Exhibit 10.1


 


 


FINANCING
AGREEMENT



Dated as of May 30, 2018



by and among





PROPEL MEDIA, INC. AND EACH SUBSIDIARY LISTED AS A BORROWER ON


THE
SIGNATURE PAGES HERETO,

as Borrowers,





EACH SUBSIDIARY OF PROPEL MEDIA, INC.

LISTED AS A GUARANTOR ON THE SIGNATURE PAGES HERETO,

as Guarantors,





THE LENDERS FROM TIME TO TIME PARTY HERETO,

as Lenders,



MGG CALIFORNIA LLC,

as Collateral Agent


 


and


 


MGG
CALIFORNIA LLC,


as
Administrative Agent





 




     

     


    

 


TABLE
OF CONTENTS


 





	 	Page 
	 	 
	ARTICLE I DEFINITIONS; CERTAIN TERMS	1
	 	 
	Section 1.01  	Definitions	1
	Section 1.02  	Terms Generally	43
	Section 1.03  	Certain Matters
of Construction	43
	Section 1.04  	Accounting
and Other Terms	44
	Section 1.05  	Time References	44
	 	 	 
	ARTICLE II THE LOANS	45
	 	 
	Section 2.01  	Commitments	45
	Section 2.02  	Making the
Loans	45
	Section 2.03  	Repayment
of Loans; Evidence of Debt	48
	Section 2.04  	Interest	49
	Section 2.05    	 Reduction of
    Commitment; Prepayment of Loans	50
	Section 2.06  	Fees	53
	Section 2.07  	LIBOR Option	55
	Section 2.08  	Funding Losses	57
	Section 2.09  	Taxes	58
	Section 2.10  	Increased
Costs and Reduced Return	60
	Section 2.11  	Changes in
Law; Impracticability or Illegality	61
	 	 	 
	ARTICLE III [INTENTIONALLY OMITTED]	62
	 	 
	ARTICLE IV APPLICATION OF PAYMENTS; DEFAULTING LENDERS; JOINT AND SEVERAL LIABILITY OF BORROWERS	62
	 	 
	Section 4.01  	Payments;
Computations and Statements	62
	Section 4.02  	Sharing of
Payments	63
	Section 4.03  	Apportionment
of Payments	64
	Section 4.04  	Defaulting
Lenders	65
	Section 4.05   	Administrative
Borrower; Joint and Several Liability of the Borrowers	66
	 	 	 
	ARTICLE
V CONDITIONS TO LOANS	67
	 	 
	Section 5.01  	Conditions
Precedent to Effectiveness	67
	Section 5.02  	Conditions
Precedent to All Loans	71
	Section 5.03  	Conditions
Subsequent to Effectiveness	71
	 	 	 
	ARTICLE VI REPRESENTATIONS AND WARRANTIES 	72
	 	 	 
	Section 6.01  	Representations
and Warranties	72
	 	 	 
	ARTICLE
VII COVENANTS OF THE LOAN PARTIES	81
	 	 	 
	Section 7.01  	Affirmative Covenants	81
	Section 7.02  	Negative
Covenants	92
	Section 7.03  	Leverage
Ratio	99



 






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	ARTICLE VIII CASH MANAGEMENT ARRANGEMENTS AND OTHER COLLATERAL MATTERS	99
	 	 
	Section 8.01  	Cash Management Arrangements	99
	 	 	 
	ARTICLE IX EVENTS OF DEFAULT	100
	 	 
	Section 9.01  	Events of Default	100
	 	 	 
	ARTICLE X AGENTS	104
	 	 
	Section 10.01 	Appointment	104
	Section 10.02 	Nature of Duties; Delegation	105
	Section 10.03 	Rights, Exculpation, Etc	106
	Section 10.04 	Reliance	107
	Section 10.05 	Indemnification	107
	Section 10.06 	Agents Individually	107
	Section 10.07 	Successor Agent	107
	Section 10.08 	Collateral Matters	108
	Section 10.09 	Agency for Perfection	109
	Section 10.10 	No Reliance on any Agent’s Customer Identification Program.	109
	Section 10.11 	No Third Party Beneficiaries	110
	Section 10.12 	No Fiduciary Relationship	110
	Section 10.13 	Reports; Confidentiality; Disclaimers	110
	Section 10.14 	Collateral Custodian	111
	Section 10.15 	[Reserved]	111
	Section 10.16 	Collateral Agent May File Proofs of Claim	111
	 	 	 
	ARTICLE XI GUARANTY	111
	 	 
	Section 11.01 	Guaranty	111
	Section 11.02 	Guaranty Absolute	112
	Section 11.03 	Waiver	113
	Section 11.04 	Continuing Guaranty; Assignments	113
	Section 11.05 	Subrogation	113
	Section 11.06 	Contribution	114
	 	 	 
	ARTICLE XII MISCELLANEOUS	115
	 	 
	Section 12.01 	Notices,
Etc	115
	Section 12.02 	Amendments, Etc	117
	Section 12.03 	No Waiver; Remedies, Etc	119
	Section 12.04 	Expenses; Taxes; Attorneys’ Fees	119
	Section 12.05 	Right of Set-off	120
	Section 12.06 	Severability	120
	Section 12.07 	Assignments and Participations	120
	Section 12.08 	Counterparts	124
	Section 12.09 	GOVERNING LAW	125
	Section 12.10 	CONSENT TO JURISDICTION; SERVICE OF PROCESS AND VENUE	125
	Section 12.11 	WAIVER OF
JURY TRIAL, ETC	126
	Section 12.12 	Consent by
the Agents and Lenders	126
	Section 12.13 	No Party
Deemed Drafter	126
	Section 12.14 	Reinstatement;
Certain Payments	126
	Section 12.15 	Indemnification;
Limitation of Liability for Certain Damages	127
	Section 12.16 	Records	128
	Section 12.17 	Binding Effect	128
	Section 12.18 	Highest Lawful
Rate	128
	Section 12.19 	Confidentiality	129
	Section 12.20 	Public Disclosure	130
	Section 12.21 	Integration	130
	Section 12.22 	USA PATRIOT
Act	130


 



    	 	- ii -	 



     


    







 


SCHEDULE
AND EXHIBITS


	 	 
	Schedule
    1.01(A)	Lenders and
    Lenders’ Commitments
	Schedule
    1.01(B)	Facilities
	Schedule
    6.01(e)	Capitalization;
    Subsidiaries
	Schedule
    6.01(f)	Litigation
	Schedule
    6.01(g)	Certain Liabilities
	Schedule
    6.01(i)	ERISA
	Schedule
    6.01(l)	Nature of
    Business
	Schedule
    6.01(q)	Environmental
    Matters
	Schedule
    6.01(r)	Insurance
	Schedule 6.01(u)	Intellectual
    Property
	Schedule 6.01(v)	Material
    Contracts
	Schedule
    6.01(y)	Credit Card
    Agreements
	Schedule
    7.02(a)	Existing
    Liens
	Schedule 7.02(b)	Existing
    Indebtedness
	Schedule 7.02(e)	Existing
    Investments
	Schedule
    7.02(j)	Affiliate
    Transactions
	Schedule 7.02(k)	Limitations
    on Dividends and Other Payment Restrictions
	Schedule
    8.01	Cash Management
    Accounts
	 	 
