any other right or remedy given hereunder or under the other
Loan Documents or that may now or hereafter exist at law or in equity or by suit or otherwise. No delay or failure to take action on the
part of the Administrative Agent or any Lender in exercising any right, power or privilege shall operate as a waiver thereof, nor shall
any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of
any other right, power or privilege or shall be construed to be a waiver of any Event of Default. No course of dealing between the Borrower,
the Administrative Agent and the Lenders or their respective agents or employees shall be effective to change, modify or discharge any
provision of this Agreement or any of the other Loan Documents or to constitute a waiver of any Event of Default.


 


(b)       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 Credit Parties or any of them shall be vested exclusively in, and all actions and proceedings at
law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with
Section 10.2 for the benefit of all the Lenders and the Issuing Lenders; provided that the foregoing shall not prohibit
(a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity
as Administrative Agent) hereunder and under the other Loan Documents, (b) any Issuing Lender or the Swingline Lender from exercising
the rights and remedies that inure to its benefit (solely in its capacity as an Issuing Lender or Swingline Lender, as the case may be)
hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 12.4
(subject to the terms of Section 5.6), 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 Credit Party under any Debtor Relief Law; and provided, further,
that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required
Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 10.2 and (ii) in addition
to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 5.6, any Lender may,
with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.


 






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SECTION
10.4       Crediting of Payments and Proceeds. In the event that the Obligations have been accelerated pursuant to Section 10.2
or the Administrative Agent or any Lender has exercised any remedy set forth in this Agreement or any other Loan Document, all
payments received on account of the Secured Obligations and all net proceeds from the enforcement of the Secured Obligations shall,
subject to the provisions of Sections 5.14 and 5.15, be applied by the Administrative Agent as follows:


 


First, to payment of
that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts, including attorney fees, payable to
the Administrative Agent in its capacity as such;


 


Second, to payment
of that portion of the Secured Obligations constituting fees (other than Commitment Fees and Letter of Credit fees payable to the Revolving
Credit Lenders), indemnities and other amounts (other than principal and interest) payable to the Lenders, the Issuing Lender and the
Swingline Lender under the Loan Documents, including attorney fees, ratably among the Lenders, the Issuing Lender and the Swingline Lender
in proportion to the respective amounts described in this clause Second payable to them;


 


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


 


Fourth, to payment
of that portion of the Secured Obligations constituting unpaid principal of the Loans, Reimbursement Obligations and payment obligations
then owing under Secured Hedge Agreements and Secured Cash Management Agreements, ratably among the Lenders, the Issuing Lenders, the
Hedge Banks and the Cash Management Banks in proportion to the respective amounts described in this clause Fourth payable to them;


 


Fifth, to the Administrative
Agent for the account of the Issuing Lenders, to Cash Collateralize any L/C Obligations then outstanding; and


 


Last, the balance,
if any, after all of the Secured Obligations have been indefeasibly Paid in Full, to the Borrower or as otherwise required by Applicable
Law.


 


Notwithstanding the foregoing,
Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements shall be excluded from the application
described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the
Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. Each Cash Management Bank
or Hedge Bank not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be
deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article XI for itself
and its Affiliates as if a “Lender” party hereto.


 






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SECTION 10.5       Administrative
Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding
relative to any Credit Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then
be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have
made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:


 


(a)       to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and
all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to
have the claims of the Lenders, the Issuing Lenders and the Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders, the Issuing Lenders and the Administrative Agent and their respective agents and
counsel and all other amounts due the Lenders, the Issuing Lenders and the Administrative Agent under Sections 3.3, 5.3
and 12.3) 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 each Issuing
Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders and the Issuing Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation,
expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent under Sections 3.3, 5.3 and 12.3.


 


SECTION 10.6       Credit
Bidding.


 


(a)       The
Administrative Agent, on behalf of itself and the Secured Parties, shall have the right, exercisable at the discretion of the Required
Lenders, to credit bid and purchase for the benefit of the Administrative Agent and the Secured Parties all or any portion of Collateral
at any sale thereof conducted by the Administrative Agent under the provisions of the UCC, including pursuant to Sections 9-610 or 9-620
of the UCC, at any sale thereof conducted under the provisions of the United States Bankruptcy Code, including Section 363 thereof,
or a sale under a plan of reorganization, or at any other sale or foreclosure conducted by the Administrative Agent (whether by judicial
action or otherwise) in accordance with Applicable Law. Such credit bid or purchase may be completed through one or more acquisition vehicles
formed by the Administrative Agent to make such credit bid or purchase and, in connection therewith, the Administrative Agent is authorized,
on behalf of itself and the other Secured Parties, to adopt documents providing for the governance of the acquisition vehicle or vehicles,
and assign the applicable Secured Obligations to any such acquisition vehicle in exchange for Equity Interests and/or debt issued by the
applicable acquisition vehicle (which shall be deemed to be held for the ratable account of the applicable Secured Parties on the basis
of the Secured Obligations so assigned by each Secured Party); provided that any actions by the Administrative Agent with respect
to such acquisition vehicle or vehicles, including any disposition of the assets or Equity Interests thereof, shall be governed, directly
or indirectly, by 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 12.2.


 


(b)       Each
Lender hereby agrees, on behalf of itself and each of its Affiliates that is a Secured Party, that, except as otherwise provided in any
Loan Document or with the written consent of the Administrative Agent and the Required Lenders, it will not take any enforcement action,
accelerate obligations under any of the Loan Documents, or exercise any right that it might otherwise have under Applicable Law to credit
bid at foreclosure sales, UCC sales or other similar dispositions of Collateral.


 






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ARTICLE XI


 


THE ADMINISTRATIVE AGENT


 


SECTION 11.1       Appointment
and Authority.


 


(a)       Each
of the Lenders and each Issuing Lender hereby irrevocably appoints Wells Fargo to act on its behalf as the Administrative Agent hereunder
and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers
as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental
thereto. Except as provided in Sections 11.6 and 11.9, the provisions of this Article are solely for the benefit of the
Administrative Agent, the Lenders and the Issuing Lenders, and neither the Borrower nor 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 Administrative Agent is not intended to connote any fiduciary
or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead such term is used as a matter of
market custom, and is intended to create or reflect only an administrative relationship between contracting parties.


 


(b)       The
Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each of the Lenders (including
in its capacity as a potential Hedge Bank or Cash Management Bank) and the Issuing Lenders hereby irrevocably appoints and authorizes
the Administrative Agent to act as the agent of such Lender and such Issuing Lender for purposes of acquiring, holding and enforcing any
and all Liens on Collateral granted by any of the Credit Parties to secure any of the Secured Obligations, together with such powers and
discretion as are reasonably incidental thereto (including, without limitation, to enter into additional Loan Documents or supplements
to existing Loan Documents on behalf of the Secured Parties). In this connection, the Administrative Agent, as “collateral agent”
and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to this Article XI 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 Administrative Agent), shall be entitled to the benefits of all provisions of Articles
XI and XII (including Section 12.3, 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.


 


SECTION
11.2       Rights as a Lender. The Person serving as the Administrative Agent hereunder
shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were
not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated
or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual
capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or
in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other
Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the
Lenders.


