Exhibit 10.1


 





EXECUTION VERSION


  


 


CREDIT AGREEMENT
 


DATED AS OF JUNE 23, 2021
 


AMONG
 


GXO LOGISTICS, INC.,


as the Borrower,
 


THE LENDERS FROM TIME TO TIME PARTIES HERETO,

and

CITIBANK, N.A.,

as Administrative Agent and an Issuing Lender
 


CITIBANK, N.A.,


BARCLAYS BANK PLC,


and


CRÉDIT AGRICOLE CORPORATE AND INVESTMENT
BANK,


as Joint Lead Arrangers and Joint Bookrunners
 


BARCLAYS BANK PLC,


and


CRÉDIT AGRICOLE CORPORATE AND INVESTMENT
BANK,

as Co-Syndication Agents


 





 






    


     


    

 


TABLE OF CONTENTS




Page


 




	Article
    1

    Definitions
	Section 1.01   Certain Defined Terms	1
	Section 1.02   Reserved	35
	Section 1.03   Letter of Credit Amounts	35
	Section 1.04   Exchange Rates, Basket Calculations	35
	Section 1.05   Additional Foreign Currencies.	36
	Section 1.06   Change of Currency.	37
	Article
    2

    The Credits
	Section 2.01   Description of Facility; Commitment	38
	Section 2.02   Facility Termination Date	38
	Section 2.03   Letters of Credit.	38
	Section 2.04   Types of Advances	45
	Section 2.05   Fees; Reductions in Aggregate Commitment	45
	Section 2.06   Minimum Amount of Each Advance	46
	Section 2.07   Prepayments	46
	Section 2.08   Method of Selecting Types and Interest Periods for New Advances	47
	Section 2.09   Conversion and Continuation of Outstanding Advances	48
	Section 2.10   Interest Rates	48
	Section 2.11   Rates Applicable After Default	49
	Section 2.12   Method of Payment	49
	Section 2.13   Noteless Agreement; Evidence of Indebtedness	50
	Section 2.14   Interest Payment Dates; Interest and Fee Basis	51
	Section 2.15   Notification of Advances, Interest Rates, Prepayments and Commitment Reductions; Availability
of Revolving Loans	51
	Section 2.16   Lending Installations	51
	Section 2.17   Payments Generally; Administrative Agent’s Clawback	52
	Section 2.18   Replacement of Lender	53
	Section 2.19   Sharing of Payments by Lenders	54
	Section 2.20   Cash Collateral	54
	Section 2.21   Defaulting Lenders	55
	Section 2.22   Incremental Loans	57
	Section 2.23   Extension	59
	Article
    3 

    Yield Protection; Taxes
	Section 3.01   Yield Protection	60
	Section 3.02   Changes in Capital Adequacy Regulations; Certificates for Reimbursement; Delay in Requests.	61



 






    ii


     


    

 





	Section 3.03   Illegality	62
	Section 3.04   Compensation for Losses	63
	Section 3.05   Taxes	63
	Section 3.06   Mitigation Obligations	69
	Section 3.07   Inability to Determine Rates; Replacing LIBOR; Replacing Other and Future Benchmarks	69
	Section 3.08   Survival	72
	Article
    4 

    Conditions Precedent
	Section 4.01   Effectiveness	72
	Section 4.02   Closing	73
	Section 4.03   Each Request for Credit Extension	74
	Article
    5 

    Representations and Warranties
	Section 5.01   Existence and Standing	74
	Section 5.02   Authorization and Validity	75
	Section 5.03   No Conflict; Government Consent	75
	Section 5.04   Financial Statements	75
	Section 5.05   Material Adverse Effect	76
	Section 5.06   Solvency	76
	Section 5.07   Litigation	76
	Section 5.08   Disclosure	76
	Section 5.09   Regulation U	77
	Section 5.10   Investment Company Act	77
	Section 5.11   OFAC, FCPA	77
	Section 5.12   Taxes	77
	Section 5.13   Affected Financial Institution	77
	Article
    6

    Covenants
	Section 6.01   Financial Reporting	77
	Section 6.02   Use of Proceeds	79
	Section 6.03   Notice of Default	80
	Section 6.04   Conduct of Business	80
	Section 6.05   Compliance with Laws	80
	Section 6.06   Inspection; Keeping of Books and Records	80
	Section 6.07   OFAC, FCPA	80
	Section 6.08   Maintenance of Material Property and Insurance	80
	Section 6.09   Merger	81
	Section 6.10   Non-Guarantor Subsidiary Indebtedness	81
	Section 6.11   Liens	82
	Section 6.12   Financial Covenant	84



 






    iii


     


    

 





	Section 6.13   OFAC, FCPA	84
	Article
    7 

    Defaults
	Section 7.01   Breach of Representations or Warranties	85
	Section 7.02   Failure to Make Payments When Due	85
	Section 7.03   Breach of Covenants	85
	Section 7.04   Cross Default	85
	Section 7.05   Voluntary Bankruptcy; Appointment of Receiver; Etc	86
	Section 7.06   Involuntary Bankruptcy; Appointment of Receiver; Etc	86
	Section 7.07   Judgments	86
	Section 7.08   Unfunded Liabilities	86
	Section 7.09   Change of Control	87
	Section 7.10   Other ERISA Liabilities	87
	Section 7.11   Invalidity of Loan Documents	87
	Section 7.12   Pre-Closing Change of Control	87
	Article
    8

    Acceleration, Waivers, Amendments and Remedies
	Section 8.01   Acceleration, Etc	87
	Section 8.02   Amendments	88
	Section 8.03   Preservation of Rights	89
	Article
    9 

    General Provisions
	Section 9.01   Survival of Representations	90
	Section 9.02   Governmental Regulation	90
	Section 9.03   Headings	90
	Section 9.04   Entire Agreement	90
	Section 9.05   Several Obligations; Benefits of this Agreement	90
	Section 9.06   Expenses; Indemnification	91
	Section 9.07   Accounting	93
	Section 9.08   Severability of Provisions	93
	Section 9.09   Nonliability of Lenders	93
	Section 9.10   Confidentiality	94
	Section 9.11   Nonreliance	95
	Section 9.12   Disclosure	95
	Article
    10

    The Administrative Agent
	Section 10.01   Appointment and Authority	95
	Section 10.02   Rights as a Lender	95
	Section 10.03   Reliance by Administrative Agent	96
	Section 10.04   Exculpatory Provisions	96



 






    iv


     


    

 





	Section 10.05   Delegation of Duties	97
	Section 10.06   Resignation of Administrative Agent	98
	Section 10.07   Non-Reliance on Administrative Agent and Other Lenders	99
	Section 10.08   No Other Duties, Etc	99
	Section 10.09   Administrative Agent May File Proofs of Claim	99
	Section 10.10   ERISA	100
	Section 10.11   Erroneous Payments.	101
	Article
    11 

    Setoff
	Section 11.01   Setoff	103
	Article
    12 

    Benefit of Agreement; Assignments; Participations
	Section 12.01   Successors and Assigns	104
	Section 12.02   Dissemination of Information	108
	Section 12.03   Tax Treatment	108
	Article
    13 

    Notices
	Section 13.01   Notices; Effectiveness; Electronic Communication	108
	Article
    14 

    Counterparts; Integration; Effectiveness; Electronic Execution
	Section 14.01   Counterparts; Effectiveness	111
	Section 14.02   Electronic Execution	111
	Article
    15 

    Choice of Law; Consent to Jurisdiction; Waiver of Jury Trial
	Section 15.01   Choice of Law	112
	Section 15.02   Consent to Jurisdiction	112
	Section 15.03   Waiver of Jury Trial	113
	Section 15.04   U.S. Patriot Act and Beneficial Ownership Regulation Notice	113
	Section 15.05   No Advisory or Fiduciary Responsibility	113
	Section 15.06   Judgment Currency	114
	Section 15.07   Acknowledgement and Consent to Bail-In of Affected Financial Institutions	114
	Article
    16 

    GUARANTEE
	Section 16.01   Guarantors	115
	Section 16.02   Guarantee	115



 






    v


     


    

 





	Section 16.03   Guaranty Absolute	116
	Section 16.04   Waivers	116
	Section 16.05   Continuing Guaranty	117
	Section 16.06   Release of Guarantors	117


 









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	EXHIBITS	 	 
	 	 	 
	Exhibit A	–	Form of Compliance Certificate
	Exhibit B	–	Form of Assignment and Assumption
	Exhibit C	–	Form of Prepayment Notice
	Exhibit D	–	Form of Promissory Note
	Exhibit E	–	Form of Borrowing Notice
	Exhibit F	–	Form of Conversion/Continuation Notice
	Exhibit G	–	Form of Officer’s Certificate
	Exhibit H-1	–	Form of U.S. Tax Compliance Certificate
	Exhibit H-2	–	Form of U.S. Tax Compliance Certificate
	Exhibit H-3	–	Form of U.S. Tax Compliance Certificate
	Exhibit H-4	–	Form of U.S. Tax Compliance Certificate
	 	 	 
	SCHEDULES	 	 
	 	 	 
	Pricing Schedule
	Commitment Schedule
	 	 	 
	Schedule 2.03	–	Existing Letters of Credit
	Schedule 6.10	–	Existing Specified Indebtedness for Borrowed Money
	Schedule 13.01	–	Certain Addresses for Notices


 









    vii


     


    





 


CREDIT AGREEMENT


 


This Credit Agreement, dated
as of June 23, 2021, is among GXO Logistics, Inc., a Delaware corporation (the “Borrower”), the Guarantors from time
to time parties hereto, the institutions from time to time parties hereto as Lenders (whether by execution of this Agreement or an assignment
pursuant to Section 12.01), and Citibank, N.A., as Administrative Agent and an Issuing Lender.


 


The Borrower has requested
that the Lenders and the Administrative Agent enter into this Agreement to provide a revolving credit facility to the Borrower for the
purposes set forth herein, and the Lenders and the Administrative Agent are willing to do so on the terms and conditions set forth herein.
In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:


 


Article
1

Definitions


 


Section 1.01      
Certain Defined Terms. As used in this Agreement:


 


“Acquisition”
means any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the acquisition
by the Borrower or any of its Subsidiaries of all or substantially all of the assets of a Person, or of any business or division of a
Person, (b) the acquisition by the Borrower or any of its Subsidiaries of in excess of 50% of the capital stock, partnership interests,
membership interests or equity of any Person (other than a Person that is a Subsidiary), or otherwise causing any Person to become a Subsidiary
of the Borrower, (c) a merger or consolidation or any other combination by the Borrower or any of its Subsidiaries with another Person
(other than a Person that is a Subsidiary) provided that the Borrower (or a Person that succeeds to the Borrower pursuant to Section 6.09
in connection with such transaction or series of related transactions) or a Subsidiary of the Borrower (or a Person that becomes a Subsidiary
of the Borrower as a result of such transaction) is the surviving entity; provided that any Person that is a Subsidiary at the time of
execution of the definitive agreement related to any such transaction or series of related transactions (or, in the case of a tender offer
or similar transaction, at the time of filing of the definitive offer document) shall constitute a Subsidiary for purposes of this definition
even if in connection with such transaction or series of related transactions, such Person becomes a direct or indirect holding company
of the Borrower or (d) the acquisition of real property by the Borrower or any of its Subsidiaries that is expected to be used in whole
or in part in the normal operations of the Borrower or its Subsidiaries.


 


“Acquisition
Debt” means any Indebtedness for Borrowed Money of the Borrower or any of its Subsidiaries that has been issued for the
purpose of financing, in whole or in part, a Material Acquisition and any related transactions or series of related transactions
(including for the purpose of refinancing or replacing all or a portion of any pre-existing Indebtedness for Borrowed Money of the
Borrower, any of its Subsidiaries or the Person(s) or assets to be acquired); provided that (a)(i) the release of the
proceeds thereof to the Borrower and its Subsidiaries is contingent upon the consummation of such Material Acquisition and, pending
such release, such proceeds are held pursuant to an escrow or similar arrangement and (ii) if the definitive agreement (or, in the
case of a tender offer or similar transaction, the definitive offer document) for such Material Acquisition is terminated prior to
the consummation of such Material Acquisition or if such Material Acquisition is otherwise not consummated by the date specified in
the definitive documentation relating to such Indebtedness for Borrowed Money, such proceeds shall be promptly applied to satisfy
and discharge all obligations of the Borrower and its Subsidiaries in respect of such Indebtedness for Borrowed Money or (b)(i) such
Indebtedness for Borrowed Money contains a “special mandatory redemption” provision (or other similar provision) or
otherwise permits such Indebtedness for Borrowed Money to be redeemed or prepaid if such Material Acquisition is not consummated by
the date specified in the definitive documentation relating to such Indebtedness for Borrowed Money, and (ii) if the definitive
agreement (or, in the case of a tender offer or similar transaction, the definitive offer document) for such Material Acquisition is
terminated in accordance with its terms prior to the consummation of such Material Acquisition or such Material Acquisition is
otherwise not consummated by the date specified in the definitive documentation relating to such Indebtedness for Borrowed Money,
such Indebtedness for Borrowed Money is so redeemed or prepaid within ninety (90) days of such termination or such specified date,
as the case may be.


 






     


     


    

 


“Actual Unused Commitments”
is defined in ‎Section 2.05(a).


 


“Additional L/C Currency”
means each of Malaysian Ringgits, Australian Dollars, Singaporean Dollars, Hong Kong Dollars or any other currency (other than Malaysian
Ringgits, Australian Dollars, Singaporean Dollars and Hong Kong Dollars) which is approved in accordance with Section 1.05.


 


“Administrative Agent”
means Citibank in its capacity as contractual representative of the Lenders pursuant to ‎Article 10, and not in its individual
capacity as a Lender, and any successor Administrative Agent appointed pursuant to ‎Article 10.


 


“Administrative Agent’s
Office” means, with respect to any currency, the Administrative Agent’s address and, as appropriate, account as set forth
on Schedule 13.01 with respect to such currency, or such other address or account with respect to such currency as the Administrative
Agent may from time to time notify to the Borrower and the Lenders.


 


“Advance”
means a Revolving Borrowing.


 


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


 


“Affiliate”
of any Person means any other Person directly or indirectly controlling, controlled by or under common control with such Person. A
Person shall be deemed to control another Person if the controlling Person is the “beneficial owner” (as defined
in Rule 13d-3 under the Securities Exchange Act of 1934) of ten percent (10%) or more of any class of voting securities (or other
voting interests) of the controlled Person or possesses, directly or indirectly, the power to direct or cause the direction of the
management or policies of the controlled Person, whether through ownership of voting securities, by contract or otherwise.


 






    2 


     


    

 


“Agent”
means any of the Administrative Agent, the Arrangers or the Co-Syndication Agents, as appropriate, and “Agents” means,
collectively, the Administrative Agent, the Arrangers and the Co-Syndication Agents.


 


“Agent Parties”
is defined in ‎Section 13.01(c).


 


“Aggregate Commitment”
means, at any time, the aggregate amount of the Commitments of all of the Lenders at such time, as may be adjusted from time to time pursuant
to the terms hereof. The Aggregate Commitment as of the Effective Date is Eight Hundred Million and 00/100 Dollars ($800,000,000.00).


 


“Aggregate Outstanding
Credit Exposure” means, at any time, the aggregate of the Outstanding Credit Exposure with respect to all of the Lenders at
such time.


 


“Agreement”
means this Credit Agreement, as it may be amended, restated, supplemented or otherwise modified and as in effect from time to time.


 


“Agreement Accounting
Principles” means GAAP, applied in a manner consistent with that used in preparing the financial statements of the Borrower
referred to in ‎‎Section 5.04; provided, however, that notwithstanding anything contained in ‎Section
9.07 to the contrary, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof
to eliminate the effect of any change in GAAP occurring after the Effective Date (or any change in GAAP that occurred on or prior to the
Effective Date but was not reflected in the financial statements included in the Borrower Form 10) or in the application thereof on the
operation of such provision, regardless of whether any such notice is given before or after such change in GAAP or in the application
thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have
become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.


 


“Agreement Currency”
is defined in Section 15.06.


 


“Alternate Base Rate”
means, with respect to Advances denominated in Dollars, for any day a fluctuating rate per annum equal to the highest of (a) the Federal
Funds Rate plus 1/2 of 1%, (b) the Prime Rate in effect for such day and (c) the one-month Eurocurrency Base Rate plus 1.0%. “Prime
Rate” means the rate of interest in effect for such day as publicly announced from time to time by Citibank as its “prime
rate.” The “prime rate” is a rate set by Citibank based upon various factors including Citibank’s costs and desired
return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at,
above, or below such announced rate. Any change in such rate announced by Citibank shall take effect at the opening of business on the
day specified in the public announcement of such change. If the Alternate Base Rate shall be less than zero, such rate shall be deemed
zero for all purposes of this Agreement.


 






    3 


     


    

 


“Alternate Base Rate
Advance” means an Advance which, except as otherwise provided in ‎Section 2.11, bears interest at the Alternate
Base Rate.


 


“Alternate Base Rate
Loan” means a Revolving Loan, or portion thereof, which, except as otherwise provided in ‎Section 2.11, bears interest
at the Alternate Base Rate. All Alternate Base Rate Loans shall be denominated in Dollars.


 


“Anti-Corruption
Laws” means all laws, rules and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries from time
to time concerning or relating to bribery, money laundering or corruption, including the United States Foreign Corrupt Practices Act of
1977, as amended.


 


“Applicable Margin”
means, with respect to Advances of any Type at any time, the percentage rate per annum which is applicable at such time with respect to
Advances of such Type as set forth under the heading “Applicable Margin” in the Pricing Schedule.


 


“Applicable Time”
means, with respect to any borrowings and payments in any Foreign Currency or Additional L/C Currency, the local time in the place of
settlement for such Foreign Currency or Additional L/C Currency as shall be reasonably determined by the Administrative Agent or the applicable
Issuing Lender, as the case may be, to be necessary for timely settlement on the relevant date in accordance with normal banking procedures
in the place of payment. In advance of the initial borrowing of a Revolving Loan or issuance of a Letter of Credit, in each case, in any
Foreign Currency or Additional L/C Currency, the Administrative Agent or the applicable Issuing Lender, as applicable, shall provide the
Borrower and Lenders with written notice of the Applicable Time for any borrowings and payments in such Foreign Currency or Additional
L/C Currency. In the event no such notice is delivered by the Administrative Agent, the Borrower and any Lender shall be required to make
any borrowings and payments in accordance with the times specified herein for borrowings and payments in Dollars.


 


“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.


 


“Arrangers”
means Citibank, N.A., Barclays Bank PLC, and Crédit Agricole, Corporate and Investment Bank, in their capacity as Joint Lead Arrangers.


 


“Article”
means an Article of this Agreement unless another document is specifically referenced.


 


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


 


“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 12.01), and accepted by the Administrative Agent, in substantially the form of Exhibit B or any other
form approved by the Administrative Agent.


 






    4 


     


    

 


“Australian Dollars”
means the lawful currency of the Commonwealth of Australia.


 


“Authorized Officer”
means any of the President, the Chairman, the Chief Executive Officer, the Chief Financial Officer, the Chief Accounting Officer, any
Vice President, the Treasurer, the Assistant Treasurer, the Controller or the Secretary of the Borrower and, solely for purposes of notices
given pursuant to ‎Article 2, any other officer or employee of the Borrower so designated by any of the foregoing officers
in a notice to the Administrative Agent or any other officer or employee of the Borrower designated in or pursuant to an agreement between
the Borrower and the Administrative Agent, in each case acting in accordance with the terms of the signing authority granted in the Secretary
or Assistant Secretary’s certificate delivered to the Administrative Agent pursuant to Section 4.02(h) (including any supplements
thereto delivered to the Administrative Agent from time to time by way of an officers’ certificate jointly executed by two Authorized
Officers).


 


“Available Tenor”
means, as of any date of determination and with respect to any then-current Benchmark for any currency, as applicable, (x) if any then-current
Benchmark for such currency is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest
Period or (y) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this
Agreement as of such date.


 


“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 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).


 


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


 


“Benchmark”
means, initially (i) with respect to any amounts denominated in Dollars, LIBOR, (ii) with respect to any amounts denominated in
Euro, EURIBOR, (iii) with respect to any amounts denominated in Canadian Dollars, CDOR; provided that if a replacement of an
initial or subsequent Benchmark has occurred pursuant to Section 3.07, then “Benchmark” means the applicable
Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate. Any reference to
 “Benchmark” shall include, as applicable, the published component used in the calculation thereof.


 






    5 


     


    

 


“Benchmark Replacement”
means, for any Available Tenor:


 


		(1)	For purposes of Section 3.07(b), the first alternative set forth below that can be determined by
the Administrative Agent:



 


		(a)	the sum of: (i) Term SOFR and (ii) 0.11448% (11.448 basis points) for an Available Tenor of one-month’s
duration, 0.26161% (26.161 basis points) for an Available Tenor of three-months’ duration, 0.42826% (42.826 basis points) for an
Available Tenor of six-months’ duration and 0.71513% (71.513 basis points) for an Available Tenor of twelve-months’ duration;
provided, that if any Available Tenor of LIBOR does not correspond to an Available Tenor of Term SOFR, the Benchmark Replacement for such
Available Tenor of LIBOR shall be the closest corresponding Available Tenor (based on tenor) for Term SOFR and if such Available Tenor
of LIBOR corresponds equally to two Available Tenors of Term SOFR, the corresponding tenor of Term SOFR with the shorter duration shall
be applied, or



 


		(b)	the sum of: (i) Daily Simple SOFR and (ii) the spread adjustment selected or recommended by the Relevant
Governmental Body for the replacement of the tenor of LIBOR with a SOFR-based rate having approximately the same length as the interest
payment period specified in clause (b) of Section 3.07 (which spread adjustment, for the avoidance of doubt, shall be 0.26161%
(26.161 basis points)); and;



 


		(2)	For purposes of clause (c) of Section 3.07, the sum of (a) the alternate benchmark rate and (b)
an adjustment (which may be a positive or negative value or zero), in each case, that has been selected by the Administrative Agent and
the Borrower as the replacement for such Available Tenor of such Benchmark giving due consideration to any evolving or then-prevailing
market convention, including any applicable recommendations made by the Relevant Governmental Body, for syndicated credit facilities at
such time denominated in the applicable currency in the U.S. syndicated loan market;



 


provided that,
if the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement
will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.


 






    6 


     


    

 


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


 


“Benchmark Transition
Event” means, with respect to any then-current Benchmark other than LIBOR, the occurrence of one or more of the following events:
a public statement or publication of information by or on behalf of the administrator of any then-current Benchmark, the regulatory supervisor
for the administrator of such Benchmark, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the
central bank for the currency applicable to such Benchmark, an insolvency official with jurisdiction over the administrator for such Benchmark,
a resolution authority with jurisdiction over the administrator for such Benchmark or a court or an entity with similar insolvency or
resolution authority over the administrator for such Benchmark, announcing or stating that (a) such administrator has ceased or will cease
on a specified date to provide all Available Tenors of such Benchmark, 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 (b) all Available Tenors of such Benchmark are or will no longer be representative of the underlying market and economic reality that
such Benchmark is intended to measure and that representativeness will not be restored.


 


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


 


“Borrower”
is defined in the preamble hereto.


 


“Borrower Form 10”
means the Borrower’s Registration Statement on Form 10 (including the information statement and the other exhibits contemplated
thereby, in each case, in the form and to the extent so filed), in the form most recently filed (whether or not publicly) with the SEC
pursuant to the Securities Exchange Act of 1934, as it may be amended or supplemented from time to time after the original filing thereof
and prior to the Effective Date.


 


“Borrower Materials”
is defined in ‎Section 6.01.


 


“Borrowing Date”
means a date on which an Advance is made or a Letter of Credit is issued hereunder.


 






    7 


     


    

 


“Borrowing Notice”
is defined in ‎Section 2.08.


 


“Business Day”
means a day (other than Saturday or Sunday) on which banks are generally open in New York, New York for the conduct of substantially all
of their commercial lending activities and interbank wire transfers can be made on the Fedwire system (or any other equivalent wire system)
and:


 


(a) if such day relates to
any interest rate settings as to a Eurocurrency Loan denominated in Dollars, any fundings, disbursements, settlements and payments in
Dollars in respect of any such Eurocurrency Loan, or any other dealings in Dollars to be carried out pursuant to this Agreement in respect
of any such Eurocurrency Loan, means any such day that is also a London Banking Day;


 


(b) if such day relates to
any interest rate settings as to a Eurocurrency Loan denominated in Euro, including EURIBOR, any fundings, disbursements, settlements
and payments in Euros in respect of any such Eurocurrency Loan, or any other dealings in Euros to be carried out pursuant to this Agreement
in respect of any such Eurocurrency Loan, means a TARGET Day;


 


(c) if such day relates to
any interest rate settings as to a Eurocurrency Loan denominated in Canadian Dollars, including CDOR, any fundings, disbursements, settlements
and payments in Canadian Dollars in respect of any such Eurocurrency Loan, or any other dealings in Canadian Dollars to be carried out
pursuant to this Agreement in respect of any such Eurocurrency Loan, a day on which dealings in deposits in the relevant currency are
conducted by and between banks may be carried on in Toronto, Canada;


 


(d) if such day relates to
any interest rate settings as to a Eurocurrency Loan denominated in a currency other than Dollars, Euros or Canadian Dollars, means any
such day on which dealings in deposits in the relevant currency are conducted by and between banks in the London or other applicable offshore
interbank market for such currency; and


 


(e) if such day relates to
any fundings, disbursements, settlements and payments in a currency other than Dollars, Euros or Canadian Dollars in respect of a Eurocurrency
Loan denominated in a currency other than Dollars, Euros or Canadian Dollars, or any other dealings in any currency other than Dollars,
Euros or Canadian Dollars to be carried out pursuant to this Agreement in respect of any such Eurocurrency Loan (other than any interest
rate settings), means any such day on which banks are open for foreign exchange business in the principal financial center of the country
of such currency.


 


“Canadian Dollars”
and “C$” means dollars in the lawful currency of Canada.


 


“Capitalized
Lease” of a Person means any lease of Property by such Person as lessee which would be capitalized on a balance sheet of
such Person prepared in accordance with Agreement Accounting Principles; provided that notwithstanding anything contained in the
definition of Agreement Accounting Principles to the contrary, unless the Borrower otherwise elects by delivery of a notice to the
Administrative Agent, all leases of any Person that are or would be characterized as operating leases in accordance with GAAP as in
effect in the United States on January 31, 2018 (whether or not such operating leases were in effect on such date) shall continue to
be accounted for as operating leases (and not as Capitalized Leases) for purposes of this Agreement regardless of any change in GAAP
following the date that would otherwise require such obligations to be recharacterized as Capitalized Leases.


 






    8 


     


    

 


“Capitalized Lease
Obligations” of a Person means the amount of the obligations of such Person under Capitalized Leases which would be shown as
a liability on a balance sheet of such Person prepared in accordance with Agreement Accounting Principles; provided that notwithstanding
anything contained in the definition of Agreement Accounting Principles to the contrary, unless the Borrower otherwise elects by delivery
of a notice delivered to the Administrative Agent, all obligations under any leases of any Person that are or would be characterized as
operating lease obligations in accordance with GAAP as in effect in the United States on January 31, 2018 (whether or not such operating
lease obligations were in effect on such date) shall continue to be accounted for as operating lease obligations (and not as Capitalized
Lease Obligations) for purposes of this Agreement regardless of any change in GAAP following the date that would otherwise require such
obligations to be recharacterized as Capitalized Lease Obligations.


 


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


 


“CDOR”
is defined in the definition of “Eurocurrency Base Rate.”


 


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


 


“Change of
Control” means 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 Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or
its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such
plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934),
directly or indirectly, of more than 50.0% of the then-outstanding shares of capital stock or equivalent interests of the Borrower
the holders of which are ordinarily, in the absence of contingencies, entitled to vote for members of the board of directors or
equivalent governing body of the Borrower on a fully diluted basis, even though the right to so vote has been suspended by the
happening of such a contingency (the “Voting Stock”). Notwithstanding the foregoing, (a) neither the Spinoff nor
any transaction entered into on or prior to the Closing Date in connection therewith will be considered to be a Change of Control
and (b) a transaction will not be considered to be a Change of Control if (x) the Borrower becomes a direct or indirect wholly owned
Subsidiary of another Person and (y) the shares of the Voting Stock of the Borrower outstanding immediately prior to such
transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of such Person immediately after
giving effect to such transaction.


 






    9 


     


    

 


“Citibank”
means Citibank, N.A., in its individual capacity, and its successors.


 


“Closing Date”
means the date on which all of the conditions specified in Section 4.02 shall first be satisfied (or waived).


 


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


 


“Commitment”
means, for each Lender, the obligation of such Lender to (i) make Revolving Loans to the Borrower pursuant to Section 2.01(a) and
(ii) purchase participations in L/C Obligations pursuant to Section 2.03, in an aggregate principal amount not to exceed the amount
set forth on the Commitment Schedule (which schedule shall set forth each Lender’s Commitment as of the Effective Date) or in an
Assignment and Assumption executed pursuant to ‎Section 12.01,
as it may be modified as a result of any assignment that has become effective pursuant to ‎Section
12.01 or as otherwise modified from time to time pursuant to the terms hereof.


 


“Commitment Fee”
is defined in ‎Section 2.05.


 


“Commitment Fee Payment
Date” is defined in ‎Section 2.05.


 


“Commitment Schedule”
means the Schedule attached hereto and identified as such, identifying each Lender’s Commitment and each Issuing Lender’s
L/C Commitment as of the Effective Date.


 


“Communication”
is defined in Section 14.02.


 


“Consenting Lender”
is defined in Section 2.23.


 


“Consolidated
Assets” means, at any date of determination, the total amount, as shown on or reflected in the most recent consolidated
balance sheet of the Borrower and its subsidiaries as at the end of the Borrower’s fiscal quarter ending prior to such date,
of all assets of the Borrower and its consolidated subsidiaries on a consolidated basis in accordance with Agreement Accounting
Principles (giving pro forma effect to any acquisition or disposition of Property of the Borrower or any of its subsidiaries
involving the payment or receipt of consideration by the Borrower or any of its subsidiaries in excess of $400,000,000 that has
occurred since the end of such fiscal quarter as if such acquisition or disposition had occurred on the last day of such fiscal
quarter).