	Exhibit A	Form of Joinder
    Agreement
	Exhibit B	Form of Assignment
    and Acceptance
	Exhibit C	Form of Notice
    of Borrowing
	Exhibit D	Form of LIBOR
    Notice
	Exhibit E	[Reserved]
	Exhibit F	Form of Solvency
    Certificate





  






    	 	- iii -	 



     


    

 


FINANCING
AGREEMENT


 


Financing
Agreement, dated as of May 30, 2018, by and among Propel Media, Inc., a Delaware corporation (the “Parent”),
each subsidiary of the Parent listed as a “Borrower” on the signature pages hereto (such subsidiaries, together with
the Parent and each other Person that executes a joinder agreement and becomes a “Borrower” hereunder, each a “Borrower”
and, collectively, the “Borrowers”), each subsidiary of the Parent listed as a “Guarantor” on
the signature pages hereto (together with each other Person that executes a joinder agreement and becomes a “Guarantor”
hereunder or otherwise guaranties all or any part of the Obligations (as hereinafter defined), each a “Guarantor”
and, collectively, the “Guarantors”), the lenders from time to time party hereto (each a “Lender”
and, collectively, the “Lenders”), MGG California LLC, a Delaware limited liability company (“MGG”),
as collateral agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, the “Collateral
Agent”), and MGG, as administrative agent for the Lenders (in such capacity, together with its successors and assigns
in such capacity, the “Administrative Agent” and together with the Collateral Agent, each an “Agent”
and, collectively, the “Agents”).


 


RECITALS


 


The
Borrowers have asked the Lenders to extend credit to the Borrowers consisting of (a) a term loan in the aggregate principal
amount of $50,000,000 and (b) a revolving credit facility in an aggregate principal amount not to exceed $7,000,000 at any
time outstanding. The proceeds of the term loan and the loans made under the revolving credit facility shall be used (i) to refinance
existing indebtedness of the Borrowers, (ii) for general working capital purposes of the Borrowers, (iii) to pay fees and expenses
related to this Agreement, the other Loan Documents and the transactions contemplated herein and therein, and (iv) pay the Future
Ads Deferred Consideration (as defined below). The Lenders are severally, and not jointly, willing to extend such credit to the
Borrowers subject to the terms and conditions hereinafter set forth.


 


In
consideration of the premises and the covenants and agreements contained herein, the parties hereto agree as follows:


 


ARTICLE
I


 


DEFINITIONS;
CERTAIN TERMS


 


Section
1.01 Definitions. As used in this Agreement, the following terms shall have the respective meanings indicated below:


 


“Account”
means, with respect to any Person, any and all rights of such Person to payment for goods sold or leased and/or services rendered,
including accounts, general intangibles and any and all such rights evidenced by chattel paper, instruments or documents, whether
due or to become due and whether or not earned by performance, and whether now or hereafter acquired or arising in the future,
and any proceeds arising therefrom or relating thereto.


 






     

     


    

 


“Account
Debtor” means, with respect to any Person, each debtor, customer or obligor in any way obligated on or in connection
with any Account of such Person, including any Credit Card Issuer or Credit Card Processor.


 


“Acquisition”
means the acquisition (whether by means of a merger, consolidation or otherwise) of all of the Equity Interests of any Person
or all or substantially all of the assets of (or any division or business line of) any Person.


 


“Action”
has the meaning specified therefor in Section 12.12.


 


“Additional
Amount” has the meaning specified therefor in Section 2.09(a).


 


“Administrative
Agent” has the meaning specified therefor in the preamble hereto.


 


“Administrative
Agent’s Account” means an account at a bank designated by the Administrative Agent from time to time as the account into
which the Loan Parties shall make all payments to the Administrative Agent for the benefit of the Agents and the Lenders under
this Agreement and the other Loan Documents.


 


“Administrative
Borrower” has the meaning specified therefor in Section 4.05.


 


“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries, controls,
is controlled by, or is under common control with, such Person. For purposes of this definition, “control” of a Person
means the power, directly or indirectly, either to (a) vote 10% or more of the Equity Interests having ordinary voting power for
the election of members of the Board of Directors of such Person or (b) direct or cause the direction of the management and
policies of such Person whether by contract or otherwise. Notwithstanding anything herein to the contrary, in no event shall any
Agent or any Lender be considered an “Affiliate” of any Loan Party.


 


“Agent”
has the meaning specified therefor in the preamble hereto.


 


“Agent
Advances” has the meaning specified therefor in Section 10.08(a).


 


“Agreement”
means this Financing Agreement, including all amendments, modifications and supplements and any exhibits or schedules to any of
the foregoing, and shall refer to the Agreement as the same may be in effect at the time such reference becomes operative.


 


“Anti-Corruption
Laws” has the meaning specified therefor in Section 6.01(bb).


 


“Anti-Money
Laundering and Anti-Terrorism Laws” means any Requirement of Law relating to terrorism, economic sanctions or money laundering,
including, without limitation, (a) the Money Laundering Control Act of 1986 (i.e., 18 U.S.C. §§ 1956 and
1957), (b) the Bank Secrecy Act of 1970 (31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and
1951-1959), and the implementing regulations promulgated thereunder, (c) the USA PATRIOT Act and the implementing regulations
promulgated thereunder, (d) the laws, regulations and Executive Orders administered by the United States Department of the Treasury’s
Office of Foreign Assets Control (“OFAC”), (e) any law prohibiting or directed against terrorist activities or
the financing or support of terrorist activities (e.g., 18 U.S.C. §§ 2339A and 2339B), and (f) any similar
laws enacted in the United States or any other jurisdictions in which the parties to this Agreement operate, as any of the foregoing
laws have been, or shall hereafter be, amended, renewed, extended, or replaced and all other present and future legal requirements
of any Governmental Authority governing, addressing, relating to, or attempting to eliminate, terrorist acts and acts of war and
any regulations promulgated pursuant thereto.


  






    	 	- 2 -	 



     


    

 


“Applicable
Margin” means, as of any date of determination, with respect to the interest rate of (a) any Reference Rate Loan or any
portion thereof, 6.75%, and (b) any LIBOR Rate Loan or any portion thereof, 9.00%.