 






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SECTION 11.3       Exculpatory
Provisions.


 


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


 


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


 


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


 


(b)       The
Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required
Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good
faith shall be necessary, under the circumstances as provided in Section 12.2 and Section 10.2) or (ii) in
the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final nonappealable
judgment. The Administrative 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 to the Administrative Agent by the Borrower, a Lender or an Issuing Lender.


 


(c)       The
Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith (including, without limitation, any report provided to it by
an Issuing Lender pursuant to Section 3.9), (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, (v) the satisfaction
of any condition set forth in Article VI or elsewhere herein, other than to confirm receipt of items expressly required to be delivered
to the Administrative Agent or (vi) the utilization of any Issuing Lender’s L/C Commitment (it being understood and agreed
that each Issuing Lender shall monitor compliance with its own L/C Commitment without any further action by the Administrative Agent).


 






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


 


SECTION 11.5       Delegation
of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any
other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The
exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any
such sub-agent, and shall apply to their respective activities in connection with the syndication of the Credit Facility as well as activities
as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to
the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted
with gross negligence or willful misconduct in the selection of such sub-agents.


 


SECTION 11.6       Resignation
of Administrative Agent.


 


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


 


(b)       If
the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders
may, to the extent permitted by Applicable Law, by notice in writing to the Borrower and such Person, remove such Person as Administrative
Agent and, in consultation with the Borrower and subject to the reasonably consent (not to be unreasonably withheld or delayed) of the
Borrower (provided no Event of Default has occurred and is continuing at the time of such appointment), appoint a successor. If no such
successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier
day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless
become effective in accordance with such notice on the Removal Effective Date.


 






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


 


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


 


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


 


SECTION 11.8       No Other
Duties, Etc. Anything herein to the contrary notwithstanding, none of the syndication agents, documentation agents, co-agents, arrangers
or bookrunners listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other
Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or an Issuing Lender hereunder.


 






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SECTION 11.9       Collateral
and Guaranty Matters.


 


(a)       Each
of the Lenders (including in its or any of its Affiliate’s capacities as a potential Hedge Bank or Cash Management Bank) irrevocably
authorize the Administrative Agent, at its option and in its discretion:


 


(i)       to
release any Lien on any Collateral granted to or held by the Administrative Agent, for the ratable benefit of the Secured Parties, under
any Loan Document (A) upon the termination of the Revolving Credit Commitment and Payment in Full of all Secured Obligations and
the expiration or termination of all Letters of Credit, (B) that is sold or otherwise disposed of or to be sold or otherwise disposed
of as part of or in connection with any sale or other disposition to a Person other than a Credit Party permitted under the Loan Documents,
or (C) if approved, authorized or ratified in writing in accordance with Section 12.2;


 


(ii)       to
subordinate any Lien on any Collateral granted to or held by the Administrative Agent under any Loan Document to the holder of any Permitted
Lien; and


 


(iii)       to
release any Subsidiary Guarantor from its obligations under any Loan Documents if such Person ceases to be a Subsidiary as a result of
a transaction permitted under the Loan Documents.


 


Upon request by the Administrative
Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate its
interest in particular types or items of property, or to release any Subsidiary Guarantor from its obligations under the Subsidiary Guaranty
Agreement pursuant to this Section 11.9. In each case as specified in this Section 11.9, the Administrative Agent
will, at the Borrower’s expense, execute and deliver to the applicable Credit Party such documents as such Credit 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 Subsidiary Guaranty Agreement,
in each case in accordance with the terms of the Loan Documents and this Section 11.9. In the case of any such sale, transfer
or disposal of any property constituting Collateral in a transaction constituting an Asset Disposition permitted pursuant to Section 9.5
to a Person other than a Credit Party, the Liens created by any of the Security Documents on such property shall be automatically released
without need for further action by any person.


 


(b)       The
Administrative 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 Administrative Agent’s Lien
thereon, or any certificate prepared by any Credit Party in connection therewith, nor shall the Administrative Agent be responsible or
liable to the Lenders for any failure to monitor or maintain any portion of the Collateral.


 


SECTION 11.10       Secured
Hedge Agreements and Secured Cash Management Agreements. No Cash Management Bank or Hedge Bank that obtains the benefits of Section 10.4
or any Collateral by virtue of the provisions hereof or of any Security Document shall have any right to notice of any action or to consent
to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the
release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided
in the Loan Documents. Notwithstanding any other provision of this Article XI to the contrary, the Administrative Agent shall not
be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Cash Management
Agreements and Secured Hedge Agreements unless the Administrative Agent has received written notice of such Secured Cash Management Agreements
and Secured Hedge Agreements, together with such supporting documentation as the Administrative Agent may request, from the applicable
Cash Management Bank or Hedge Bank, as the case may be.


 






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SECTION 11.11       Erroneous
Payments.


 


(a)       Each
Lender and each Issuing Lender hereby severally agrees that if (i) the Administrative Agent notifies (which such notice shall be
conclusive absent manifest error) such Lender or Issuing Lender that the Administrative Agent has determined in its sole discretion
that any funds received by such Lender or Issuing Lender from the Administrative Agent or any of its Affiliates were erroneously transmitted
to, or otherwise erroneously or mistakenly received by, such Lender or Issuing Lender (whether or not known to such Lender or Issuing
Lender) or (ii) it receives any payment from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount
than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with
respect to such payment, (y) that was not preceded or accompanied by a notice of payment sent by the Administrative Agent (or any of its
Affiliates) with respect to such payment or (z) that such Lender or Issuing Lender otherwise becomes aware was transmitted, or received,
in error or by mistake (in whole or in part) then , in each case an error in payment has been made (any such amounts specified in clauses
(i) or (ii) of this Section 11.11(a), whether received as a payment, prepayment or repayment of principal, interest, fees or otherwise;
individually and collectively, an “Erroneous Payment”) and the Lender or Issuing Lender, as the case may be, is deemed
to have knowledge of such error at the time of its receipt of such Erroneous Payment and to the extent permitted by applicable law, such
Lender or Issuing Lender shall not assert any right or claim to the Erroneous Payment, and hereby waives, any claim, counterclaim, defense
or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any
Erroneous Payments received, including without limitation waiver of any defense based on “discharge for value” or any similar
doctrine.


 


(b)       Without
limiting the immediately preceding clause (a), each Lender and each Issuing Lender agrees that, in the case of clause (a)(ii) above,
it shall promptly (and, in all events, within one Business Day of its knowledge (or deemed knowledge) of such error) notify the Administrative
Agent in writing of such occurrence and, in the case of either clause (a)(i) or (a)(ii) above upon demand from the Administrative Agent,
it shall promptly, but in all events no later than one Business Day thereafter, return to the Administrative Agent the amount of any such
Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds (in the currency so received), together with
interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Lender
or Issuing Lender to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds
Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to
time in effect.