 






    10 


     


    

 


“Consolidated EBITDA”
means, for any period, for the Borrower and its Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income for such
period plus


 


(a)       the
following (without duplication) to the extent deducted in calculating such Consolidated Net Income for such period:


 


(i)            Consolidated
Interest Charges for such period;


 


(ii)          the
provision for federal, state, local and foreign income taxes payable by the Borrower and its Subsidiaries for such period, including,
without limitation, any franchise taxes or other taxes based on income, profits or capital and all other taxes that are included in the
provision for income tax line item on the consolidated income statement of the Borrower and its Subsidiaries for such period;


 


(iii)       depreciation
and amortization expense (excluding, for avoidance of doubt, amortization of deferred commissions, capitalized costs to acquire revenue
contracts or substantially equivalent items) for such period;


 


(iv)         any
increases in deferred or unearned revenue or substantially equivalent items for such period (net of any increases in deferred costs (which
deferred costs, for avoidance of doubt, do not include deferred commissions, capitalized costs to acquire revenue contracts or substantially
equivalent items) for such period);


 


(v)          all
non-cash expenses, losses or charges for such period (other than any such non-cash expenses, losses or charges that represent an accrual
or reserve for future cash expenses, losses or charges or that relate to the write-down of current assets), including, without limitation,
non-cash stock based employee compensation expenses for such period and non-cash expenses, losses or charges for such period in connection
with (A) “goodwill impairment losses” under FASB Statement 142, (B) unrealized losses resulting from mark-to-market accounting
in respect of Rate Management Transactions and (C) unrealized losses on equity investments;


 


(vi)           in
connection with any Acquisition (except for an Acquisition of the type set forth in clause (d) of the definition thereof) or
non-ordinary course disposition of Property, all non-recurring restructuring costs, facilities relocation costs, acquisition
integration costs and fees, including cash severance payments, and non-recurring fees and expenses, in each case paid during such
period in connection with such Acquisition or non-ordinary course disposition of Property and within twelve (12) months of the
completion of such Acquisition or non-ordinary course disposition of Property, as applicable; provided that the amount added
back to Consolidated Net Income pursuant to this clause (vi) in respect of any such costs, fees, payments and expenses paid
in cash in connection with all such Acquisitions and non-ordinary course dispositions shall not exceed 15% of Consolidated EBITDA
(calculated before giving effect to this clause (vi) in the aggregate for any period of four fiscal quarters of the
Borrower);


 






    11 


     


    

 


(vii)       any
extraordinary, unusual or non-recurring expenses, charges or losses;


 


(viii)       transaction,
integration and restructuring fees, costs and expenses incurred in connection with the Spinoff; provided that the amounts added
back pursuant to this clause (viii) in respect of any such restructuring fees, costs and expenses incurred from and after January 1, 2021
may not exceed, with respect to any period of four consecutive fiscal quarters, $25,000,000 (it being understood and agreed no such limitation
shall apply to any such fees, costs and expenses incurred prior to January 1, 2021);


 


minus


 


(b)       the
following (without duplication) to the extent included in calculating such Consolidated Net Income:


 


(i)           any
extraordinary gains (less all fees and expenses related thereto);


 


(ii)          any
decreases in deferred or unearned revenue or substantially equivalent items for such period (net of any decreases in deferred costs (which
deferred costs, for avoidance of doubt, do not include deferred commissions, capitalized costs to acquire revenue contracts or substantially
equivalent items) for such period); and


 


(iii)         all
non-cash income or gains for such period including, without limitation, unrealized gains resulting from mark-to-market accounting in respect
of Rate Management Transactions and unrealized gains on equity investments.


 


In addition, in the event that
the Borrower or any of its subsidiaries, during the relevant period, consummated an acquisition or disposition of Property involving the
payment or receipt of consideration by the Borrower or any of its subsidiaries in excess of $400,000,000, Consolidated EBITDA will be
determined giving pro forma effect to such acquisition or disposition as if such acquisition or disposition and any related incurrence
or repayment of Indebtedness had occurred on the first day of the relevant period, but shall not take into account any cost savings projected
to be realized as a result of such acquisition or disposition.


 






    12 


     


    

 


“Consolidated Interest
Charges” means, for any period, for the Borrower and its Subsidiaries on a consolidated basis, the sum of, without duplication,
(a) all interest, premium payments, amortization of debt discount, fees, charges and related expenses in connection with Indebtedness
(including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest
in accordance with GAAP plus (b) the portion of rent expense with respect to such period under Capitalized Leases that is treated
as interest in accordance with GAAP.


 


“Consolidated Leverage
Ratio” means, as of any date of determination, the ratio of (a) Indebtedness for Borrowed Money of the Borrower and its Subsidiaries
on a consolidated basis as of such date to (b) Consolidated EBITDA for the most recently completed four fiscal quarters.


 


“Consolidated Net
Income” means, for any period, for the Borrower and its Subsidiaries calculated on a consolidated basis, net income for that
period, as determined in accordance with Agreement Accounting Principles.


 


“Contingent Obligation”
means, for any Person, any agreement, undertaking or arrangement by which such Person assumes, guarantees, endorses, contingently agrees
to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon, the obligation or liability of any
other Person that constitute Indebtedness (other than Indebtedness of the type described in clause (v) of the definition of such term),
or agrees to maintain the net worth or working capital or other financial condition of any other Person, or otherwise assures any creditor
of such other Person against loss, including, without limitation, any comfort letter, operating agreement, take-or-pay contract or the
obligations of any such Person as general partner of a partnership with respect to the liabilities of the partnership.


 


“Controlled Group”
means all members of a controlled group of corporations or other business entities and all trades or businesses (whether or not incorporated)
under common control or treated as a single employer with the Borrower or any of its Subsidiaries, in each case, under Section 414 of
the Code.


 


“Conversion/Continuation
Notice” is defined in ‎Section 2.09.


 


“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 any business day adjustment) as such Available Tenor.


 


“Co-Syndication Agents”
means Barclays Bank PLC and Crédit Agricole Corporate and Investment Bank, each in its capacity as a syndication agent for the
Lenders, and not in its individual capacity as a Lender.


 


“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, the Administrative Agent may establish another convention in its reasonable discretion.


 






    13 


     


    

 


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


 


“Declining Lender”
is defined in Section 2.23.


 


“Default”
means an event described in ‎Article 7.


 


“Defaulting
Lender” means, subject to Section 2.21(g), any Lender that (a) has failed to (i) perform any of its funding
obligations hereunder, including in respect of its Loans, within three (3) Business Days of the date required to be funded by it
hereunder unless such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s
good faith determination that one or more conditions precedent to funding has not been satisfied (which conditions precedent,
together with the applicable default, if any, will be specifically identified in such writing) or (ii) pay to the Administrative
Agent, any Issuing 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) within three (3) Business Days of the date when due, (b) has notified the Borrower, the
Administrative Agent or any Issuing Lender in writing that it does not intend to comply with its funding obligations or has made a
public statement to that effect with respect to its funding obligations hereunder, or generally under other agreements in which it
commits to extend credit, unless such notification 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 cannot
be satisfied (which conditions precedent, together with the applicable default, if any, will be specifically identified in such
writing or public statement), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or
the Borrower to confirm in a manner satisfactory to the Administrative Agent or the Borrower, as applicable, that it will comply
with its funding obligations, which request was made because of a reasonable concern by the Administrative Agent or the Borrower
that such Lender may not be able to comply with its 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 or 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 a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person
charged with reorganization or liquidation of its business or a custodian appointed for it, (iii) become the subject of a Bail-In
Action or (iv) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding
or appointment; 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 unless such
ownership or equity results in or provides such Lender with immunity from the jurisdiction of courts within the United States or any
other nation or from the enforcement of judgments or writs of attachment on its assets or permits such Lender (or such Governmental
Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by 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, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be
deemed to be a Defaulting Lender (subject to Section 2.21(g)) as of the date established therefor by the Administrative Agent
in a written notice of such determination, which shall be delivered by the Administrative Agent to the Borrower, each Issuing Lender
and each other Lender promptly following such determination.


 






    14 


     


    

 


“Designated Jurisdiction”
means any country or territory to the extent that such country or territory itself is, or its government is, the subject or target of
any Sanction.


 


“Disposition”
means any sale, transfer or other disposition, or series of related sales, transfers, or dispositions (including pursuant to any merger,
amalgamation or consolidation or by means of a “plan of division” under the Delaware Limited Liability Company Act or any
comparable transaction under any similar law), of all or substantially all of the assets of the Borrower and its Subsidiaries, taken as
a whole.


 


“Disqualified Stock”
means any capital stock that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable),
or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable
at the option of the holder thereof, in whole or in part, on or prior to the date that is ninety-one (91) days after the Facility Termination
Date.


 


“Dollar”
and “$” means dollars in the lawful currency of the United States of America.


 


“Dollar Equivalent”
means, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount denominated
in any Foreign Currency or Additional L/C Currency, the equivalent amount thereof in Dollars as determined by the Administrative Agent
or the applicable Issuing Lender, as the case may be, at such time on the basis of the Exchange Rate (determined in respect of the most
recent Revaluation Date) for the purchase of Dollars with such Foreign Currency or Additional L/C Currency.


 


“Early Opt-in Effective
Date” means, with respect to any 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 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.


 






    15 


     


    

 


“Early Opt-in Election”
means if the then-current Benchmark is LIBOR, CDOR or EURIBOR, the occurrence of the following:


 


		(1)	(a) with respect to Dollars, 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 in the U.S. syndicated loan market 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), or



 


(b) with respect to
any Foreign Currency, 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 syndicated credit facilities which include such Foreign Currency
at such time in the U.S. syndicated loan market contain (as a result of amendment or as originally executed) a new benchmark interest
rate to replace the then current Benchmark with respect to such Foreign Currency as a benchmark rate (and such syndicated credit facilities
are identified in such notice and are publicly available for review), and


 


		(2)	in each case, the joint election by the Administrative Agent and the Borrower to trigger a fallback from
LIBOR, CDOR or EURIBOR, as applicable, 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.


 


“Effective Date”
means the date on which all of the conditions specified in Section 4.01 shall first be satisfied (or waived).


 


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


 


“Environmental
Laws” means any and all federal, state, local and foreign statutes, laws, judicial decisions, regulations, ordinances,
rules, judgments, orders, decrees, plans, injunctions, permits, concessions, grants, franchises, licenses, agreements and other
governmental restrictions relating to (a) the protection of the environment, (b) the effect of the environment on human health, (c)
emissions, discharges or releases of pollutants, contaminants, hazardous substances or wastes into surface water, ground water or
land, or (d) the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants,
contaminants, hazardous substances or wastes or the clean-up or other remediation thereof.


 



    16 


     


    

 


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


 


“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, including (unless the context otherwise requires)
the rules or regulations promulgated thereunder.


 


“Erroneous Payment”
is defined in Section 10.11(a).


 


“Erroneous Payment
Return Deficiency” is defined in Section 10.11(d).


 


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


 


“EURIBOR”
is defined in the definition of “Eurocurrency Base Rate.”


 


“Euro”
means the single currency of the European Union as constituted by the Treaty on European Union and as referred to in the legislative measures
of the European Union for the introduction of, changeover to or operation of the Euros in one or more member states, being in part legislative
measures to implement the European and Monetary Union as contemplated in the Treaty on European Union.


 


“Eurocurrency Advance”
or “Eurocurrency Loan” means an Advance or Loan which, except as otherwise provided in ‎Section
2.11, bears interest based on the applicable Eurocurrency Rate. Eurocurrency Advances and Eurocurrency Loans shall be denominated
in Dollars or a Foreign Currency. All Revolving Loans denominated in a Foreign Currency must be Eurocurrency Loans.


 


“Eurocurrency Base
Rate” means


 


(a)       for
any Interest Period with respect to a Eurocurrency Loan,


 






    17 


     


    

 


(i) denominated
in Dollars, the rate per annum equal to the London Interbank Offered Rate administered by the ICE Benchmark Administration (or the successor
thereto if the ICE Benchmark Administration is no longer making a London Interbank Offered Rate available) (“LIBOR”)
as published on the applicable Reuters screen page as the London interbank offered rate for deposits in dollars (or such other comparable
commercially available source providing such quotations as may be designated by the Administrative Agent from time to time in its reasonable
discretion) at approximately 11:00 a.m., (London, England time) on the Rate Determination Date (for delivery on the first day of such
Interest Period) with a term equivalent to such Interest Period;


 


(ii) denominated
in Euros, the rate per annum equal to the Euro Interbank Offered Rate (“EURIBOR”) determined by the European Money
Market Institute (or any other Person that takes over the administration of such rate) as the rate at which interbank deposits in Euros
are being offered by one prime bank to another within the Euros zone for such Interest Periods), as published on the applicable Reuters
screen page (or such other comparable commercially available source providing such quotations as may be designated by the Administrative
Agent from time to time in its reasonable discretion) at approximately 11:00 a.m. (Brussels, Belgium time) on the Rate Determination Date
with a term equivalent to such Interest Period;


 


(iii) denominated
in Canadian dollars, the rate per annum equal to the Canadian Dealer Offered Rate (“CDOR”), as published on the applicable
Reuters screen page (or such other comparable commercially available source providing such quotations as may be designated by the Administrative
Agent from time to time in its reasonable discretion) at approximately 11:00 a.m. (Toronto, Ontario time) on the Rate Determination Date
with a term equivalent to such Interest Period; and


 


(b)       for
any interest calculation with respect to an Alternate Base Rate Loan on any date, the rate per annum equal to LIBOR, at approximately
11:00 a.m., London time determined two (2) London Banking Days prior to such date for Dollar deposits being delivered in the London interbank
market for a term of one month commencing that day.


 


If the Eurocurrency Base Rate
shall be less than zero, such rate shall be deemed zero for all purposes of this Agreement.


 


“Eurocurrency Rate”
means, with respect to a Eurocurrency Advance for the relevant Interest Period, the quotient of (i) the Eurocurrency Base Rate applicable
to such Interest Period divided by (ii) one minus the Reserve Requirement (expressed as a decimal) applicable to such Interest
Period.


 






    18 


     


    

 


“Exchange
Rate” for a currency means the rate determined by the Administrative Agent or an Issuing Lender, as applicable, for the
purchase of such currency with another currency, as published on the applicable Reuters screen page (or such other source as may be
agreed upon by the Administrative Agent or any Issuing Lender, as applicable, and the Borrower) at or about 11:00 a.m. (New York
time) on the date two Business Days prior to the date as of which the foreign exchange computation is made. In the event that such
rate does not appear on the applicable Reuters screen page (or such other source as may be agreed upon by the Administrative Agent
or any Issuing Lender, as applicable, and the Borrower), the “Exchange Rate” with respect to the purchase of such
currency with another currency shall be determined by reference to such other publicly available service for displaying exchange
rates as may be agreed upon by the Administrative Agent or any Issuing Lender, as applicable, and the Borrower, or, in the absence
of such agreement, such “Exchange Rate” shall instead be the rate determined by the Administrative Agent or an
Issuing Lender, as applicable, to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such
Person of such currency with another currency through its principal foreign exchange trading office in respect of such currency at
approximately 11:00 a.m. (local time) on the date two Business Days prior to the date as of which the foreign exchange computation
is made; provided that if at the time of any such determination, no such spot rate can reasonably be quoted, the
Administrative Agent or an Issuing Lender, as applicable, may use any reasonable method as it deems applicable to determine such
rate, and such determination shall be conclusive absent manifest error.


 


“Excluded Taxes”
means any of the following Taxes imposed on, with respect to, or required to be withheld or deduction from a payment a payment to, the
Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder,
(a) Taxes imposed on or measured by its net income (however denominated), franchise Taxes, and branch profits or similar Taxes, in each
case, imposed by the jurisdiction (or any political subdivision thereof) (i) under the laws of which such recipient is organized or in
which its principal office is located or, in the case of any Lender, in which its applicable Lending Installation is located, or (ii)
that are Other Connection Taxes, (b) any backup withholding Tax that is required by the Code to be withheld from amounts payable to a
Lender that has failed to comply with ‎Section 3.05(e)(ii),
(c) in the case of a Lender, any U.S. federal withholding Tax that is required to be imposed on amounts payable to such Lender (other
than an assignee pursuant to a request by the Borrower under ‎Section
2.18) pursuant to the laws in force at the time such Lender becomes a party hereto (or designates a new Lending Installation), except
to the extent that such Lender (or its assignor, if any) was entitled, at the time of designation of a new Lending Installation (or assignment),
to receive additional amounts from the Borrower with respect to such withholding Tax pursuant to Section 3.05(a)(i) or (ii),
(d) any withholding Tax that is attributable to such Lender’s failure to comply with ‎Section
3.05(e) and (e) any U.S. withholding Taxes imposed under FATCA.


 


“Exhibit”
refers to an exhibit to this Agreement, unless another document is specifically referenced.


 


“Existing Letter
of Credit” means each letter of credit listed on Schedule 2.03 issued prior to the Closing Date by a Person that is a Lender
as of the Closing Date, which schedule shall be delivered to the Administrative Agent on or prior to the Closing Date (subject, for the
avoidance of doubt, to the satisfaction (or waiver) of the conditions set forth in the first proviso to Section 2.03(a) as of the Closing
Date).


 






    19 


     


    

 


“Existing Stated
Maturity Date” is defined in Section 2.23.


 


“Facility Termination
Date” means the earliest of (a) five years following the Closing Date, or any later date to which this date may be extended
pursuant to Section 2.23, provided that, in each case, if such date is not a Business Day, such date shall be the immediately
preceding Business Day (this clause (a), the “Stated Maturity Date”), (b) if the GXO Distribution Condition has not
been satisfied on or prior to such date, December 9, 2021 (or, if agreed to by Lenders holding Commitments representing more than 75%
of the Aggregate Commitments, January 8, 2022, or such later date as agreed to by Lenders holding 100% of the Aggregate Commitments) and
(c) the date of termination in whole of the Aggregate Commitment pursuant to ‎Section
2.05 or ‎Section 8.01 hereof.


 


“FATCA”
means Sections 1471-1474 of the Code as of the date of this Agreement (or any amended or successor version that is substantively comparable
and not materially more onerous to comply with) and any current or future regulations promulgated thereunder or official interpretations
thereof and any agreements entered into pursuant to Section 1471(b) of the Code, any intergovernmental agreements, treaty or convention
entered into in connection with the implementation of the foregoing and any laws, rules and regulations adopted by a non-U.S. jurisdiction
to effect any such intergovernmental agreement, treaty or convention.


 


“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 on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such
day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions
on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such
next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole
multiple of 1/100 of 1%) charged to Citibank on such day on such transactions as determined by the Administrative Agent.


 


“Fee Letters”
means (a) the Citi Fee Letter, dated as of May 24, 2021, between the Borrower and the Administrative Agent, (b) the Barclays Fee Letter,
dated as of May 24, 2021, between the Borrower and Barclays Bank PLC and (c) the Crédit Agricole Fee Letter, dated as of May 24,
2021, between the Borrower and Crédit Agricole Corporate and Investment Bank.


 


“Fitch”
means Fitch, Inc. (or any successor thereto).


 


“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 the initial Benchmark for Dollars and for each Foreign Currency provided
for hereunder.


 


“Foreign Currency”
means Canadian Dollars, Euros or any other currency (other than Canadian Dollars and Euros) which is approved in accordance with Section
1.05.


 



    20 


     


    





 


“Foreign Lender”
means any Lender that is not organized under the laws of the United States, any State thereof or the District of Columbia.


 


“Foreign Pension
Plan” means any defined benefit plan as described in Section 3(35) of ERISA for which the Borrower, any Subsidiary or any member
of the Controlled Group is a sponsor or administrator or to which the Borrower, any Subsidiary or any member of the Controlled Group has
any liability, and which (a) is maintained or contributed to for the benefit of employees of the Borrower, any of its respective Subsidiaries
or any member of its Controlled Group, (b) is not covered by ERISA pursuant to Section 4(b)(4) of ERISA, and (c) under applicable local
law, is required to be funded through a trust or other funding vehicle.


 


“Fronting Exposure”
means, at any time there is a Defaulting Lender, with respect to any Issuing Lender, such Defaulting Lender’s Pro Rata Share 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.


 


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


 


“GAAP”
means generally accepted accounting principles in the United States of America, as in effect from time to time, subject to the Agreement
Accounting Principles.


 


“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).


 


“Guarantors”
means after the Effective Date, any Subsidiary of the Borrower that becomes a Guarantor pursuant to Section 16.01; provided that
upon the release or discharge of any Subsidiary from its Guarantee in accordance with the terms of this Agreement, such Person shall cease
to be a Guarantor; provided, further, that as of the Effective Date, there shall be no Guarantors under this Agreement or any other Loan
Document.


 


“GXO
Distribution Condition” shall be satisfied if the distribution of all shares of common stock of the Borrower to the
shareholders of XPO Logistics, Inc. (the “Spinoff”) shall have been consummated in a manner substantially
consistent in all material respects with the description thereof in the Borrower Form 10, except any failure or failures to be so
consistent (i) to the extent relating to (A) any updates to the financial statements, other financial information, notes thereto and
other information contained or to be contained therein in respect of subsequent periods in accordance with the rules and regulations
of the SEC or otherwise relating to the passage of time, (B) information previously omitted, in whole or in part, in the Borrower
Form 10 that is added in connection with the completion of the disclosures contained in the final Borrower Form 10 or (C)
information required to be included therein by applicable law or regulation or included therein in response to any comment issued by
the SEC or (ii) that, in the aggregate, are not material and adverse to the interests of the Lenders (in their capacity as such)
(except as otherwise agreed by the Required Lenders).


 






    21 


     


    

 


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


 


“Hong Kong Dollars”
means the lawful currency of the Hong Kong Special Administrative Region of the People's Republic of China.


 


“Increased Amount
Date” is defined in ‎Section 2.22.


 


“Incremental Revolving
Credit Commitment” is defined in ‎Section 2.22.


 


“Indebtedness”
of a Person means, without duplication, (a) the obligations of such Person (i) for borrowed money, (ii) under or with respect to notes
payable which represent extensions of credit (whether or not representing obligations for borrowed money) to such Person, (iii) constituting
reimbursement obligations with respect to letters of credit and banker’s acceptances issued for the account of such Person, (iv)
for the deferred purchase price of property or services (other than current accounts payable arising in the ordinary course of such Person’s
business payable on terms customary in the trade), (v) for its Contingent Obligations, (vi) for its Net Mark-to-Market Exposure under
Rate Management Transactions, (vii) for its Capitalized Lease Obligations, (viii) [Reserved], (ix) [Reserved] and (x) with respect to
Disqualified Stock, (b) the obligations of others, whether or not assumed, secured by Liens on property of such Person or payable out
of the proceeds of, or production from, property or assets now or hereafter owned or acquired by such Person and (c) any other obligation
or other financial accommodation which in accordance with Agreement Accounting Principles would be shown as a liability on the consolidated
balance sheet of such Person.


 


“Indebtedness
for Borrowed Money” of a Person means, without duplication, (a) the outstanding principal amount of indebtedness for
borrowed money (whether or not evidenced by bonds, debentures, notes or similar instruments), (b) obligations for the deferred
purchase price of property or services (other than (i) trade accounts payable, intercompany charges and expenses, deferred revenue
and other accrued liabilities (including deferred payments in respect of services by employees), in each case incurred in the
ordinary course of business and (ii) any earn-out obligation or other post-closing balance sheet adjustment prior to such time as it
becomes a liability on the balance sheet of the Borrower in accordance with GAAP), (c) Capitalized Lease Obligations, (d) unpaid
reimbursement obligations with respect to drawn letters of credit and banker’s acceptances issued for the account of such
Person (to the extent not already cash collateralized) and (e) obligations under direct or indirect guaranties in respect of, and
obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect
of, indebtedness or obligations of any other Person of the kinds referred to in clause (a), (b), (c) or (d) above. Notwithstanding
the foregoing, clause (c) shall not include any obligations of the Borrower or any Subsidiary classified as Capitalized Lease
Obligations under GAAP or for other accounting purposes, but for which the Borrower and its Subsidiaries do not make and are not
required to make any cash payment.


 






    22 


     


    

 


“Indemnified Taxes”
means Taxes (other than Excluded Taxes) imposed on or with respect to any payment made by or on account of any obligation of the Borrower
hereunder.


 


“Indemnitee”
is defined in ‎Section 9.06(b).


 


“Information”
is defined in ‎Section 9.10.


 


“Interest Period”
means, with respect to a Eurocurrency Advance, a period of one week, one, two, three or six months or such other period agreed to by the
Lenders and the Borrower, commencing on a Borrowing Date or on the date on which a Eurocurrency Advance is continued or an Alternate Base
Rate Advance is converted into a Eurocurrency Advance; provided that Interest Periods of one week and two months for Eurocurrency
Advances based on LIBOR shall not be available and Interest Periods of six months for Eurocurrency Advances based on CDOR shall not be
available. Such Interest Period shall end on but exclude the day which corresponds numerically to such date one, two, three or six months
or such other agreed upon period thereafter, or, in the case of an Interest Period of one week shall end on but exclude the day that is
one week thereafter; provided, however, that if there is no such numerically corresponding day in such next, second, third
or sixth succeeding month or such other succeeding period, such Interest Period shall end on the last Business Day of such next, second,
third or sixth succeeding month or such other succeeding period. If an Interest Period would otherwise end on a day which is not a Business
Day, such Interest Period shall end on the next succeeding Business Day; provided, however, that if said next succeeding
Business Day falls in a new calendar month, such Interest Period shall end on the immediately preceding Business Day.


 


“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.


 


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


 


“Issuing
Lender” means each of (a) Citibank, (b) Barclays Bank PLC, (c) Crédit Agricole Corporate and Investment Bank, (d)
solely with respect to any Existing Letter of Credit, to the extent such person is not already an Issuing Lender, the Lender or
Affiliate of a Lender that issued such Existing Letter of Credit and (e) any other Lender to the extent it has agreed in its sole
discretion to act as an “Issuing Lender” hereunder and that has been approved in writing by the Borrower and the
Administrative Agent (such approval by the Administrative Agent not to be unreasonably withheld, conditioned or delayed) as an
 “Issuing Lender” hereunder, in each case in its capacity as issuer of any Letter of Credit.


 


“Judgment Currency”
is defined in ‎Section 15.06.


 






    23 


     


    

 


“L/C Commitment”
means, as to (i) any Issuing Lender as of the Effective Date (other than pursuant to clause (d) of the definition thereof), the obligation
of such Issuing Lender to issue Letters of Credit for the account of the Borrower or one or more of its Subsidiaries from time to time
in an aggregate amount equal to the amount set forth opposite the name of each such Issuing Lender on the Commitment Schedule, (ii) any
Issuing Lender in respect of any Existing Lender of Credit, the amount of such Existing Letter of Credit and (iii) for any Issuing Lender
becoming an Issuing Lender after the Effective Date, such amount as is separately agreed to in a written agreement between the Borrower
and such Issuing Lender (which such agreement shall be promptly delivered to the Administrative Agent upon execution), in each case, as
such amount may be changed after the Effective Date in a written agreement between the Borrower and such Issuing Lender (which such agreement
shall be promptly delivered to the Administrative Agent upon execution); provided that the L/C Commitment with respect to any Person
that ceases to be an Issuing Lender for any reason pursuant to the terms hereof shall be $0 (subject to the Letters of Credit of such
Person remaining outstanding in accordance with the provisions hereof).


 


“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
plus (b) the aggregate amount of drawings under Letters of Credit which have not then been reimbursed pursuant to ‎Section
2.03(f). For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit
shall be determined in accordance with Section 1.03.


 


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


 


“L/C Sublimit”
means the lesser of (a) $100,000,000 and (b) the Aggregate Commitment.


 


“Lenders”
means the lending institutions listed on the signature pages of this Agreement and their respective successors and assigns, as well as
any Person that becomes a “Lender” hereunder pursuant to an Assignment and Assumption or ‎Section
2.22.


 


“Lending Installation”
means, with respect to a Lender or the Agents, the office, branch, subsidiary or affiliate of such Lender or Agent listed on the administrative
information sheets provided to the Administrative Agent in connection herewith, or otherwise selected by such Lender or Agent pursuant
to ‎Section 2.16.


 


“Lender Joinder Agreement”
means a joinder agreement in a form reasonably satisfactory to the Administrative Agent delivered in connection with Section 2.22.


 






    24 


     


    

 


“Letter of Credit
Application” means an application, in the form specified by the applicable Issuing Lender from time to time, requesting such
Issuing Lender to issue, extend or increase a Letter of Credit. In the event of any inconsistency between the terms and conditions of
this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to,
or entered into by the Borrower with, the Issuing Lender relating to any Letter of Credit, the terms and conditions of this Agreement
shall control.


 


“Letters of Credit”
means the collective reference to letters of credit issued pursuant to Section 2.03, including each Existing Letter of Credit.
Notwithstanding anything to the contrary contained herein, a letter of credit issued by any Issuing Lender (other than Citibank at any
time it is also acting as Administrative Agent) pursuant to Section 2.03 shall not be a “Letter of Credit” for purposes
of the Loan Documents until such time as the Administrative Agent has been notified in writing of the issuance thereof by the applicable
Issuing Lender. A Letter of Credit may be denominated, at the option of the Borrower, in Dollars, any Foreign Currency, or, with respect
to Letters of Credit issued by Citibank and any other Issuing Lender who so agrees, any Additional L/C Currency.


 


“LIBOR”
is defined in the definition of “Eurocurrency Base Rate.”


 


“Lien”
means any lien (statutory or other), mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance or preference, priority
or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest
of a vendor or lessor under any conditional sale, Capitalized Lease or other title retention agreement).


 


“Loan”
means an extension of credit by a Lender to the Borrower in the form of a Revolving Loan.


 


“Loan Documents”
means this Agreement, each Letter of Credit Application, any joinder document pursuant to which a Subsidiary of the Borrower joins this
Agreement as a Guarantor, each Lender Joinder Agreement, any Notes issued pursuant to ‎Section
2.13 (if requested) and each other document jointly designated as a “Loan Document” in writing by the Borrower and the
Administrative Agent, as the same may be amended, restated or otherwise modified and in effect from time to time.


 


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


 


“Major Subsidiary”
means any Subsidiary of the Borrower which has at any time total assets (after intercompany eliminations) exceeding 10% of Consolidated
Assets.


 


“Malaysian Ringgits”
means the lawful currency of Malaysia.


 


“Material Acquisition”
means any Acquisition the total consideration for which is equal to or greater than $400,000,000.


 






    25 


     


    

 


“Material Adverse
Effect” means a material adverse effect on (a) the financial condition, results of operations, business or Property of the Borrower
and its Subsidiaries taken as a whole or (b) the rights of or remedies available to the Lenders or the Administrative Agent against the
Borrower under the Loan Documents, taken as a whole.


 


“Minimum Collateral
Amount” means, at any time, (a) with respect to Cash Collateral consisting of cash or deposit account balances, an amount equal
to 100% of the Fronting Exposure of the Issuing Lenders with respect to Letters of Credit issued and outstanding at such time and (b)
otherwise, an amount reasonably determined by the Administrative Agent and the Issuing Lenders in their sole discretion.


 


“Multiemployer Plan”
means a multiemployer plan as defined in Section 3(37) of ERISA that is subject to Title IV of ERISA and to which the Borrower, any Subsidiary
or any member of the Controlled Group makes contributions, is obligated to make contributions or has any liability.


 


“Net Mark-to-Market
Exposure” of a Person means, as of any date of determination, the excess (if any) of all unrealized losses over all unrealized
profits of such Person arising from Rate Management Transactions. “Unrealized losses” means the fair market value of
the cost to such Person of replacing such Rate Management Transaction as of the date of determination (assuming the Rate Management Transaction
were to be terminated as of that date), and “unrealized profits” means the fair market value of the gain to such Person of
replacing such Rate Management Transaction as of the date of determination (assuming such Rate Management Transaction were to be terminated
as of that date).


 


“Note”
is defined in Section 2.13(e).