 


“Applicable
Premium” means


 


(a) as
of the date of the occurrence of an Applicable Premium Trigger Event specified in clause (a), (b), (c), (d) and (e) of the definition
thereof:


 


(i) during
the period from and after the Effective Date up to and including the date that is the 24 month anniversary of the Effective Date,
an amount equal to the Make-Whole Amount;


 


(ii) thereafter,
zero; and


 


(b) as
of the date of the occurrence of an Applicable Premium Trigger Event specified in clause (f) of the definition thereof:


 


(i) during
the period from and after the Effective Date up to and including the date that is the 12 month anniversary of the Effective Date
(the “First Period”), an amount equal to the Make-Whole Amount;


 


(ii) during
the period after the First Period up to and including the date that is the 24 month anniversary of the Effective Date, an amount
equal to 3.00% times the sum of (A) the aggregate principal amount of the Term Loans outstanding on the date of such Applicable
Premium Trigger Event and (B) the aggregate principal amount of Revolving Credit Commitments immediately prior to such Applicable
Premium Trigger Event; and


 


(iii) thereafter,
zero.


 


“Applicable
Premium Trigger Event” means


 


(a) any
permanent reduction of the Total Revolving Credit Commitment pursuant to Section 2.05 or Section 9.01;


 


(b) any
payment by any Loan Party of all, or any part, of the principal balance of any Term Loan for any reason (including, without limitation,
any optional prepayment or mandatory prepayment but excluding (x) any regularly scheduled amortization payment made pursuant to
Section 2.03(b) (other than, for the avoidance of doubt, any payment made pursuant to clause (iii) of the last sentence of Section
2.03(b)), (y) any mandatory prepayment made pursuant to Section 2.05(c)(i), and (z) any mandatory prepayment made pursuant to
Section 2.05(c)(iv)) whether before or after (i) the occurrence of an Event of Default, or (ii) the commencement of any Insolvency
Proceeding, and notwithstanding any acceleration (for any reason) of the Obligations;


 






    	 	- 3 -	 



     


    

 


(c) the
acceleration of the Obligations for any reason, including, without limitation, acceleration in accordance with Section 9.01, including
as a result of the commencement of an Insolvency Proceeding;


 


(d) the
satisfaction, release, payment, restructuring, reorganization, replacement, reinstatement, defeasance or compromise of any of
the Obligations in any Insolvency Proceeding, foreclosure (whether by power of judicial proceeding or otherwise) or deed in lieu
of foreclosure or the making of a distribution of any kind in any Insolvency Proceeding to any Agent, for the account of the Lenders
in full or partial satisfaction of the Obligations;


 


(e) the
termination of this Agreement for any reason; or


 


(f) a
Change of Control.


 


“Assignment
and Acceptance” means an assignment and acceptance entered into by an assigning Lender and an assignee, and accepted
by the Collateral Agent (and the Administrative Agent, if applicable), in accordance with Section 12.07 hereof and substantially
in the form of Exhibit B hereto or such other form acceptable to the Agents.


 


“Authorized
Officer” means, with respect to any Person, the chief executive officer, chief operating officer, chief financial officer,
treasurer or other financial officer performing similar functions, president or executive vice president of such Person.


 


“Availability”
means, at any time, the difference between (a) the Total Revolving Credit Commitment and (b) the aggregate outstanding principal
amount of all Revolving Loans.


 


“Bankruptcy
Code” means Title 11 of the United States Code, as amended from time to time and any successor statute or any similar
federal or state law for the relief of debtors.


 


“Blocked
Person” means any Person:


 


(a) that
(i) is identified on the list of “Specially Designated Nationals and Blocked Persons” published by OFAC; (ii) resides,
is organized or chartered, or has a place of business in a country or territory that is the subject of an OFAC Sanctions Program;
or (iii) a United States Person is prohibited from dealing or engaging in a transaction with under any of the Anti-Money Laundering
and Anti-Terrorism Laws; and


 


(b) that
is owned or controlled by, or that owns or controls, or that is acting for or on behalf of, any Person described in clause (a)
above.


 






    	 	- 4 -	 



     


    

 


“Board”
means the Board of Governors of the Federal Reserve System of the United States (or any successor).


 


“Board
of Directors” means with respect to (a) any corporation, the board of directors of the corporation or any committee thereof
duly authorized to act on behalf of such board, (b) a partnership, the board of directors of the general partner of the partnership,
(c) a limited liability company, the managing member or members or any controlling committee or board of directors of such
company or the sole member or the managing member thereof, and (d) any other Person, the board or committee of such Person
serving a similar function.


 


“Borrower”
has the meaning specified therefor in the preamble hereto.


 


“Bravo
Services Agreement” means the Future Ads LLC – Bravo Studio D.O.O. Services Agreement, dated December 1, 2008,
between Future Ads and Bravo Studio d.o.o., as amended and/or modified from time to time in accordance with the terms hereof.


 


“Business
Day” means (a) for all purposes other than as described in clause (b) below, any day other than a Saturday, Sunday
or other day on which commercial banks in New York City are authorized or required to close, and (b) with respect to the
borrowing, payment or continuation of, or determination of interest rate on, LIBOR Rate Loans, any day that is a Business Day
described in clause (a) above and on which dealings in Dollars may be carried on in the interbank eurodollar markets in New York
City and London.


 


“Capital
Expenditures” means, with respect to any Person for any period, the sum of (a) the aggregate of all expenditures by such
Person and its Subsidiaries during such period that in accordance with GAAP are or should be included in “property, plant
and equipment” or in a similar fixed asset account on its balance sheet, whether such expenditures are paid in cash or financed,
including all Capitalized Lease Obligations, obligations under synthetic leases and capitalized software costs that are paid or
due and payable during such period and (b) to the extent not covered by clause (a) above, the aggregate of all expenditures by
such Person and its Subsidiaries during such period to acquire by purchase or otherwise the business or fixed assets of, or the
Equity Interests of, any other Person; provided, that the term “Capital Expenditures” shall not include any such
expenditures which constitute (i) expenditures by a Loan Party made in connection with the replacement, substitution or restoration
of such Loan Party’s assets pursuant to Section 2.05(c)(v) from the Net Cash Proceeds of Dispositions and Extraordinary Receipts
consisting of insurance proceeds or condemnation awards, (ii) a Permitted Acquisition, (iii) expenditures that are accounted for
as capital expenditures of such Person and that actually are paid for by a third party (excluding any Loan Party) and for which
no Loan Party has provided or is required to provide or incur, directly or indirectly, any consideration or obligation to such
third party or any other person (whether before, during or after such period), and (iv) the purchase price of equipment that is
purchased substantially contemporaneously with the trade in of existing equipment to the extent that the gross amount of such
purchase price is reduced by the credit granted by the seller of such equipment for the equipment being traded in at such time.


 


“Capitalized
Lease” means, with respect to any Person, any lease of (or other arrangement conveying the right to use) real or personal
property by such Person as lessee that is required under GAAP, as in effect on the date of this Agreement, to be capitalized on
the balance sheet of such Person. For the avoidance of doubt, “Capitalized Lease” shall not include any lease of (or
other arrangement conveying the right to use) property (whether real, personal or mixed), which would be required to be classified
and accounted for as an operating lease under GAAP as existing on the date of this Agreement.