 


(c)       The
Borrower and each other Credit Party hereby agrees that (x) in the event an Erroneous Payment (or portion thereof) is not recovered
from any Lender or Issuing Lender that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative
Agent shall be subrogated to all the rights of such Lender or Issuing Lender with respect to such amount, (y) an Erroneous Payment
shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Credit Party and (z)
to the extent that an Erroneous Payment was in any way or at any time credited as payment or satisfaction of any of the Obligations,
the Obligations or any part thereof that were so credited, and all rights of the applicable Lender, Issuing Lender, Administrative
Agent or other Secured Party, as the case may be, shall be reinstated and continue in full force and effect as if such payment or
satisfaction had never been received.


 






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(d)       Each
party’s obligations under this Section 11.11 shall survive the resignation or replacement of the Administrative Agent or
any transfer of right or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction
or discharge of all Obligations (or any portion thereof) under any Loan Document.


 


ARTICLE XII



MISCELLANEOUS


 


SECTION 12.1           Notices.


 


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


 


If to the Borrower:


 


Tactile Systems Technology, Inc.


3701 Wayzata Boulevard, Suite 300


Minneapolis, MN 55416


Attention of: Brent Moen, Chief Financial Officer

Telephone No.: (612) 540-5333

E-mail: bmoen@tactilemedical.com


 


If to Wells Fargo as

Administrative Agent:


 


Wells Fargo Bank, National Association

MAC R4057-01R

7711 Plantation Road, 1st Floor

Roanoke, Virginia 24019

Attention: Loan Documentation


 


With copies to:


 


Wells Fargo Bank, National Association


3100 West End Avenue, 9th Floor

Nashville, TN 37203-1320

MAC W1021-090

Attention of: John Teasley

Telephone No.: (615) 279-4650

E-mail: John.teasley@wellsfargo.com


 






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and to:


 


Wells Fargo Bank, National Association


171 17th St. NW


Atlanta, GA 30363


MAC: G0128-032


550 S Tryon Street, 12th floor

Charlotte, NC 28202-4200

MAC D1086-126

Attention of: Sara Barton


Brandon Moss

Telephone No.: (Tel 704)
516-2017-410-2680


Email: sara.r.bartonbrandon.moss@wellsfargo.com


 


and to:


 


Wells Fargo Bank, National Association


700 Hampton Green, Floor #2


Duluth, GA 30096-5554


MAC G0226-023


Attention of: Bidhu Joseph


Telephone No.: (404) 735-0905


Fax No.: (855) 860-3951


Email: bidhu.joseph@wellsfargo.com


 


and to:


 


Wells Fargo Bank, National Association


5340 Kietzke Lane Ste 102


Reno, NV  89511


MAC A4649-018


Attention of: Connie Martinmaas


Telephone No.: (775) 689-6181


Fax No.: (775) 689-6171


Email: connie.a.martinmaas@wellsfargo.com


 


If to any Lender:


 


To the address of such Lender set forth on the Register with
respect to deliveries of notices and other documentation that may contain material non-public information.


 


Notices sent by hand or overnight courier service,
or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed
to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given
at the opening of business on the next business day for the recipient). Notices delivered through electronic communications to the extent
provided in paragraph (b) below, shall be effective as provided in said paragraph (b).


 






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(b)       Electronic
Communications. Notices and other communications to the Lenders and the Issuing Lenders hereunder may be delivered or furnished by
electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent,
provided that the foregoing shall not apply to notices to any Lender or any Issuing Lender pursuant to Article II or III
if such Lender or such Issuing Lender, as applicable, has notified the Administrative Agent that is incapable of receiving notices under
such Article by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and
other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval
of such procedures may be limited to particular notices or communications. Unless the Administrative Agent otherwise prescribes, (i) notices
and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from
the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement),
and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by
the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication
is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice,
email or other communication is not sent during the normal business hours of the recipient, such notice, email or other communication
shall be deemed to have been sent at the opening of business on the next business day for the recipient.


 


(c)       Administrative
Agent’s Office. The Administrative Agent hereby designates its office located at the address set forth above, or any subsequent
office which shall have been specified for such purpose by written notice to the Borrower and Lenders, as the Administrative Agent’s
Office referred to herein, to which payments due are to be made and at which Loans will be disbursed and Letters of Credit requested.


 


(d)       Change
of Address, Etc. Each of the Borrower, the Administrative Agent, any Issuing Lender or the Swingline Lender may change its address
or facsimile number for notices and other communications hereunder by notice to the other parties hereto. Any Lender may change its address
or facsimile number for notices and other communications hereunder by notice to the Borrower, the Administrative Agent, each Issuing Lender
and the Swingline Lender.


 


(e)       Platform.


 


(i)        Each
Credit Party agrees that the Administrative Agent may, but shall not be obligated to, make the Borrower Materials available to the Issuing
Lenders and the other Lenders by posting the Borrower Materials on the Platform.


 


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


 






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(f)        Private
Side Designation. Each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times
have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order
to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and Applicable Law,
including United States Federal and state securities Applicable Laws, to make reference to Borrower Materials that are not made available
through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect
to the Borrower or its securities for purposes of United States Federal or state securities Applicable Laws.


 


SECTION 12.2         Amendments,
Waivers and Consents. Except as set forth below or as specifically provided in any Loan Document, any term, covenant, agreement or
condition of this Agreement or any of the other Loan Documents may be amended or waived by the Lenders, and any consent given by the Lenders,
if, but only if, such amendment, waiver or consent is in writing signed by the Required Lenders (or by the Administrative Agent with the
consent of the Required Lenders) and delivered to the Administrative Agent and, in the case of an amendment, signed by the Borrower; provided,
that no amendment, waiver or consent shall:


 


(a)       without
the prior written consent of the Required Revolving Credit Lenders, amend, modify or waive (i) Section 6.2 or any other
provision of this Agreement if the effect of such amendment, modification or waiver is to require the Revolving Credit Lenders (pursuant
to, in the case of any such amendment to a provision hereof other than Section 6.2, any substantially concurrent request by
the Borrower for a borrowing of Revolving Credit Loans or issuance of Letters of Credit) to make Revolving Credit Loans when such Revolving
Credit Lenders would not otherwise be required to do so, or (ii) the amount of the Swingline Commitment.