 


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


 


“Obligations”
means all Loans, L/C Obligations, debts, liabilities, obligations, covenants and duties owing by the Borrower to any of the Agents,
any Lender, any Issuing Lender, the Arrangers, any affiliate of the Agents or any Lender, any Issuing Lender, the Arrangers, or any
indemnitee under the provisions of ‎Section 9.06 or any
other provisions of the Loan Documents, in each case of any kind or nature, present or future, arising under this Agreement or any
other Loan Document, whether or not evidenced by any note, guaranty or other instrument, whether or not for the payment of money,
whether arising by reason of an extension of credit, loan, foreign exchange risk, guaranty, indemnification, or in any other manner,
whether direct or indirect (including those acquired by assignment), absolute or contingent, due or to become due, now existing or
hereafter arising and however acquired (including, for the avoidance of doubt, interest accruing after the maturity of the Loans and
interest accruing after the filing of any petition in bankruptcy, or the commencement of any proceeding under any Debtor Relief Law,
whether or not a claim for post-filing or post-petition interest is allowed in such proceeding). The term includes, without
limitation, all interest, charges, expenses, fees, attorneys’ fees and disbursements, paralegals’ fees, and any other
sum chargeable to the Borrower under this Agreement or any other Loan Document.


 






    26 


     


    

 


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


 


“Other Connection
Taxes” means, with respect to the Administrative Agent or any Lender, Taxes imposed as a result of a present or former connection
between the Administrative Agent or such Lender and the jurisdiction imposing such Tax (other than connections arising from the Administrative
Agent’s or such Lender’s 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 Rate Early
Opt-in Election” means, an Early Opt-in Election has occurred under clause (1)(b) and (2) of the definition of
 “Early Opt-in Election” with respect to any Foreign Currency.


 


“Other Taxes”
means all present or future stamp, documentary, intangible, recording or filing taxes or any similar taxes, charges or levies arising
from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document, except any such
Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to ‎Section
2.18).


 


“Outstanding Credit
Exposure” means, as to any Lender at any time, (a) the Dollar Equivalent of the aggregate principal amount of its outstanding
Revolving Loans at such time and (b) the Dollar Equivalent of such Lender’s Pro Rata Share of the aggregate L/C Obligations
at such time.


 


“Overnight Rate”
means, for any day, (a) with respect to any amount denominated in Dollars, the greater of (i) the Federal Funds Rate and (ii) an overnight
rate determined by the Administrative Agent or any Issuing Lender, as the case may be, in accordance with banking industry rules on interbank
compensation, and (b) with respect to any amount denominated in a Foreign Currency or Additional L/C Currency, the rate of interest per
annum at which overnight deposits in the applicable Foreign Currency or Additional L/C Currency, in an amount approximately equal to the
amount with respect to which such rate is being determined, would be offered for such day by a branch or Affiliate of the Administrative
Agent in the applicable offshore interbank market for such currency to major banks in such interbank market.


 


“Participant”
is defined in ‎Section 12.01(d).


 


“Participant Register”
is defined in ‎Section 12.01(d).


 


“Payment Date”
means the last Business Day of each March, June, September and December and the Facility Termination Date.


 






    27 


     


    

 


“Payment Recipient”
is defined in Section 10.11(a).


 


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


 


“Permitted
Refinancing” means, with respect to any Specified Indebtedness for Borrowed Money, any Specified Indebtedness for Borrowed Money
issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund (collectively, to
 “Refinance”), the Specified Indebtedness for Borrowed Money being Refinanced (or previous refinancings thereof constituting
a Permitted Refinancing); provided that the principal amount thereof does not exceed the sum of (a) the principal amount of the
Specified Indebtedness for Borrowed Money being Refinanced, plus (b) prepayment premiums (including tender premiums) and penalties, accrued
interest, defeasance costs, and fees, costs and expenses incurred in connection therewith.


 


“Person”
means any natural person, corporation, firm, joint venture, partnership, limited liability company, association, enterprise, trust or
other entity or organization, or any government or political subdivision or any agency, department or instrumentality thereof.


 


“Plan”
means an employee benefit plan other than a Multiemployer Plan which is covered by Title IV of ERISA or subject to the minimum funding
standards under Section 412 of the Code as to which the Borrower, any Subsidiary or any member of the Controlled Group may have liability.


 


“Platform”
is defined in ‎Section 6.01.


 


“Pricing Schedule”
means the Schedule identifying the Applicable Margin attached hereto identified as such.


 


“Property”
of a Person means any and all property, whether real, personal, tangible, intangible, or mixed, of such Person, or other assets owned,
leased or operated by such Person.


 


“Pro Rata Share”
means, with respect to a Lender, a portion equal to a fraction the numerator of which is such Lender’s Commitment at such time (in
each case, as adjusted from time to time in accordance with the provisions of this Agreement) and the denominator of which is the Aggregate
Commitment at such time, or, if the Aggregate Commitment has been terminated, a portion equal to a fraction the numerator of which is
such Lender’s Outstanding Credit Exposure at such time and the denominator of which is the sum of the Aggregate Outstanding Credit
Exposure at such time.


 


“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 Debt Rating”
means the public credit rating for the Borrower’s senior unsecured, long-term debt without third-party credit enhancement by S&P
and Fitch.


 






    28 


     


    

 


“Public Lender”
is defined in ‎Section 6.01.


 


“Rate Determination
Date” means, with respect to any Interest Period, the date that is two (2) Business Days prior to the first day of such Interest
Period (or such other day as is generally treated as the rate fixing day by market practice in such interbank market, as reasonably determined
by the Administrative Agent; provided, that if the Administrative Agent decides that any such market practice is not administratively
feasible for the Administrative Agent, such other day as otherwise reasonably determined by the Administrative Agent.


 


“Rate Management
Transaction” (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions,
commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange
transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions,
currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options
to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any
and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any
form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”),
including any such obligations or liabilities under any Master Agreement. For the avoidance of doubt, the following shall not be deemed
a “Rate Management Transaction”: (i) any phantom stock or similar plan (including any stock option plan) providing for payments
only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or its Subsidiaries,
(ii) any stock option or warrant agreement for the purchase of equity interests of the Borrower, (iii) the purchase of equity interests
or Indebtedness (including securities convertible into equity interests) of the Borrower pursuant to delayed delivery contracts or (iv)
any of the foregoing to the extent that it constitutes a derivative embedded in a convertible security issued by the Borrower.


 


“Register”
is defined in ‎Section 12.01(c).


 


“Regulation D”
means Regulation D of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor thereto or
other regulation or official interpretation of said Board of Governors.


 


“Regulation U”
means Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor or other regulation
or official interpretation of said Board of Governors.


 






    29 


     


    

 


“Regulation X”
means Regulation X of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor or other regulation
or official interpretation of said Board of Governors.


 


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


 


“Related Parties”
means, with respect to any Person, such Person’s Affiliates, controlling Persons, successors and assigns, and the directors, officers,
employees, agents and advisors of the foregoing.


 


“Relevant Governmental
Body” means


 


(a) with respect to a Benchmark
Replacement in respect of Dollars, the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a
committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York,
or any successor thereto, and


 


(b) with respect to a Benchmark
Replacement in respect of any Foreign Currency,


 


(i) the central
bank for the currency in which such amounts are denominated hereunder or any central bank or other supervisor which is responsible for
supervising either


 


(A) such Benchmark
Replacement or


 


(B) the administrator
of such Benchmark Replacement or


 


(ii) any working
group or committee officially endorsed or convened by:


 


(A) the central bank
for the currency in which such amounts are denominated,


 


(B) any central bank
or other supervisor that is responsible for supervising either (x) such Benchmark Replacement or (y) the administrator of such Benchmark
Replacement,


 


(C) a group of those
central banks or other supervisors or


 


(D) the Financial
Stability Board, or any part thereof or successor thereto.


 


“Reportable
Event” means a reportable event, as defined in Section 4043 of ERISA and the regulations issued under such Section, with
respect to a Plan, excluding, however, such events as to which the PBGC has by regulation or otherwise waived the requirement of
Section 4043(a) of ERISA that it be notified within thirty (30) days of the occurrence of such event; provided, however,
that a failure to meet the minimum funding standard of Section 412 of the Code or of Section 302 of ERISA shall be a Reportable
Event regardless of the issuance of any such waiver of the notice requirement in accordance with either Section 4043(a) of ERISA or
Section 412(c) of the Code.


 






    30 


     


    

 


“Request for Credit
Extension” means (a) with respect to a Revolving Borrowing, a Borrowing Notice and (b) with respect to the issuance of a Letter
of Credit, a Letter of Credit Application.


 


“Required Lenders”
means, on any date of determination, Lenders in the aggregate having greater than fifty percent (50%) of the Aggregate Commitment on such
date or, if the Aggregate Commitment has been terminated, Lenders in the aggregate holding greater than fifty percent (50%) of the Aggregate
Outstanding Credit Exposure on such date; provided that the Commitment of, and the portion of the Aggregate Outstanding Credit
Exposure held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.


 


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


 


“Reserve Requirement”
means, with respect to an Interest Period, the maximum aggregate reserve requirement (including all basic, supplemental, marginal and
other reserves) which is imposed under Regulation D on “Eurocurrency liabilities” (as defined in Regulation D).


 


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


 


“Revaluation Date”
means (a) with respect to any Revolving Loan denominated in a Foreign Currency (i) the first day of each Interest Period applicable to
such Revolving Loan, (ii) with an Interest Period longer than three months, at three-month intervals after the first day of such Interest
Period and (iii) such additional dates as the Administrative Agent shall reasonably require and (b) with respect to any Letter of Credit
issued in a Foreign Currency or Additional L/C Currency, each of the following: (i) the date of the issuance of such Letter of Credit
(or amendment of a Letter of Credit that increases the face amount thereof), (ii) the first Business Day of every calendar quarter after
the date of issuance thereof while such Letter of Credit is outstanding, (iii) such additional dates as the Administrative Agent shall
reasonably require and (iv) the date of each drawing thereunder.


 


“Revolving Borrowing”
means a borrowing hereunder (a) consisting of the aggregate amount of several Revolving Loans made by the Lenders on the same Borrowing
Date or (b) converted or continued by the Lenders on the same date of conversion or continuation, consisting, in either case, of the aggregate
amount of the several Revolving Loans of the same Type and in the same currency and, in the case of Eurocurrency Loans, for the same Interest
Period.


 


“Revolving Credit
Facility” means the revolving credit facility established pursuant to Article 2 (including any increase in such revolving
credit facility established pursuant to ‎Section 2.22).


 


“Revolving Loan”
means, with respect to a Lender, such Lender’s loan made pursuant to ‎Section
2.01(a) (and any conversion or continuation thereof pursuant to ‎Section
2.09).


 






    31 


     


    

 


“S&P”
means S&P Global Ratings, a division of S&P Global Inc. (or any successor thereto).


 


“Same Day Funds”
means (a) with respect to disbursements and payments in Dollars, immediately available funds, and (b) with respect to disbursements
and payments in a Foreign Currency or Additional L/C Currency, same day or other funds as may be determined by the Administrative Agent
or any Issuing Lender, as the case may be, to be customary in the place of disbursement or payment for the settlement of international
banking transactions in the relevant Foreign Currency or Additional L/C Currency.


 


“Sanction(s)”
means any economic or financial sanctions or trade embargoes imposed, administered or enforced by the United States Government (including,
without limitation, OFAC or the U.S. Department of State), the United Nations Security Council, the European Union or Her Majesty’s
Treasury.


 


“Schedule”
refers to a specific schedule to this Agreement, unless another document is specifically referenced.


 


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


 


“Section”
means a numbered Section of this Agreement, unless another document is specifically referenced.


 


“Singaporean Dollars”
means the lawful currency of the Republic of Singapore.


 


“SOFR”
means a rate per annum equal to the secured overnight financing rate for such Business Day published by the Federal Reserve Bank of New
York (or a successor administrator of the secured overnight financing rate) on 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 administrator
of the secured overnight financing rate from time to time).


 


“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.


 


“Subject
Related Parties” means, with respect to any Person, such Person’s (a) controlling Persons, controlled Affiliates or
subsidiaries, (b) directors, officers or employees of such Person or of any of its subsidiaries, controlled Affiliates or
controlling Persons or (c) agents and advisors of such Person or of any of its subsidiaries, controlled Affiliates or controlling
Persons.


 






    32 


     


    

 


“Specified Indebtedness
for Borrowed Money” means (a) Indebtedness for Borrowed Money described under clause (a) of the definition of Indebtedness for
Borrowed Money of any Major Subsidiary that is not a Guarantor and (b) guarantees by any Major Subsidiary that is not a Guarantor of any
Indebtedness for Borrowed Money described under clause (a) of the definition thereof.


 


“Spinoff”
is defined in the definition of “GXO Distribution Condition.”


 


“Stated Maturity
Date” is defined in the definition of “Facility Termination Date.”


 


“Subsidiary”
of a Person means (a) any corporation more than fifty percent (50%) of the outstanding securities having ordinary voting power of which
shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person
and one or more of its Subsidiaries, or (b) any partnership, limited liability company, association, joint venture or similar business
organization more than fifty percent (50%) of the ownership interests having ordinary voting power of which shall at the time be so owned
or controlled. Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of the
Borrower.


 


“Substantial Portion”
means, on any date of determination, with respect to the Property of the Borrower and its Subsidiaries, Property which represents more
than fifteen percent (15%) of the Consolidated Assets of the Borrower and its Subsidiaries on such date.


 


“TARGET Day”
means any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any, reasonably determined
by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro.


 


“TARGET2”
means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform
and which was launched on November 19, 2007.


 


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


 


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


 


“Type”
means, with respect to any Advance, its nature as an Alternate Base Rate Advance or a Eurocurrency Advance.


 






    33 


     


    

 


“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.


 


“Unfunded Liabilities”
means the amount (if any) by which the present value of all vested and unvested accrued benefits under all Plans exceeds the fair market
value of all such Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plans using
PBGC actuarial assumptions for single-employer plan terminations.


 


“Unmatured Default”
means an event which but for the lapse of time or the giving of notice, or both, would constitute a Default.


 


“U.S. Patriot Act”
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (Title III
of Pub. L. 107-56 (signed into law October 26, 2001)), as amended.


 


“U.S. Tax Compliance
Certificate” is defined in ‎Section 3.05(e)(ii)(B)(3).


 


“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.


 


The foregoing definitions
shall be equally applicable to both the singular and plural forms of the defined terms.


 


Any accounting terms used
in this Agreement which are not specifically defined herein shall have the meanings customarily given them in accordance with Agreement
Accounting Principles.


 






    34 


     


    

 


Section 1.02      
Reserved.


 


Section 1.03      
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 Dollar Equivalent of the maximum face amount of such Letter of Credit after giving effect to all automatic
increases, if any, 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).


 


Section 1.04      
Exchange Rates, Basket Calculations. 


 


(a)           
The Administrative Agent or the applicable Issuing Lender, respectively, shall determine the Exchange Rate in respect of each Revaluation
Date to be used for calculating the Dollar Equivalent amounts of Revolving Loans and L/C Obligations, respectively, denominated in Foreign
Currencies or Additional L/C Currencies, as applicable. Such Exchange Rates shall become effective as of such Revaluation Date and shall
be the Exchange Rates employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur. Except
for purposes of financial statements delivered by the Borrower hereunder, calculating the financial covenant and making calculations under
the other covenants and Defaults hereunder, or except as otherwise provided herein, the applicable amount of any currency (other than
Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined by the Administrative Agent, or the
applicable Issuing Lender, as applicable, based on the Exchange Rate in respect of the date of such determination as if such date were
the Revaluation Date.


 


(b)           
Wherever in this Agreement in connection with an Advance, conversion, continuation or prepayment of a Eurocurrency Loan or the
issuance, amendment or extension of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars,
but such Advance, Eurocurrency Loan or Letter of Credit is denominated in a Foreign Currency or Additional L/C Currency, such amount shall
be the relevant Foreign Currency or Additional L/C Currency equivalent of such Dollar amount (rounded to the nearest unit of such Foreign
Currency or Additional L/C Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent or the applicable
Issuing Lender, as the case may be, on the basis of the Exchange Rate (determined in respect of the most recent Revaluation Date).


 


(c)           
For purposes of determining compliance with ‎Section 6.10 and Section 6.11, no Unmatured Default or
Default shall be deemed to have occurred solely as a result of changes in Exchange Rates occurring after the time any Specified Indebtedness
for Borrowed Money or Lien, as applicable, is created or incurred.


 


(d)            For
purposes of determining compliance with ‎Section 6.12, the amount of Indebtedness for Borrowed Money denominated
in any currency other than Dollars will be converted into Dollars based on the relevant Exchange Rate(s) in effect as of the last
day of the fiscal quarter of the Borrower for which the Consolidated Leverage Ratio is calculated.


 


(e)           
The Administrative Agent shall provide written notice to the Borrower of each applicable Exchange Rate on, and the occurrence of,
each Revaluation Date.


 






    35 


     


    

 


Section 1.05      
Additional Foreign Currencies.


 


(a)           
The Borrower may from time to time request that Eurocurrency Loans be made and/or Letters of Credit be issued in a currency other
than those specifically listed in the definitions of “Foreign Currency” and “Additional L/C Currency”; provided
that such requested currency is a lawful currency (other than Dollars) that is readily transferable and readily convertible into Dollars
in the London interbank market. Such request shall be subject to the approval of the Administrative Agent and the Lenders; or in the case
of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative
Agent and applicable Issuing Lender.


 


(b)           
Any such request shall be made to the Administrative Agent not later than 11:00 a.m. (New York time), ten (10) Business Days prior
to the date of the desired Advance or the issuance of the applicable Letter of Credit (or such shorter period as may be agreed by the
Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing Lender, in its or their
sole discretion). In the case of any such request pertaining to Eurocurrency Loans, the Administrative Agent shall promptly notify each
Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the
applicable Issuing Lender thereof. Each Lender (in the case of any such request pertaining to Eurocurrency Loans) or the applicable Issuing
Lender (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m. (New
York time), five (5) Business Days after receipt of such request (or such other time or date as may be agreed by the Administrative Agent
in its sole discretion and notified to the Lenders) whether it consents, in its sole discretion, to the making of Eurocurrency Loans or
the issuance of Letters of Credit, as the case may be, in such requested currency.


 


(c)            Any
failure by a Lender or an Issuing Lender, as the case may be, to respond to such request within the time period specified in the
preceding sentence shall be deemed to be a refusal by such Lender or Issuing Lender, as the case may be, to permit Eurocurrency
Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Lenders
consent to making Eurocurrency Loans in such requested currency, the Administrative Agent shall so notify the Borrower and such
currency shall thereupon be deemed for all purposes to be a Foreign Currency hereunder for purposes of any Advance of Eurocurrency
Loans; and if the Administrative Agent and the applicable Issuing Lender consent to the issuance of Letters of Credit in such
requested currency, the Administrative Agent shall so notify the Borrower and such currency shall thereupon be deemed for all
purposes to be a Foreign Currency (if also approved for purposes of any Advance of Eurocurrency Loans or if approved by all Issuing
Lenders) or Additional L/C Currency (if not so approved), as applicable, hereunder for purposes of any Letter of Credit issuances by
such Issuing Lender. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this
Section 1.05, the Administrative Agent shall promptly so notify the Borrower.


 






    36 


     


    

 


Section 1.06      
 Change of Currency.


 


(a)           
Each obligation of the Borrower under this Agreement to make a payment denominated in the national currency unit of any member
state of the European Union that adopts the Euro in accordance with the legislation of the European Union relating to Economic and Monetary
Union as its lawful currency after the date hereof shall be redenominated into Euros at the time of such adoption, provided that if and
to the extent that such legislation or member state provides that any such obligation may be paid by debtors in either the Euro or such
other currency, then the Borrower shall be permitted to repay such amount either in the Euro or such other currency. If, in relation to
the currency of any such member state, the basis of accrual of interest expressed in this Agreement in respect of that currency shall
be inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest in respect of the
Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such member state adopts
the Euro as its lawful currency; provided that if any borrowing in the currency of such member state is outstanding immediately prior
to such date, such replacement shall take effect, with respect to such borrowing, at the end of the then-current Interest Period.


 


(b)           
Each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from
time to time specify to be reasonably necessary to reflect the adoption of the Euro by any member state of the European Union and any
relevant market conventions or practices relating to the Euro.


 


(c)           
Each provision of this Agreement also shall be subject to such reasonable changes of construction as the Administrative Agent may
from time to time specify to be reasonably necessary to reflect a change in currency of any other country and any relevant market conventions
or practices relating to the change in currency.


 






    37 


     


    

 


Article
2

The Credits


 


Section 2.01      
Description of Facility; Commitment.


 


(a)            Revolving
Loans. From and including the Closing Date and prior to the Facility Termination Date, upon the satisfaction of the conditions
precedent set forth in Section 4.03, each Lender severally and not jointly agrees, on the terms and conditions set forth in
this Agreement, to make Revolving Loans to the Borrower in (at the Borrower’s election) Dollars or (other than in the case of
Alternate Base Rate Loans) a Foreign Currency from time to time in amounts not to exceed in the aggregate at any one time
outstanding its Pro Rata Share of the Aggregate Commitment; provided that after giving effect to such Revolving Loan, (i) the
Aggregate Outstanding Credit Exposure shall not exceed the Aggregate Commitment at such time and (ii) the Outstanding Credit
Exposure of such Lender shall not exceed such Lender’s Commitment at such time. Subject to the terms of this Agreement, the
Borrower may borrow, repay and re-borrow Revolving Loans at any time prior to the Facility Termination Date. The Commitments to lend
hereunder shall expire automatically on the Facility Termination Date. Each Revolving Borrowing made under this Section
2.01(a) shall consist of Revolving Loans made from the several Lenders in accordance with their respective Pro Rata Shares of
the Aggregate Commitment.


 


(b)           
[Reserved].


 


(c)           
Defaulting Lenders. Notwithstanding anything to the contrary contained in this Agreement, this Section 2.01 shall
be subject to the terms and conditions of ‎Section 2.21.


 


Section 2.02      
Facility Termination Date. Any outstanding Loans and all other unpaid Obligations (other than contingent indemnity obligations)
shall be paid in full by the Borrower on the Facility Termination Date. Notwithstanding the termination of this Agreement on the Facility
Termination Date, until all of the Obligations (other than contingent indemnity obligations) shall have been fully paid and satisfied
and all financing arrangements among the Borrower and the Lenders hereunder and under the other Loan Documents shall have been terminated,
all of the rights and remedies under this Agreement and the other Loan Documents shall survive.


 


Section 2.03      
Letters of Credit.


 


(a)            Availability.
From and including the Closing Date and subject to the terms and conditions hereof, each Issuing Lender, in reliance on the
agreements of the Lenders set forth in ‎Section 2.03(e), agrees to issue standby Letters of Credit in an
aggregate amount not to exceed its L/C Commitment for the account of the Borrower or, subject to ‎Section
2.03(k), any Subsidiary thereof. Letters of Credit may be issued on any Business Day from the Closing Date to but not including
five (5) Business Days prior to the Facility Termination Date; provided that no Issuing Lender shall issue any Letter of
Credit if, after giving effect to such issuance, (a) the Aggregate Outstanding Credit Exposure would exceed the Aggregate
Commitment, (b) the L/C Obligations would exceed the L/C Sublimit or (c) the L/C Obligations attributable to Letters of Credit
issued by such Issuing Lender would exceed such Issuing Lender’s L/C Commitment. Each Letter of Credit shall (i) be
denominated in (at the Borrower’s election) Dollars, any Foreign Currency or (solely with respect to Citibank and any other
Issuing Lender who agrees to issue Letters of Credit in the applicable currency) any Additional L/C Currency in a minimum amount of
$100,000 (or such lesser amount as agreed to by the applicable Issuing Lender), (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 pursuant to the terms of the Letter of Credit Application or other documentation reasonably acceptable to the applicable
Issuing Lender), which date shall be no later than the fifth (5th) Business Day prior to the Facility Termination Date provided,
further that a Letter of Credit may, upon the request of the Borrower and the consent of the applicable Issuing Lender, be issued or
renewed for a period beyond the date that is five (5) Business Days prior to the Facility Termination Date (it being understood that
the Lenders shall automatically be released from their participation obligations with respect to any such Letter of Credit from and
after the Facility Termination Date), and (iii) unless otherwise agreed by the applicable Issuing Lender and the Borrower, be
subject to ISP 98 and, to the extent not inconsistent therewith, the laws of the State of New York. 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 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 Effective Date, or any unreimbursed loss, cost or expense that was
not applicable, in effect or known to such Issuing Lender as of the Effective Date and that such Issuing Lender in good faith deems
material to it, (B) the issuance of the Letter of Credit would violate one or more policies of such Issuing Lender applicable to
letters of credit generally, (C) the conditions set forth in ‎Section 4.03 are not satisfied or (D) such Issuing
Lender does not as of the issuance date of the requested Letter of Credit issue Letters of Credit in the requested Foreign Currency
or Additional L/C Currency, if applicable. References herein to “issue” and derivations thereof with respect to Letters
of Credit shall also include extensions, increases or modifications of any outstanding Letters of Credit, unless the context
otherwise requires.


 






    38 


     


    

 


(b)           
Defaulting Lenders. Notwithstanding anything to the contrary contained in this Agreement, this Section 2.03 shall
be subject to the terms and conditions of Section 2.20 and ‎Section 2.21.


 


(c)            Procedures
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) an appropriately completed Letter of Credit Application therefor 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 and such other certificates, documents and other papers and information as such Issuing Lender or the
Administrative Agent may reasonably request, the applicable Issuing Lender shall process such Letter of Credit Application in
accordance with its customary procedures and shall, subject to this ‎Section 2.03 and ‎Section
4.03, 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 such other
certificates, documents and other papers and information as such Issuing Lender or the Administrative Agent may reasonably request)
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 Lender of the issuance and, upon request by any Lender,
furnish to such Lender a copy of such Letter of Credit and the amount of such Lender’s participation therein.


 


(d)           
Commissions and Other Charges.


 


(i)           
Letter of Credit Fee. Subject to Section 2.21, 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 Letter of Credit multiplied by the Applicable Margin with respect
to Revolving Loans that are Eurocurrency Loans (determined, in each case, on a per annum basis). Such commission shall be payable quarterly
in arrears on each Payment Date and after the Facility Termination Date 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 2.03 in accordance with their respective Pro Rata Share.


 


(ii)           
Issuance Fee. In addition to the foregoing commission, the Borrower shall pay directly to each Issuing Lender, for its own
account, an issuance fee with respect to each Letter of Credit issued by such Issuing Lender in an amount agreed by such Issuing Lender
and the Borrower (it being understood and agreed that no Issuing Lender shall be required to issue a Letter of Credit until such time
as such Issuing Lender and the Borrower shall have agreed to such amount). Such issuance fee shall be payable quarterly in arrears on
each Payment Date, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Facility Termination
Date and thereafter on demand of the applicable Issuing Lender.


 


(iii)           
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.


 






    39 


     


    

 


(e)           
L/C Participations.


 


(i)            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 Pro Rata Share 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
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 the Dollar Equivalent of the amount equal to such L/C
Participant’s Pro Rata Share of the amount of such draft, or any part thereof, which is not so reimbursed.


 






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(ii)           
Upon becoming aware of any amount required to be paid by any L/C Participant to any Issuing Lender pursuant to Section 2.03(e)(i)
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 (expressed as the Dollar Equivalent thereof) 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 2.03 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 2.03, if the L/C Participants receive notice that any such
payment is due (A) prior to 1:00 p.m. (New York time) on any Business Day, such payment shall be due that Business Day, and (B) after
1:00 p.m. (New York time) on any Business Day, such payment shall be due on the following Business Day.


 


(iii)           
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 Pro Rata Share of such payment in accordance with this Section 2.03, 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.


 


(iv)            Each
L/C Participant’s obligation to make the payments referred to in ‎Section 2.03(e)(ii) and to
purchase participating interests pursuant to Section 2.03(d)(i) 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 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
an Unmatured Default or Default or the failure to satisfy any of the other conditions specified in Section 4.03, (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 or any other Lender or (v) any other circumstance, happening or event whatsoever, whether or not similar to
any of the foregoing.


 






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(f)             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 Loan as provided for in this Section 2.03 or with funds from other sources), in same day
funds, the applicable Issuing Lender on the first Business Day after the 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 (i) such draft so paid and (ii) any amounts
referred to in ‎Section 2.03(d)(iii) incurred by such Issuing Lender in connection with such payment. In the
case of a Letter of Credit denominated in a Foreign Currency or Additional L/C Currency, the Borrower shall reimburse the applicable
Issuing Lender in such Foreign Currency or Additional L/C Currency, as applicable, unless (A) the applicable Issuing Lender (at its
option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such
requirement for reimbursement in Dollars, the Borrower shall have notified the applicable Issuing Lender promptly following receipt
of the notice of drawing that the Borrower will reimburse the applicable Issuing Lender in Dollars. In the case of any such
reimbursement in Dollars of a drawing under a Letter of Credit denominated in a Foreign Currency or Additional L/C Currency, the
applicable Issuing Lender (through the Administrative Agent) shall notify the Borrower of the Dollar Equivalent of the amount of the
drawing promptly following the determination thereof. Unless the Borrower shall promptly (and in any event not later than 11:00 a.m.
(New York time) in the case of any Letter of Credit to be reimbursed in Dollars or the Applicable Time in the case of any Letter of
Credit to be reimbursed in a Foreign Currency or Additional L/C Currency on the applicable repayment date) notify such Issuing
Lender (and the Administrative Agent) 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 Borrowing Notice to the Administrative Agent requesting that the
Lenders make a Revolving Loan as an Alternate Base Rate Loan on the applicable repayment date in the amount of (i) such draft so
paid (or, in the case of a Letter of Credit denominated in a Foreign Currency or Additional L/C Currency, the Dollar Equivalent of
the amount of such draft so paid) and (ii) any amounts referred to in ‎Section 2.03(d)(iii) incurred by such
Issuing Lender in connection with such payment, and the Lenders shall make a Revolving Loan as an Alternate Base Rate Loan in such
amount on such first Business Day after the date of the notice from the applicable Issuing Lender (through the Administrative Agent)
to the Borrower referred to in the first sentence of this Section 2.03(f), 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 Lender acknowledges and agrees
that its obligation to fund a Revolving Loan in accordance with this Section 2.03 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 this Section 2.03 or Section
4.03. 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, the unreimbursed amount of such drawing shall bear interest at the rate which would be
payable on any outstanding Alternate 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. In the event that (x) a drawing of a Letter of Credit
denominated in a Foreign Currency or Additional L/C Currency is to be reimbursed in Dollars pursuant to clause (B) of the second
sentence of this subclause (f) and (y) the Dollar amount paid by the Borrower, whether on or after the applicable repayment date,
shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the
Foreign Currency or Additional L/C Currency equal to the drawing, the Borrower agrees, as a separate and independent obligation, to
indemnify the applicable Issuing Lender for the loss resulting from its inability on that date to purchase the Foreign Currency or
Additional L/C Currency in the full amount of the drawing.