 






    	 	- 5 -	 



     


    

 


“Capitalized
Lease Obligations” means, with respect to any Person, obligations of such Person and its Subsidiaries under Capitalized
Leases, and, for purposes hereof, the amount of any such obligation shall be the capitalized amount thereof determined in accordance
with GAAP.


 


“Cash
Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by the United States Government
or issued by any agency thereof and backed by the full faith and credit of the United States, in each case, maturing within six
months from the date of acquisition thereof; (b) commercial paper, maturing not more than 270 days after the date of
issue rated P-1 by Moody’s or A-1 by Standard & Poor’s; (c) certificates of deposit maturing not more than 270 days after
the date of issue, issued by commercial banking institutions and money market or demand deposit accounts maintained at commercial
banking institutions, each of which is a member of the Federal Reserve System and has a combined capital and surplus and undivided
profits of not less than $500,000,000; (d) repurchase agreements having maturities of not more than 90 days from the
date of acquisition which are entered into with major money center banks included in the commercial banking institutions described
in clause (c) above and which are secured by readily marketable direct obligations of the United States Government or any
agency thereof; (e) money market accounts maintained with mutual funds having assets in excess of $2,500,000,000, which assets
are primarily comprised of Cash Equivalents described in another clause of this definition; and (f) marketable tax exempt
securities rated A or higher by Moody’s or A+ or higher by Standard & Poor’s, in each case, maturing within 270 days from
the date of acquisition thereof.


 


“Cash
Management Accounts” means the bank accounts of each Loan Party maintained at one or more Cash Management Banks listed
on Schedule 8.01.


 


“Cash
Management Bank” means the banks at which the Loan Parties have established bank accounts, which banks are specified
(as of the Effective Date) on Schedule 8.01.


 


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


 






    	 	- 6 -	 



     


    

 


“Change
of Control” means each occurrence of any of the following:


 


(a) the
Permitted Holders cease beneficially and of record to own and control, directly or indirectly, at least 50.1% on a fully diluted
basis of the aggregate outstanding voting or economic power of the Equity Interests of the Parent;


 


(b) the
acquisition, directly or indirectly, by any person or group (within the meaning of Section 13(d)(3) of the Exchange Act)
(other than a Permitted Holder) of beneficial ownership of more than either (i) 35% of the aggregate outstanding voting or economic
power of the Equity Interests of the Parent, or (ii) the percentage of the aggregate outstanding voting or economic power of the
Equity Interests of the Parent held by the Permitted Holders;


 


(c) during
any period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors of the
Parent (together with any new directors whose election by such Board of Directors or whose nomination for election by the shareholders
of the Parent was approved by a vote of at least a majority of the directors of the Parent then still in office who were either
directors at the beginning of such period, or whose election or nomination for election was previously approved) cease for any
reason to constitute a majority of the Board of Directors of the Parent;


 


(d) the
Parent shall cease to have beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) of 100% of the aggregate
voting or economic power of the Equity Interests of each other Loan Party and each of its Subsidiaries (other than in connection
with any transaction permitted pursuant to Section 7.02(c)(i), so long as such transaction does not result in any Loan Party or
Subsidiary being less than wholly-owned), free and clear of all Liens (other than Permitted Specified Liens); or


 


(e) a
“Change of Control” (or any comparable term or provision) under or with respect to any of the Equity Interests or Indebtedness
of the Parent or any of its Subsidiaries.


 


“Collateral”
means all of the property and assets and all interests therein and proceeds thereof now owned or hereafter acquired by any Person
upon which a Lien is granted or purported to be granted by such Person as security for all or any part of the Obligations. For
the avoidance of doubt, it is understood and agreed that Excluded Property (as defined in the Security Agreement) shall not constitute
Collateral.


 


“Collateral
Agent” has the meaning specified therefor in the preamble hereto.


 


“Collections”
means all cash, checks, notes, instruments, and other items of payment (including insurance proceeds, proceeds of cash sales,
rental proceeds, and tax refunds).


 


“Commitments”
means, with respect to each Lender, such Lender’s Revolving Credit Commitment and Term Loan Commitment.


 


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


 






    	 	- 7 -	 



     


    

 


“Compliance
Certificate” has the meaning assigned to such term in Section 7.01(a)(iv).


 


“Consolidated
Adjusted EBITDA” means, with respect to any Person for any period:


 


(a) the
Consolidated Net Income of such Person for such period,


 


plus


 


(b) without
duplication, the sum of the following amounts for such period to the extent deducted in the calculation of Consolidated Net Income
for such period:


 


(i) any
provision for United States federal income taxes or other taxes paid to any Governmental Authority,


 


(ii) Consolidated
Net Interest Expense,


 


(iii) any
loss from extraordinary, unusual or nonrecurring items (including severance and expenses required to be paid in connection with
lawsuits) in an aggregate amount not to exceed $1,500,000 during such period,


 


(iv) any
depreciation and amortization expense, including amortization of capitalized software development costs,


 


(v) any
aggregate net non-cash loss on the Disposition of property (other than accounts and Inventory) outside the ordinary course of
business,


 


(vi) without
duplication of any amount in clause (viii), fees or expenses paid in connection with any Acquisitions made by the Loan Parties
that occurred prior to the Effective Date and paid in connection with the execution and delivery of the Loan Documents, in each
case, paid in cash during such period, in an aggregate amount not to exceed $3,000,000 during the term of this Agreement,


 


(vii) any
non-cash item reducing Consolidated Net Income (excluding any such non-cash item to the extent that it represents an accrual or
reserve for potential cash items in any future period or amortization of a prepaid cash item that was paid in a prior period),
including non-cash purchase accounting adjustments, non-cash charges resulting from the grant of stock options or other equity-related
compensation, and any write-off of non-cash deferred financing costs incurred during such period in connection with the Future
Ads Acquisition and the Loan Documents,


 


(viii) fees
paid in cash to the Agents and the Lenders under the terms of the Loan Documents, to the Existing Lenders under the Existing Facility
on or prior to the Effective Date, and to other third party lenders under other credit facilities to the extent such Indebtedness
is permitted under the terms of this Agreement,


 






    	 	- 8 -	 



     


    

 


(ix) fees,
expenses or other costs related to any Acquisition, Disposition, or incurrence of Indebtedness, whether or not consummated, in
an aggregate amount not to exceed $2,500,000 during such period,


 


(x) customary
fees and indemnification (including the reimbursement of out-of-pocket expenses) paid to any member of the Board of Directors
not to exceed $1,000,000 in the aggregate for all such members in any calendar year, and


 


(xi) the
DeepIntent Payments,


 


minus


 


(c) without
duplication, the sum of the following amounts for such period to the extent included in the calculation of such Consolidated Net
Income for such period:


 


(i) any
credit for United States federal income taxes or other taxes measured by net income,


 


(ii) any
gain from extraordinary, unusual or nonrecurring items during such period,


 


(iii) any
aggregate net gain on the Disposition of property (other than accounts and Inventory) outside the ordinary course of business
during such period, and


 


(iv) any
non-cash item increasing Consolidated Net Income,


 


in
each case, determined on a consolidated basis in accordance with GAAP. Notwithstanding the foregoing, Consolidated Adjusted EBITDA
shall be deemed to equal (a) $9,192,000 for the fiscal quarter ended March 31, 2018, (b) $8,603,000 for the fiscal quarter ended
December 31, 2017, (c) $8,726,000 for the fiscal quarter ended September 30, 2017 and (d) $9,742,000 for the fiscal quarter ended
June 30, 2017.