 


(b)       increase
or extend the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 10.2) or increase the amount
of Loans of any Lender, in any case, without the written consent of such Lender;


 


(c)       waive,
extend or postpone any date fixed by this Agreement or any other Loan Document for any payment of principal, interest, fees or other amounts
due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly and
adversely affected thereby;


 


(d)       reduce
the principal of, or the rate of interest specified herein on, any Loan or Reimbursement Obligation, or (subject to
clauses (iv) and (viii) of the proviso set forth in the paragraph below) any fees or other amounts payable hereunder or under
any other Loan Document without the written consent of each Lender directly and adversely affected thereby; provided that (i) only
the consent of the Required Facility Lenders shall be necessary (i) to
waive any obligation of the Borrower to pay interest at the rate set forth in Section 5.1(b) during the continuance of
an Event of Default or (ii)with respect to the
applicable Class and (ii) only the consent of the Required Lenders shall be necessary to amend any financial
covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest
on any Loan or L/C Obligation or to reduce any fee payable hereunder;


 


(e)       change
Section 5.6 or Section 10.4 in a manner that would alter the pro rata sharing of payments or order of application
required thereby without the written consent of each Lender directly and adversely affected thereby;


 


(f)       [reserved];


 


(g)       except
as otherwise permitted by this Section 12.2 change any provision of this Section or reduce the percentages specified in the
definitions of “Required Lenders,” or “Required Revolving Credit Lenders”
or “Required Facility Lenders” or “Required Term Loan Lenders” or any other provision hereof specifying
the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant
any consent hereunder, without the written consent of each Lender directly and adversely affected thereby;


 






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(h)       consent
to the assignment or transfer by any Credit Party of such Credit Party’s rights and obligations under any Loan Document to which
it is a party (except as permitted pursuant to Section 9.4), in each case, without the written consent of each Lender;


 


(i)       release
(i) all of the Subsidiary Guarantors or (ii) Subsidiary Guarantors comprising substantially all of the credit support for the Secured
Obligations, in any case, from any Guaranty Agreement (other than as authorized in Section 11.9), without the written consent
of each Lender;


 


(j)       release
all or substantially all of the Collateral or release any Security Document (other than as authorized in Section 11.9 or as
otherwise specifically permitted or contemplated in this Agreement or the applicable Security Document) without the written consent of
each Lender;


 


provided further, that (i) no
amendment, waiver or consent shall, unless in writing and signed by each affected Issuing Lender in addition to the Lenders required
above, affect the rights or duties of such Issuing Lender under this Agreement (including, without limitation, Section 11.9(c))
or any Letter of Credit Application 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 Swingline Lender in addition to the Lenders required above, affect the rights or duties
of the Swingline Lender under this Agreement; (iii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative
Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any
other Loan Document or modify Section 12.24 hereof; (iv) each Fee Letter may be amended, or rights or privileges thereunder
waived, in a writing executed only by the parties thereto, (v) each Letter of Credit Application may be amended, or rights or privileges
thereunder waived, in a writing executed only by the parties thereto; provided that a copy of such amended Letter of Credit Application
shall be promptly delivered to the Administrative Agent upon such amendment or waiver, (vi) any waiver, amendment or modification
of this Agreement that by its terms affects the rights or duties under this Agreement of Lenders holding Loans or Commitments of a particular
Class (but not the Lenders holding Loans or Commitments of any other Class) may be effected by an agreement or agreements in writing
entered into by the Borrower and the requisite percentage in interest of the affected Class of Lenders that would be required to consent
thereto under this Section if such Class of Lenders were the only Class of Lenders hereunder at the time, (vii) the Administrative Agent
and the Borrower shall be permitted to amend any provision of the Loan Documents (and such amendment shall become effective without any
further action or consent of any other party to any Loan Document) if the Administrative Agent and the Borrower shall have jointly identified
an obvious error or any error, ambiguity, defect or inconsistency or omission of a technical or immaterial nature in any such provision
and (viii) the Administrative Agent may, without the consent of any Lender, enter into amendments or modifications to this Agreement
or any of the other Loan Documents or to enter into additional Loan Documents as the Administrative Agent reasonably deems appropriate
in order to implement any Benchmark Replacement or any Benchmark Replacement Conforming Changes or otherwise effectuate the terms of
Section 5.8(c) in accordance with the terms of Section 5.8(c). Notwithstanding anything to the contrary herein, no Defaulting
Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that (A) the Revolving
Credit Commitment of such Lender may not be increased or extended without the consent of such Lender, and (B) any amendment,
waiver, or consent hereunder which requires the consent of all Lenders or each affected Lender that by its terms disproportionately and
adversely affects any such Defaulting Lender relative to other affected Lenders shall require the consent of such Defaulting Lender.


 






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Notwithstanding anything in this Agreement to
the contrary, each Lender hereby irrevocably authorizes the Administrative Agent on its behalf, and without further consent of any
Lender (but with the consent of the Borrower and the Administrative Agent), to (x) amend and restate this Agreement 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 (y)
enter into amendments or modifications to this Agreement (including, without limitation, amendments to this Section 12.2)
or any of the other Loan Documents or to enter into additional Loan Documents as the Administrative Agent reasonably deems
appropriate in order to effectuate the terms of Section 5.13 (including, without limitation, as applicable, (1) to
permit the Increase Term Loans and the Incremental Revolving Credit Increases to share ratably in the benefits of this Agreement and
the other Loan Documents, and (2) to include the Increase Term Loan
Commitments and the Incremental Revolving Credit Increase, as applicable, or outstanding Increase Term Loans and outstanding
Incremental Revolving Credit Increase, as applicable, in any determination of (i) Required Lenders or Required Revolving Credit
Lenders, as applicable or (ii) similar required lender terms applicable thereto); provided that no amendment or
modification shall result in any increase in the amount of any Lender’s Commitment or any increase in any Lender’s
Commitment Percentage, in each case, without the written consent of such affected Lender, and (3) to
make amendments to any outstanding tranche of Term Loans to permit any Increase Term Loan Commitments and Increase Term Loans to be
 “fungible” (including for purposes of the Code) with such tranche of Term Loans, including increases in the Applicable
Margin or any fees payable to such outstanding tranche of Term Loans or providing such outstanding tranche of Term Loans with the
benefit of any call protection or covenants that are applicable to the proposed Increase Term Loan Commitments or Increase Term
Loans; provided that any such amendments or modifications to such outstanding tranche of Term Loans shall not directly adversely
affect the Lenders holding such tranche of Term Loans without their consent.


 


SECTION 12.3           Expenses;
Indemnity.


 


(a)       Costs
and Expenses. The Borrower and any other Credit Party, jointly and severally, shall pay (i) all reasonable and documented out
of pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable and documented fees, charges and
disbursements of one counsel for the Administrative Agent), in connection with the syndication of the Credit Facility, the preparation,
negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or
waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all
reasonable out of pocket expenses incurred by any Issuing Lender in connection with the issuance, amendment, renewal or extension of any
Letter of Credit or any demand for payment thereunder and (iii) all reasonable out of pocket expenses incurred by the Administrative
Agent, any Lender or any Issuing Lender (including the fees, charges and disbursements of any counsel for the Administrative Agent, any
Lender or any Issuing Lender), in connection with the enforcement or protection of its rights (A) in connection with this Agreement
and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made or Letters of Credit
issued hereunder, including all such out of pocket expenses incurred during any workout, restructuring or negotiations in respect of such
Loans or Letters of Credit.