 






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(g)            Obligations
Absolute. The Borrower’s obligations under this Section 2.03 (including, without limitation, the Reimbursement
Obligation) shall be absolute,  unconditional and irrevocable, and shall be performed strictly in accordance with the terms of
this Agreement under any and all circumstances whatsoever and irrespective of (i) any adverse change in the relevant exchange rates
or in the availability of the relevant Foreign Currency or Additional L/C Currency to the Borrower or any Subsidiary or in the
relevant markets generally, (ii) any lack of validity or enforceability of any Letter of Credit or this Agreement, (iii) any draft
or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement
therein being untrue or inaccurate in any respect, (iv) payment by the Issuing Lender under a Letter of Credit against presentation
of a draft or other document that does not comply with the terms of such Letter of Credit, or (v) 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. 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,
interruptions or delays caused by such Issuing Lender’s gross negligence or willful misconduct of the terms of this Agreement,
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 of its obligations under this Agreement, or such Issuing
Lender’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft
and certificate(s) strictly complying with the terms and conditions of a Letter of Credit, in the case of any such willful failure
to pay, as determined by a court of competent jurisdiction by a final and non-appealable judgment, 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 conform to the
requirements under such Letter of Credit.  


 






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(h)           
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 Section 2.03, the provisions of this Section 2.03 shall
apply.


 


(i)            
Resignation of Issuing Lenders. (i) 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); provided that (a) it shall have assigned all of its Commitments and Loans pursuant to Section
12.01(b) hereof at or prior to the time of such resignation and (b) another Lender acceptable to the Borrower shall have assumed the L/C
Commitments of such resigning Issuing Lender (and, to the extent such assuming Lender was not an Issuing Lender hereunder, such assuming
Lender shall have become an Issuing Lender hereunder).


 


(ii)           
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 Lenders to take such actions as are required
under ‎Section 2.03(e)).


 


(j)            
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 2.03(j), 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 (it being understood that any change to the L/C Commitment of any Issuing Lender shall only
be made in accordance with the terms of the definition of “L/C Commitment”). No failure on the part of any Issuing Lender
to provide such information pursuant to this ‎Section 2.03(j) shall limit the obligations of the Borrower or any Lender
hereunder with respect to its reimbursement and participation obligations hereunder.


 






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(k)            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.


 


(l)            
Existing Letters of Credit. As of the Closing Date, each Existing Letter of Credit shall be deemed a Letter of Credit issued
hereunder for all purposes under this Agreement without need for any further action by the Borrower or any other Person.


 


Section 2.04      
Types of Advances. The Advances may consist of Alternate Base Rate Loans or Eurocurrency Loans, or a combination thereof,
selected by the Borrower in accordance with Sections 2.08 and 2.09.


 


Section 2.05      
Fees; Reductions in Aggregate Commitment.


 


(a)           
Commitment Fee. The Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee in
Dollars (the “Commitment Fee”) at a per annum rate equal to the percentage set forth under the heading “Commitment
Fee” in the Pricing Schedule on the daily actual excess of such Lender’s Commitment over such Lender’s Outstanding Credit
Exposure (such excess, such Lender’s “Actual Unused Commitments”) as adjusted pursuant to ‎Section
2.05(c) from and including the date that is the earlier of (x) 90 days after the Effective Date and (y) the Closing Date, to and including
the date on which this Agreement is terminated in full and all Obligations hereunder (other than contingent indemnity obligations) have
been paid in full pursuant to Section 2.02, payable (i) on the Closing Date (if any Commitment Fee has accrued) and (ii) quarterly
in arrears on each Payment Date thereafter; provided that no Commitment Fee shall accrue hereunder with respect to the Actual Unused
Commitment of a Defaulting Lender so long as such Lender shall be a Defaulting Lender.


 


(b)           
Fee Letter. The Borrower shall pay to the Administrative Agent for its own account fees in Dollars in the amounts and at
the times specified in the applicable Fee Letter. Such fees shall be fully earned when paid and shall be non-refundable for any reason
whatsoever.


 


(c)           
Reductions in Aggregate Commitment. The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably
(except as provided in ‎Section 2.18) among the Lenders, in integral multiples of $3,000,000 or any whole multiple
of $1,000,000 in excess thereof, by giving the Administrative Agent notice of such reduction not later than 11:00 a.m. (New York time)
on any Business Day, which notice shall specify the amount of any such reduction and which notice may be conditioned upon the occurrence
of one or more events specified therein; provided, however, that the amount of the Aggregate Commitment may not be reduced
below the Aggregate Outstanding Credit Exposure. All accrued Commitment Fees shall be payable on the effective date of any termination
of all of the obligations of the Lenders to make Revolving Loans.


 






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Section 2.06      
Minimum Amount of Each Advance. Each Eurocurrency Advance shall be in the minimum amount of $5,000,000 (and in multiples of
$1,000,000 if in excess thereof) and each Alternate Base Rate Advance shall be in the minimum amount of $3,000,000 (and in multiples
of $1,000,000 if in excess thereof); provided, however, that any Eurocurrency Advance or Alternate Base Rate Advance may
be in the amount of the unused Aggregate Commitment. The Borrower shall not request a Eurocurrency Advance if, after giving effect to
the requested Eurocurrency Advance, more than ten (10) Interest Periods would be in effect (unless such limit has been waived by the
Administrative Agent in its sole discretion).


 


Section 2.07      
Prepayments, Optional Prepayments.


 


(a)       The
Borrower may from time to time pay, without penalty or premium, all of its outstanding Alternate Base Rate Advances, or, in a minimum
aggregate amount of $3,000,000 or any integral multiple of $1,000,000 in excess thereof, any portion of its outstanding Alternate Base
Rate Advances, upon prior notice to the Administrative Agent substantially in the form of Exhibit C, or such other form as may
be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved
by the Administrative Agent) appropriately completed and signed by an Authorized Officer of the Borrower stating the proposed date and
aggregate principal amount of the applicable prepayments at or before 11:00 a.m. (New York time) on the date of such payment. The Borrower
may from time to time pay, subject to the payment of any funding indemnification amounts required by ‎Section
3.04 but without penalty or premium, all of its outstanding Eurocurrency Advances, or, in a minimum aggregate amount of $5,000,000
or any integral multiple of $1,000,000 in excess thereof, any portion of its outstanding Eurocurrency Advances upon prior notice to the
Administrative Agent substantially in the form of Exhibit C, or such other form as may be approved by the Administrative Agent
(including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent) appropriately
completed and signed by an Authorized Officer of the Borrower stating the proposed date and aggregate principal amount of the applicable
prepayments at or before 11:00 a.m. (New York time) at least three (3) Business Days’ prior, in the case of any Eurocurrency Advances
denominated in Dollars, and at least four (4) Business Days’ prior, in the case of any Eurocurrency Advances denominated in a Foreign
Currency, to the date of such payment (or, subject to the payment of any funding indemnification amounts required by ‎Section
3.04, such other prior notice as the Administrative Agent may agree to). Subject to Section 2.21, each such prepayment of a
Revolving Borrowing shall be applied ratably to the Revolving Loans of the Lenders included in such Revolving Borrowing in accordance
with their respective Pro Rata Share. Any notice delivered pursuant to this Section 2.07 may be conditioned upon the occurrence
of one or more events specified therein.


 


(b)       If
on any Revaluation Date, as a result of a fluctuation of the Exchange Rate, the Aggregate Outstanding Credit Exposure exceeds 105%
of the Aggregate Commitment, the Borrower agrees to repay within five Business Days of receiving notice from the Administrative
Agent thereof, by payment to the Administrative Agent for the account of the Lenders, extensions of credit in an amount equal to
such excess with each such repayment applied first, to the principal amount of outstanding Revolving Loans and second,
with respect to any Letters of Credit then outstanding, as a payment of Cash Collateral into a Cash Collateral account opened by the
Administrative Agent, for the benefit of the Lenders, in an amount equal to such excess, or take such other action to the extent
necessary to eliminate any such excess.


 






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Section 2.08      
Method of Selecting Types and Interest Periods for New Advances. The Borrower shall select the Type of Advance and,
in the case of each Eurocurrency Advance, the Interest Period applicable thereto from time to time. The Borrower shall give the Administrative
Agent notice (which notice may be conditioned on the satisfaction or waiver (in accordance with Section 8.02) of the conditions
set forth in ‎Section 4.03) substantially in the form of Exhibit E or
such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission
system as shall be approved by the Administrative Agent), in each case appropriately completed and signed by an Authorized Officer of
the Borrower (a “Borrowing Notice”) not later than 11:00 a.m. (New York time) on the Borrowing Date of each Alternate
Base Rate Advance and 11:00 a.m. (New York time) three (3) Business Days’ before the Borrowing Date for each Eurocurrency Advance
denominated in Dollars and four (4) Business Days’ before the Borrowing Date for each Eurocurrency Advance denominated in a Foreign
Currency. A Borrowing Notice shall specify:


 


(a)           
the Borrowing Date, which shall be a Business Day, of such Advance,


 


(b)           
the aggregate amount and currency of such Advance,


 


(c)           
the Type of Advance selected (which in the case of an Advance made in a Foreign Currency shall be a Eurocurrency Advance),


 


(d)           
in the case of each Eurocurrency Advance, the Interest Period applicable thereto, and


 


(e)           
the location and number of the Borrower’s account to which proceeds of the Advance are to be disbursed.


 


If no Interest Period is specified
with respect to any requested Eurocurrency Advance, the Borrower will be deemed to have selected an Interest Period of one month’s
duration.


 


If the Borrower fails to specify
a currency in a Borrowing Notice requesting an Advance, then the Advance so requested shall be made in Dollars.


 






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Section 2.09       Conversion
and Continuation of Outstanding Advances. Alternate Base Rate Advances shall continue as Alternate Base Rate Advances unless and
until such Alternate Base Rate Advances are converted into Eurocurrency Advances pursuant to this ‎Section
2.09 or are repaid in accordance with ‎Section 2.07. Each Eurocurrency
Advance shall continue as a Eurocurrency Advance until the end of the then applicable Interest Period therefor, at which time (if
denominated in Dollars) such Eurocurrency Advance shall be automatically converted into an Alternate Base Rate Advance or (if
denominated in a Foreign Currency) such Eurocurrency Advance shall be automatically continued as a Eurocurrency Advance in its
original currency with an Interest Period of one month, in each case, unless (x) such Eurocurrency Advance is or was repaid in
accordance with ‎Section 2.07 or (y) the Borrower shall have given the
Administrative Agent a Conversion/Continuation Notice (as defined below) requesting that, at the end of such Interest Period, such
Eurocurrency Advance continue as a Eurocurrency Advance for the same or another Interest Period. Subject to the terms of ‎Section
2.06, the Borrower may elect from time to time to convert all or any part of an Alternate Base Rate Advance into a Eurocurrency
Advance. No Advance may be converted into or continued as an Advance denominated in a different currency, but instead must be repaid
in the original currency of such Advance and reborrowed in the other currency. No Advance made in a Foreign Currency may be
converted into an Alternate Base Rate Advance, but instead must be prepaid as a Eurocurrency Advance and reborrowed in Dollars.
Notwithstanding anything to the contrary contained in this ‎Section 2.09,
when any Default has occurred and is continuing (I) no Dollar-denominated Advance may be converted or continued as a Eurocurrency
Advance (except with the consent of the Required Lenders) and (II) no Eurocurrency Advance denominated in a Foreign Currency shall
be continued other than as a Eurocurrency Loan in its original currency with an Interest Period of one month. The Borrower shall
give the Administrative Agent notice substantially in the form of Exhibit F (a “Conversion/Continuation
Notice”) or such other form as may be approved by the Administrative Agent (including any form on an electronic platform
or electronic transmission system as shall be approved by the Administrative Agent), in each case appropriately completed and signed
by an Authorized Officer of the Borrower, of each conversion of an Alternate Base Rate Advance into a Eurocurrency Advance or
continuation of a Eurocurrency Advance not later than 11:00 a.m. (New York time) at least three (3) Business Days prior to the date
of the requested conversion or continuation, specifying:


 


(a)           
the requested date, which shall be a Business Day, of such conversion or continuation,


 


(b)        the
aggregate amount and Type of the Advance which is to be converted or continued as a Eurocurrency Advance; provided that no Advance made
in a Foreign Currency may be converted into an Alternate Base Rate Advance, and


 


(c)           
the duration of the Interest Period applicable thereto.


 


Section 2.10       Interest
Rates. Each Alternate Base Rate Advance shall bear interest on the outstanding principal amount thereof, for each day from and
including the date such Advance is made or is converted from a Eurocurrency Advance into an Alternate Base Rate Advance, to but
excluding the date it is paid or is converted into a Eurocurrency Advance pursuant to ‎Section
2.09 hereof, at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin for such day. Changes in the
rate of interest on that portion of any Advance maintained as an Alternate Base Rate Advance will take effect simultaneously with
each change in the Alternate Base Rate. Each Eurocurrency Advance shall bear interest on the outstanding principal amount thereof,
for each day from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such
Interest Period at the Eurocurrency Rate for the applicable period plus the Applicable Margin. No Interest Period may end after the
Facility Termination Date.


 






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Section 2.11      
Rates Applicable After Default. During the continuance of a Default under ‎Section
7.02 the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required
Lenders notwithstanding any provision of Section 8.02 requiring unanimous consent of the Lenders to changes in interest rates and
which election and notice shall not be required after a Default or Unmatured Default under Section ‎7.05
or ‎7.06), declare that interest on the overdue amount of the Loans shall
be payable at a rate (after as well as before the commencement of any proceeding under any Debtor Relief Laws) equal to 2% per annum in
excess of the rate otherwise payable thereon (and, with respect to any other overdue amounts, shall bear interest at a rate equal to the
Alternate Base Rate plus the Applicable Margin applicable to Alternate Base Rate Loans plus 2% per annum) commencing on the date
of such Default and continuing until such Default is cured or waived.


 


Section 2.12      
Method of Payment. Except as otherwise specified herein, all payments by the Borrower of principal, interest, fees and
its other Obligations shall be made, (i) with respect to Revolving Loans denominated in Dollars, Letters of Credit denominated in Dollars
and the Aggregate Commitments, in Dollars, and (ii) with respect to Revolving Loans denominated in any Foreign Currency and Letters
of Credit denominated in Foreign Currency or Additional L/C Currency, in the applicable Foreign Currency or Additional L/C Currency in
which such Revolving Loans or Letters of Credit are denominated; provided, that in the case of a Letter of Credit denominated in
a Foreign Currency or Additional L/C Currency, reimbursements by the Borrower may be made in Dollars in accordance with Section 2.03(f).
All payments of the Obligations hereunder shall be made, without setoff, deduction, or counterclaim, in immediately available funds to
the Administrative Agent at the Administrative Agent’s address specified pursuant to ‎Article
13, or at any other Lending Installation of the Administrative Agent specified in writing by the Administrative Agent to the Borrower,
by 1:00 p.m. (New York time), in the case of any payments made in Dollars, and not later than the Applicable Time, in the case of any
payments made in a Foreign Currency or Additional L/C Currency, in each case, on the date when due and shall be applied ratably by the
Administrative Agent among the Lenders entitled thereto. 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 delivered to the Administrative Agent for the account of any Lender shall be delivered promptly by the
Administrative Agent to such Lender in the same type of funds that the Administrative Agent received at such Lender’s address specified
pursuant to ‎Article 13 or at any Lending Installation specified in a notice
received by the Administrative Agent from such Lender.


 






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Section 2.13      
Noteless Agreement; Evidence of Indebtedness.


 


(a)           Each
Lender and each Issuing Lender shall maintain in accordance with its usual practice an account or accounts evidencing the extensions
of credit made by such Lender or Issuing Lender, as applicable, to the Borrower from time to time, including the amounts of principal
and interest payable and paid to such Lender from time to time hereunder.


 


(b)           
The Administrative Agent shall also maintain accounts in which it will record (A) the date and the amount of each Loan made hereunder,
the Type thereof and the Interest Period, if any, applicable thereto, (B) the amount of any principal or interest due and payable or to
become due and payable from the Borrower to each Lender hereunder, (C) the effective date and amount of each Assignment and Assumption
delivered to and accepted by it and the parties thereto pursuant to ‎Section 12.01, (D) the amount of any sum received
by the Administrative Agent hereunder from the Borrower and each Lender’s share thereof, and (E) all other appropriate debits and
credits as provided in this Agreement, including, without limitation, all fees, charges, expenses and interest. In the event of any conflict
between the accounts and records maintained by the Administrative Agent and the accounts and records of any Lender in respect of such
matters, the accounts and records of the Administrative Agent shall control absent manifest error.


 


(c)           
The entries maintained in the accounts maintained pursuant to clauses (a) and (b) above shall be prima facie
evidence of the existence and amounts of the Obligations therein recorded; provided, however, that the failure of the Administrative
Agent, any Issuing Lender or any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of
the Borrower to repay its Obligations in accordance with their terms.


 


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


 


(e)           
Any Lender may request that the Loans made or to be made by it be evidenced by a promissory note in substantially the form of Exhibit
D (each, a “Note”). In such event, the Borrower shall prepare, execute and deliver to such Lender such Note or
Notes payable to such Lender (or its registered assigns). Thereafter, the Loans evidenced by each such Note and interest thereon shall
at all times (including after any assignment pursuant to ‎Section 12.01) be represented by one or more Notes payable
to the payee named therein or any assignee pursuant to ‎Section 12.01, except to the extent that any such Lender or
assignee subsequently returns any such Note for cancellation and requests that such Loans once again be evidenced as described in clauses
(a) and (b) above.


 






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Section 2.14       Interest
Payment Dates; Interest and Fee Basis. Interest accrued on each Alternate Base Rate Advance shall be payable in arrears on each
Payment Date, commencing with the first such date to occur after the Closing Date, and on any date on which the Alternate Base Rate
Advance is prepaid, whether due to acceleration or otherwise. Interest accrued on that portion of the outstanding principal amount
of any Alternate Base Rate Advance converted into a Eurocurrency Advance on a day other than a Payment Date shall be payable on the
date of conversion. Interest accrued on each Eurocurrency Advance shall be payable on the last day of its applicable Interest
Period, on any date on which the Eurocurrency Advance is prepaid, whether by acceleration or otherwise, and on the Facility
Termination Date. Interest accrued on each Eurocurrency Advance having an Interest Period longer than three (3) months shall also be
payable on the last day of each three-month interval during such Interest Period. Interest accrued pursuant to ‎Section
2.11 shall be payable on demand. With respect to (a) interest on all Advances (other than Alternate Base Rate Loans where the
interest is based on the Prime Rate and Eurocurrency Advances based on CDOR), Commitment Fees and other fees hereunder, such
interest or fees shall be calculated for actual days elapsed on the basis of a 360-day year and (b) interest on Advances (1) which
are Alternate Base Rate Loans where the interest is based on the Prime Rate and (2) Eurocurrency Advances based on CDOR, such
interest shall be calculated for actual days elapsed on the basis of a 365/366 day year. Interest shall be payable for the day an
Advance is made but not for the day of any payment on the amount paid if payment is received prior to (x) 1:00 p.m. (New York time),
in the case of an Advance denominated in Dollars or (y) the Applicable Time, in the case of an Advance denominated in a Foreign
Currency, in each case, at the place of payment. If any payment of principal of or interest on an Advance, any fees or any other
amounts payable to any Agent or any Lender hereunder shall become due on a day which is not a Business Day, such payment shall be
made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in
computing interest, fees and commissions in connection with such payment.


 


Section 2.15      
Notification of Advances, Interest Rates, Prepayments and Commitment Reductions; Availability of Revolving Loans. Promptly
after receipt thereof, the Administrative Agent will notify each Lender of the contents of each Aggregate Commitment reduction notice,
Borrowing Notice, Conversion/Continuation Notice and prepayment notice received by it hereunder. The Administrative Agent will notify
each Lender of the interest rate applicable to each Advance promptly upon determination of such interest rate and will give prompt notice
of each change in the Alternate Base Rate. Not later than 1:00 p.m. (New York time), in the case of any Revolving Loan denominated in
Dollars, and not later than the Applicable Time, in the case of any Revolving Loan denominated in a Foreign Currency on each Borrowing
Date, each Lender shall make available its Revolving Loan or Revolving Loans in funds immediately available to the Administrative Agent’s
Office for the applicable currency. The Administrative Agent will make the funds so received from the Lenders available to the Borrower
at the Administrative Agent’s aforesaid address not later than 3:00 p.m. (New York time), in the case of any Revolving Loan denominated
in Dollars, and not later than the Applicable Time, in the case of any Revolving Loan denominated in a Foreign Currency on each Borrowing
Date.


 


Section 2.16       Lending
Installations. Each Lender may book its Loans at any Lending Installation selected by such Lender and may change its Lending
Installation from time to time. All terms of this Agreement shall apply to any such Lending Installation and the Loans and any Notes
issued hereunder shall be deemed held by each Lender for the benefit of any such Lending Installation. Each Lender may, by written
notice to the Administrative Agent and the Borrower in accordance with ‎Article
13, designate replacement or additional Lending Installations through which Loans will be made by it and for whose account Loan
payments are to be made.


 






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Section 2.17      
Payments Generally; Administrative Agent’s Clawback.


 


(a)           
Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from
a Lender prior to the proposed date of any Advance of Eurocurrency Loans (or, in the case of any Advance of Alternate Base Rate Loans,
prior to 12:00 noon (New York time) on the date of any such Advance) that such Lender will not make available to the Administrative Agent
such Lender’s share of such Advance, the Administrative Agent may assume that such Lender has made such share available on such
date in accordance with ‎Section 2.15 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 Advance available to the Administrative
Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding
amount in Same Day Funds with interest thereon, for each day from and including the date such amount is made available to the Borrower
to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the Overnight
Rate and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Alternate Base Rate Loans. If the Borrower
and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall
promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the
applicable Advance to the Administrative Agent, then the amount so paid shall constitute such Lender’s Revolving Loan included in
such Advance. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have
failed to make such payment to the Administrative Agent.


 


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


 


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


 









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(c)           
 Obligations of Lenders Several. The obligations of the Lenders hereunder to make Revolving Loans, to issue or participate
in Letters of Credit and to make payments pursuant to ‎Section 9.06(c) are several and not joint. The failure of any
Lender to make any Revolving Loan, to fund any such participation or to make any payment under ‎Section 9.06(c) on
any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall
be responsible for the failure of any other Lender to so make its Revolving Loan, to purchase its participation or to make its payment
under ‎Section 9.06(c).


 


Section
2.18       Replacement
of Lender. If any Lender requests compensation under ‎Section 3.01 or ‎3.02,
or if any Lender gives notice to the Borrower pursuant to ‎Section 3.03, or
if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant
to ‎Section 3.05, or if any Lender is a Defaulting Lender or a Declining Lender,
or if a Lender fails to consent to an amendment or waiver approved by the Required Lenders as to any matter for which such Lender’s
consent is needed, 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 12.01), all of its interests, rights and obligations under this
Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if
a Lender accepts such assignment); provided that: 


(a)           
The Borrower shall have paid to the Administrative Agent the assignment fee specified in ‎Section 12.01(b)(iv);


 


(b)           
such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and funded participations
in Letter of Credit draws, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan
Documents (including any amounts under ‎Section 3.04) from the assignee (to the extent of such outstanding principal
and accrued interest and fees) or the Borrower (in the case of all other amounts);


 


(c)           
in the case of any such assignment resulting from a claim for compensation under ‎Section 3.01 or payments
required to be made pursuant to ‎Section 3.05, such assignment will result in a reduction in such compensation or
payments thereafter;


 


(d)           
such assignment does not conflict with applicable laws; and


 


(e)           
in the case of any such assignment resulting from a failure to consent to an amendment or waiver approved by the Required Lenders,
such assignee shall have consented to the relevant amendment or waiver.


 


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.


 






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Section 2.19      
Sharing of Payments by Lenders. Except as otherwise specified herein, 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 the Loans made by it, resulting in
such Lender’s receiving payment of a proportion of the aggregate amount of such Loans and accrued interest thereon greater than
its Pro Rata Share to which it is entitled pursuant hereto, 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 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:


 


(a)           
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


 


(b)           the
provisions of this Section 2.19 shall not be construed to apply to (x) 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 or payments
made on any Existing Stated Maturity Date pursuant to Section 2.23), (y) the application of Cash Collateral as provided in Section
2.20 or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans
or subparticipations in Letters of Credit to any assignee or participant, other than to the Borrower or any Subsidiary (as to which the
provisions of this Section 2.19 shall apply).


 


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


 


Section 2.20      
Cash Collateral.


 


(a)           
Cash Collateralization. If there shall exist a Defaulting Lender, within one (1) Business Day following the written request
of the Administrative Agent or any Issuing Lender (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the
Fronting Exposure of the Issuing Lenders with respect to such Defaulting Lender (determined after giving effect to Section 2.21
and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.


 


(b)            Grant
of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants
to the Administrative Agent, for the benefit of the Issuing Lenders, 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, to be applied pursuant to clause (c) below. If at any time the Administrative Agent determines that Cash
Collateral is subject to any right or claim of any Person other than the Administrative Agent and the Issuing Lenders 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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(c)           
Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this Section
2.20 or 8.01 in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation
to fund participations in respect of L/C Obligations (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued
on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be
provided for herein.


 


(d)           
Termination of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce the Fronting Exposure
of any Issuing Lender shall no longer be required to be held as Cash Collateral pursuant to this Section 2.20 following (i) the
elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Lender), or
(ii) the determination by the Administrative Agent and the Issuing Lenders that there exists excess Cash Collateral; provided that,
subject to Section 2.21, the Person providing Cash Collateral and the Issuing Lenders may agree that Cash Collateral shall be held
to support future anticipated Fronting Exposure or other obligations.


 


Section 2.21      
Defaulting Lenders.


 


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


 


(b)           
Waivers and Amendments. That 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 Section 8.02 and the definition of Required Lender.


 






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(c)            Reallocation
of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of
that Defaulting Lender under this Agreement or the other Loan Documents (whether voluntary or mandatory, at maturity, pursuant to Section
8.01 or otherwise, and including any amounts made available to the Administrative Agent by that Defaulting Lender pursuant to Section
11.01) shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the
payment of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro
rata basis of any amounts owing by such Defaulting Lender to any Issuing Lender hereunder; third, to Cash Collateralize
the Fronting Exposure of the Issuing Lenders with respect to such Defaulting Lender in accordance with Section 2.20 with a
corresponding release of any Cash Collateral provided by the Borrower and/or a reversal of any reallocations made among the Lenders
with respect to such Fronting Exposure pursuant to Section 2.21(e); fourth, as the Borrower may request (so long as no
Default or Unmatured Default exists), to the funding of any Loan or funded participation in respect of which that Defaulting Lender
has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so
determined by the Administrative Agent and the Borrower, to be held in a deposit account and released in order to (A) satisfy
obligations of that 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 2.20; sixth,
to the payment of any amounts owing to the Lenders or the Issuing Lenders as a result of any judgment of a court of competent
jurisdiction obtained by any Lender or any Issuing Lender against that Defaulting Lender as a result of that Defaulting
Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Unmatured Default exists, to
the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the
Borrower against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this
Agreement; and eighth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that
if (x) such payment is a payment of the principal amount of any Loans or funded participations in Letters of Credit in respect of
which that Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of
Credit were issued at a time when the conditions set forth in Section 4.03 were satisfied or waived, such payment shall be
applied first to pay the Loans of, and funded participations in Letters of Credit 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 owed to, such
Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations are held by the Lenders pro
rata in accordance with the Aggregate Commitment under the Revolving Credit Facility without giving effect to Section
2.22(d). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay
amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.21 shall be deemed paid to and
redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.


 


(d)           
Certain Fees. The Defaulting Lender shall not be entitled to receive any Commitment Fee pursuant to Section 2.05‎(a)
for any period during which that Lender is a Defaulting Lender. Each Defaulting Lender shall be entitled to receive letter of credit commissions
pursuant to Section 2.03 for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Pro
Rata Share of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.20. With respect
to any letter of credit commission not required to be paid to any Defaulting Lender, 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 that has been reallocated to such Non-Defaulting Lender pursuant to clause (e) below, (2) pay to each applicable
Issuing Lender the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Lender’s
Fronting Exposure to such Defaulting Lender, and (3) not be required to pay the remaining amount of any such fee.


 









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(e)           
 Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation
in L/C Obligations shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Pro Rata Share (calculated
without regard to such Defaulting Lender’s Commitment) but only to the extent that such reallocation does not cause the aggregate
Outstanding Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. Subject to Section
15.07, 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.


 


(f)            
Cash Collateral. If the reallocation described in clause (e) above cannot, or can only partially, be effected, the
Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, Cash Collateralize the Issuing Lenders’
Fronting Exposure in accordance with the procedures set forth in Section 2.20.


 


(g)           
Defaulting Lender Cure. If the Borrower, the Administrative Agent and the Issuing Lenders agree in writing in their sole
discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the
parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender
will, to the extent applicable, purchase that portion of outstanding Revolving Loans of the other Lenders or take such other actions as
the Administrative Agent may determine to be necessary to cause the Revolving Loans and funded and unfunded participations in Letters
of Credit to be held on a pro rata basis by the Lenders in accordance with their Pro Rata Shares whereupon that Lender will cease to be
a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or
on behalf of the Borrower while that Lender was a Defaulting Lender; and provided further, that except to the extent otherwise
expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of
any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.


 


(h)           
New Letters of Credit. So long as any Lender is a Defaulting Lender, no Issuing Lender shall be required to issue, extend,
increase, reinstate or renew any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.


 


Section 2.22       Incremental
Loans. At any time after the Closing Date and prior to the Facility Termination Date, the Borrower may by written notice to the
Administrative Agent elect to request the establishment of one or more increases in the Aggregate Commitment (any such increase, an
 “Incremental Revolving Credit Commitment”) to make revolving credit loans under the Revolving Credit Facility
(any such increase, an “Incremental Revolving Credit Increase”); provided that (1) the total aggregate
principal amount for all such increases during the term of this Agreement shall not exceed $200,000,000 and (2) the total aggregate
amount for each Incremental Revolving Credit Increase shall not be less than $15,000,000 or, if less, the remaining amount permitted
pursuant to the foregoing clause (1). Each such notice shall specify the date (each, an “Increased Amount
Date”) on which the Borrower proposes that any Incremental Revolving Credit Increase shall be effective. 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 Incremental Revolving Credit Commitment (any such Person, an “Incremental
Lender”). Any Incremental Revolving Credit Commitments shall become effective as of such Increased Amount Date; provided that:


 






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(a)           
no Unmatured Default or Default shall exist on such Increased Amount Date;


 


(b)           
each of the representations and warranties contained in Article 5 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 and correct in all respects, on such Increased Amount Date with the same effect as if made
on and as of such date (except for any such representation and warranty that by its terms is made only as of an earlier date, which representation
and warranty shall 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 and correct in all
respects) as of such earlier date);


 


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


 


(i)           
the outstanding Revolving Loans and L/C Obligations will be reallocated by the Administrative Agent on the applicable Increased
Amount Date among the Lenders (including the Incremental Lenders providing such Incremental Revolving Credit Increase) in accordance with
their revised Pro Rata Share (and the Lenders (including the Incremental Lenders providing such Incremental Revolving Credit Increase)
agree to make all payments and adjustments necessary to effect such reallocation and the Borrower shall pay any and all costs required
pursuant to ‎Section 3.04 in connection with such reallocation as if such reallocation were a repayment); and


 


(ii)           
such Incremental Revolving Credit Commitments shall be effected pursuant to one or more Lender Joinder Agreements executed and
delivered by the Borrower, the Administrative Agent and the applicable Incremental Lenders (which Lender Joinder Agreement(s) 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 opinion of the Administrative Agent, to effect the provisions of this Section 2.22);


 


(d)           
No existing Lender shall be obligated to participate in any Incremental Revolving Credit Increase, and each Lender’s decision
to provide (or not provide) an Incremental Revolving Credit Commitment in any instance shall be made in such Lender’s sole and absolute
discretion in each case.