 


“Consolidated
Net Income” means, with respect to any Person, for any period, the consolidated net income (or loss) of such Person and
its Subsidiaries for such period; provided, however, that the following shall be excluded: (a) the net income of
any other Person in which such Person or one of its Subsidiaries has a joint interest with a third-party (which interest does
not cause the net income of such other Person to be consolidated into the net income of such Person), except to the extent of
the amount of dividends or distributions paid to such Person or Subsidiary, (b) the net income of any Subsidiary of such Person
that is, on the last day of such period, subject to any restriction or limitation on the payment of dividends or the making of
other distributions, to the extent of such restriction or limitation, and (c) the net income of any other Person arising prior
to such other Person becoming a Subsidiary of such Person or merging or consolidating into such Person or its Subsidiaries.


 


“Consolidated
Net Interest Expense” means, with respect to any Person for any period, (a) gross interest expense of such Person and
its Subsidiaries for such period determined on a consolidated basis and in accordance with GAAP (including, without limitation,
interest expense paid to Affiliates of such Person), less (b) the sum of (i) interest income for such period
and (ii) gains for such period on Hedging Agreements (to the extent not included in interest income above and to the extent
not deducted in the calculation of gross interest expense), plus (c) the sum of (i) losses for such period on
Hedging Agreements (to the extent not included in gross interest expense) and (ii) the upfront costs or fees for such period
associated with Hedging Agreements (to the extent not included in gross interest expense), in each case, determined on a consolidated
basis and in accordance with GAAP.


 






    	 	- 9 -	 



     


    

 


“Contingent
Indemnity Obligations” means any Obligation constituting a contingent, unliquidated indemnification obligation of any
Loan Party, in each case, to the extent (a) such obligation has not accrued and is not yet due and payable and (b) no
claim has been made or is reasonably anticipated to be made with respect thereto.


 


“Contingent
Obligation” means, with respect to any Person, any obligation of such Person guaranteeing or intending to guarantee any
Indebtedness, leases, dividends or other obligations (“primary obligations”) of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, including, without limitation, (a) the direct or indirect guaranty,
endorsement (other than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or
sale with recourse by such Person of the obligation of a primary obligor, (b) the obligation to make take-or-pay or similar
payments, if required, regardless of nonperformance by any other party or parties to an agreement, (c) any obligation of such
Person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect
security therefor, (ii) to advance or supply funds (A) for the purchase or payment of any such primary obligation or (B) to
maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary
obligor, (iii) to purchase property, assets, securities or services primarily for the purpose of assuring the owner of any
such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise
to assure or hold harmless the holder of such primary obligation against loss in respect thereof; provided, however,
that the term “Contingent Obligation” shall not include any product warranties extended in the ordinary course of business.
The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary
obligation with respect to which such Contingent Obligation is made (or, if less, the maximum amount of such primary obligation
for which such Person may be liable pursuant to the terms of the instrument evidencing such Contingent Obligation) or, if not
stated or determinable, the maximum reasonably anticipated liability with respect thereto (assuming such Person is required to
perform thereunder), as determined by such Person in good faith.


 


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


 


“Control
Agreement” means, with respect to any deposit account, any securities account, commodity account, securities entitlement
or commodity contract, an agreement, in form and substance reasonably satisfactory to the Collateral Agent, among the Collateral
Agent, the financial institution or other Person at which such account is maintained or with which such entitlement or contract
is carried and the Loan Party maintaining such account, effective to grant “control” (as defined under the applicable
UCC) over such account to the Collateral Agent.


 






    	 	- 10 -	 



     


    

 


“Controlled
Investment Affiliate” means, as to any Person, any other Person that (a) directly or indirectly, is in control of, is
controlled by, or is under common control with, such Person and (b) is organized by such Person primarily for the purpose of making
equity or debt investments in one or more companies. For purposes of this definition, “control” of a Person means
the power, directly or indirectly, to direct or cause the direction of the management and policies of such Person whether by contract
or otherwise.


 


“Credit
Card Acknowledgments” means, with respect to the Loan Parties, individually and collectively, the agreements by Credit
Card Issuers or Credit Card Processors who are parties to Credit Card Agreements in favor of the Collateral Agent acknowledging
the Collateral Agent’s first priority lien on and security interest in the monies due and to become due to the Loan Parties (including
credits and reserves) under the Credit Card Agreements of such Loan Parties, and agreeing to transfer all such amounts to a Cash
Management Account subject to a Control Agreement, as the same now exist or may hereafter be amended, modified, supplemented,
extended, renewed, restated or replaced.


 


“Credit
Card Agreements” means, with respect to the Loan Parties, all agreements (other than Credit Card Acknowledgments) now
or hereafter entered into by any Loan Party with any Credit Card Issuer or any Credit Card Processor, as the same now exist or
may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced, including, but not limited to, the
agreements set forth on Schedule 6.01(y).


 


“Credit
Card Issuer” means any Person (other than any Loan Party) who issues or whose members issue credit or debit cards, including,
MasterCard or VISA bank credit or debit cards or other bank credit or debit cards issued through MasterCard International, Inc.,
VISA, U.S.A., Inc. or Visa International and American Express, Discover, Diners Club, Carte Blanche and other non-bank credit
or debit cards, including, credit or debit cards issued by or through American Express Travel Related Services Company, Inc. and
Novus Services, Inc.


 


“Credit
Card Processor” means, with respect to each Loan Party, any servicing or processing agent or any factor or financial
intermediary who facilitates, services, processes or manages the credit authorization, billing transfer and/or payment procedures
with respect to any of such Loan Party’s sales transactions involving credit card or debit card purchases by customers using credit
cards or debit cards issued by any Credit Card Issuer.


 


“Current
Value” has the meaning specified therefor in Section 7.01(m).


 


“Daily
LIBOR Rate” means, for any date, the rate per annum determined by the Administrative Agent by dividing (i) the Published
Rate by (ii) a number equal to 1.00 minus the Reserve Percentage.


 


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


 


“DeepIntent
Acquisition” means the acquisition of all of the outstanding Equity Interests of DeepIntent Parent pursuant to the DeepIntent
Acquisition Agreement.


 






    	 	- 11 -	 



     


    

 


“DeepIntent
Acquisition Agreement” means the Stock Purchase Agreement, dated as of June 15, 2017, between Parent, as buyer, the stockholders
of DeepIntent Parent, as sellers, and the stockholder representative named therein, as amended and/or modified from time to time
in accordance with the terms hereof.