 






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(b)       Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and each Issuing
Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, and shall pay or reimburse any such Indemnitee for, any and all losses, claims
(including, without limitation, any Environmental Claims), penalties, damages, liabilities and related expenses (including the fees,
charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any
Person (including the Borrower or any other Credit Party), arising out of, in connection with, or as a result of (i) the
execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the
performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions
contemplated hereby or thereby (including, without limitation, the Transactions), (ii) any Loan or Letter of Credit or the use
or proposed use of the proceeds therefrom (including any refusal by any Issuing Lender to honor a demand for payment under a Letter
of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit),
(iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by any Credit
Party or any Subsidiary thereof, or any Environmental Claim related in any way to any Credit Party or any Subsidiary, (iv) any
actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract,
tort or any other theory, whether brought by a third party or by any Credit Party or any Subsidiary thereof, and regardless of
whether any Indemnitee is a party thereto, or (v) any claim (including, without limitation, any Environmental Claims),
investigation, litigation or other proceeding (whether or not the Administrative Agent or any Lender is a party thereto) and the
prosecution and defense thereof, arising out of or in any way connected with the Loans, this Agreement, any other Loan Document, or
any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby, including without
limitation, reasonable attorneys and consultant’s fees, provided that such indemnity shall not, as to any Indemnitee,
be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such
Indemnitee. This Section 12.3(b) shall not apply with respect to Taxes other than any Taxes that represent losses,
claims, damages, etc. arising from any non-Tax claim.


 


(c)       Reimbursement
by Lenders. To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under clause (a) or
(b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), any Issuing Lender, the Swingline Lender
or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent),
such Issuing Lender, the Swingline 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 at such time, or if the Total Credit Exposure has been reduced to zero, then based on such Lender’s share of the
Total Credit Exposure immediately prior to such reduction) of such unpaid amount (including any such unpaid amount in respect of a claim
asserted by such Lender); provided that with respect to such unpaid amounts owed to any Issuing Lender or the Swingline Lender
solely in its capacity as such, only the Revolving Credit Lenders shall be required to pay such unpaid amounts, such payment to be made
severally among them based on such Revolving Credit Lenders’ Revolving Credit Commitment Percentage (determined as of the time that
the applicable unreimbursed expense or indemnity payment is sought or, if the Revolving Credit Commitment has been reduced to zero as
of such time, determined immediately prior to such reduction); provided, further, that the unreimbursed expense or indemnified
loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or
any such sub-agent), such Issuing Lender or the Swingline Lender in its capacity as such, or against any Related Party of any of the foregoing
acting for the Administrative Agent (or any such sub-agent), such Issuing Lender or the Swingline Lender in connection with such capacity.
The obligations of the Lenders under this clause (c) are subject to the provisions of Section 5.7.


 


(d)       Waiver
of Consequential Damages, Etc. To the fullest extent permitted by Applicable Law, the Borrower and each other Credit Party shall not
assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive
damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan
Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit
or the use of the proceeds thereof. No Indemnitee referred to in clause (b) above shall be liable for any damages arising from the
use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information
transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.


 






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(e)       Payments.
All amounts due under this Section shall be payable promptly after demand therefor.


 


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


 


SECTION 12.4          Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, each Issuing Lender, the Swingline Lender
and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by
Applicable Law, to setoff and apply any and all deposits (general or special, time or demand, provisional or final, in whatever
currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, such Issuing Lender, the
Swingline Lender or any such Affiliate to or for the credit or the account of the Borrower or any other Credit Party against any and
all of the obligations of the Borrower or such Credit Party now or hereafter existing under this Agreement or any other Loan
Document to such Lender, such Issuing Lender or the Swingline Lender or any of their respective Affiliates, irrespective of whether
or not such Lender, such Issuing Lender, the Swingline Lender or any such Affiliate shall have made any demand under this Agreement
or any other Loan Document and although such obligations of the Borrower or such Credit Party may be contingent or unmatured or are
owed to a branch or office of such Lender, such Issuing Lender, the Swingline Lender or such Affiliate different from the branch,
office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting
Lender or any Affiliate thereof shall exercise any such right of setoff, (x) all amounts so setoff shall be paid over immediately to
the Administrative Agent for further application in accordance with the provisions of Section 5.15 and, pending such
payment, shall be segregated by such Defaulting Lender or Affiliate of a Defaulting Lender from its other funds and deemed held in
trust for the benefit of the Administrative Agent, the Issuing Lenders, the Swingline Lender and the Lenders, and (y) the Defaulting
Lender or its Affiliate shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Secured
Obligations owing to such Defaulting Lender or any of its Affiliates as to which such right of setoff was exercised. The rights of
each Lender, each Issuing Lender, the Swingline Lender and their respective Affiliates under this Section are in addition to other
rights and remedies (including other rights of setoff) that such Lender, such Issuing Lender, the Swingline Lender or their
respective Affiliates may have. Each Lender, such Issuing Lender and the Swingline Lender agree to notify the Borrower and the
Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not
affect the validity of such setoff and application. Notwithstanding the provisions of this Section, if at any time any Lender, any
Issuing Lender or any of their respective Affiliates maintains one or more deposit accounts for the Borrower or any other Credit
Party into which Medicare or Medicaid receivables are deposited, such Person shall waive the right of setoff set forth herein.
Notwithstanding anything to the contrary in this Section 12.4, such right of set off shall not apply to, and the
Administrative Agent and the Lenders hereby waive such right of set off with respect to any Health Care Receivables.


 


SECTION 12.5           Governing
Law; Jurisdiction, Etc.


 


(a)       Governing
Law. This Agreement and the other Loan Documents and any claim, 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 Minnesota.


 






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(b)       Submission
to Jurisdiction. The Borrower and each other Credit Party irrevocably and unconditionally agrees that it will not commence any action,
litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the
Administrative Agent, any Lender, any Issuing Lender, the Swingline Lender, or any Related Party of the foregoing in any way relating
to this Agreement or any other Loan Document or the transactions relating hereto or thereto, in any forum other than the courts of the
State of Minnesota sitting in Hennepin County, and of the United States District Court of the District of Minnesota, and any appellate
court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the exclusive 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 Minnesota State
court or, to the fullest extent permitted by Applicable Law, in such federal court.  Each of the parties hereto agrees that a final
judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law.  Nothing in this Agreement or in any other Loan Document shall affect any right that the
Administrative Agent, any Lender, any Issuing Lender or the Swingline Lender may otherwise have to bring any action or proceeding relating
to this Agreement or any other Loan Document against the Borrower or any other Credit Party or its properties in the courts of any jurisdiction.


 


(c)       Waiver
of Venue. The Borrower and each other Credit Party irrevocably and unconditionally waives, to the fullest extent permitted by Applicable
Law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to
this Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such
action or proceeding in any such court.


 


(d)       Service
of Process. Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 12.1.
Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by Applicable Law.


 





SECTION 12.6     Waiver of
Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT,
IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION.


 






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SECTION 12.7          Reversal of
Payments. To the extent any Credit Party makes a payment or payments to the Administrative Agent for the ratable benefit of any of
the Secured Parties or to any Secured Party directly or the Administrative Agent or any Secured Party receives any payment or proceeds
of the Collateral or any Secured Party exercises its right of setoff, which payments or proceeds (including any proceeds of such setoff)
or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to
a trustee, receiver or any other party under any Debtor Relief Law, other Applicable Law or equitable cause, then, to the extent of such
payment or proceeds repaid, the Secured Obligations or part thereof intended to be satisfied shall be revived and continued in full force
and effect as if such payment or proceeds had not been received by the Administrative Agent, and each Lender and each Issuing Lender
severally agrees to pay to the Administrative Agent upon demand its applicable ratable share (without duplication) of any amount so recovered
from or repaid by the Administrative Agent plus interest thereon at a per annum rate equal to the Federal Funds Rate from the date of
such demand to the date such payment is made to the Administrative Agent.