 


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


 






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Section 2.23       Extension.
On not more than two occasions following the Closing Date during the term of this Agreement, and no more than once in any 12-month
period, the Borrower may, by written notice to the Administrative Agent (which shall promptly deliver a copy to each of the Lenders)
not less than 30 days and not more than 60 days prior to the proposed effective date of an extension (such date of effectiveness, an
 “Extension Date”), request that the Lenders extend the Stated Maturity Date and the Commitments for a period of
one year from the Stated Maturity Date then in effect hereunder (the then “Existing Stated Maturity Date”). Each
Lender shall, by notice to the Borrower and the Administrative Agent, given no later than 15 days (or such other date specified by
the Borrower in such written notice delivered pursuant to the immediately preceding sentence or any supplement thereto) after such
written notice is delivered to the Administrative Agent, advise the Borrower whether or not it agrees to the requested extension
(each Lender agreeing to a requested extension, a “Consenting Lender” and each Lender declining to agree to a
requested extension, a “Declining Lender”). Any Lender that has not so advised the Borrower and the
Administrative Agent by the applicable deadline shall be deemed to have declined to agree to such extension and shall be a Declining
Lender (unless such Lender subsequently agrees to such requested extension and the Borrower elects in its sole discretion to treat
such Lender as a Consenting Lender). If Lenders constituting the Required Lenders shall have agreed to any such extension request,
then the Stated Maturity Date shall, as to the Consenting Lenders and any Lender replacing a Declining Lender, be extended on the
Extension Date to the date that is one year after the then Existing Stated Maturity Date. The decision to agree or withhold
agreement to any Stated Maturity Date extension request shall be at the sole discretion of each Lender. The Commitment of any
Declining Lender shall terminate on the Existing Stated Maturity Date applicable to such Declining Lender. The principal amount of
any outstanding Loans made by Declining Lenders, together with any accrued interest thereon and any accrued fees and other amounts
payable to or for the accounts of such Declining Lenders hereunder, shall be due and payable on the Existing Stated Maturity Date
applicable to such Declining Lenders, and on the Existing Stated Maturity Date applicable to such Declining Lenders, the Borrower
shall also make such other prepayments of Loans as shall be required in order that, after giving effect to the termination of the
Commitments of, and all payments to, Declining Lenders pursuant to this sentence, the sum of the Aggregate Outstanding Credit
Exposure shall not exceed the Aggregate Commitments. Notwithstanding the foregoing provisions of this paragraph, the Borrower shall
have the right, pursuant to and in accordance with the requirements of Section 12.01, at any time prior to any Existing Stated
Maturity Date, to cause a Declining Lender to assign its interests, rights and obligations hereunder to a Lender or (subject to the
consent of the Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed), solely to the extent
such consent would be required for an assignment pursuant to Section 12.01) other Eligible Assignee that agrees to a request for the
extension of the Existing Stated Maturity Date, and any such assignee shall for all purposes constitute a Consenting Lender.
Notwithstanding the foregoing, no extension of the Stated Maturity Date pursuant to this paragraph shall become effective unless (i)
on the applicable Extension Date, no Unmatured Default or Default has occurred and is continuing, (ii) each of the representations
and warranties set forth in Article 5 of this Agreement is true and correct in all material respects (except to the extent
such representations and warranties are qualified with “materiality” or “Material Adverse Effect” or similar
terms, in which case such representations and warranties are true and correct in all respects) as of such Extension 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 (except to the extent such representations and warranties are
qualified with “materiality” or “Material Adverse Effect” or similar terms, in which case such
representations and warranties shall have been true and correct in all respects) on and as of such earlier date, (iii) the remaining
maturity of the Commitments, after giving effect to such extension, does not exceed five years from the applicable Extension Date
and (iv) the Administrative Agent shall have received an officer’s certificate, signed by an Authorized Officer of the
Borrower, certifying that the foregoing conditions (i) and (ii) are satisfied as of the applicable Extension Date.


 






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Article
3

Yield Protection; Taxes


 


Section 3.01      
Yield Protection. If, on or after the date of this Agreement, any Change in Law:


 


(i)           
imposes, modifies or deems applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against
assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected
in the Eurocurrency Rate) or any Issuing Lender;


 


(ii)           subjects
any Lender or Issuing Lender to any Tax of any kind whatsoever (except for Indemnified Taxes or Other Taxes covered by ‎Section
3.05 and Excluded 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)           
imposes on any Lender or any Issuing Lender the London interbank market any other condition, cost or expense affecting this Agreement
or Eurocurrency Loans made by such Lender or any Letter of Credit or participation therein;


 


and the result of any of the foregoing shall
be to increase the cost to such Lender of making, continuing, converting to or maintaining any Eurocurrency Loans (or, in the case
of a Change in Law with respect to Taxes, any Loan) or of maintaining its obligation to make any such Loan, or to increase the cost
to such Lender or Issuing Lender of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation
to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or
Issuing Lender hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or Issuing Lender,
the Borrower shall pay to such Lender or Issuing Lender, as the case may be, such additional amount or amounts as will compensate
such Lender or Issuing Lender, as the case may be, for such additional costs incurred or reduction suffered. Notwithstanding the
foregoing, no Lender or Issuing Lender shall be entitled to seek compensation under this ‎Section
3.01 unless such Lender or Issuing Lender is generally seeking compensation from other borrowers that are similarly situated to
and of similar creditworthiness with respect to its similarly affected commitments, loans and/or participations under agreements
with such borrowers having provisions similar to this ‎Section
3.01.


 






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Section 3.02      
Changes in Capital Adequacy Regulations; Certificates for Reimbursement; Delay in Requests.


 


(a)           
Changes in Capital Adequacy. If any Lender or Issuing Lender determines that any Change in Law after the date of this Agreement
affecting such Lender or Issuing Lender or any Lending Installation of such Lender or Issuing Lender or such Lender’s or 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 Issuing Lender’s capital or on the capital of such Lender’s or Issuing Lender’s
holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in
Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Lender to a level below that which such Lender
or Issuing Lender or such Lender’s or Issuing Lender’s holding company could have achieved but for such Change in Law (taking
into consideration such Lender’s or Issuing Lender’s policies and the policies of such Lender’s or Issuing Lender’s
holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender or Issuing Lender, as the
case may be, such additional amount or amounts as will compensate such Lender or Issuing Lender such Lender’s or Issuing Lender’s
holding company for any such reduction suffered. Notwithstanding the foregoing, no Lender or Issuing Lender shall be entitled to seek
compensation under this ‎Section 3.02 unless such Lender or Issuing Lender is generally seeking compensation from
other borrowers that are similarly situated to and of similar creditworthiness with respect to its similarly affected commitments, loans
and/or participations under agreements with such borrowers having provisions similar to this ‎Section 3.02.


 


(b)           
Certificates for Reimbursement. A certificate of a Lender or an Issuing Lender setting forth the amount or amounts necessary
to compensate such Lender, such Issuing Lender or their respective holding companies, as the case may be, as specified in ‎Section
3.01 or subsection ‎(a) of this Section 3.02 and delivered to the Borrower shall be conclusive absent manifest
error. The Borrower shall pay to such Lender or Issuing Lender, as the case may be, the amount shown as due on any such certificate within
fifteen (15) days after receipt thereof.


 


(c)            Delay
in Requests. Failure or delay on the part of any Lender or Issuing Lender to demand compensation pursuant to the foregoing
provisions of this Section 3.02 or ‎Section 3.01 shall not constitute a waiver of such Lender’s or
Issuing Lender’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender or
Issuing Lender, as the case may be, pursuant to the foregoing provisions of this Section 3.02 or ‎Section
3.01 for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender or Issuing
Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or
Issuing Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased
costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of
retroactive effect thereof).


 






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(d)           
Additional Reserve Requirements. The Borrower shall pay to each Lender, as long as such Lender shall be required to comply
with any reserve ratio requirement or analogous requirement of any central banking or financial regulatory authority imposed in respect
of the maintenance of the Commitments or the funding of the Loans denominated in a Foreign Currency, such additional costs (expressed
as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs allocated to
such Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall
be due and payable on each date on which interest is payable on such Loan, provided the Borrower shall have received at least thirty (30)
days’ prior notice (with a copy to the Administrative Agent) of such additional costs from such Lender. Such Lender shall deliver
a certificate to the Borrower setting forth in reasonable detail a calculation of such actual costs incurred by such Lender and shall
certify that it is generally charging such costs to similarly situated customers of similar creditworthiness of the applicable Lender
under agreements having provisions similar to this ‎Section 3.02(d) If a Lender fails to give notice thirty (30) days
prior to the relevant interest payment date, such additional costs shall be due and payable thirty (30) days from receipt of such notice.
For the avoidance of doubt, any amounts paid under this ‎Section 3.02(d) shall be without duplication of eurocurrency
adjustments in the definition of “Eurocurrency Rate”.


 


Section 3.03      
Illegality. If any Lender determines that any law has made it unlawful, or that any Governmental Authority has asserted
that it is unlawful, for the Administrative Agent or any Lender or its applicable Lending Installation to make, maintain or fund Eurocurrency
Loans, or to determine or charge interest rates based upon the Eurocurrency Rate, or any Governmental Authority has imposed material restrictions
on the authority of such Lender to purchase or sell, or to take deposits of, Dollars or any Foreign Currency in the London interbank market,
then, on notice thereof by such Lender to the Borrower through the Administrative Agent, any obligation of such Lender to make or continue
Eurocurrency Loans or to convert Alternate Base Rate Loans to Eurocurrency Loans shall be suspended until such Lender notifies the Administrative
Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrower
shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable and such Revolving Loans are denominated
in Dollars, convert all Eurocurrency Loans of such Lender to Alternate Base Rate Loans, either on the last day of the Interest Period
therefor, if such Lender may lawfully continue to maintain such Eurocurrency Loans to such day, or immediately, if such Lender may not
lawfully continue to maintain such Eurocurrency Loans. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest
on the amount so prepaid or converted.


 






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Section 3.04      
Compensation for Losses. Upon demand of any Lender or, with respect to clause (c) below, any Issuing Lender, the Borrower shall
promptly compensate such Lender or such Issuing Lender for and hold such Lender or such Issuing Lender harmless from any loss, cost or
expense incurred by it as a result of:


 


(a)           
any continuation, conversion, payment or prepayment of any Loan other than an Alternate Base Rate Loan on a day other than the
last day of the Interest Period for such Loan or other than upon at least three (3) Business Days’ prior notice to the Administrative
Agent (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise, but excluding any prepayment or conversion required
pursuant to ‎Section 3.03);


 


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


 


(c)           
any failure by the Borrower to make payment of any Revolving Loan or drawing under any Letter of Credit (or interest due thereon)
denominated in a Foreign Currency or Additional L/C Currency on its scheduled due date or any payment thereof in a different currency;
or


 


(d)            any
assignment of a Eurocurrency Loan on a day other than the last day of the Interest Period therefor as a result of a request by the
Borrower pursuant to ‎Section 2.18; including any foreign exchange losses and loss or expense arising from the
liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which
such funds were obtained or from the performance of any foreign exchange contract. The Borrower shall also pay any customary
administrative fees charged by such Lender in connection with the foregoing.


 


For purposes of calculating
amounts payable by the Borrower to the Lenders under this ‎Section 3.04, each
Lender shall be deemed to have funded each Eurocurrency Loan made by it at the Eurocurrency Rate for such Loan by a matching deposit or
other borrowing in the London interbank eurodollar market for such currency and for a comparable amount and for a comparable period, whether
or not such Eurocurrency Loan was in fact so funded.


 


Section 3.05      
Taxes.


 


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


 


(i)            Any
and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document shall to the extent
permitted by applicable laws be made free and clear of and without reduction or withholding for any Taxes. If, however, applicable
laws require the Borrower or the Administrative Agent to withhold or deduct any such Tax, such Tax shall be withheld or deducted in
accordance with such laws as determined by the Borrower or the Administrative Agent, as the case may be, upon the basis of the
information and documentation to be delivered pursuant to subsection ‎(e) below.


 






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(ii)           
If the Borrower or the Administrative Agent shall be required by applicable law to withhold or deduct any Taxes from any payment
under any Loan Document, then (A) the Borrower or the Administrative Agent, as applicable, shall withhold or make such deductions as are
determined by the Borrower or the Administrative Agent, as applicable, to be required based upon the information and documentation it,
or the applicable taxing authority, has received pursuant to subsection ‎(e) below (for the avoidance of doubt, in
the case of any such information and documentation received by an applicable taxing authority, solely to the extent the Borrower or the
Administrative Agent has been provided with a copy of such information and documentation or otherwise has actual knowledge of such information
and documentation and, in each case, is entitled to rely thereon), (B) the Borrower or the Administrative Agent, as applicable, shall
timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with applicable law, and (C) to the
extent that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by the Borrower shall
be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable
to additional sums payable under this Section 3.05) the Administrative Agent or any Lender or Issuing Lender receives an amount
equal to the sum it would have received had no such withholding or deduction been made.


 


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


 


(c)           
Indemnification.


 


(i)           
Without limiting the provisions of subsection (a) or (b) above, the Borrower shall indemnify the Administrative Agent, each Lender
and each Issuing Lender and shall make payment in respect thereof within thirty (30) days after written demand therefor, for the full
amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts
payable under this Section 3.05) withheld or deducted by the Borrower or the Administrative Agent or paid by the Administrative
Agent or such Lender or Issuing Lender, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto,
whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of any such payment or liability delivered to the Borrower by a Lender or Issuing Lender (with a copy to
the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or Issuing Lender, shall be conclusive
absent manifest error.


 






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(ii)            Without
limiting the provisions of subsection (a) or (b) above, each Lender and Issuing Lender shall, and does hereby, indemnify (x) the
Borrower and the Administrative Agent, and shall make payment in respect thereof within thirty (30) days after demand therefor,
against any and all Taxes and any and all related losses, claims, liabilities, penalties, interest and expenses (including the fees,
charges and disbursements of any counsel for the Borrower or the Administrative Agent) incurred by or asserted against the Borrower
or the Administrative Agent by any Governmental Authority as a result of (1) the failure by such Lender to deliver, or as a result
of the inaccuracy, inadequacy or deficiency of, any documentation required to be delivered by such Lender or Issuing Lender to the
Borrower or the Administrative Agent pursuant to subsection ‎(e) or (2) the failure of such Lender or Issuing
Lender to comply with the provisions of ‎Section 12.01(d) relating to the maintenance of a Participant
Register and (y) the Administrative Agent against any Indemnified Taxes or Other Taxes attributable to such Lender or Issuing Lender
(but only to the extent the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes or Other Taxes
and without limiting the obligation of the Borrower to do so) or Excluded Taxes attributable to such Lender or Issuing Lender, 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 or the Borrower shall be conclusive absent manifest error. Each Lender and Issuing Lender hereby
authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement
or any other Loan Document against any amount due to the Administrative Agent under this clause ‎(ii).
The agreements in this clause ‎(ii) shall survive the resignation and/or replacement of the
Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Aggregate Commitments and
the repayment, satisfaction or discharge of all other Obligations.


 


(d)           
Evidence of Payments. Upon request by the Borrower or the Administrative Agent, as the case may be, after any payment of
Taxes by the Borrower or the Administrative Agent to a Governmental Authority as provided in this ‎Section 3.05, the
Borrower shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the Borrower, as the case may be, the
original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required
by law to report such payment or other evidence of such payment reasonably satisfactory to the Borrower or the -Administrative Agent,
as the case may be.


 


(e)           
Status of Lenders and Issuing Lenders; Tax Documentation.


 


(i)            Each
Lender and Issuing Lender shall deliver to the Borrower, the Administrative Agent or the applicable taxing authority, at the time or
times prescribed by applicable laws or when reasonably requested by the Borrower or the Administrative Agent, such properly
completed and executed documentation prescribed by applicable laws or by the taxing authorities of any jurisdiction and such other
reasonably requested information (A) to secure any applicable exemption from, or reduction in the rate of, deduction or withholding
imposed by any jurisdiction in respect of any payments to be made by the Borrower to such Lender or Issuing Lender, and (B) as will
permit the Borrower or the Administrative Agent, as the case may be, to determine (1) whether or not payments made hereunder or
under any other Loan Document are subject to Taxes, (2) if applicable, the required rate of withholding or deduction, and (3) such
Lender’s or Issuing Lender’s entitlement to any available exemption from, or reduction of, applicable Taxes in respect
of all payments to be made to such Lender or Issuing Lender by the Borrower pursuant to this Agreement or otherwise to establish
such Lender’s or Issuing Lender’s status for withholding tax purposes in the applicable jurisdiction.


 






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(ii)           
Without limiting the generality of the foregoing, if the Borrower (or, if the Borrower is disregarded as an entity separate from
its owner for U.S. federal income tax purposes, the Person treated as its owner for U.S. federal income tax purposes) is a “United
States person” within the meaning of Section 7701(a)(30) of the Code,


 


(A)           
any Lender or Issuing Lender (or, if such Lender or Issuing Lender is disregarded as an entity separate from its owner for U.S.
federal income tax purposes, the Person treated as its owner for U.S. federal income tax purposes) that is a “United States person”
within the meaning of Section 7701(a)(30) of the Code shall deliver to the Borrower and the Administrative Agent on or prior to the date
on which such Lender becomes a Lender or Issuing Lender becomes an Issuing Lender under this Agreement (and from time to time thereafter
upon the request of the Borrower or the Administrative Agent) executed originals of Internal Revenue Service Form W-9 or such other documentation
or information prescribed by applicable laws or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower
or the Administrative Agent, as the case may be, to determine whether or not such Lender or Issuing Lender is subject to backup withholding
or information reporting requirements;


 


(B)            each
Foreign Lender or non-U.S. Issuing Lender (or, if such Foreign Lender or Issuing Lender is disregarded as an entity separate from
its owner for U.S. federal income tax purposes, the Person treated as its owner for U.S. federal income tax purposes) that is
entitled under the Code or any applicable treaty to an exemption from or reduction of withholding tax with respect to payments
hereunder or under any other Loan Document shall 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 or Issuing Lender becomes a Lender or
Issuing Lender under this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent,
but only if such Foreign Lender or Issuing Lender (or, if such Foreign Lender or Issuing Lender is disregarded as an entity separate
from its owner for U.S. federal income tax purposes, the Person treated as its owner for U.S. federal income tax purposes) is
legally entitled to do so), whichever of the following is applicable:


 






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(1)           
executed originals of Internal Revenue Service Form W-8BEN or W-BEN-E, as applicable, claiming eligibility for benefits of an income
tax treaty to which the United States is a party,


 


(2)           
in the case of a Foreign Lender claiming that its extension of credit will generate U.S. effectively connected income, executed
originals of Internal Revenue Service Form W-8ECI,


 


(3)           
in the case of a Foreign Lender or non-U.S. Issuing Lender (or, if such Foreign Lender or Issuing Lender is disregarded as an entity
separate from its owner for U.S. federal income tax purposes, the Person treated as its owner for U.S. federal income tax purposes) 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 or Issuing Lender (or such other Person) is not (A) a “bank” within the
meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Borrower within the meaning of Section
881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S.
Tax Compliance Certificate”) and (y) executed originals of Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable,


 


(4)           
executed originals of Internal Revenue Service Form W-8IMY and all required supporting documentation, including IRS Form W-8ECI,
IRS Form W-8BEN, 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 Lender or Issuing Lender
is a partnership and one or more direct or indirect partners of such Lender or Issuing Lender are claiming the portfolio interest exemption,
such Lender or Issuing 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, or


 


(5)            executed
originals of any other form prescribed by applicable laws as a basis for claiming exemption from or a reduction in U.S. federal
withholding tax together with such supplementary documentation as may be prescribed by applicable laws to permit the Borrower or the
Administrative Agent to determine the withholding or deduction required to be made.


 






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(C)           
each Lender and Issuing Lender shall deliver to the Administrative Agent and the Borrower such documentation reasonably requested
by the Administrative Agent or the Borrower sufficient for the Administrative Agent and the Borrower to comply with their obligations
under FATCA and to determine whether payments to such Lender or Issuing Lender are subject to withholding tax under FATCA. Solely for
purposes of this subclause ‎(C), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.


 


(iii)           
Each Lender and Issuing Lender shall promptly (A) notify the Borrower and the Administrative Agent of any change in circumstances
which would modify or render invalid any claimed exemption or reduction, and (B) take such steps as shall not be materially disadvantageous
to it, in the reasonable judgment of such Lender or Issuing Lender and as may be reasonably necessary (including the redesignation of
its Lending Installation) to avoid any requirement of applicable laws of any jurisdiction that the Borrower or the Administrative Agent
make any withholding or deduction for taxes from amounts payable to such Lender or Issuing Lender.


 


(f)             Treatment
of Certain Refunds. Unless required by applicable laws, at no time shall the Administrative Agent have any obligation to file
for or otherwise pursue on behalf of a Lender or Issuing Lender, or have any obligation to pay to any Lender or Issuing Lender, any
refund of Taxes withheld or deducted from funds paid for the account of such Lender or Issuing Lender. If the Administrative Agent
or any Lender or Issuing Lender determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to
which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section
3.05, it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or
additional amounts paid, by the Borrower under this Section 3.05 with respect to the Taxes or Other Taxes giving rise to such
refund), net of all out-of-pocket expenses incurred by the Administrative Agent or such Lender, and without interest (other than any
interest paid by the relevant Governmental Authority with respect to such refund), provided that the Borrower, upon the request of
the Administrative Agent or such Lender, as the case may be, agrees to repay the amount paid over to the Borrower (plus any
penalties, interest (to the extent accrued from the date such refund is paid over to the Borrower) or other charges imposed by the
relevant Governmental Authority), to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is
required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (f), in no
event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (f) 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 had not been deducted, withheld or otherwise imposed and the indemnification payments or
additional amounts giving rise to such refund had never been paid. This subsection shall not be construed to require the
Administrative Agent or any Lender or Issuing Lender to make available its Tax returns (or any other information relating to its
Taxes that it deems confidential) to the Borrower or any other Person.


 






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Section 3.06      
Mitigation Obligations. If any Lender requests compensation under ‎Section
3.01 or ‎Section 3.02, or the Borrower is required to pay any additional
amount to any Lender or Issuing Lender or any Governmental Authority for the account of any Lender or Issuing Lender pursuant to ‎Section
3.05, or if any Lender gives a notice pursuant to ‎Section 3.03, then such
Lender or Issuing Lender shall use reasonable efforts to designate a different Lending Installation for funding or booking its Loans hereunder
or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender
or Issuing Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to ‎Section
3.01, ‎3.02 or ‎3.05,
as the case may be, in the future, or eliminate the need for the notice pursuant to ‎Section
3.03, as applicable, and (ii) in each case, would not subject such Lender or Issuing Lender, as the case may be, to any unreimbursed
cost or expense and would not otherwise be disadvantageous to such Lender or Issuing Lender. The Borrower hereby agrees to pay all reasonable
costs and expenses incurred by any Lender or Issuing Lender in connection with any such designation or assignment.


 


Section 3.07      
Inability to Determine Rates; Replacing LIBOR; Replacing Other and Future Benchmarks.


 


(a) Inability to Determine
Rates. Subject to 3.07(b) and (c), if (x) the Required Lenders determine that for any reason in connection with any request for a
Eurocurrency Loan or a conversion to or continuation thereof that (i) deposits (whether in Dollars or a Foreign Currency) are not being
offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Eurocurrency Loan or
(ii) adequate and reasonable means do not exist for determining the Eurocurrency Base Rate for any requested Interest Period with respect
to a proposed Eurocurrency Loan (whether denominated in Dollars or a Foreign Currency), or (y) the Required Lenders determine that Eurocurrency
Base Rate for any requested Interest Period with respect to a proposed Eurocurrency Loan does not adequately and fairly reflect the cost
to such Lenders of funding such Loan (which determination shall be made by notice to the Administrative Agent), the Administrative Agent
will promptly so notify the Borrower and each Lender. Thereafter, the obligation of the Lenders to convert Alternate Base Rate Loans to,
or to continue, make or maintain Eurocurrency Loans in the affected currency shall be suspended until the Administrative Agent (upon the
instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for
an Advance of, conversion to or continuation of Eurocurrency Loans of the affected currency or, failing that, will be deemed to have converted
such request into a request for Alternate Base Rate Loans in the amount specified therein.


 


(b) Replacing
LIBOR. On March 5, 2021 the Financial Conduct Authority (“FCA”), the regulatory supervisor of LIBOR’s
administrator (“IBA”), announced in a public statement the future cessation or loss of representativeness of
overnight/Spot Next, 1-month, 3-month, 6-month and 12- month LIBOR tenor settings. On the earlier of (i) the date that all Available
Tenors of LIBOR have either permanently or indefinitely ceased to be provided by IBA or have been announced by the FCA pursuant to
public statement or publication of information to be no longer representative and (ii) the Early Opt-in Effective Date, if the
then-current Benchmark is LIBOR, the Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan
Document in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment to, or further
action or consent of any other party to this Agreement or any other Loan Document. If the Benchmark Replacement is Daily Simple
SOFR, all interest payments will be payable on a quarterly basis.


 






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(c) Replacing Other and
Future Benchmarks. Upon (i) the occurrence of a Benchmark Transition Event, the Benchmark Replacement will replace the then-current
Benchmark for all purposes hereunder and under any Loan Document in respect of any such Benchmark setting at or after 5:00 p.m. 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 or (ii) an Early
Opt-in Effective Date with respect to an Other Rate Early Opt-in Election, the Benchmark Replacement will replace such Benchmark for all
purposes hereunder and under any Loan Document in respect of any setting of such Benchmark on such day and all subsequent settings without
any amendment to, or further action or consent of any other party to this Agreement or any other Loan Document.


 


At any time that the administrator
of the then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or such Benchmark has been announced by
the regulatory supervisor for the administrator or the administrator of such Benchmark pursuant to public statement or publication of
information to be no longer representative of the underlying market and economic reality that such Benchmark is intended to measure and
that representativeness will not be restored, (a) the Borrower may revoke any request for a borrowing of, conversion to or continuation
of Loans to be made, converted or continued that would bear interest by reference to such Benchmark until the Borrower’s receipt
of notice from the Administrative Agent that a Benchmark Replacement has replaced such Benchmark, and, failing that, (i) with respect
to amounts denominated in Dollars, the Borrower will be deemed to have converted any such request into a request for a borrowing of or
conversion to Alternate Base Rate Loans and (ii) with respect to amounts denominated in any currency other than Dollars, such request
shall be deemed ineffective and (b) the obligation of the Lenders to make or maintain Loans referencing such Benchmark in the affected
currency shall be suspended (to the extent of the affected amounts or Interest Periods (as applicable)).


 


During the period referenced
in the foregoing sentence, the component (if any) of the Alternate Base Rate based upon the Benchmark will not be used in any determination
of the Alternate Base Rate.


 


(d) Benchmark
Replacement Conforming Changes. In connection with the implementation and administration of any 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.


 






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(e) Notices; Standards
for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) the implementation
of any Benchmark Replacement and (ii) the effectiveness of any Benchmark Replacement Conforming Changes. For the avoidance of doubt, any
notice required to be delivered by the Administrative Agent as set forth in this Section 3.07 may be provided, at the option of
the Administrative Agent (in its sole discretion), in one or more notices and may be delivered together with, or as part of any amendment
which implements any Benchmark Replacement or Benchmark Replacement Conforming Changes. Any determination, decision or election that may
be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 3.07, 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, 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 hereto, except, in each case, as expressly required pursuant to this
Section 3.07.


 


(f) Unavailability of Tenor
of Benchmark. At any time (including in connection with the implementation of any Benchmark Replacement), (i) if any then-current
Benchmark is a term rate (including Term SOFR, LIBOR, CDOR or EURIBOR), then the Administrative Agent may remove any tenor of such Benchmark
that is unavailable or non-representative for Benchmark (including Benchmark Replacement) settings and (ii) the Administrative Agent may
reinstate any such previously removed tenor for Benchmark (including Benchmark Replacement) settings.


 


(g) Disclaimer. The
Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to (i) the administration,
submission or any other matter related to the London interbank offered rate or other rates in the definition of “Eurocurrency Rate”
or with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation any Benchmark
Replacement implemented hereunder), (ii) the composition or characteristics of any such Benchmark Replacement, including whether it is
similar to, or produces the same value or economic equivalence to LIBOR, CDOR or EURIBOR or any other then-current Benchmark or have the
same volume or liquidity as did LIBOR, CDOR or EURIBOR or any other then-current Benchmark, (iii) any actions or use of its discretion
or other decisions or determinations made with respect to any matters covered by this Section 3.07(b) through (g) including,
without limitation, whether or not a Benchmark Transition Event has occurred, the removal or lack thereof of unavailable or non-representative
tenors, the implementation or lack thereof of any Benchmark Replacement Conforming Changes, the delivery or non-delivery of any notices
required by clause (e) above or otherwise in accordance herewith, and (iv) the effect of any of the foregoing provisions of this Section
3.07(b) through (g).


 






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Section 3.08      
Survival. All of the Borrower’s obligations under
this ‎Article
3 shall survive termination of the Aggregate Commitments, repayment of all other Obligations hereunder and resignation of the Administrative
Agent.


 


Article
4

Conditions Precedent


 


Section 4.01      
Effectiveness. The occurrence of the Effective Date is subject to the satisfaction (or waiver) of only the following
conditions precedent:


 


(a)           
the Administrative Agent (or its counsel) shall have received from (I) all Lenders hereunder as of the Effective Date, (II) the
Administrative Agent, (III) each Issuing Lender and (IV) the Borrower either (i) a counterpart of this Agreement signed on behalf of such
party or (ii) customary written evidence reasonably satisfactory to the Administrative Agent (which may include telecopy or electronic
transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement;


 


(b)           
the Borrower shall have paid all fees, costs and expenses due and payable to the Administrative Agent, for itself and on behalf
of the Lenders, or its counsel on the Effective Date and (in the case of expenses) for which the Borrower has received an invoice at least
three (3) Business Days prior to the Effective Date;


 


(c)           
at least three (3) days prior to the Effective Date, the Borrower shall have provided the documentation and other information about
the Borrower to the Administrative Agent that is required by bank regulatory authorities under applicable “know your customer”
and anti-money laundering rules and regulations, including, without limitation, the U.S. Patriot Act and the Beneficial Ownership Regulation,
to the extent such information was reasonably requested by the Arrangers or a Lender in writing at least ten (10) Business Days prior
to the Effective Date; and


 


(d)           
the Borrower shall have received a Public Debt Rating of BBB- or better from S&P and a Public Debt Rating of BBB- or better
from Fitch.


 


The occurrence of the Effective
Date shall be confirmed by a written notice from the Administrative Agent to the Borrower on the Effective Date, and shall be conclusive
evidence of the occurrence thereof. Without limiting the generality of the provisions of Section 8.02, for purposes of determining
compliance with the conditions specified in this ‎Section 4.01,
each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document
or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative
Agent shall have received notice from such Lender prior to the proposed Effective Date specifying its objection thereto.