 


“DeepIntent
Parent” means DeepIntent Technologies, Inc., a Delaware corporation.


 


“DeepIntent
Payments” means (i) the Deferred Payments (as defined in the DeepIntent Acquisition Agreement) required to be made pursuant
to Section 1.1(b) of the DeepIntent Acquisition Agreement, so long as such Deferred Payments are not made prior to the date set
forth in the DeepIntent Acquisition Agreement and (ii) any Earnout Amount (as defined in the DeepIntent Acquisition Agreement)
payable pursuant to Section 1.2 of the DeepIntent Acquisition Agreement.


 


“Default”
means an event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.


 


“Defaulting
Lender” means any Lender that (a) has failed to (i) fund all or any portion of its Loans within 2 Business Days of the
date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Administrative
Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding
(each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has
not been satisfied, or (ii) pay to the Administrative Agent or any other Lender any other amount required to be paid by it
hereunder within 2 Business Days of the date when due, (b) has notified the Administrative Borrower, or the Administrative Agent
in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect
(unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position
is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable
default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within 3
Business Days after written request by the Administrative Agent or the Administrative Borrower, to confirm in writing to the Administrative
Agent and the Administrative Borrower that it will comply with its prospective funding obligations hereunder (provided
that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by
the Administrative Agent and the Administrative 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, or (ii) had appointed for it a receiver, custodian, conservator, trustee,
administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business
or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such
a capacity. Notwithstanding anything to the contrary herein, a Lender shall not be a Defaulting Lender solely by virtue of the
ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental
Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of
courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permits such Lender
(or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.
Any determination by the Administrative Agent that a Lender is a Defaulting Lender under clauses (a) through (d) above shall be
conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender upon delivery of written
notice of such determination to the Administrative Borrower and each Lender.


 






    	 	- 12 -	 



     


    

 


“Disbursement
Letter” means a disbursement letter, in form and substance reasonably satisfactory to the Agents, by and among the Loan
Parties, the Agents, the Lenders and the other Persons party thereto, and the related funds flow memorandum describing the sources
and uses of all cash payments in connection with the transactions contemplated to occur on the Effective Date.


 


“Disposition”
means any transaction, or series of related transactions, pursuant to which any Person or any of its Subsidiaries sells, assigns,
transfers, leases, licenses (as licensor) or otherwise disposes of any property or assets (whether now owned or hereafter acquired)
to any other Person, in each case, whether or not the consideration therefor consists of cash, securities or other assets owned
by the acquiring Person. For purposes of clarification, “Disposition” shall include (a) the sale or other disposition
for value of any contracts, (b) the early termination or modification of any contract resulting in the receipt by any Loan Party
of a cash payment or other consideration in exchange for such event (other than payments in the ordinary course for accrued and
unpaid amounts due through the date of termination or modification), or (c) any sale of merchant accounts (or any rights thereto
(including, without limitation, any rights to any residual payment stream with respect thereto)) by any Loan Party.


 


“Disqualified
Equity Interests” means any Equity Interest that, by its terms (or by the terms of any security or other Equity Interest
into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition, (a) matures or
is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset
sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject
to the prior repayment in full of the Loans and all other Obligations and the termination of the Commitments), (b) is redeemable
at the option of the holder thereof, in whole or in part, (c) provides for the scheduled payments of dividends or distributions
in cash, or (d) is convertible into or exchangeable for (i) Indebtedness or (ii) any other Equity Interests that would constitute
Disqualified Equity Interests, in each case of clauses (a) through (d), prior to the date that is 91 days after the Final
Maturity Date.


 


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


 


“Domestic
Subsidiary” means any Subsidiary that is organized and existing under the laws of the United States or any state or commonwealth
thereof or under the laws of the District of Columbia.


 


“Effective
Date” has the meaning specified therefor in Section 5.01.


 


“Employee
Plan” means an employee benefit plan (other than a Multiemployer Plan) covered by Title IV of ERISA and maintained (or
that was maintained at any time during the 6 calendar years preceding the date of any borrowing hereunder) for employees of any
Loan Party or any of its ERISA Affiliates.


 






    	 	- 13 -	 



     


    

 


“Environmental
Actions” means any complaint, summons, citation, notice, directive, order, claim, litigation, investigation, judicial
or administrative proceeding, judgment, letter or other communication from any Person or Governmental Authority involving violations
of Environmental Laws or Releases of Hazardous Materials (a) from any assets, properties or businesses owned or operated by any
Loan Party or any of its Subsidiaries or any predecessor in interest; (b) from adjoining properties or businesses; or (c) onto
any facilities which received Hazardous Materials generated by any Loan Party or any of its Subsidiaries or any predecessor in
interest.


 


“Environmental
Laws” means the Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C. § 9601, et seq.),
the Hazardous Materials Transportation Act (49 U.S.C. § 1801, et seq.), the Resource Conservation and Recovery Act
(42 U.S.C. § 6901, et seq.), the Federal Clean Water Act (33 U.S.C. § 1251 et seq.),
the Clean Air Act (42 U.S.C. § 7401 et seq.), the Toxic Substances Control Act (15 U.S.C. § 2601
et seq.) and the Occupational Safety and Health Act (29 U.S.C. § 651 et seq.), as such laws may be
amended or otherwise modified from time to time, and any other Requirement of Law, permit, license or other binding determination
of any Governmental Authority imposing liability or establishing standards of conduct for protection of the environment or other
government restrictions relating to the protection of the environment or the Release, deposit or migration of any Hazardous Materials
into the environment.


 


“Environmental
Liabilities and Costs” means all liabilities, monetary obligations, Remedial Actions, losses, damages, punitive damages,
consequential damages, treble damages, costs and expenses (including all reasonable fees, disbursements and expenses of counsel,
experts and consultants and costs of investigations and feasibility studies), fines, penalties, sanctions and interest incurred
as a result of any claim or demand by any Governmental Authority or any third party, and which relate to any environmental condition
or a Release of Hazardous Materials from or onto (a) any property presently or formerly owned by any Loan Party or any of
its Subsidiaries or (b) any facility which received Hazardous Materials generated by any Loan Party or any of its Subsidiaries.


 


“Environmental
Lien” means any Lien in favor of any Governmental Authority for Environmental Liabilities and Costs.


 


“Equity
Interests” means (a) all shares of capital stock (whether denominated as common stock or preferred stock), equity interests,
beneficial, partnership or membership interests, joint venture interests, participations or other ownership or profit interests
in or equivalents (regardless of how designated) of or in a Person (other than an individual), whether voting or non-voting and
(b) all securities convertible into or exchangeable for any of the foregoing and all warrants, options or other rights to purchase,
subscribe for or otherwise acquire any of the foregoing, whether or not presently convertible, exchangeable or exercisable.