 


SECTION 12.8          Injunctive
Relief. The Borrower recognizes that, in the event the Borrower fails to perform, observe or discharge any of its obligations or liabilities
under this Agreement, any remedy of law may prove to be inadequate relief to the Lenders. Therefore, the Borrower agrees that the Lenders,
at the Lenders’ option, shall be entitled to temporary and permanent injunctive relief in any such case without the necessity of
proving actual damages.


 


SECTION 12.9           Successors
and Assigns; Participations.


 


(a)             Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby, except that neither the Borrower nor any other Credit Party may assign or otherwise
transfer any of its rights or obligations hereunder (other than by any Credit Party (other than the Borrower) pursuant to a transaction
permitted under Section 9.4) without the prior written consent of the Administrative Agent and each Lender and no Lender may assign
or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of paragraph (b)
of this Section, (ii) by way of participation in accordance with the provisions of paragraph (d) of this Section or (iii) by
way of pledge or assignment of a security interest subject to the restrictions of paragraph (e) of this Section (and any other attempted
assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed
to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the
extent provided in paragraph (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of
the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.


 


(b)             Assignments
by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this
Agreement (including all or a portion of its Revolving Credit Commitment and the Loans at the time owing to it); provided that,
in each case with respect to any Credit Facility, 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/or the Loans at the time owing
to it (in each case with respect to any Credit Facility) or contemporaneous assignments to related Approved Funds (determined after giving
effect to such assignments) that equal at least the amount specified in paragraph (b)(i)(B) of this Section in the aggregate or in the
case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and


 






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(B)       in
any case not described in paragraph (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of
the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent shall not be less than $2,500,000, unless each of the
Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such
consent not to be unreasonably withheld or delayed); provided that the Borrower shall be deemed to have given its consent
five (5) Business Days after the date written notice thereof has been delivered by the assigning Lender (through the Administrative
Agent) unless such consent is expressly refused by the Borrower prior to such fifth (5th) Business Day;


 


(ii)       Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights
and obligations under this Agreement with respect to the Loan or the Commitment assigned;


 


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


 


(A)       the
consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default
has occurred and is continuing at the time of such assignment, (y) such assignment is to a Lender, an Affiliate of a Lender or an
Approved Fund or (z) the assignment is made in connection with the primary syndication of the Credit Facility and during the period commencing
on the Closing Date and ending on the date that is ninety (90) days following the Closing Date; provided, that the Borrower shall
be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within
5 Business Days after having received notice thereof; and provided, further, that the Borrower’s consent shall not
be required during the primary syndication of the Credit Facility;


 


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


 


(C)       the
consents of the Issuing Lenders and the Swingline Lender shall be required for any assignment in respect of the Revolving Credit Facility.


 


(iv)       Assignment
and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee of $3,500 for each assignment; provided that (A) only one such fee will be payable
in connection with simultaneous assignments to two or more related Approved Funds by a Lender and (B) the Administrative Agent may, in
its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender,
shall deliver to the Administrative Agent an Administrative Questionnaire.


 


(v)       No
Assignment to Certain Persons. No such assignment shall be made to (A) the Borrower or any of its Subsidiaries or Affiliates or (B)
any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing
Persons described in this clause (B).


 






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


 


(vii)     Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such
assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the
assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution
thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other
compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro
rata share of Loans previously requested, but not funded by, the Defaulting Lender, to each of which the applicable assignee and
assignor hereby irrevocably consent), to (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to
the Administrative Agent, the Issuing Lenders, the Swingline Lender and each other Lender hereunder (and interest accrued thereon),
and (B) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit and
Swingline Loans in accordance with its Revolving Credit Commitment Percentage. Notwithstanding the foregoing, in the event that any
assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under Applicable Law without
compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for
all purposes of this Agreement until such compliance occurs.


 


Subject to acceptance and recording thereof by
the Administrative Agent pursuant to paragraph (c) of this Section, from and after the effective date specified in each Assignment
and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment
and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent
of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of
an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall
cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 5.8, 5.9, 5.10, 5.11
and 12.3 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that
except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver
or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Any assignment or transfer
by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this
Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (d) of this Section
(other than a purported assignment to a natural Person or the Borrower or any of the Borrower’s Subsidiaries or Affiliates, which
shall be null and void).


 


(c)             Register.
The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices
in Charlotte, North Carolina, a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names
and addresses of the Lenders, and the Commitment of, and principal amounts of (and stated interest on) the Loans owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent
manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection
by the Borrower and any Lender (but only to the extent of entries in the Register that are applicable to such Lender), at any reasonable
time and from time to time upon reasonable prior notice.


 






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(d)             Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any
Person (other than a natural Person, (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit
of, a natural Person, or the Borrower or any of the Borrower’s Subsidiaries or Affiliates) (each, a “Participant”)
in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment
and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the
Borrower, the Administrative Agent, the Issuing Lender, the Swingline Lender and the other Lenders shall continue to deal solely and directly
with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each
Lender shall be responsible for the indemnity under Section 12.3(c) with respect to any payments made by such Lender to its
Participant(s).


 


Any agreement or
instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to
enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that
such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver described in Section 12.2(b), (c), (d) or (e) that directly and adversely
affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 5.9, 5.10
and 5.11 (subject to the requirements and limitations therein, including the requirements under Section 5.11(g)
(it being understood that the documentation required under Section 5.11(g) shall be delivered to the participating
Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of
this Section; provided that such Participant (A) agrees to be subject to the provisions of Section 5.12 as if it
were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Sections
5.10 or 5.11, with respect to any participation, than its participating Lender would have been entitled to receive,
except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant
acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower's request and expense, to use
reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 5.12(b) with respect to any
Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 12.4 as
though it were a Lender; provided that such Participant agrees to be subject to Section 5.6 and Section
12.4 as though it were a Lender.


 


Each Lender that sells a participation
shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address
of each Participant and the principal amounts of (and stated interest on) each Participant’s interest in the Loans or other obligations
under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to
disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s
interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent
that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form
under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive
absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such
participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative
Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.


 


(e)             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
to secure obligations of such Lender, including without limitation 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.