 






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Section 4.02      
Closing. The occurrence of the Closing Date is subject to the satisfaction (or waiver) of only the following conditions
precedent:


 


(a)           
 the Effective Date shall have occurred;


 


(b)           
the GXO Distribution Condition shall have been satisfied;


 


(c)           
the Borrower shall have delivered to the Administrative Agent an officer’s certificate, substantially in the form attached
hereto as Exhibit G, dated as of the Closing Date, signed by an Authorized Officer of the Borrower, certifying that (x) on the
Closing Date, no Default or Unmatured Default has occurred and is continuing and (y) the representations and warranties contained in ‎Article
5 are true and correct in all material respects (except to the extent such representations and warranties are qualified by “materiality”
or “Material Adverse Effect” or similar terms, in which case such representations and warranties are true and correct in all
respects) as of the Closing 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 (except to the extent such representations
and warranties are qualified with “materiality” or “Material Adverse Effect” or similar terms, in which case such
representations and warranties shall have been true and correct in all respects) on and as of such earlier date;


 


(d)           
the Borrower shall have delivered to the Administrative Agent a favorable written opinion (addressed to the Administrative Agent
and the Lenders and dated the Closing Date) of Wachtell, Lipton, Rosen & Katz reasonably acceptable to the Administrative Agent;


 


(e)           
each Note requested from the Borrower in writing at least five (5) Business Days prior to the Closing Date by any Lender pursuant
to ‎Section 2.13 shall have been executed by the Borrower; and


 


(f)           
the Borrower shall have paid all fees, costs and expenses due and payable to the Administrative Agent, for itself and on behalf
of the Lenders, or its counsel on the Closing Date and (in the case of expenses) for which the Borrower has received an invoice at least
three (3) Business Days prior to the Closing Date (provided that such invoice may reflect an estimate and/or only costs processed
to date and shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent, including with
respect to fees, costs or expenses incurred prior to the Closing Date);


 


(g)           
the Borrower shall have delivered to the Administrative Agent copies of the certificate of incorporation of the Borrower, together
with all amendments thereto, and a certificate of good standing for the Borrower, each certified by the appropriate governmental officer
in its jurisdiction of incorporation (or, to the extent such certificate of incorporation is not certified by the appropriate governmental
officer in its jurisdiction of incorporation, the Borrower shall have delivered to the Administrative Agent a certification that such
certificate of incorporation has been filed with the appropriate government office in its jurisdiction of incorporation to become effective
on the date the Spinoff is consummated);


 






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(h)           
 the Borrower shall have delivered to the Administrative Agent copies, certified by the Secretary or Assistant Secretary of the
Borrower, of the Borrower’s by-laws and of its Board of Directors’ resolutions and of resolutions or actions of any other
body authorizing the execution of the Loan Documents to which it is a party and a certification that there have been no changes to its
certificate of incorporation provided pursuant to Section 4.02(g);


 


The occurrence of the Closing Date shall be confirmed
by a written notice from the Administrative Agent to the Borrower on the Closing Date, and shall be conclusive evidence of the occurrence
thereof.


 


Section 4.03      
Each Request for Credit Extension. The Lenders shall not be required to honor any Request for Credit Extension, unless
on the applicable Borrowing Date:


 


(a)           
no Unmatured Default or Default has occurred and is continuing or would result from such Request for Credit Extension;


 


(b)           
each of the representations and warranties set forth in Article 5 (other than the representations and warranties set forth
in Sections 5.05, 5.06 and 5.07) are true and correct in all material respects (except to the extent such representations
and warranties are qualified with “materiality” or “Material Adverse Effect” or similar terms, in which case such
representations and warranties are true and correct in all respects) as of such Borrowing 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 (except to the extent such representations and warranties are qualified with “materiality” or “Material
Adverse Effect” or similar terms, in which case such representations and warranties shall have been true and correct in all respects)
on and as of such earlier date; and


 


(c)           
the Borrower shall have delivered a Request for Credit Extension.


 


Each Request for Credit Extension
shall constitute a representation and warranty by the Borrower that the applicable conditions contained in this ‎Section
4.03 have been satisfied as of the applicable Borrowing Date.


 


Article
5

Representations and Warranties


 


The Borrower represents and
warrants as follows to each Lender and the Agents as of the Closing Date and thereafter on each date as required by ‎Section
4.03:


 


Section 5.01       Existence
and Standing. The Borrower (a) is a corporation, partnership, limited liability company or other entity duly and properly
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 (b) has all requisite authority to conduct its
business in each jurisdiction in which its business is conducted, except to the extent that the failure to have such authority would
not reasonably be expected to have a Material Adverse Effect.


 






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Section 5.02      
Authorization and Validity. The Borrower has the power and authority and legal right to execute and deliver the Loan
Documents and to perform its obligations thereunder. The execution and delivery by the Borrower of the Loan Documents and the performance
of its obligations thereunder have been duly authorized by proper proceedings, and the Loan Documents constitute legal, valid and binding
obligations of the Borrower enforceable against it in accordance with their terms, except as may be limited by bankruptcy, insolvency
or similar laws relating to or affecting creditors’ rights generally and by general principles of equity, regardless of whether
considered in a proceeding in equity or at law.


 


Section 5.03      
No Conflict; Government Consent.


 


(a)           
Neither the execution and delivery by the Borrower of the Loan Documents, nor the consummation of the transactions therein contemplated,
nor compliance with the provisions thereof will violate (i) any law, rule, regulation, order, writ, judgment, injunction, decree or award
binding on the Borrower, (ii) the Borrower’s bylaws, articles or certificate of incorporation, partnership agreement, certificate
of partnership, operating agreement or other management agreement, articles or certificate of organization or other similar formation,
organizational or governing documents, instruments and agreements, as the case may be, or (iii) the provisions of any indenture, instrument
or agreement to which the Borrower is a party or is subject, or by which it, or its Property, is bound, except in the case of clauses
‎(i) and ‎(iii) where such violation would not reasonably be expected to have a Material Adverse
Effect.


 


(b)           
No order, consent, adjudication, approval, license, authorization, or validation of, or filing, recording or registration with,
or exemption by, or other action in respect of any governmental or public body or authority, or any subdivision thereof, which has not
been obtained by the Borrower, is required to be obtained by the Borrower in connection with the execution and delivery of the Loan Documents,
the borrowings under the Loan Documents, the payment and performance by the Borrower of its Obligations or the legality, validity, binding
effect or enforceability of the Loan Documents.


 


Section 5.04       Financial
Statements. The December 31, 2020 audited consolidated financial statements of the Borrower and the March 31, 2021 unaudited
consolidated financial statements of the Borrower, and, if applicable, the unaudited consolidated financial statements of the
Borrower as of the last day of any subsequent fiscal quarter (other than the fourth fiscal quarter of any fiscal year), in each case
delivered prior to the Effective Date to the Arrangers and the Lenders, copies of which are included in the Borrower Form 10, (a)
were prepared in accordance with GAAP (except as otherwise expressly noted therein), (b) fairly present in all material respects the
consolidated financial condition and operations of the Borrower and its Subsidiaries at such date and the consolidated results of
their operations and cash flows for the period then ended (subject, in the case of unaudited quarterly reports, to the absence of
footnotes and to normal year-end audit adjustments) and (c) show all material indebtedness and other liabilities, direct or
contingent, of the Borrower and its Subsidiaries as of the date thereof that are required under Agreement Accounting Principles to
be reflected thereon.


 






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Section 5.05      
Material Adverse Effect. As of the Effective Date, except as disclosed in the Borrower Form 10 (excluding any disclosures
set forth in any risk factor section and in any section relating to forward-looking or safe harbor statements), since December 31, 2020,
there has been no material adverse effect on the financial condition, results of operations, business or Property of the Borrower and
its Subsidiaries taken as a whole.


 


Section 5.06      
Solvency. As of the Closing Date, immediately after giving effect to the Spinoff, (i) the Borrower and its Subsidiaries
on a consolidated basis are able to pay their debts and other liabilities, contingent obligations and other commitments as they mature
in their ordinary course; (ii) the Borrower and its Subsidiaries do not intend to, and do not believe that they will, incur debts or liabilities
beyond their ability to pay as such debts and liabilities mature in their ordinary course; (iii) the Borrower and its Subsidiaries on
a consolidated basis are not engaged in a business or a transaction, and are not about to engage in a business or a transaction, for which
their property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in
which they are engaged; (iv) the fair value of the property and assets of the Borrower and its Subsidiaries on a consolidated basis is
greater than the total amount of liabilities, including, without limitation, contingent liabilities, of the Borrower and its Subsidiaries
on a consolidated basis; and (v) the present fair salable value of the property and assets of the Borrower and its Subsidiaries on a consolidated
basis is not less than the amount that will be required to pay the probable liability of the Borrower and its Subsidiaries on a consolidated
basis on their debts as they become absolute and matured. In computing the amount of contingent liabilities for purposes of this Section
5.06, it is intended that such liabilities will be computed at the amount which, in light of all the facts and circumstances existing
as of the date hereof, represents the amount that can reasonably be expected to become an actual or matured liability, and all in accordance
with GAAP.


 


Section 5.07      
Litigation. As of the Effective Date, there is no litigation, arbitration, governmental investigation, proceeding or
inquiry pending or, to the knowledge of any of their officers, threatened against or affecting the Borrower or any of its Subsidiaries
which has not been disclosed in the Borrower Form 10 (a) that would reasonably be expected to have a Material Adverse Effect or (b) which
seeks to prevent, enjoin or delay the making of any Loan or otherwise calls into question the validity of any Loan Document and as to
which there is a reasonable possibility of an adverse decision.


 


Section 5.08       Disclosure. All
written information other than financial projections and other forward-looking information and information of a general economic or
industry nature (as used in this ‎Section 5.08, the
 “Information”) provided on or prior to the Effective Date by the Borrower or on behalf of the Borrower by its
representatives to the Agents or the Lenders in connection with the negotiation of this Agreement does not, when taken as a whole,
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein,
when taken as a whole, not materially misleading when taken as a whole and in light of the circumstances under which such statements
were made (giving effect to any supplements then or theretofore furnished).


 






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Section 5.09      
Regulation U. The Borrower is not engaged principally, or as one of its important activities, in the business of extending
credit for the purpose, whether immediate, incidental or ultimate of buying or carrying margin stock (within the meaning of Regulation
U or Regulation X); and after applying the proceeds of each Advance, margin stock (as defined in Regulation U) constitutes not more than
twenty-five percent (25%) of the value of those assets of the Borrower which are subject to any limitation on sale or pledge, or any other
restriction hereunder.


 


Section 5.10      
Investment Company Act. The Borrower is not an “investment company”, a company “controlled by”
an “investment company” or a company required to register as an “investment company,” each as defined in the Investment
Company Act of 1940, as amended.


 


Section 5.11      
OFAC, FCPA. Neither the Borrower nor any of its Subsidiaries, nor, to the knowledge of the Borrower, any director or
officer thereof, is an individual or entity that is (a) the subject or target of any Sanctions or in violation of applicable Anti-Corruption
Laws, (b) included on OFAC’s List of Specially Designated Nationals, HMT’s Consolidated List of Financial Sanctions Targets
and the Investment Ban List, or any similar list enforced by the United States federal government (including, without limitation, OFAC),
the European Union or Her Majesty’s Treasury or (c) located, organized or resident in a Designated Jurisdiction.


 


Section 5.12      
Taxes. Each of Borrower and its Subsidiaries has timely filed or caused to be filed all Tax returns and reports required
to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested
in good faith by appropriate proceedings and for which reserves have been provided in accordance with GAAP or (b) to the extent that the
failure to do so would not reasonably be expected to result in a Material Adverse Effect.


 


Section 5.13      
Affected Financial Institution. The Borrower is not an Affected Financial Institution.


 


Article
6

Covenants


 


From the Closing Date, so
long as any Lender shall have any Commitment hereunder, or any Loan or other Obligation hereunder (other than any contingent indemnification
obligations for which no claim has been made) shall remain unpaid or unsatisfied or (except to the extent agreed by the Issuing Lender
that has issued such Letter of Credit or to the extent such Letter of Credit has been Cash Collateralized) any Letter of Credit shall
remain outstanding:


 


Section 6.01       Financial
Reporting. The Borrower will maintain, for itself and each Subsidiary, a system of accounting established and administered in
accordance with GAAP, and furnish to the Administrative Agent for the Administrative Agent’s distribution to the Lenders:


 






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(a)           
As soon as available, but in any event on or prior to the 90th day after the close of each of its fiscal years (commencing with
the first fiscal year of the Borrower ending after the Closing Date), a consolidated balance sheet as of the end of such period, related
statements of operations, comprehensive income (loss), changes in equity and cash flows prepared in accordance with GAAP on a consolidated
basis for itself and its Subsidiaries, together with an audit report certified by independent certified public accountants of recognized
standing, whose opinion shall not be qualified as to the scope of the audit or as to the status of the Borrower and its consolidated Subsidiaries
as a going concern.


 


(b)           
As soon as available, but in any event on or prior to the 45th day after the close of the first three quarterly periods of each
of its fiscal years (commencing with the first such fiscal quarter of the Borrower ending after the Closing Date), for itself and its
Subsidiaries, a consolidated (or, at the Borrower’s option and to the extent filed (or to be filed) with the SEC in its quarterly
report on Form 10-Q, condensed consolidated) unaudited balance sheet as at the close of each such period and consolidated unaudited statements
of operations, comprehensive income (loss) and cash flows for the period from the beginning of such fiscal year to the end of such quarter,
all certified by its chief financial officer, chief accounting officer or treasurer.


 


(c)           
Together with the financial statements required under Sections ‎6.01(a) and ‎(b), a compliance
certificate in substantially the form of Exhibit A signed by its chief financial officer, chief accounting officer or treasurer
showing the calculations necessary to determine compliance with the financial covenant set forth in ‎Section 6.12
and stating that no Default or Unmatured Default exists, or if any Default or Unmatured Default exists, stating the nature and status
thereof, it being understood and agreed that in the event the Borrower delivers a notice to the Administrative Agent pursuant to the proviso
to the definition of “Agreement Accounting Principles”, “Capitalized Leases” and/or “Capitalized Lease Obligations”,
the Borrower shall deliver an additional calculation of compliance with the financial covenant set forth in ‎Section 6.12
demonstrating that notwithstanding GAAP in effect at such time, the Borrower has complied with ‎Section 6.12 under
GAAP (i) as in effect and applied immediately before such change in GAAP (in the case of such a notice under “Agreement Accounting
Principles”) or (ii) as it relates to operating leases, as in effect on January 31, 2018 (in the case of such a notice under “Capitalized
Leases” or “Capitalized Lease Obligations”), which shall satisfy the Borrower’s obligation to furnish a calculation
of compliance in this ‎Section 6.01(c); provided that in no event shall the Borrower be required to furnish
the Administrative Agent with more than one version of financial statements pursuant to ‎Section 6.01(a) or ‎Section
6.01(b) prepared in accordance with different versions of GAAP as a result of any such notice.


 


(d)           
Promptly upon the filing thereof, copies of all registration statements or other regular reports not otherwise provided pursuant
to this ‎Section 6.01 which the Borrower or any of its Subsidiaries files with the SEC.


 






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(e)           
 Such other information with respect to the business, condition or operations, financial or otherwise, and Properties of the Borrower
and its Subsidiaries as the Administrative Agent, including at the request of any Lender, may from time to time reasonably request.


 


Documents required to be delivered
pursuant to ‎Section 6.01(a), ‎(b)
or ‎(d) 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 or such other website with respect to which the Borrower may from time to time notify the Administrative
Agent and to which the Lenders have access; or (ii) on which such documents are posted on the Borrower’s behalf by the Administrative
Agent on DebtDomain, SyndTrak or another relevant 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) or filed electronically through EDGAR and available
on the Internet at www.sec.gov. 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.


 


The Borrower hereby acknowledges
that (a) the Administrative Agent and/or the Arrangers will make available to the Lenders materials and/or information provided by or
on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on DebtDomain,
SyndTrak or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each a “Public
Lender”) may have personnel who do not wish to receive material non-public information with respect to the Borrower or its Affiliates,
or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect
to such Persons’ securities. The Borrower hereby agrees that (w) all Borrower Materials that are to be made available to Public
Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean 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 Arrangers and the Lenders to treat such Borrower Materials as not containing any material
non-public information 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 9.10); (y) all Borrower Materials marked “PUBLIC”
are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) the Administrative
Agent and the Arrangers 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 that is not designated “Public Side Information.”


 


Section 6.02       Use
of Proceeds. The Borrower will, and will cause each of its Subsidiaries to, use the proceeds of the Advances for general
corporate purposes (which may include, without limitation, financing the consideration for and fees, costs and expenses related to
any Acquisition). The Borrower shall use the proceeds of the Advances in compliance with all applicable legal and regulatory
requirements and any such use shall not result in a violation of any such requirements, including, without limitation, Regulation U
and Regulation X, the Securities Act of 1933 and the Securities Exchange Act of 1934 and the regulations promulgated thereunder.


 






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Section 6.03      
Notice of Default. The Borrower will give prompt notice in writing to the Lenders of the occurrence of any Default or
Unmatured Default.


 


Section 6.04      
Conduct of Business. The Borrower will, and will cause each of its Subsidiaries to, except as otherwise permitted by
‎Section 6.09, do all things necessary to remain duly incorporated or organized,
validly existing and (to the extent such concept applies to such entity) in good standing as a corporation, partnership, limited liability
company or other entity in its jurisdiction of incorporation or organization, as the case may be, and maintain all requisite authority
to conduct its business in each jurisdiction in which its business is conducted, except in each case (other than valid existence of the
Borrower) where the failure to do so would not reasonably be expected to have a Material Adverse Effect.


 


Section 6.05      
Compliance with Laws. The Borrower will, and will cause each of its Major Subsidiaries to, comply in all material respects
with all applicable laws, rules, regulations and orders (such compliance to include, without limitation, compliance with ERISA and Environmental
Laws and paying before the same become delinquent all Taxes, assessments and governmental charges imposed upon it or upon its property
except to the extent contested in good faith), except to the extent such noncompliance would not have a Material Adverse Effect.


 


Section 6.06      
Inspection; Keeping of Books and Records. Subject to applicable law and third party confidentiality agreements entered
into by the Borrower or any Subsidiary in the ordinary course of business, the Borrower will, and will cause each Subsidiary to, permit
the Administrative Agent, during the continuance of a Default or Unmatured Default, by its representatives and agents, to inspect any
of the Property, books and financial records of the Borrower and each Subsidiary, to examine and make copies of the books of accounts
and other financial records of the Borrower and each Subsidiary, and to discuss the affairs, finances and accounts of the Borrower and
each Subsidiary with their respective officers at such reasonable times and intervals as the Administrative Agent may designate but in
all events upon reasonable prior notice to the Borrower. The Borrower shall keep and maintain, and cause each of its Subsidiaries to keep
and maintain, in all material respects, proper books of record and account in which entries in conformity with GAAP shall be made of all
dealings and transactions in relation to their respective businesses and activities.


 


Section 6.07      
OFAC, FCPA. The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by
the Borrower, its Subsidiaries and their respective directors, employees and agents with Anti-Corruption Laws and applicable Sanctions.


 


Section 6.08       Maintenance
of Material Property and Insurance. The Borrower will, and will cause each of the Major Subsidiaries to, (a) keep and maintain
all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, except
where the failure to do so would not reasonably be expected to have a Material Adverse Effect, and (b) maintain, with reputable
insurance companies, insurance, or maintain a self-insurance program, in such amounts and against such risks as are in accordance
with normal industry practice, except where the failure to do so would not reasonably be expected to have a Material Adverse
Effect.


 






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Section 6.09     Merger.


 


(a)       The
Borrower will not (x) merge into or consolidate with any other Person, (y) effect a Disposition to any other Person (other than the Borrower
or its Subsidiaries) or (z) liquidate or dissolve, unless (i) the Person formed by such consolidation or into which the Borrower is merged
or to whom such Disposition is made shall be a Person organized and existing under the laws of the United States of America, any State
thereof or the District of Columbia and shall expressly assume pursuant to an instrument executed and delivered to the Administrative
Agent, and in form and substance reasonably satisfactory to the Administrative Agent, the Borrower’s obligations for the due and
punctual payment of the Obligations and the performance of every covenant of this Agreement on the part of the Borrower to be performed;
and (ii) immediately after giving effect to such transaction, no Default or Unmatured Default shall have occurred and be continuing.


 


(b)       Upon any consolidation by the Borrower with, merger by the Borrower into or Disposition by the Borrower to any other Person (other
than the Borrower or its Subsidiaries), the successor Person formed by such consolidation, into which the Borrower is merged or to whom
such Disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Borrower under this
Agreement with the same effect as if such successor Person had been named as the Borrower herein.


 


(c)       For the avoidance of doubt, the only merger or consolidation as to which ‎Section 6.09(a)(x) shall apply shall
be a merger or consolidation in which the Borrower is not the surviving Person.


 


Section 6.10     Non-Guarantor
Subsidiary Indebtedness. The Borrower will not permit any Major Subsidiary which is not a Guarantor to create, incur, assume or suffer
to exist any Specified Indebtedness for Borrowed Money, except:


 


(a)       Specified Indebtedness for Borrowed Money pursuant to any Loan Document.


 


(b)       (i) Specified Indebtedness for Borrowed Money existing on the Effective Date and, to the extent any such Specified Indebtedness
for Borrowed Money exceeds $25,000,000 in principal amount, set forth on Schedule 6.10 and (ii) any Permitted Refinancing of any
Specified Indebtedness for Borrowed Money specified in clause (i).


 


(c)       Specified
Indebtedness for Borrowed Money owed to the Borrower or any other Subsidiary.


 






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(d)      (i) Specified Indebtedness for Borrowed Money of a Person existing at the time such Person is acquired by or merged into or consolidated
with the Borrower or any Subsidiary, at the time such Person first becomes a Subsidiary or at the time of a sale, lease or other disposition
of all or substantially all of the Properties or assets of a Person to the Borrower or any Subsidiary; provided, that, such Specified
Indebtedness for Borrowed Money was not incurred in anticipation of such acquisition, consolidation, sale, lease or other disposition;
and (ii) any Permitted Refinancing of any Specified Indebtedness for Borrowed Money specified in clause (i).


 


(e)       (i) other Specified Indebtedness for Borrowed Money; provided, that at the time of creation, incurrence or assumption of
any such Specified Indebtedness for Borrowed Money, the sum (without duplication) of (A) the aggregate outstanding principal amount of
Specified Indebtedness for Borrowed Money created, incurred or assumed pursuant to this clause (e) and (B) the aggregate outstanding principal
amount of Indebtedness for Borrowed Money that is secured by a Lien pursuant to Section 6.11(i), does not exceed 10% of Consolidated
Assets at such time and (ii) any Permitted Refinancing of any Specified Indebtedness for Borrowed Money specified in clause (i).


 


(f)        (i) Specified Indebtedness for Borrowed Money incurred to finance the payment of all or any part of the cost of acquisition, construction,
development or improvement of any fixed or capital assets; provided, that, the commitment of the creditor to provide such Indebtedness
for Borrowed Money shall have been obtained not later than 12 months after the completion of the acquisition, construction, development
or improvement of such assets; and (ii) any Permitted Refinancing of any Specified Indebtedness for Borrowed Money specified in clause
(i).


 


(g)       guaranties
of any Specified Indebtedness for Borrowed Money of any non-Guarantor Subsidiary that is otherwise permitted under this Section 6.10.


 


Section 6.11     Liens. The Borrower will not, and will not permit any Major Subsidiary to, create or suffer to exist any Lien in or
on any of its Property, in each case to secure or provide for the payment of any Indebtedness for Borrowed Money, except:


 


(a)       Precautionary
Liens provided by the Borrower or any Major Subsidiary in connection with the sale, assignment, transfer or other disposition of assets
by the Borrower or any Major Subsidiary which transaction is determined by the Board of Directors of the Borrower or such Major Subsidiary
to constitute a “sale” under accounting principles generally accepted in the United States.


 


(b)      Liens existing on the Closing Date securing Indebtedness for Borrowed Money.


 


(c)       Usual and customary deposits in favor of lessors and similar deposits in the ordinary course of business.


 


(d)      Liens
existing on Property of any Person acquired by the Borrower or any Major Subsidiary (which may include Property previously leased by
the Borrower or any of its Subsidiaries and leasehold interests on such Property, provided that the lease terminates prior to or
upon the acquisition), other than any such Lien or security interest created in contemplation of such acquisition (and the
replacement, extension or renewal thereof upon or in the same Property).


 






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(e)       Liens on Property of a Person existing at the time such Person is merged into or consolidated with the Borrower or any Subsidiary,
at the time such Person first becomes a Subsidiary or at the time of a sale, lease or other disposition of all or substantially all of
the Properties or assets of a Person to the Borrower or any Subsidiary, provided that such Lien was not incurred in anticipation of the
merger, consolidation, sale, lease or other disposition.


 


(f)       Liens
in favor of the Borrower or any of its Subsidiaries.


 


(g)      Liens on fixed or capital assets (including real property) to secure the payment of all or any part of the cost of acquisition,
construction, development or improvement of such assets, or to secure Indebtedness for Borrowed Money incurred to provide funds for any
such purpose; provided, that, (i) the commitment of the creditor to extend the credit secured by any such Lien shall have been
obtained not later than 12 months after the completion of the acquisition, construction, development or improvement of such assets, (ii)
at the time of creation thereof, the aggregate outstanding principal amount of any such Indebtedness for Borrowed Money secured by such
Lien does not exceed the greater of (x) $200,000,000 and (y) 3% of Consolidated Assets at such time, and (iii) such Lien shall not apply
to any other Property of the Borrower or any Subsidiary, except for accessions and improvements to such fixed or capital assets covered
by such Lien and the proceeds and products thereof.


 


(h)      Liens
on cash and securities (and deposit and securities accounts) securing reimbursement obligations in respect of letters of credit and banker’s
acceptances issued for the account of the Borrower or any of its Subsidiaries in the ordinary course of business.


 


(i)        Liens
securing Indebtedness for Borrowed Money; provided, that, at the time of incurrence of any such Indebtedness for Borrowed Money,
the sum (without duplication) of (A) the aggregate outstanding principal amount of Indebtedness for Borrowed Money secured pursuant to
this clause (i) and (B) the aggregate outstanding principal amount of Specified Indebtedness for Borrowed Money created, incurred or
assumed pursuant to Section 6.10(e), does not exceed 10% of Consolidated Assets at such time.


 


(j)        any
extension, renewal or replacement (or successive extensions, renewals or replacements), as a whole or in part, of any Liens (or Indebtedness
for Borrowed Money secured by Liens) referred to in clauses (a) through (i) and (k), inclusive, provided that such extension, renewal
or replacement Lien shall be limited to all or a part of the same Property that secured the Lien extended, renewed or replaced (plus
improvements on and accessions to such Property), and (ii) the Indebtedness for Borrowed Money secured by such Lien at such time is not
increased (other than by an amount equal to any related financing costs (including, but not limited to, the accrued interest and premium,
if any, on the Indebtedness for Borrowed Money being refinanced)).


 


(k)       Liens created in substitution of any Liens permitted by clauses (a) through (j), inclusive, provided that, (i) based on a good
faith determination of a senior officer of the Borrower, the property encumbered by such substitute or replacement Lien is substantially
similar in nature to the property encumbered by the otherwise permitted Lien that is being replaced, and (ii) the Indebtedness for Borrowed
Money secured by such Lien at such time is not increased (other than by an amount equal to any related financing costs (including, but
not limited to, the accrued interest and premium, if any, on the Indebtedness for Borrowed Money being refinanced)).


 


If a Subsidiary incurs a Lien
in or on any of its Property to secure or provide for the payment of any Indebtedness for Borrowed Money at the time that it is not a
Major Subsidiary, the incurrence and existence of such Lien shall not be prohibited or restricted by, and shall not reduce availability
under any clause of, this Section 6.11 upon such Subsidiary subsequently becoming a Major Subsidiary unless such Lien was incurred
in contemplation of such Subsidiary becoming a Major Subsidiary.


 






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Section 6.12     Financial
Covenant.


 


(a)       As
of the last day of each fiscal quarter of the Borrower commencing on the last day of the first full fiscal quarter ending after the Closing
Date, the Consolidated Leverage Ratio shall not be greater than 3.50:1.00; provided that at the election of the Borrower, exercised
by written notice delivered by the Borrower to the Administrative Agent at any time prior to the date that is thirty (30) days following
consummation of any Material Acquisition by the Borrower or any Subsidiary, such maximum Consolidated Leverage Ratio shall be increased
to 4.25 to 1.00; provided, further, that such increase (x) shall not be effective prior to the consummation of such Material
Acquisition, (y) shall only apply for a period of four full fiscal quarters after the consummation of such Material Acquisition and (z)
the Consolidated Leverage Ratio of the Borrower shall not exceed 3.50 to 1.00 for more than five consecutive fiscal quarters.


 


(b)      At
any time after the definitive agreement for any Material Acquisition shall have been executed (or, in the case of a Material Acquisition
in the form of a tender offer or similar transaction, after the offer shall have been launched) and prior to the consummation of such
Material Acquisition (or termination of the definitive documentation in respect thereof (or such later date as such indebtedness ceases
to constitute Acquisition Debt as set forth in the definition of “Acquisition Debt”)), any Acquisition Debt (and the proceeds
of such Acquisition Debt) shall be excluded from the definition of Consolidated Leverage Ratio.


 


Section 6.13     OFAC,
FCPA. Neither the Borrower nor any of its Subsidiaries will directly, or to the Borrower’s knowledge, indirectly, use the proceeds
of any Advance or Letter of Credit (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving
of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (b) to fund any activities of or business
with any individual or entity, or in any Designated Jurisdiction, that, at the time of such funding, is the subject or target of Sanctions
in each case of this clause (b) in violation of applicable Sanctions or (c) in any other manner that will result in a violation
of Sanctions applicable to any party hereto.


 






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Article
7

Defaults


 


The occurrence of any one
or more of the following events following the Closing Date (or, with respect to the event set forth in Section 7.12 below, following
the Effective Date and prior to the Closing Date) shall constitute a Default:


 


Section 7.01     Breach
of Representations or Warranties. Any representation or warranty made by the Borrower to the Lenders or the Administrative Agent
under this Agreement, or any certificate or information delivered in connection with this Agreement, shall be false in any material respect
when made or deemed made.


 


Section 7.02     Failure to Make Payments When Due. Nonpayment of (a) principal of any Loan when due or the Borrower’s obligation
under Section 2.03(f) when due to reimburse an Issuing Lender the amount of each draft under a Letter of Credit paid by such Issuing Lender,
or (b) interest upon any Loan, any Commitment Fee or other payment Obligations under any of the Loan Documents within five (5) Business
Days after such interest, fee or other Obligation becomes due.


 


Section 7.03     Breach
of Covenants. The breach by the Borrower of (a) any of the terms or provisions of ‎Section
6.03, ‎6.09, 6.10, ‎6.11
or ‎6.12 or (b) any of the other terms or provisions of this Agreement
which is not remedied within thirty (30) days after the Borrower knows of the occurrence thereof.


 


Section 7.04     Cross
Default.