 






    	 	- 14 -	 



     


    

 


“Equity
Issuance” means either (a) the sale or issuance by any Loan Party or any of its Subsidiaries of any shares of its Equity
Interests or (b) the receipt by the Parent of any cash capital contributions.


 


“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute of similar import, and regulations
thereunder, in each case, as in effect from time to time. References to sections of ERISA shall be construed also to refer to
any successor sections.


 


“ERISA
Affiliate” means, with respect to any Person, any trade or business (whether or not incorporated) which is a member of
a group of which such Person is a member and which would be deemed to be a “controlled group” within the meaning of
Sections 414(b), (c), (m) and (o) of the Internal Revenue Code.


 


“Event
of Default” has the meaning specified therefor in Section 9.01.


 


“Excess
Cash Flow” means, with respect to any Person for any period, (a) Consolidated Adjusted EBITDA of such Person and
its Subsidiaries for such period, plus (b) cash gains from extraordinary, unusual or nonrecurring items during such
period (other than to the extent (x) repaid pursuant to Section 2.05(c) (other than as part of Excess Cash Flow pursuant to Section
2.05(c)(i)), (y) included as a specified (and enumerated) exception to the mandatory prepayments required by Section 2.05(c) requirements
or (z) consisting of proceeds of an Equity Issuance by Parent), less (c) the sum of, without duplication, (i) all
cash principal payments (excluding any principal payments made pursuant to Section 2.05(b) or Section 2.05(c)) on the Loans made
during such period (but, in the case of the Revolving Loans, only to the extent that the Total Revolving Credit Commitment is
permanently reduced by the amount of such payments), and all cash principal payments on Indebtedness (other than Indebtedness
incurred under this Agreement) of such Person or any of its Subsidiaries during such period to the extent such other Indebtedness
is permitted to be incurred, and such payments are permitted to be made, under this Agreement (but, in the case of revolving loans,
only to the extent that the revolving credit commitment in respect thereof is permanently reduced by the amount of such payments),
(ii) all Consolidated Net Interest Expense to the extent paid or payable in cash during such period, (iii) to the extent
added back to Consolidated Adjusted EBITDA during such period, all scheduled loan servicing fees, commitment fees and other similar
fees in respect of Indebtedness (including the Loans) of such Person or any of its Subsidiaries paid in cash during such period,
to the extent such Indebtedness is permitted to be incurred, and such payments are permitted to be made, under this Agreement,
(iv) taxes paid or payable in cash by such Person and its Subsidiaries for such period (including if such taxes are actually paid
or payable in a subsequent period, so long as such taxes are not also deducted from the calculation of Excess Cash Flow during
such subsequent period as “taxes paid in cash for such period”), (v) the excess, if any, of Working Capital at
the end of such period over Working Capital at the beginning of such period (or minus the excess, if any, of Working Capital at
the beginning of such period over Working Capital at the end of such period), (vi) cash losses from extraordinary, unusual or
nonrecurring items paid during such period, (vii) the cash portion of Capital Expenditures made by such Person and its Subsidiaries
during such period to the extent permitted to be made under this Agreement (excluding Capital Expenditures to the extent financed
through asset sale proceeds, casualty insurance proceeds or condemnation proceeds, or financed through the incurrence of Indebtedness
(other than Revolving Loans) or through an Equity Issuance), (viii) $1,000,000 (ix) any fees or expenses related to the execution
and delivery of the Loan Documents which are paid in cash during the period, (x) fees, expenses or costs paid in cash related
to any Equity Issuance, Permitted Acquisition, Permitted Disposition or incurrence of Permitted Indebtedness, whether or not consummated,
(xi) any items added back for such period pursuant to items (b)(vi) and (b)(x) in the definition of Consolidated Adjusted EBITDA,
and (xii) DeepIntent Payments made during such period.


 






    	 	- 15 -	 



     


    

 


“Exchange
Act” means the Securities Exchange Act of 1934, as amended.


 


“Excluded
Account” means (a) any deposit account specifically and exclusively used for payroll, payroll taxes and other employee
wage and benefit payments to or for the benefit of any Loan Party’s employees, (b) any Petty Cash Accounts and (c) any deposit
account that is maintained outside of the United States and used primarily to make payments in connection with the Bravo Services
Agreement so long as the amount on deposit therein does not exceed €400,000 at any time.


 


“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes
imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment
pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment or (ii)
such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.09, amounts with respect
to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender
immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.09(d)
and (d) any U.S. federal withholding Taxes imposed under FATCA.


 


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


 


“Existing
Credit Facility” means the Financing Agreement, dated as of January 28, 2015, by and between Propel and certain of its
Subsidiaries and HPS Investment Partners, LLC, as amended or otherwise modified prior to the Effective Date.


 


“Existing
Lenders” means the lenders party to the Existing Credit Facility.


 


“Extraordinary
Receipts” means any cash received by the Parent or any of its Subsidiaries not in the ordinary course of business (and
not consisting of proceeds described in Section 2.05(c)(ii) or (iii) hereof or proceeds from the issuance of Equity Interests),
including, without limitation, (a) foreign, United States, state or local tax refunds, (b) pension plan reversions, (c) proceeds
of insurance (other than to the extent such insurance proceeds are (i) immediately payable to a Person that is not the Parent
or any of its Subsidiaries in accordance with applicable Requirements of Law or with Contractual Obligations entered into in the
ordinary course of business, (ii) received by the Parent or any of its Subsidiaries as reimbursement for any out-of-pocket costs
incurred or made by such Person prior to the receipt thereof directly related to the event resulting from the payment of such
proceeds, or (iii) up to $7,000,000 of proceeds of business interruption insurance during the term of this Agreement, to the extent
paid to such Person for purposes other than reimbursing such Person for lost profits), (d) judgments, proceeds of settlements
or other consideration of any kind in connection with any cause of action, (e) condemnation awards (and payments in lieu thereof),
(f) indemnity payments (other than to the extent such indemnity payments are (i) immediately payable to a Person that is not an
Affiliate of the Parent or any of its Subsidiaries or (ii) received by the Parent or any of its Subsidiaries as reimbursement
for any costs previously incurred or any payment previously made by such Person) and (g) any purchase price adjustment received
in connection with any purchase agreement.


 






    	 	- 16 -	 



     


    

 


“Facility”
means any New Facility hereafter acquired by the Parent or any of its Subsidiaries, including, without limitation, the land on
which each such facility is located, all buildings and other improvements thereon, and all fixtures located thereat or used in
connection therewith.


 


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


 


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


 


“FCPA”
has the meaning specified therefor in Section 6.01(bb).