 






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


 


SECTION
12.10    Treatment of Certain Information; Confidentiality. Each of the Administrative
Agent, the Lenders and the Issuing Lender agrees to maintain the confidentiality of the Information (as defined below) and to use
such Information solely for the purpose of evaluating, administering or enforcing the Loan Documents and otherwise complying with
all Applicable Laws and any related regulations, except that Information may be disclosed (a) to its Affiliates and to its and its
Affiliates’ respective Related Parties in connection with the Credit Facility, this Agreement, the transactions contemplated
hereby or in connection with marketing of services by such Affiliate or Related Party to the Borrower or any of its Subsidiaries (it
being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information
and instructed to keep such Information confidential), (b) to the extent required or requested by, or required to be disclosed to,
any regulatory or similar authority purporting to have jurisdiction over such Person or its Related Parties (including any
self-regulatory authority, such as the National Association of Insurance Commissioners) or in accordance with the Administrative
Agent’s, the Issuing Lender’s or any Lender’s regulatory compliance policy if the Administrative Agent, the
Issuing Lender or such Lender, as applicable, deems such disclosure to be necessary for the mitigation of claims by those
authorities against the Administrative Agent, the Issuing lender or such Lender, as applicable, or any of its Related Parties (in
which case, the Administrative Agent, the Issuing Lender or such Lender, as applicable, shall use commercially reasonable efforts
to, except with respect to any audit or examination conducted by bank accountants or any governmental bank regulatory authority
exercising examination or regulatory authority, promptly notify the Borrower, in advance, to the extent practicable and otherwise
permitted by Applicable Law), (c) as to the extent required by Applicable Laws or regulations or in any legal, judicial,
administrative proceeding or other compulsory process, (d) to any other party hereto, (e) in connection with the exercise of any
remedies under this Agreement, under any other Loan Document or under any Secured Hedge Agreement or Secured Cash Management
Agreement, or any action or proceeding relating to this Agreement, any other Loan Document or any Secured Hedge Agreement or Secured
Cash Management Agreement, or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions
substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or
Participant in, any of its rights and obligations under this Agreement, (ii) any actual or prospective party (or its Related
Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its
obligations, this Agreement or payments hereunder, (iii) to an investor or prospective investor in an Approved Fund that also agrees
that Information shall be used solely for the purpose of evaluating an investment in such Approved Fund, (iv) to a trustee,
collateral manager, servicer, backup servicer, noteholder or secured party in an Approved Fund in connection with the
administration, servicing and reporting on the assets serving as collateral for an Approved Fund, or (v) to a nationally recognized
rating agency that requires access to information regarding the Borrower and its Subsidiaries, the Loans and the Loan Documents in
connection with ratings issued with respect to an Approved Fund, (g) on a confidential basis to (i) any rating agency in connection
with rating the Borrower or its Subsidiaries or the Credit Facility or (ii) the CUSIP Service Bureau or any similar agency in
connection with the issuance and monitoring of CUSIP numbers with respect to the Credit Facility, (h) with the consent of the
Borrower, (i) deal terms and other information customarily reported to Thomson Reuters, other bank market data collectors and
similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders in connection
with the administration of the Loan Documents, (j) 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 the Administrative Agent, any Lender, any Issuing Lender or any of
their respective Affiliates from a third party that is not, to such Person’s knowledge, subject to confidentiality obligations
to the Borrower, (k) to the extent that such information is independently developed by such Person, or (l) for purposes of
establishing a “due diligence” defense. For purposes of this Section, “Information” means all
information received from any Credit Party or any Subsidiary thereof relating to any Credit Party or any Subsidiary thereof or any
of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or any
Issuing Lender on a nonconfidential basis prior to disclosure by any Credit Party or any Subsidiary thereof; provided that,
in the case of information received from a Credit Party or any Subsidiary thereof after the date hereof, such information is clearly
identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided
in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of
care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.


 



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SECTION 12.11    Performance
of Duties. Each of the Credit Party’s obligations under this Agreement and each of the other Loan Documents shall be performed
by such Credit Party at its sole cost and expense.


 


SECTION 12.12     All
Powers Coupled with Interest. All powers of attorney and other authorizations granted to the Lenders, the Administrative Agent and
any Persons designated by the Administrative Agent or any Lender pursuant to any provisions of this Agreement or any of the other Loan
Documents shall be deemed coupled with an interest and shall be irrevocable so long as any of the Obligations remain unpaid or unsatisfied,
any of the Commitments remain in effect or the Credit Facility has not been terminated.


 


SECTION 12.13     Survival.


 


(a)       All
representations and warranties set forth in Article VII and all representations and warranties contained in any certificate, or
any of the Loan Documents (including, but not limited to, any such representation or warranty made in or in connection with any amendment
thereto) shall constitute representations and warranties made under this Agreement. All representations and warranties made under this
Agreement shall be made or deemed to be made at and as of the Closing Date and the First Amendment Date (except
those that are expressly made as of a specific date), shall survive the Closing Date and First Amendment
Date, and shall not be waived by the execution and delivery of this Agreement, any investigation made by or on behalf of the
Lenders or any borrowing hereunder.


 


(b)       Notwithstanding
any termination of this Agreement, the indemnities to which the Administrative Agent and the Lenders are entitled under the provisions
of this Article XII and any other provision of this Agreement and the other Loan Documents shall continue in full force and effect
and shall protect the Administrative Agent and the Lenders against events arising after such termination as well as before.


 


SECTION 12.14    Titles
and Captions. Titles and captions of Articles, Sections and subsections in, and the table of contents of, this Agreement are
for convenience only, and neither limit nor amplify the provisions of this Agreement.


 


SECTION 12.15    Severability
of Provisions. Any provision of this Agreement or any other Loan Document which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder
of such provision or the remaining provisions hereof or thereof or affecting the validity or enforceability of such provision in any
other jurisdiction. In the event that any provision is held to be so prohibited or unenforceable in any jurisdiction, the Administrative
Agent, the Lenders and the Borrower shall negotiate in good faith to amend such provision to preserve the original intent thereof in
such jurisdiction (subject to the approval of the Required Lenders).


 



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SECTION 12.16     Counterparts;
Integration; Effectiveness; Electronic Execution.


 


(a)       Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and
the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent, the Issuing Lender,
the Swingline Lender and/or the Arranger, constitute the entire contract among the parties relating to the subject matter hereof and supersede
any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 6.1,
this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall
have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed
counterpart of a signature page of this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format
shall be effective as delivery of a manually executed counterpart of this Agreement.


 


(b)       Electronic
Execution. The words “execute,” “execution,” “signed,” “signature,” “delivery”
and words of like import in or related to this Agreement, any other Loan Document or any document, amendment, approval, consent, waiver,
modification, information, notice, certificate, report, statement, disclosure, or authorization to be signed or delivered in connection
with this Agreement or any other Loan Document or the transactions contemplated hereby shall be deemed to include Electronic Signatures
or execution in the form of an Electronic Record, and contract formations on electronic platforms approved by the Administrative Agent,
deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as
a manually executed signature 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.  Each party hereto
agrees that any Electronic Signature or execution in the form of an Electronic Record shall be valid and binding on itself and each of
the other parties hereto to the same extent as a manual, original signature.  For the avoidance of doubt, the authorization under
this paragraph may include, without limitation, use or acceptance by the parties of a manually signed paper which has been converted into
electronic form (such as scanned into PDF format), or an electronically signed paper converted into another format, for transmission,
delivery and/or retention.  Notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation
to accept an Electronic Signature in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures
approved by it; provided that  without limiting the foregoing, (a) to the extent the Administrative Agent has agreed to accept
such Electronic Signature from any party hereto, the Administrative Agent and the other parties hereto shall be entitled to rely on any
such Electronic Signature purportedly given by or on behalf of the executing party without further verification and (b) upon the request
of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by an original manually executed counterpart
thereof.  Without limiting the generality of the foregoing, each party hereto hereby (i) agrees that, for all purposes, including
without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among
the Administrative Agent, the Lenders and any of the Credit Parties, electronic images of this Agreement or any other Loan Document (in
each case, including with respect to any signature pages thereto)  shall have the same legal effect, validity and enforceability
as any paper original, and (ii) waives any argument, defense or right to contest the validity or enforceability of the Loan Documents
based solely on the lack of paper original copies of any Loan Documents, including with respect to any signature pages thereto.