 


(a)       The
Borrower or any Major Subsidiary shall fail to pay any principal of or premium or interest on any Indebtedness for Borrowed Money which
is outstanding in a principal amount of at least the Requisite Amount in the aggregate (but excluding indebtedness arising hereunder)
of the Borrower or such Major Subsidiary (as the case may be) when the same becomes due and payable (whether by scheduled maturity, required
prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified
in the agreement or instrument relating to such Indebtedness for Borrowed Money unless adequate provision for any such payment has been
made in form and substance satisfactory to the Required Lenders.


 


(b)      Any
Indebtedness for Borrowed Money of the Borrower or any Major Subsidiary which is outstanding in a principal amount of at least the
Requisite Amount in the aggregate shall be declared to be due and payable, or required to be prepaid (other than by a scheduled
required prepayment), redeemed, purchased or defeased, or an offer to prepay, redeem, purchase or defease such Indebtedness for
Borrowed Money shall be required to be made, in each case prior to the stated maturity thereof as a result of a breach by the
Borrower or such Major Subsidiary (as the case may be) of the agreement or instrument relating to such Indebtedness for Borrowed
Money and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating
to such Indebtedness for Borrowed Money unless adequate provision for the payment of such Indebtedness for Borrowed Money has been
made in form and substance satisfactory to the Required Lenders.


 


(c)       The
Borrower or any of its Major Subsidiaries shall admit in writing its inability to pay its debts generally as they become due.


 






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Section 7.05     Voluntary
Bankruptcy; Appointment of Receiver; Etc. The Borrower or any of its Major Subsidiaries shall (a) have an order for relief entered
with respect to it under the Federal bankruptcy laws as now or hereafter in effect, (b) make an assignment for the benefit of creditors,
(c) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar
official for it or any Substantial Portion of its Property, (d) institute any proceeding seeking an order for relief under the Federal
bankruptcy laws as now or hereafter in effect or seeking to adjudicate it bankrupt or insolvent, or seeking dissolution, winding up,
liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency
or reorganization or relief of debtors or fail to file an answer or other pleading denying the material allegations of any such proceeding
filed against it, (e) take any corporate or partnership action to authorize or effect any of the foregoing actions set forth in this
‎Section 7.05, or (f) fail to contest in good faith any appointment or proceeding
described in ‎Section 7.06.


 


Section 7.06     Involuntary
Bankruptcy; Appointment of Receiver; Etc. Without the application, approval or consent of the Borrower or any of its Major Subsidiaries,
a receiver, trustee, custodian, examiner, liquidator or similar official shall be appointed for the Borrower or any of its Major Subsidiaries
or any Substantial Portion of its Property, or a proceeding described in Section 7.05(d) shall be instituted against the Borrower
or any of its Major Subsidiaries, and such appointment continues undischarged, or such proceeding continues undismissed or unstayed,
in each case, for a period of sixty (60) consecutive days.


 


Section 7.07     Judgments.
The Borrower or any of its Major Subsidiaries shall fail within sixty (60) days to pay, bond or otherwise discharge one or more judgments
or orders for the payment of money (except to the extent covered by independent third party insurance and as to which the insurer has
not disclaimed coverage) in excess of Requisite Amount (or the equivalent thereof in currencies other than Dollars) in the aggregate,
which judgment(s), in any such case, is/are not stayed on appeal or otherwise being appropriately contested in good faith.


 


Section 7.08     Unfunded
Liabilities. (i) The aggregate Unfunded Liabilities of all Plans would reasonably be expected to result in a Material Adverse
Effect pursuant to clause (a) of the definition thereof; (ii) the present value of the unfunded liabilities to provide the accrued
benefits under all Foreign Pension Plans in the aggregate would reasonably be expected to result in a Material Adverse Effect
pursuant to clause (a) of the definition thereof; or (iii) any Reportable Event shall occur in connection with any Plan and such
Reportable Event would reasonably be expected to result in a Material Adverse Effect pursuant to clause (a) of the definition
thereof.


 






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Section 7.09     Change
of Control. A Change of Control shall have occurred.


 


Section 7.10     Other
ERISA Liabilities. The Borrower, any Subsidiary, or any other member of the Controlled Group shall have been notified by the sponsor
of a Multiemployer Plan that it has incurred withdrawal liability or become obligated to make contributions to a Multiemployer Plan in
an amount which, when aggregated with all other amounts required to be paid to Multiemployer Plans by the Borrower, any Subsidiary, or
any other member of the Controlled Group as withdrawal liability or contributions (determined as of the date of such notification), would
reasonably be expected to result in a Material Adverse Effect pursuant to clause (a) of the definition thereof.


 


Section 7.11     Invalidity
of Loan Documents. Any material provision of any Loan Document, at any time after its execution and delivery and for any reason other
than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations (other than contingent indemnification
obligations that survive the termination of this Agreement), ceases to be in full force and effect; or the Borrower contests in any manner
the validity or enforceability of any Loan Document; or the Borrower denies that it has any or further liability or obligation under
any Loan Document, or purports to revoke, terminate or rescind any Loan Document for any reason other than as expressly permitted hereunder
or thereunder.


 


Section 7.12     Pre-Closing
Change of Control. Prior to the Closing Date, the Borrower shall cease to be a direct or indirect wholly-owned Subsidiary of XPO
Logistics, Inc. (other than as a result of the satisfaction of the GXO Distribution Condition).


 


Article
8

Acceleration, Waivers, Amendments and Remedies


 


Section 8.01     Acceleration,
Etc. If any Default described in ‎Section 7.05 or ‎7.06
occurs, the obligations of the Lenders to make Loans and the obligations of the Issuing Lenders to issue Letters of Credit hereunder
shall automatically terminate and the Obligations of the Borrower shall immediately become due and payable, and the obligation of the
Borrower to Cash Collateralize the L/C Obligations as required in clause (ii) below shall automatically become effective, in each
case without any election or action on the part of the Administrative Agent or any Lender or Issuing Lender. If any other Default occurs,
the Required Lenders (or the Administrative Agent with the consent of the Required Lenders) may (i) terminate or suspend (in whole or
in part) the obligations of the Lenders to make Loans and the Issuing Lenders to issue Letters of Credit hereunder and declare the Obligations
of the Borrower to be due and payable (in whole or in part), whereupon such Obligations shall become immediately due and payable, without
presentment, demand, protest or notice of any kind, all of which the Borrower hereby expressly waives and (ii) require that the Borrower
Cash Collateralize the L/C Obligations in an amount equal to 100% of the outstanding L/C Obligations. Promptly upon any acceleration
of the Obligations, the Administrative Agent will provide the Borrower with notice of such acceleration.


 


If, within thirty (30) days
after acceleration of the maturity of the Obligations of the Borrower or termination of the obligations of the Lenders to make Loans and
the obligations of the Issuing Lenders to issue Letters of Credit hereunder as a result of any Default (other than any Default as described
in ‎Section 7.05 or ‎7.06)
and before any judgment or decree for the payment of the Obligations due shall have been obtained or entered, the Required Lenders (in
their sole discretion) shall so direct, the Administrative Agent shall, by notice to the Borrower, rescind and annul such acceleration
and/or termination.


 






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Section 8.02     Amendments.
Subject to the provisions of this ‎Article 8, Section 2.22 and Section 3.07
and except as otherwise expressly set forth herein, the Required Lenders (or the Administrative Agent with the consent in writing
of the Required Lenders) and the Borrower may enter into (with notice to the Administrative Agent, if the Administrative Agent is not
acting with the consent in writing of the Required Lenders) agreements supplemental hereto for the purpose of adding or modifying any
provisions to the Loan Documents or changing in any manner the rights of the Lenders or the Borrower hereunder or thereunder or waiving
any Default hereunder or thereunder; provided, however, that no such supplemental agreement shall:


 


(a)       Extend
the final maturity of any Loan of any Lender (other than as expressly permitted by the terms of Section 2.23) or forgive all or
any portion of the principal amount thereof payable to any Lender or of any unpaid obligations of the Borrower under Section 2.03(f)
to reimburse an Issuing Lender the amount of each draft under a Letter of Credit paid by such Issuing Lender, or reduce the rate, reduce
the amount or extend the scheduled time of payment of interest or fees thereon (other than a waiver of the application of the default
rate of interest pursuant to ‎Section 2.11 hereof) payable to any Lender, without the consent of each Lender or Issuing
Lender affected thereby.


 


(b)      Reduce the percentage specified in the definition of Required Lenders or any other percentage of Lenders specified to be the applicable
percentage in this Agreement to act on specified matters or amend Section 2.19 or the definition of “Pro Rata Share”,
without the consent of all Lenders affected thereby. For the sake of clarity, the addition of a term loan or an increased or additional
revolving credit facility or an extension of the maturity of a portion of the revolving credit facility (including, without limitation,
pursuant to Section 2.23) and similar modifications shall be permitted with the consent of the Required Lenders and the Lenders
agreeing to participate in the new facility or to increase the amount of their commitment or extend the maturity of their Loans.


 


(c)       Extend the Facility Termination Date as it applies to any Lender or otherwise extend the term or increase the amount of the Commitment
of any Lender hereunder (other than as expressly permitted by the terms of Section 2.23, Section 2.22, and the definition
of “Facility Termination Date”) without the consent of each Lender affected thereby.


 






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(d)      Permit the Borrower to assign its rights or obligations under this Agreement except as provided in ‎Section 6.09
without the consent of all Lenders.


 


(e)       Amend this Section 8.02 without the consent of all Lenders.


 


(f)       Amend
the definition of “Foreign Currency” or Section 1.05 without the consent of all Lenders.


 


Notwithstanding the foregoing, (w) no amendment
of any provision of this Agreement relating to any Agent shall be effective without the written consent of such Agent; (x) 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; (y) any provision of this Agreement or any
other Loan Document may be amended by an agreement in writing entered into by the Borrower and the Administrative Agent to cure any ambiguity,
omission, defect or inconsistency (including, without limitation, amendments, supplements or waivers to any of documents executed by the
Borrower or any Subsidiary in connection with this Agreement if such amendment, supplement or waiver is delivered in order to cause such
related documents to be consistent with this Agreement and the other Loan Documents); and (z) no amendment, waiver or consent shall affect
the rights or duties of any Issuing Lender under this Agreement or any Loan Document relating to any Letter of Credit issued or to be
issued by it without the prior written consent of such Issuing Lender.


 


Notwithstanding anything to
the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (it
being specifically understood and agreed that any amendment, waiver or consent which by its terms requires the consent of all Lenders
or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (A) the
Commitment of such Lender may not be increased without the consent of such Lender and (B) any waiver, amendment or modification requiring
the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected
Lenders shall require the consent of such Defaulting Lender.


 


Section 8.03     Preservation
of Rights. No delay or omission of the Lenders or any Issuing Lender or Agents to exercise any right under the Loan Documents shall
impair such right or be construed to be a waiver of any Default or an acquiescence therein, and the making of a Loan or issuance of any
Letter of Credit notwithstanding the existence of a Default or Unmatured Default or the inability of the Borrower to satisfy the conditions
precedent to such Loan or issuance of Letter of Credit shall not constitute any waiver or acquiescence. Any single or partial exercise
of any such right shall not preclude other or further exercise thereof or the exercise of any other right, and no waiver, amendment or
other variation of the terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing signed by, or
by the Administrative Agent with the consent of, the requisite number of Lenders required pursuant to Section 8.02, and then only
to the extent in such writing specifically set forth. All remedies contained in the Loan Documents or by law afforded shall be cumulative
and all shall be available to the Agents and the Lenders until all of the Obligations have been paid in full.


 






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Article
9

General Provisions


 


Section 9.01     Survival
of Representations. All representations and warranties made hereunder and in any other Loan Document or other document delivered
pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations
and warranties have been or will be relied upon by the Administrative Agent, each Lender and each Issuing Lender regardless of any investigation
made by the Administrative Agent, any Lender and any Issuing Lender or on their behalf and notwithstanding that the Administrative Agent,
any Lender or any Issuing Lender may have had notice or knowledge of any Default at the time of any Advance, and shall continue in full
force and effect as long as any Loan, (except as may be Cash Collateralized or as otherwise agreed by the applicable Issuing Lender)
L/C Obligation or any other Obligation hereunder (other than any contingent indemnification obligations for which no claim has been made)
shall remain unpaid or unsatisfied.


 


Section 9.02     Governmental
Regulation. Anything contained in this Agreement to the contrary notwithstanding, no Lender shall be obligated to extend credit to
the Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation.


 


Section 9.03     Headings.
Section headings in the Loan Documents are for convenience of reference only, and shall not govern the interpretation of any of the provisions
of the Loan Documents.


 


Section 9.04     Entire
Agreement. The Loan Documents, together with the Fee Letters, embody the entire agreement and understanding among the Borrower, the
Agents, the Lenders party thereto and supersede all prior agreements and understandings among the Borrower, the Agents and the Lenders,
as applicable, relating to the subject matter thereof.


 


Section 9.05     Several
Obligations; Benefits of this Agreement. The respective obligations of the Lenders and the Issuing Lenders hereunder are several
and not joint and no Lender or Issuing Lender shall be the partner or agent of any other (except to the extent to which the Agents are
authorized to act as such). The failure of any Lender or Issuing Lender to perform any of its obligations hereunder shall not relieve
any other Lender or Issuing Lender from any of its obligations hereunder. 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 ‎Section 12.01(d) 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; provided, however, that the parties hereto expressly agree that each Arranger shall enjoy the benefits
of the provisions of Sections ‎9.06, ‎9.09
and ‎10.07 to the extent specifically set forth therein and shall have the
right to enforce such provisions on its own behalf and in its own name to the same extent as if it were a party to this Agreement.


 






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Section 9.06    Expenses;
Indemnification.


 


(a)       Costs
and Expenses. The Borrower shall reimburse from time to time on demand (i) all reasonable and documented out-of-pocket fees and expenses
incurred by, without duplication, the Administrative Agent, the Arrangers and their respective Affiliates (in the case of fees, disbursements
and other charges of counsel, limited to the reasonable and documented fees, disbursements and other charges of one counsel to the Administrative
Agent and the Arrangers and the Lenders (taken together) and, if reasonably necessary, of one local counsel in any relevant jurisdiction)
incurred in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery
and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof
or thereof and (ii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Issuing Lenders and
the Lenders (in the case of fees, disbursements and charges of counsel, limited to the reasonable and documented fees, disbursements
and other charges of one counsel to such parties, taken together (and, if reasonably necessary, of one local counsel in any relevant
jurisdiction and, solely in the case of an actual or potential conflict of interest, of one additional counsel (and, if reasonably necessary,
one additional local counsel in any relevant jurisdiction) for all affected parties, taken together)) in connection with the enforcement
or protection of their rights (A) in connection with this Agreement and the other Loan Documents, including their rights under this Section
9.06, or (B) in connection with the Loans or Letters of Credit made or issued hereunder, including all such reasonable and documented
out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or the Borrower’s obligations
in respect of Letters of Credit.


 


(b)       Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Arranger, each Lender, each
Issuing Lender and each of their respective Affiliates, controlling Persons, successors and assigns and their respective officers, directors,
employees, agents and advisors (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless
from (and will reimburse each Indemnitee as the same are incurred for), any and all losses, claims, damages, liabilities and expenses
(in the case of fees, disbursements and charges of counsel, limited to the reasonable and documented fees, disbursements and other charges
of one counsel to all Indemnitees, taken together (and, if reasonably necessary, of one local counsel in any relevant jurisdiction and,
solely in the case of an actual or potential conflict of interest, of one additional counsel (and, if reasonably necessary, one additional
local counsel in any relevant jurisdiction) for all affected Indemnitees, taken together)) that may be incurred by or awarded against
any Indemnitee, in each case arising out of or in connection with (i) the Revolving Credit Facility, (ii) the execution or delivery of
this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties
hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby,
or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement
and the other Loan Documents (including in respect of any matters addressed in ‎Section 3.05), (iii) any Loan or
Letter of Credit or the use or proposed use of the proceeds, (iv) any actual or alleged presence or release of Hazardous Materials on,
at, to or from any property currently or formerly owned, leased or operated by the Borrower or any of its Subsidiaries, or any Environmental
Liability related in any way to the Borrower or any of its Subsidiaries or (v) any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party
or by the Borrower, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to
any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court
of competent jurisdiction by final and nonappealable judgment to have resulted from (x) the bad faith, gross negligence or willful misconduct
of such Indemnitee or its Subject Related Parties, (y) a material breach by such Indemnitee or any of its Subject Related Parties of
such Indemnitee’s obligations hereunder or under any other Loan Document or (z) a dispute solely among two or more Indemnitees
not arising from any act or omission of the Borrower or its Subsidiaries hereunder (other than claims against an Indemnitee in its capacity
or as a result of fulfilling its role as an Agent, Arranger or similar role under any of the Loan Documents). This ‎Section
9.06(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any
non-Tax claim. In the case of an investigation, litigation or proceeding to which the indemnity in this ‎Section 9.06(b)
applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by the Borrower,
its equityholders or creditors or any other third party or an Indemnitee, whether or not an Indemnitee is otherwise a party thereto and
whether or not the transactions contemplated hereby are consummated.


 






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(c)       Reimbursement
by Lenders. To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under subsection ‎(a)
of this Section 9.06 or the Borrower for any reason fails to indefeasibly pay or cause to be paid any amount required under subsection
‎(b) of this Section 9.06, in each case, to be paid to the Administrative Agent (or any sub-agent thereof), any Arranger,
any Issuing 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 Arranger, such Issuing 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) of such unpaid amount, provided
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 Arranger or such Issuing 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 Arranger or such
Issuing Lender in connection with such capacity. The obligations of the Lenders under this subsection ‎(c) are subject to
the provisions of ‎Section 2.17(c).


 


(d)      Waiver
of Consequential Damages, Limitation of Liability. To the fullest extent permitted by applicable law, each party hereto agrees that
it shall not assert, and hereby waives, any claim against any other party hereto, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this
Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby,
any Loan or Letter of Credit or the use of the proceeds thereof (it being agreed that the Borrower’s indemnity and contribution
obligations set forth in this ‎Section 9.06 shall apply in respect of any special, indirect, consequential or punitive
damages that may be awarded against any Indemnitee in connection with a claim by a third party unaffiliated with the Indemnitee). None
of the Administrative Agent (and any sub-agent thereof), each Arranger, each Lender, each Issuing Lender and each of their respective
Affiliates, controlling Persons, successors and assigns and their respective officers, directors, employees, agents and advisors (each
such Person being called a “Protected Party”) shall be liable for any damages arising from the use by unintended recipients
of any information or other materials distributed to such unintended recipients by such Protected Party through telecommunications, electronic
or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated
hereby or thereby other than for direct or actual damages resulting from the gross negligence, bad faith or willful misconduct of such
Protected Party or its Subject Related Parties or a material breach of such Protected Party’s or its Subject Related Parties’
obligations hereunder or under any other Loan Document, in each case, as determined by a final and nonappealable judgment of a court
of competent jurisdiction. 


 


(e)       Payments. All amounts due under this Section 9.06 shall be payable not later than ten (10) Business Days after written
demand therefor.


 


(f)   
     Survival. The agreements in this Section 9.06 shall survive the resignation of the
Administrative Agent, the replacement of any Lender, the termination of the Aggregate Commitment and the repayment, satisfaction or
discharge of all the other Obligations.


 






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Section 9.07     Accounting. Except as provided to the contrary herein, all accounting terms used herein shall be interpreted and all
accounting determinations hereunder shall be made in accordance with the Agreement Accounting Principles.


 


Section 9.08     Severability
of Provisions. Any provision in any Loan Document 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 all Loan Documents
are declared to be severable. Without limiting the foregoing provisions of this ‎Section
9.08, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited
by Debtor Relief Laws, as determined in good faith by the Administrative Agent, then such provisions shall be deemed to be in effect
only to the extent not so limited.


 


Section 9.09     Nonliability
of Lenders. The relationship between the Borrower on the one hand and the Lenders and the Agents on the other hand shall be solely
that of borrower and lender. None of the Agents, the Arrangers or any Lender shall have any fiduciary responsibilities to the Borrower.
None of the Agents, the Arrangers or any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any
matter in connection with any phase of the Borrower’s business or operations.


 






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Section 9.10    Confidentiality. Each of the Administrative Agent, each other Agent, the Issuing Lenders and the Lenders agrees to use
all Information received by them solely for the purposes of providing the services that are the subject of this Agreement and to maintain
the confidentiality of the Information, except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’
respective partners, directors, officers, employees, trustees, advisors and agents (it being understood that the Persons to whom such
disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential),
(b) to the extent requested by any regulatory authority (including any self-regulatory authority), in which case such Administrative Agent,
other Agent, Issuing Lender or Lender, as applicable, agrees to the extent reasonably practicable and not prohibited by applicable law,
rule, regulation or order, to inform the Borrower promptly of the disclosure thereof, (c) to the extent required by applicable laws, rules
or regulations or by any subpoena or order or similar legal process (in which case such Administrative Agent, other Agent, Issuing Lender
or Lender, as applicable, agrees to the extent not prohibited by applicable law, rule, regulation or order, to inform the Borrower promptly
of the disclosure thereof), (d) in connection with performing the services set forth herein and consummating the transactions contemplated
hereby, to any prospective Lender or Issuing Lender or participant subject to the such prospective Lender or Issuing Lender or participant
agreeing to confidentiality arrangements (for the benefit of the Borrower) no less favorable to the Borrower than those set forth in this
Section 9.10, (e) to potential counterparties to any swap or derivative transaction, subject to the confidentiality agreements in favor
of the Borrower no less favorable to the Borrower than this paragraph, (f) in connection with the exercise of any remedies hereunder or
any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (g) with the prior written consent of
the Borrower, (h) in connection with obtaining CUSIP numbers, (i) as and to the extent set forth in Section 12.02, (j) to the extent
such Information (x) is or becomes publicly available other than as a result of a breach of this Section 9.10 or (y) becomes available
to such Administrative Agent, other Agent, Issuing Lender or Lender, as applicable, from a source other than the Borrower (or the Borrower’s
representatives) that is not, such Person’s knowledge, subject to confidentiality or fiduciary obligations owing to the Borrower
or any of the Borrower’s Subsidiaries, (k) to any other party hereto and (l) to any rating agency on a confidential basis in connection
with rating the Borrower or the credit facility evidenced by this Agreement. Notwithstanding the foregoing, the Administrative Agent shall
not be required to provide notice of any Lender by any governmental agency or examiner or regulatory body with jurisdiction over any Lender.


 


In addition, on a
confidential basis, the Administrative Agent, each Issuing Lender and each Lender may disclose the existence and terms of this
Agreement (including, without limitation, the Aggregate Commitment, the nature of the facility as a revolving credit facility, the
use of proceeds provisions herein and the principal amount outstanding at a given time), and the identity of the parties hereto
(including titles and participants) to market data collectors, similar services providers to the lending industry, and service
providers to the Administrative Agent, the Issuing Lenders and the Lenders in connection with the administration and management of
this Agreement and the other Loan Documents.


 






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For purposes of this Section
9.10, “Information” means all information received from the Borrower or any Subsidiary relating to the Borrower
or any Subsidiary or any of their respective businesses in connection with the transactions contemplated hereby.


 


Each of the Administrative
Agent, the Issuing Lenders and the Lenders acknowledges that (a) the Information may include material non-public information concerning
the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public
information and (c) it will handle such material non-public information in accordance with applicable law, including United States Federal
and state securities laws.


 


Section 9.11     Nonreliance.
Each of the Lenders hereby represents that it is not relying on or looking to any margin stock (as defined in Regulation U) as collateral
in the extension or maintenance of the credit provided for herein.


 


Section 9.12    Disclosure.
The Borrower, the Issuing Lenders and each Lender hereby acknowledge and agree that the Administrative Agent, Arrangers and/or their
respective Affiliates and certain of the other Lenders, Issuing Lenders and/or their respective Affiliates from time to time may hold
investments in, make other loans to or have other relationships with the Borrower and its Affiliates.


 


Article
10

The Administrative Agent


 


Section 10.01  
Appointment and Authority. Each of the Lenders and each Issuing Lender hereby irrevocably appoints Citibank to act on
its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such
actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together
with such actions and powers as are reasonably incidental thereto. The provisions of this Article 10 (other than Section 10.06
below) are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Lenders, and the Borrower shall not have rights
as a third party beneficiary of any of such provisions (other than as provided in Section 10.06 below). 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.


 


Section 10.02   Rights
as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a
Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term
 “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires,
include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may
accept deposits from, lend money to, 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 10.03  
Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability
for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic
message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise
authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed
by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any
condition hereunder to the making of a Loan or the issuance, extension, renewal, amendment 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 Issuing Lender unless the Administrative Agent shall have received notice to the contrary from such
Lender or Issuing Lender prior to the making of such Loan or the issuance, extension, renewal, amendment or increase 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 good faith in accordance with the advice of
any such counsel, accountants or experts.


 


Section 10.04  
Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations except those expressly set
forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent:


 


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


 


(b)      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


 


(c)       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 Affiliates that is communicated to or obtained by
the Person serving as the Administrative Agent or any of its Affiliates in any capacity.


 






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Neither the Administrative
Agent nor any of its Related Parties shall be liable for any action taken or not taken by the Administrative Agent (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 Article 8) or (ii) in the absence
of (A) its and its Subject Related Parties’ gross negligence or willful misconduct as determined by a court of competent jurisdiction
by a final and non-appealable judgment and (B) material breach by the Administrative Agent and its Subject Related Parties of the Administrative
Agent’s obligations pursuant to the terms of the Loan Documents as determined by a court of competent jurisdiction by a final and
non-appealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing
such Default is given in writing to the Administrative Agent by the Borrower or a Lender.


 


Neither the Administrative
Agent nor any of its Related Parties shall 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 any report provided to it by an
Issuing Lender pursuant to Section 2.03), (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, (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 4 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).


 


Section 10.05  
Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers
hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative
Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related
Parties. The exculpatory provisions of this Article 10 shall apply to any such sub-agent and to the Related Parties of the Administrative
Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities
provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence
or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment
that the Administrative Agent acted with gross negligence or willful misconduct (or breached its material obligations under the Loan Documents)
in the selection of such sub-agents.


 






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Section 10.06  
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, subject to, so long as no Default has occurred and is continuing,
the consent of the Borrower (such consent not to be unreasonably withheld or delayed), to appoint a successor, which shall be a bank
with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall
have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative
Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (such date, or the date, if earlier,
upon which a successor is appointed, 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, subject to, so long as no Default has occurred and is continuing, the consent of the Borrower (such consent
not to be unreasonably withheld or delayed). 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, subject to, so long as no Default has occurred and is continuing, the consent of the Borrower
(such consent not to be unreasonably withheld or delayed), appoint a successor. If no such successor shall have been so appointed by the
Required Lenders and shall have accepted such appointment within thirty days (or such earlier day as shall be agreed by the Required Lenders)
(the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice
on the Removal Effective Date.


 


(c)       With
effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring or removed Administrative Agent
shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (ii) except for any indemnity payments
or other amounts then 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 in this Section. Upon the acceptance
of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the
rights, powers, privileges and duties of the retiring (or retired or removed) Administrative Agent (other than as provided in ‎Section
3.08 and other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of
the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall
be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom
as provided above in this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable
to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Administrative Agent’s
resignation or removal hereunder and under the other Loan Documents, the provisions of this Article 10 and Section 9.06
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 (i) while the retiring or removed Administrative Agent
was acting as Administrative Agent and (ii) after such resignation or removal for as long as any of them continues to act in any agency
capacity hereunder or under the other Loan Documents, including in respect of any actions taken in connection with transferring the agency
to any successor Administrative Agent.


 






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Section 10.07  
Non-Reliance on Administrative Agent and Other Lenders. Each of the Lenders and each Issuing Lender acknowledges that
it has, independently and without reliance upon the Administrative Agent, any Arranger or any other Lender or Issuing 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 of the Lenders and each Issuing Lender also acknowledges that it will, independently and without reliance
upon the Administrative Agent, any Arranger or any other Lender or Issuing 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 10.08  
No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Arrangers or other Agents 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.


 


Section 10.09  
Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law
or any other judicial proceeding relative to the Borrower, 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 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 2.09, 3.03 and 9.06)
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;


 






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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 2.09, 3.03 and 9.06.


 


Nothing contained herein shall
be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or Issuing Lender
any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or Issuing Lender
to authorize the Administrative Agent to vote in respect of the claim of any Lender or Issuing Lender in any such proceeding.


 


Section 10.10  
ERISA. (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 and the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or
for the benefit of the Borrower, that at least one of the following is and will be true:


 


(i)         such Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42)
of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments,


 


(ii)        the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent
qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption
for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain 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 subsections (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


 






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(iv)           
such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion,
and such Lender.


 


(b)           
In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or a
Lender has provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause
(a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of,
the Administrative Agent, the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of
the Borrower, that none of the Administrative Agent, any Arranger or any of their respective Affiliates is a fiduciary with respect to
the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans,
the 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).


 


Section 10.11  
Erroneous Payments.


 


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


 






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


 


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


 


(ii)           
such Lender or Issuing Lender shall (and shall cause any other Payment Recipient that receives funds on its respective behalf to)
promptly (and, in all events, within one Business Day of obtaining knowledge of such error) notify the Administrative Agent of its receipt
of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent
pursuant to this Section 10.11(b).


 


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


 


(d)           
In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent from any Payment Recipient
for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding clause (a), from any Lender
or Issuing Lender that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such
Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an “Erroneous Payment Return Deficiency”),
upon the Administrative Agent’s notice to such Lender or Issuing Lender at any time, the Administrative Agent shall be contractually
subrogated to all the rights and interests of the applicable Lender or Issuing Lender under the Loan Documents with respect to each Erroneous
Payment Return Deficiency.


 






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(e)           
The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations
owed by the Borrower or any of its Subsidiaries, except, in each case, solely to the extent such Erroneous Payment is comprised of funds
received by the Administrative Agent from the Borrower or any of its Subsidiaries for the purpose of making any payment hereunder that
became subject to such Erroneous Payment.


 


(f)            
To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby
waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or
counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including without limitation waiver of any
defense based on “discharge for value” or any similar doctrine.


 


(g)           
Each party’s obligations, agreements and waivers under this Section 10.11 shall survive the resignation or replacement of
the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender or Issuing Lender, the termination
of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.


 


Article
11

Setoff


 


Section 11.01  
Setoff. In addition to, and without limitation of, any rights of the Lenders or any Issuing Lender under applicable
law, if any Default occurs, any and all deposits (including all account balances, whether provisional or final and whether or not collected
or available) and any other Indebtedness at any time held or owing by any Lender or any Issuing Lender or any Affiliate of any Lender
or Issuing Lender to or for the credit or account of the Borrower may be offset and applied toward the payment of the Obligations of the
Borrower then owing to such Lender or Issuing Lender to the extent the Obligations shall then be due; provided, that in the event
that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative
Agent for further application in accordance with the provisions of Section 2.21 and, pending such payment, shall be segregated
by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and
(y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations
owing to such Defaulting Lender as to which it exercised such right of setoff.


 






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Article
12

Benefit of Agreement; Assignments; Participations


 


Section 12.01  
Successors and Assigns.