 



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SECTION 12.17   Term of
Agreement. This Agreement shall remain in effect from the Closing Date through and including the date upon which all Obligations
have been Paid in Full and the Commitments have been terminated. No termination of this Agreement shall affect the rights and
obligations of the parties hereto arising prior to such termination or in respect of any provision of this Agreement which survives
such termination.


 


SECTION 12.18   USA
PATRIOT Act; Anti-Money Laundering Laws. The Administrative Agent and each Lender hereby notifies the Borrower that pursuant to the
requirements of the PATRIOT Act or any other Anti-Money Laundering Laws, each of them is required to obtain, verify and record information
that identifies each Credit Party, which information includes the name and address of each Credit Party and other information that will
allow such Lender to identify each Credit Party in accordance with the PATRIOT Act or such Anti-Money Laundering Laws.


 


SECTION 12.19    Independent
Effect of Covenants. The Borrower expressly acknowledges and agrees that each covenant contained in Articles VIII or IX
hereof shall be given independent effect. Accordingly, the Borrower shall not engage in any transaction or other act otherwise
permitted under any covenant contained in Articles VIII or IX, before or after giving effect to such transaction or
act, the Borrower shall or would be in breach of any other covenant contained in Articles VIII or IX.


 


SECTION 12.20     No
Advisory or Fiduciary Responsibility.


 


(a)           In
connection with all aspects of each transaction contemplated hereby, each Credit Party acknowledges and agrees, and acknowledges its Affiliates’
understanding, that (i) the facilities 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 Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Arrangers and the Lenders, on
the other hand, and the Borrower 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 of the Administrative Agent, the Arrangers and the
Lenders is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for the Borrower or any of
its Affiliates, stockholders, creditors or employees or any other Person, (iii) none of the Administrative Agent, the Arrangers or the
Lenders has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Borrower 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 Arranger or Lender has advised or is currently advising the Borrower
or any of its Affiliates on other matters) and none of the Administrative Agent, the Arrangers or the Lenders has any obligation to the
Borrower or any of its Affiliates with respect to the financing transactions contemplated hereby except those obligations expressly set
forth herein and in the other Loan Documents, (iv) the Arrangers and the Lenders and their respective Affiliates may be engaged in a broad
range of transactions that involve interests that differ from, and may conflict with, those of the Borrower and its Affiliates, and none
of the Administrative Agent, the Arrangers or the Lenders has any obligation to disclose any of such interests by virtue of any advisory,
agency or fiduciary relationship and (v) the Administrative Agent, the Arrangers and the Lenders 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 the Credit Parties have consulted their own legal, accounting,
regulatory and tax advisors to the extent they have deemed appropriate.


 



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(b)           Each
Credit Party acknowledges and agrees that each Lender, the Arrangers and any Affiliate thereof may lend money to, invest in, and generally
engage in any kind of business with, any of the Borrower, any Affiliate thereof or any other person or entity that may do business with
or own securities of any of the foregoing, all as if such Lender, Arranger or Affiliate thereof were not a Lender or Arranger or an Affiliate
thereof (or an agent or any other person with any similar role under the Credit Facilities) and without any duty to account therefor to
any other Lender, the Arrangers, the Borrower or any Affiliate of the foregoing.  Each Lender, the Arrangers and any Affiliate
thereof may accept fees and other consideration from the Borrower or any Affiliate thereof for services in connection with this Agreement,
the Credit Facilities or otherwise without having to account for the same to any other Lender, the Arrangers, the Borrower or any Affiliate
of the foregoing.


 


SECTION 12.21   Amendment
and Restatement; No Novation. This Agreement constitutes an amendment and restatement of the Existing Credit Agreement, as amended,
effective from and after the Closing Date (as defined herein). The execution and delivery of this Agreement shall not constitute a novation
of any indebtedness or other obligations owing to the Lenders or the Administrative Agent under the Existing Credit Agreement based on
facts or events occurring or existing prior to the execution and delivery of this Agreement. On the Closing Date (as defined herein),
the credit facilities described in the Existing Credit Agreement, as amended, shall be amended, supplemented, modified and restated in
their entirety by the facilities described herein, and all loans and other obligations of the Borrower outstanding as of such date under
the Existing Credit Agreement, shall be deemed to be loans and obligations outstanding under the corresponding facilities described herein,
without any further action by any Person, except that the Administrative Agent shall make such transfers of funds as are necessary in
order that the outstanding balance of such Loans, together with any Loans funded on the Closing Date (as defined herein), reflect the
respective Commitment of the Lenders hereunder.


 


SECTION 12.22    Inconsistencies
with Other Documents. In the event there is a conflict or inconsistency between this Agreement and any other Loan Document, the terms
of this Agreement shall control; provided that any provision of the Security Documents which imposes additional burdens on the
Borrower or any of its Subsidiaries or further restricts the rights of the Borrower or any of its Subsidiaries or gives the Administrative
Agent or Lenders additional rights shall not be deemed to be in conflict or inconsistent with this Agreement and shall be given full force
and effect.


 


SECTION 12.23    Acknowledgement
and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any
other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected
Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and
Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:


 


(a)           the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an Affected Financial Institution; and


 


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


 


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


 


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


 


(iii)      the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution
Authority.




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SECTION 12.24     Certain
ERISA Matters.


 


(a)           Each Lender
(x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person
became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent,
the Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other
Credit 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
or 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 Administrative Agent, in its sole discretion, and
such Lender.


 


(b)           In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has
provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such
Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent, the Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any
other Credit Party, that none of the Administrative Agent, the Arranger and their respective Affiliates is a fiduciary with respect to
the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans,
the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the
Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).


 



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SECTION 12.25    Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedge
Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and, each such QFC,
a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the FDIC
under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with
the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and
QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be
stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):


 


(a)           In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest
and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such
QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special
Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed
by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party
becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply
to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents
were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood
and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered
Party with respect to a Supported QFC or any QFC Credit Support.


 


(b)           As
used in this Section 12.24, the following terms have the following meanings:


 


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


 


“Covered
Entity” means any of the following:


 


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


 


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


 


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


 



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


 


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


 


[Signature pages to follow]


 



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


 


	 	TACTILE SYSTEMS TECHNOLOGY, INC.,
    as Borrower
	 	 
	 	By:	                  
	 	Name: Brent Moen
	 	Title: Chief Financial Officer




 


Signature Page to Credit
Agreement


 



     


     


    

 


	 	AGENTS AND LENDERS:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Swingline Lender, Issuing Lender and Lender
	 	 
	 	By:	           
	 	Name: John Teasley
	 	Title: Managing Director




 


Signature Page to Credit Agreement