 


(a)           
Successors and Assigns Generally. The provisions of this Agreement and the other Loan Documents shall be binding upon and
inure to the benefit of the parties hereto and thereto and their respective successors and assigns permitted hereby, except that the Borrower
may not assign or otherwise transfer any of its rights or obligations hereunder or thereunder 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 subsection ‎(b) of this Section, (ii) by way of participation in
accordance with the provisions of subsection ‎(d) of this Section or (iii) by way of pledge or assignment of a security interest
subject to the restrictions of subsection ‎(f) of this Section (and any other attempted assignment or transfer by any party
hereto shall be null and void).


 


(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 and the other Loan Documents (including all or a portion of its Commitment and the Loans (including for purposes
of this subsection (b), participations in L/C Obligations) at the time owing to it); provided that any such assignment shall be subject
to the following conditions:


 


(i)           
Minimum Amounts.


 


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


 


(B)           
in any case not described in subsection (b)(i)‎(A) of this Section, the aggregate amount of the Commitment (which for this
purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans
of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such
assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as
of the Trade Date, shall not be less than $25,000,000 unless each of the Administrative Agent and, so long as no Default under Section
‎7.02, ‎7.05 or ‎7.06 has occurred and is continuing, the Borrower otherwise consents (each such
consent not to be unreasonably withheld or delayed); provided, however, that concurrent assignments to members of an Assignee
Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members
of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has been met.


 






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(ii)           
 Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning
Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned.


 


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


 


(A)           
the prior written consent of the Borrower (such consent to not to be unreasonably withheld or delayed) shall be required unless
such assignment is to a Lender or an Affiliate of a Lender or a Default under Section 7.02, Section 7.05 or Section 7.06
has occurred and is continuing; provided that no assignment shall result in any Lender, together with its Affiliates, holding more than
30% of the Aggregate Commitments at any time without the prior written consent of the Borrower;


 


(B)           
the prior written consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required
if such assignment is to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund with respect to a Lender; and


 


(C)           
the consent of the Issuing Lenders (such consent not to be unreasonably withheld or delayed) shall be required for any assignment.


 


(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 in the amount of $3,500; provided, however, that 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 Borrower. No such assignment shall be made to the Borrower or any of its Affiliates or Subsidiaries.


 


(vi)           
No Assignment to Natural Persons. No such assignment shall be made to a natural person.


 


(vii)           
No Assignment to Defaulting Lenders. No such assignment shall be made to a Defaulting Lender.


 






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(viii)           
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 Pro Rata Share of Revolving Loans previously
requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent),
to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the Issuing Lenders
or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full Pro Rata Share of all Loans
and participations in Letters of Credit. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of
any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph,
then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance
occurs.


 


Subject to acceptance and
recording thereof by the Administrative Agent pursuant to subsection ‎(c)
of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party
to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a
Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and
Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the
assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue
to be entitled to the benefits of Sections ‎3.01, ‎3.03,
‎3.04, ‎3.05
and ‎9.06 with respect to facts and circumstances
occurring prior to the effective date of such assignment. Upon request, the Borrower (at its expense) shall execute and deliver a Note
to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with
this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations
in accordance with subsection ‎(d) of this Section.


 


(c)            Register.
The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at the
Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of
the names and addresses of the Lenders, and the Commitments and L/C Commitments of, and principal amounts (and stated interest) of
the Loans and L/C Obligations owing to, each Lender and Issuing Lender, as applicable, 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 may treat each Person whose name is recorded in the Register pursuant to the terms hereof
as a Lender or Issuing Lender, as applicable, hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.
In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and revocation of
designation, of any Lender as a Defaulting Lender. The Register shall be available for inspection by the Borrower at any reasonable
time and from time to time upon reasonable prior notice. In addition, at any time that a request for a consent for a material or
substantive change to the Loan Documents is pending, any Lender may request and receive from the Administrative Agent a copy of the
Register.


 






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(d)           
Participations. Any Lender may at any time, without the prior written consent of the Borrower, Administrative Agent or any
Issuing Lender, sell participations to any Person (other than a natural person, Defaulting Lender or the Borrower or any of its Affiliates
or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under
this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations));
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 Lenders and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights
and obligations under this Agreement.


 


Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument
may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described
in the proviso to Section 8.02 that affects such Participant. Subject to subsection ‎(e)
of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Section ‎3.01,
‎3.03, ‎3.04
or ‎3.05 to the same extent as if it were a Lender
and had acquired its interest by assignment pursuant to subsection ‎(b)
of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of ‎Section
11.01 as though it were a Lender, provided that such Participant agrees to be subject to ‎Section
2.19 as though it were a Lender.


 


Each Lender that sells a participation
shall, acting solely for this purpose as a nonfiduciary agent of the Borrower, maintain a register on which it enters the name and address
of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other Obligations
under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to
disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's
interest in any Commitments, Loans 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 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)            Limitations
upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Section ‎3.01, ‎3.03, ‎3.04
or ‎3.05 than the applicable Lender would have been entitled to receive with respect to the participation
sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written
consent. A Participant shall not be entitled to the benefits of ‎Section 3.05 unless such Participant agrees to
comply with Section 3.05 as though it were a Lender (it being understood that the documentation required under ‎Section
3.05(e) shall be delivered to the Lender who sells the participation).


 






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(f)            
Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under
this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations
to a Federal Reserve Bank or other central banking authority having jurisdiction over such Lender; 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.


 


Section 12.02  
Dissemination of Information. The Borrower authorizes each of the Lenders to disclose to any Participant and any prospective
Participant any and all information in such Lender’s possession concerning the creditworthiness of the Borrower and its Subsidiaries,
including without limitation any information contained in any reports or other information delivered by the Borrower pursuant to ‎Section
6.01; provided that each Participant and prospective Participant agrees to be bound by ‎Section
9.10 of this Agreement or other provisions at least as restrictive as ‎Section
9.10 including making the acknowledgments set forth therein (in each case for the benefit of the Borrower).


 


Section 12.03  
Tax Treatment. If any interest in any Loan Document is transferred to any Participant which is organized under the laws
of any jurisdiction other than the United States or any State thereof, the transferor Lender shall cause such Participant, concurrently
with the effectiveness of such transfer, to comply with the provisions of ‎Section
3.05(e).


 


Article
13

Notices


 


Section 13.01  
Notices; Effectiveness; Electronic Communication.


 


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


 


(i)           
if to the Borrower or the Administrative Agent, to the address, telecopier number, electronic mail address or telephone number
set forth on Schedule 13.01; and


 






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(ii)           
 if to any other Lender or Issuing Lender, to the address, telecopier number, electronic mail address or telephone number specified
in its administrative questionnaire.


 


Notices and other communications sent by hand
or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and
other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business
hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices
and other communications delivered through electronic communications to the extent provided in paragraph (b) below, shall be effective
as provided in said paragraph (b).


 


(b)           
Electronic Communications. Notices and other communications to the Lenders and 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 or as otherwise determined by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender
or Issuing Lender pursuant to ‎Article 2 if such Lender or Issuing Lender has notified the Administrative Agent that
it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent, the Borrower or any Issuing
Lender may, in its respective discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it or as it otherwise determines, provided that such determination or approval may be limited
to particular notices or communications.


 


Unless the Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s
receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), provided that if such notice or other communication is not given during the normal
business hours of the recipient, such notice or communication shall be deemed to have been given at the opening of business on the next
Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received
upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification
that such notice or communication is available and identifying the website address therefor.


 






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(c)            The
Platform. 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 IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY
WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR
OTHER CODE DEFECTS, IS MADE BY 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 the
Borrower, any Lender, any Issuing Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind
(whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of
Borrower Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are
determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or
willful misconduct of, or breach of its material obligations under any Loan Document by, such Agent Party; provided, however, that
in no event shall any Agent Party have any liability to the Borrower, any Lender, any Issuing Lender or any other Person for
indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).


 


(d)           
Change of Address, Etc. Each of the Borrower, the Administrative Agent and each Issuing Lender may change its address, telecopier
or telephone number for notices and other communications hereunder by written notice to the other parties hereto. Each other Lender may
change its address, telecopier or telephone number for notices and other communications hereunder by written notice to the Borrower, the
Administrative Agent and each Issuing Lender. In addition, each Lender agrees to notify the Administrative Agent from time to time to
ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, telecopier number and electronic
mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, 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 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 laws.


 


(e)           
Reliance by Administrative Agent and Lenders. The Administrative Agent, the Lenders and the Issuing Lenders shall be entitled
to rely and act upon any notices purportedly given by or on behalf of the Borrower so long as such notices appear on their face to be
authentic even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any
other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.
The Borrower shall indemnify the Administrative Agent, each Lender, each Issuing Lender and the Related Parties of each of them from all
losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of
the Borrower. All telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the
parties hereto hereby consents to such recording.


 






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Article
14 


Counterparts; Integration; Effectiveness; Electronic Execution


 


Section 14.01  
Counterparts; 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. Except
as provided in ‎Article 4, this Agreement shall become effective when it shall
have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken
together, bear the signatures of each of the parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy
or email shall be effective as delivery of a manually executed counterpart of this Agreement.


 


Section 14.02   Electronic
Execution. The words “delivery”, “execute,” “execution,” “signed,”
 “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and
the transactions contemplated hereby (including without limitation Assignment and Assumptions, amendments or other modifications,
Conversion/Continuation Notices, Borrowing Notices, waivers and consents) (each, a “Communication”) shall be
deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms
approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature, physical delivery thereof 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. For the avoidance of doubt, the authorization under this Section 14.02 may include, without
limitation, use or acceptance by the Borrower, the Administrative Agent and each of the Lenders of a manually signed paper
Communication which has been converted into electronic form (such as scanned into PDF format), or an electronically signed
Communication converted into another format, for transmission, delivery and/or retention. The Borrower, the Administrative Agent and
each of the Lenders may, at its option, create one or more copies of any Communication in the form of an imaged Electronic Record
(“Electronic Copy”), which shall be deemed created in the ordinary course of such Person’s business, and
destroy the original paper document. Notwithstanding anything contained herein to the contrary, the Administrative Agent is under no
obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative
Agent pursuant to procedures approved by it; provided, without limiting the foregoing, (a) to the extent the Administrative Agent
has agreed to accept such Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on any
such Electronic Signature purportedly given by or on behalf of the Borrower without further verification and (b) upon the reasonable
request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by such manually executed
counterpart. For purposes hereof, “Electronic Record” and “Electronic Signature” shall have
the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time.


 






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Article
15

Choice of Law; Consent to Jurisdiction; Waiver of Jury Trial


 


Section 15.01  
Choice of Law. THE LOAN DOCUMENTS AND OBLIGATIONS OF THE PARTIES THEREUNDER (INCLUDING, WITHOUT LIMITATION, ANY CLAIMS
SOUNDING IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER THEREOF AND ANY DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST)
SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW
PRINCIPLES THEREOF THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.


 


Section 15.02  
Consent to Jurisdiction. EACH OF THE BORROWER, THE AGENTS, THE ISSUING LENDERS AND THE LENDERS HEREBY IRREVOCABLY SUBMITS
TO JURISDICTION OF ANY FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN THE BOROUGH OF MANHATTAN OR, IF THAT COURT DOES NOT HAVE
SUBJECT MATTER JURISDICTION, OF ANY STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO ANY LOAN DOCUMENTS AND HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING SHALL BE HEARD AND DETERMINED
IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING
BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE AGENTS, THE ISSUING LENDERS
OR ANY LENDER TO BRING PROCEEDINGS AGAINST THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BROUGHT BY THE
BORROWER, DIRECTLY OR INDIRECTLY, IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN
A COURT IN ANY FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN THE BOROUGH OF MANHATTAN OR, IF THAT COURT DOES NOT HAVE SUBJECT
MATTER JURISDICTION, IN ANY STATE COURT LOCATED IN THE CITY AND COUNTY OF NEW YORK.


 


EACH OF THE BORROWER,
THE AGENTS, THE ISSUING LENDERS AND THE LENDERS HEREBY AGREES FURTHER THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH
COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE PERSON AT ITS ADDRESS PROVIDED IN
ACCORDANCE WITH SECTION ‎13.01 AND AGREES THAT SUCH
SERVICE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE PERSON IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND
OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE AGENTS OR LENDERS
TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.


 






    112


     


    

 


Section 15.03  
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.


 


Section 15.04  
U.S. Patriot Act and Beneficial Ownership Regulation Notice. Each Lender that is subject to the U.S. Patriot Act and
the Beneficial Ownership Regulation and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower
that pursuant to the requirements of the U.S. Patriot Act and the Beneficial Ownership Regulation, it is required to obtain, verify and
record information that identifies the Borrower, which information includes the name, address and tax forms of the Borrower and other
information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance with the U.S.
Patriot Act and Beneficial Ownership Regulation. The Borrower shall, promptly following a request by the Administrative Agent or any Lender,
provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing
obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the U.S. Patriot
Act and Beneficial Ownership Regulation.


 


Section 15.05   No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in
connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and
agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this
Agreement provided by the Administrative Agent, the Arrangers and the Lenders are arm’s-length commercial transactions between
the Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Arrangers and the Lenders, on the other hand,
(B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and
(C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions
contemplated hereby and by the other Loan Documents; (ii) (A) each of the Administrative Agent, the Arrangers and the Lenders is and
has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and
will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B) neither
the Administrative Agent nor the Arrangers nor any of the Lenders has any obligation to the Borrower or any of its Affiliates with
respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents;
and (iii) the Administrative Agent, the Arrangers, the Lenders and their respective Affiliates may be engaged in a broad range of
transactions that involve interests that differ from those of the Borrower and its Affiliates, and neither the Administrative Agent
nor the Arrangers nor any of the Lenders has any obligation to disclose any of such interests to the Borrower or its Affiliates. To
the fullest extent permitted by law, the Borrower hereby agrees and covenants that it will not make any claims that it may have
against the Administrative Agent, the Arrangers and the Lenders with respect to any breach or alleged breach of agency or fiduciary
duty in connection with any aspect of any transaction contemplated hereby.


 






    113


     


    

 


Section 15.06  
Judgment Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder
or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with
normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding
that on which final judgment is given. The obligation of the Borrower in respect of any such sum due from it to the Administrative Agent,
any Issuing Lender or any Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment
Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the
 “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative
Agent, such Issuing Lender or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative
Agent, such Issuing Lender or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement
Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative
Agent, any Issuing Lender or any Lender from the Borrower in the Agreement Currency, the Borrower agrees, as a separate obligation and
notwithstanding any such judgment, to indemnify the Administrative Agent, such Issuing Lender or such Lender, as the case may be, against
such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent, any
Issuing Lender or any Lender in such currency, the Administrative Agent, such Issuing Lender or such Lender, as the case may be, agrees
to return the amount of any excess to the Borrower (or to any other Person who may be entitled thereto under applicable law).


 


Section 15.07  
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:


 






    114


     


    

 


(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.


 


Article
16

GUARANTEE


 


Section 16.01  
Guarantors. Any time after the Effective Date, the Borrower may cause any Subsidiary of the Borrower to guarantee
the Obligations of the Borrower under the Loan Documents by delivering to the Administrative Agent customary joinder documentation reasonably
acceptable to the Administrative Agent, and pursuant to which such Person shall become a “Guarantor” for all purposes under
this Agreement and each other Loan Document and shall be bound by all of the obligations of and shall have all of the rights of a “Guarantor”
under this Agreement and each other Loan Document including, without limitation, providing the guarantee of the Guaranteed Obligations
as set forth in this Article 16.


 


Section 16.02   Guarantee.
Upon becoming a Guarantor pursuant to Section 16.01, each Guarantor, on a joint and several basis, unconditionally guarantees
(the undertaking of each Guarantor contained in this Article 16 being a “Guarantee”) the punctual
payment when due, whether at stated maturity, by acceleration or otherwise, of all Obligations of the Borrower now or hereafter
existing under the Loan Documents, whether for principal, interest, fees, expenses or otherwise (such obligations, collectively,
being the “Guaranteed Obligations”). Each Guarantee is a guaranty of payment and not of collection. Upon
becoming a Guarantor pursuant to Section 16.01 each Guarantor agrees that, as between each Guarantor and the Administrative
Agent, the Guaranteed Obligations may be declared to be due and payable for purposes of its Guarantee notwithstanding any stay
(including any stay imposed by the commencement by or against the Borrower of any proceeding under any Debtor Relief Laws naming the
Borrower as the debtor in such proceeding), injunction or other prohibition which may prevent, delay or vitiate any declaration as
regards the Borrower and that in the event of a declaration or attempted declaration, the Guaranteed Obligations shall immediately
become due and payable by the Guarantors for purposes of its Guarantee. Anything contained herein to the contrary notwithstanding,
the obligations of each Guarantor hereunder at any time shall, without further action by any Guarantor or any other Person, be
automatically limited and reduced to an aggregate amount equal to the largest amount that would not render such Guarantor’s
obligations hereunder invalid and unenforceable or otherwise subject to avoidance as a fraudulent transfer or conveyance under
Section 548 of the U.S. Bankruptcy Code or any comparable provisions of any similar federal or state law (including the Uniform
Fraudulent Conveyance Act and the Uniform Fraudulent Transfer Act) or subordinated to the claims of other creditors as determined in
such proceeding.


 






    115


     


    

 


Section 16.03  
Guaranty Absolute. Upon becoming a Guarantor pursuant to Section 16.01, each Guarantor
guarantees that the Guaranteed Obligations will be paid strictly in accordance with the terms of this Agreement, regardless of any law,
regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Administrative Agent,
the Issuing Lenders or the Lenders with respect thereto. The liability of each Guarantor under its Guarantee shall be absolute and unconditional
irrespective of:


 


(a)              
any lack of validity, enforceability or genuineness of any provision of any Loan Document, any Guaranteed Obligations or any other
agreement or instrument relating thereto;


 


(b)              
any change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations, or any
other amendment or waiver of or any consent to departure from this Agreement;


 


(c)              
any exchange, release or non-perfection of any collateral, or any release or amendment or waiver of or consent to departure from
any other guaranty, for all or any of the Guaranteed Obligations;


 


(d)              
any law or regulation of any jurisdiction or any other event affecting any term of a Guaranteed Obligation; or


 


(e)              
any other circumstance which might otherwise constitute a defense available to, or a discharge of, any Guarantor or the Borrower.


 


Each Guarantee shall continue
to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed Obligations is rescinded or
must otherwise be returned by the Administrative Agent, any L/C Issuer or any Lender upon the insolvency, bankruptcy or reorganization
of the Borrower or otherwise, all as though such payment had not been made.


 


Section 16.04  
Waivers.


 


(a)               Upon
becoming a Guarantor pursuant to Section 16.01, each Guarantor waives promptness, diligence, notice of acceptance and any
other notice with respect to any of the Guaranteed Obligations and its Guarantee and any requirement that the Administrative Agent,
any Issuing Lender or any Lender protect, secure, perfect or insure any security interest or lien or any property subject thereto or
exhaust any right or take any action against the Borrower or any other Person or any collateral.


 






    116


     


    

 


(b)              
Upon becoming a Guarantor pursuant to Section 16.01, each Guarantor irrevocably waives any claims or other rights that it
may now or hereafter acquire against the Borrower that arise from the existence, payment, performance or enforcement of the obligations
of any Guarantor under its Guarantee, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution
or indemnification and any right to participate in any claim or remedy of the Administrative Agent, any Issuing Lender or any Lender against
the Borrower or any collateral, whether or not such claim, remedy or right arises in equity or under contract, statute or common law,
including, without limitation, the right to take or receive from the Borrower, directly or indirectly, in cash or other property or by
set-off or in any other manner, payment or security on account of such claim, remedy or right. If any amount shall be paid to any Guarantor
in violation of the preceding sentence at any time prior to the later of the payment in full of the Guaranteed Obligations and all other
amounts payable under such Guarantor’s Guarantee and the Facility Termination Date, such amount shall be held in trust for the benefit
of the Administrative Agent, any Issuing Lender and the Lenders and shall forthwith be paid to the Administrative Agent to be credited
and applied to the Guaranteed Obligations and all other amounts payable under such Guarantor’s Guarantee, whether matured or unmatured,
in accordance with the terms of this Agreement and such Guarantor’s Guarantee, or to be held as collateral for any Guaranteed Obligations
or other amounts payable under the Guarantee thereafter arising. Upon becoming a Guarantor pursuant to Section 16.01, each Guarantor
acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Agreement and its
Guarantee and that the waiver set forth in this Section 16.04(b) is knowingly made in contemplation of such benefits.


 


Section 16.05  
Continuing Guaranty. Each Guarantee is a continuing guaranty and shall (i) remain in full force and effect until
payment in full of the Guaranteed Obligations (including any and all Guaranteed Obligations which remain outstanding after the Facility
Termination Date) and all other amounts payable under its Guarantee, (ii) be binding upon each Guarantor and its successors and assigns,
and (iii) inure to the benefit of and be enforceable by the Lenders, the Issuing Lenders, the Administrative Agent and their respective
successors, transferees and assigns.


 


Section 16.06  
Release of Guarantors.


 


(a)           
If (i) in compliance with the terms and provisions of this Agreement, any Guarantor ceases to constitute a Subsidiary of the Borrower
or (ii) after giving effect to the release of any Guarantor, there is no Default under this Agreement, then such Guarantor shall, in the
discretion of the Borrower upon notice in writing to the Administrative Agent, automatically be released from its obligations under this
Agreement or any other Loan Document, including the Guarantee set forth in this Article 16, and thereafter such Person shall no longer
constitute a Guarantor under this Agreement or any other Loan Documents.


 


(b)           
 At the request of the Borrower, the Administrative Agent shall, at the Borrower’s expense, execute such documents as are
reasonably necessary to acknowledge any such release in accordance with this Section 16.06, so long as the Borrower shall have
provided the Administrative Agent a certificate, signed by an Authorized Officer of the Borrower, certifying as to satisfaction of one
of the requirements set forth in clause (a) above.


 


[Signature Pages Follow]


 






    117


     


    

 





IN WITNESS WHEREOF, the parties hereto
have executed this Agreement as of the date first written above.


 


	 	GXO LOGISTICS, INC.
	 	 
	 	/s/ Baris Oran
	 	Name:	 Baris Oran
	 	Title:	Chief Financial Officer




 


[Signature Page to Credit Agreement]




 






     


     


    

  





	 	CITIBANK, N.A.,
	 	as Administrative Agent,
	 	 a Lender and an Issuing Lender
	 	 
	 	By:	/s/ Richard Rivera
	 	Name: Richard Rivera
	 	Title: Vice President




 


[Signature Page to Credit Agreement]


 



     


     


    

  





	 	BARCLAYS BANK PLC,
	 	as a Lender and an Issuing Lender
	 	 
	 	By:	 /s/ Craig Malloy
	 	Name: Craig Malloy
	 	Title: Director




 


[Signature Page to Credit Agreement]


 



     


     


    

  





	 	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK,
	 	as a Lender and an Issuing Lender
	 	 
	 	By:	/s/ Gordon Yip




	 	Name:	 Gordon Yip
	 	Title:	Director




 


	 	By:	 /s/ Paul Arens




	 	Name:	 Paul Arens
	 	Title:	Director




 


[Signature Page to Credit Agreement]


 



     


     


    

 


	 	Wells Fargo Bank, National Association, 

as a Lender
	 	 
	 	By:	/s/ Kevin Valenta
	 	Name: Kevin Valenta
	 	Title: Director





 


[Signature Page to Credit Agreement]


 






    


     


    

 





	 	HSBC Bank USA, N.A.,
	 	as a Lender
	 	 
	 	By:	 /s/ Patrick D. Mueller
	 	Name: Patrick D. Mueller
	 	Title: Managing Director




 


[Signature Page to Credit Agreement]


 


INTERNAL


 



     


     


    

 


	 	The Bank of Nova Scotia,
	 	as a Lender
	 	 
	 	By:	/s/ Frans Braniotis
	 	Name: Frans Braniotis
	 	Title: Managing Director




 


[Signature Page to Credit Agreement]


 



     


     


    

 


	 	MORGAN STANLEY BANK, N.A.,
	 	as a Lender
	 	 
	 	By:	/s/ Michael King
	 	Name: Michael King
	 	Title: Authorized Signatory




 


[Signature Page to Credit Agreement]


 



     


     


    

 


	 	BANK OF AMERICA, N.A.
	 	as a Lender




 


	 	By:	/s/ Stephen J. D’Elia




	 	Name:	Stephen J. D’Elia
	 	Title:	Vice President







 


[Signature Page to Credit Agreement]


 



     


     


    

 


	 	DEUTSCHE BANK AG NEW YORK BRANCH,
	 	as a Lender
	 	 
	 	By:	 /s/ Ming K. Chu




	 	Name:	Ming K. Chu 	ming.k.chu@db.com
	 	Title:	Director	+1-212-250-5451




 


	 	By:	 /s/ Marko Lukin




	 	Name:	Marko Lukin	marko.lukin@db.com
	 	Title:	Vice President	+1-212-250-7283




 


[Signature Page to Credit Agreement]


 



     


     


    

 


	 	Capital One, National Association,
	 	as a Lender
	 	 
	 	By:	/s/ Danielle Katz




	 	Name:	Danielle Katz
	 	Title:	Duly Authorized Signatory




 


[Signature Page to Credit Agreement]


 



     


     


    

 


	 	BNP Paribas, as a Lender
	 	 
	 	By:	/s/ Tony Baratta
	 	Name: Tony Baratta
	 	Title: Managing Director
	 	 
	 	By:	/s/ Michael Hoffman
	 	Name: Michael Hoffman
	 	Title: Director




 


[Signature Page to Credit Agreement]


 



     


     


    

 


	 	GOLDMAN SACHS BANK USA,
	 	as a Lender
	 	 
	 	By:	 /s/ Ryan Durkin
	 	Name: Ryan Durkin
	 	Title: Authorized Signatory




 


[Signature Page to Credit Agreement]


 



     


     


    

 


	 	Truist Bank,
	 	as a Lender
	 	 
	 	By:	/s/ Chris Hursey
	 	Name: Chris Hursey
	 	Title: Director




 


[Signature Page to Credit Agreement]


 



     


     


    

 


PRICING SCHEDULE

TO REVOLVING CREDIT AGREEMENT



APPLICABLE MARGIN


 


	 	Pricing Level I 	Pricing Level II	Pricing Level III 	Pricing Level IV 	Pricing Level V 
	Public Debt Rating	≥ BBB+ and BBB+	BBB and BBB	BBB− and BBB−	BB+ and BB+	≤ BB and BB 
	Applicable Margin	1.000%	1.125%	1.250%	1.750%	2.000%


 


 


COMMITMENT FEE


 


	 	Pricing Level I 	Pricing Level II	Pricing Level III 	Pricing Level IV 	Pricing Level V 
	Public Debt Rating	≥ BBB+ and BBB+	BBB and BBB	BBB− and BBB−	BB+ and BB+	≤ BB and BB 
	Commitment Fee	0.125%	0.150%	0.175%	0.225%	0.275%


 






     


     


    

 


For the purpose of the foregoing
charts, (a) if only one of S&P and Fitch shall have in effect a Public Debt Rating, the Applicable Margin or Commitment Fee, as applicable,
shall be determined by reference to the available Public Debt Rating; (b) if neither S&P nor Fitch shall have in effect a Public Debt
Rating, the Applicable Margin or Commitment Fee, as applicable, shall be set in accordance with Pricing Level V until such time as either
S&P or Fitch shall have in effect a Public Debt Rating; (c) if the Public Debt Ratings established by S&P and Fitch shall fall
within different levels, the Applicable Margin or Commitment Fee, as applicable, shall be based upon the higher of such Public Debt Ratings,
except that in the event that the lower of such Public Debt Ratings is more than one level below the higher of such Public Debt Ratings,
the Applicable Margin or Commitment Fee, as applicable, shall be based upon the level immediately below the higher of such Public Debt
Ratings; (d) if any Public Debt Rating established by either S&P or Fitch shall be changed, such change shall be effective as of the
date on which such change is first announced publicly by the rating agency making such change; and (e) if either S&P or Fitch shall
change the basis on which Public Debt Ratings are established, each reference to the Public Debt Ratings announced by S&P or Fitch,
as the case may be, shall refer to the then equivalent rating by S&P or Fitch, as the case may be.


 






     


     


    

 





COMMITMENT SCHEDULE


 


COMMITMENTS AND PRO RATA SHARES


 


	Lender	 	Commitment	 	 	Pro Rata Share of

 Aggregate Commitment	 
	Citibank, N.A.	 	$	100,000,000.00	 	 	 	12.5000	%
	Barclays Bank PLC	 	$	100,000,000.00	 	 	 	12.5000	%
	Crédit Agricole Corporate and Investment Bank	 	$	100,000,000.00	 	 	 	12.5000	%
	Bank of America, N.A.	 	$	65,000,000.00	 	 	 	8.1250	%
	BNP Paribas	 	$	65,000,000.00	 	 	 	8.1250	%
	Deutsche Bank AG New York Branch	 	$	65,000,000.00	 	 	 	8.1250	%
	Goldman Sachs Bank USA	 	$	65,000,000.00	 	 	 	8.1250	%
	Morgan Stanley Bank, N.A.	 	$	65,000,000.00	 	 	 	8.1250	%
	Wells Fargo Bank, National Association	 	$	65,000,000.00	 	 	 	8.1250	%
	Capital One, National Association	 	$	27,500,000.00	 	 	 	3.4375	%
	HSBC Bank USA, N.A.	 	$	27,500,000.00	 	 	 	3.4375	%
	The Bank of Nova Scotia	 	$	27,500,000.00	 	 	 	3.4375	%
	Truist Bank	 	$	27,500,000.00	 	 	 	3.4375	%
	TOTAL	 	$	800,000,000.00	 	 	 	100.0000	%






 






     


     


    

 


L/C COMMITMENT SCHEDULE


 


	Issuing Lender	 	L/C Commitment	 
	Citibank, N.A.	 	$	20,000,000.00	 
	Barclays Bank PLC	 	$	20,000,000.00	 
	Crédit Agricole Corporate and Investment Bank	 	$	20,000,000.00	 



 






     


     


    

 





Schedule 2.03


 


EXISTING LETTERS OF CREDIT


 


[To be delivered to the Administrative Agent on
or prior to the Closing Date.]


 






     


     


    

 





Schedule 6.10


 


EXISTING SPECIFIED INDEBTEDNESS FOR BORROWED
MONEY


 


None.





 






     


     


    

 


Schedule 13.01


 


CERTAIN ADDRESSES FOR NOTICES


 


		1.	Address
of the Borrower:



 


GXO Logistics, Inc.


Two American Lane


Greenwich, CT 06831


Attention: Baris Oran


 


		2.	Address
for the Administrative Agent:



 


Citibank Delaware


One Penns Way


OPS II, Floor 2


New Castle, DE 19720


Attn: Agency Operations


Phone: (302) 894-6010


Fax: (646) 274-5080


Borrower inquiries only: agencyabtfsupport@citi.com


Borrower notifications: GlAgentOfficeOps@Citi.com


Disclosure Team Mail (Financial Reporting):
GlAgentOfficeOps@Citi.com


Investor Relations Team (investor inquiries
only): global.loans.support@citi.com