 


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


 


“Federal
Funds Open Rate” means, for any day, the rate per annum (based on a year of 360 days and actual days elapsed) which is
the daily federal funds open rate as quoted by ICAP North America, Inc. (or any successor) as set forth on the Bloomberg Screen
BTMM for that day opposite the caption “OPEN” (or on such other substitute Bloomberg Screen that displays such rate),
or as set forth on such other recognized electronic source used for the purpose of displaying such rate as selected by the Bank
(an “Alternate Source”) (or if such rate for such day does not appear on the Bloomberg Screen BTMM (or any substitute
screen) or on any Alternate Source, or if there shall at any time, for any reason, no longer exist a Bloomberg Screen BTMM (or
any substitute screen) or any Alternate Source, a comparable replacement rate determined by the Bank at such time (which determination
shall be conclusive absent manifest error); provided however, that if such day is not a Business Day, the Federal Funds
Open Rate for such day shall be the “open” rate on the immediately preceding Business Day. If and when the Federal Funds
Open Rate changes, the rate of interest hereunder will change automatically without notice to the Borrowers, effective on the
date of any such change.


 






    	 	- 17 -	 



     


    

 


“Fee
Letter” means the fee letter, dated as of the date hereof, among the Borrowers and the Collateral Agent.


 


“Final
Maturity Date” means May 30, 2023.


 


“Financial
Statements” means (a) the audited consolidated balance sheet of the Parent and its Subsidiaries for the Fiscal Year ended
December 31, 2017, and the related consolidated statement of operations, shareholders’ equity and cash flows for the Fiscal Year
then ended, and (b) the unaudited consolidated balance sheet of the Parent and its Subsidiaries for the 3 months ended March
31, 2018, and the related consolidated statement of operations, shareholder’s equity and cash flows for such period.


 


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


 


“Foreign
Official” has the meaning specified therefor in Section 6.01(bb).


 


“Foreign
Sovereign Immunities Act” means the US Foreign Sovereign Immunities Act of 1976 (28 U.S.C. Sections 1602-1611), as amended.


 


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


 


“Funding
Losses” has the meaning specified therefor in Section 2.08.


 


“Future
Ads” means Future Ads LLC, a California limited liability company.


 


“Future
Ads Acquisition” means the acquisition by the Parent of 100% of the Equity Interests of Future Ads, pursuant to the terms
of the Future Ads Acquisition Agreement.


 


“Future
Ads Acquisition Agreement” means the Unit Exchange Agreement, dated October 10, 2014 by and between Parent, Kitara Media
Corp., a Delaware corporation, and Future Ads, and the members of Future Ads, as amended and/or modified from time to time in
accordance with the terms hereof.


 






    	 	- 18 -	 



     


    

 


“Future
Ads Deferred Consideration” means an amount not to exceed $5,000,000 payable by the Loan Parties to Jared L. Pobre and
Neptune Capital Trust pursuant to the Future Ads Acquisition Agreement.


 


“GAAP”
means generally accepted accounting principles in effect from time to time in the United States, applied on a consistent basis,
provided that for the purpose of Section 7.03 hereof and the definitions used therein, “GAAP” shall mean generally accepted
accounting principles in effect on the date hereof and consistent with those used in the preparation of the Financial Statements,
provided, further, that if there occurs after the date of this Agreement any change in GAAP that affects in any respect the calculation
of any covenant contained in Section 7.03 hereof, the Agents and the Administrative Borrower shall negotiate in good faith amendments
to the provisions of this Agreement that relate to the calculation of such covenant with the intent of having the respective positions
of the Lenders and the Borrowers after such change in GAAP conform as nearly as possible to their respective positions as of the
date of this Agreement and, until any such amendments have been agreed upon, the covenants in Section 7.03 hereof shall be calculated
as if no such change in GAAP has occurred.


 


“Governing
Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or
equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability
company, the certificate or articles of formation or organization, and the operating agreement; (c) with respect to any partnership,
joint venture, trust or other form of business entity, the partnership, joint venture, declaration or other applicable agreement
or documentation evidencing or otherwise relating to its formation or organization, governance and capitalization; and (d) with
respect to any of the entities described above, any other agreement, instrument, filing or notice with respect thereto filed in
connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation
or organization.


 


“Governmental
Authority” means any nation or government, any foreign, Federal, state, city, town, municipality, county, local or other
political subdivision thereof or thereto and any department, commission, board, bureau, instrumentality, agency 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).


 


“Guaranteed
Obligations” has the meaning specified therefor in Section 11.01.


 


“Guarantor”
means (a) each Subsidiary of the Parent listed as a “Guarantor” on the signature pages hereto, and (b) each
other Person which guarantees, pursuant to Section 7.01(b) or otherwise, all or any part of the Obligations.


 


“Guaranty”
means (a) the guaranty of each Guarantor party hereto contained in Article XI hereof and (b) each other guaranty, in form
and substance reasonably satisfactory to the Collateral Agent, made by any other Guarantor in favor of the Collateral Agent for
the benefit of the Agents and the Lenders guaranteeing all or part of the Obligations.


 






    	 	- 19 -	 



     


    

 


“Hazardous
Material” means (a) any element, compound or chemical that is defined, listed or otherwise classified as a contaminant,
pollutant, toxic pollutant, toxic or hazardous substance, extremely hazardous substance or chemical, hazardous waste, special
waste, or solid waste under Environmental Laws or that is likely to cause immediately, or at some future time, harm to or have
an adverse effect on, the environment or risk to human health or safety, including, without limitation, any pollutant, contaminant,
waste, hazardous waste, toxic substance or dangerous good which is defined or identified in any Environmental Law and which is
present in the environment in such quantity or state that it contravenes any Environmental Law; (b) petroleum and its refined
products; (c) polychlorinated biphenyls; (d) any substance exhibiting a hazardous waste characteristic, including, without
limitation, corrosivity, ignitability, toxicity or reactivity as well as any radioactive or explosive materials; and (e) any
raw materials, building components (including, without limitation, asbestos-containing materials) and manufactured products containing
hazardous substances listed or classified as such under Environmental Laws.


 


“Hedging
Agreement” means any interest rate, foreign currency, commodity or equity swap, collar, cap, floor or forward rate agreement,
or other agreement or arrangement designed to protect against fluctuations in interest rates or currency, commodity or equity
values (including, without limitation, any option with respect to any of the foregoing and any combination of the foregoing agreements
or arrangements), and any confirmation executed in connection with any such agreement or arrangement.


 


“Highest
Lawful Rate” means, with respect to any Agent or any Lender, the maximum non-usurious interest rate, if any, that at
any time or from time to time may be contracted for, taken, reserved, charged or received on the Obligations under laws applicable
to such Agent or such Lender which are currently in effect or, to the extent allowed by law, under such applicable laws which
may hereafter be in effect and which allow a higher maximum non-usurious interest rate than applicable laws now allow.


 


“Holdout
Lender” has the meaning specified therefor in Section 12.02(b).


 


“Indebtedness”
means, with respect to any Person, without duplication, (a) all indebtedness of such Person for borrowed money; (b) all obligations
of such Person for the deferred purchase price of property or services (excluding all earnout payments, deferred consideration,
purchase price adjustments and other payments required to be made in connection with (and following the consummation of) any Acquisition
prior to the time that any such payment is required to be reflected on the balance sheet of such Person in accordance with GAAP,
and excluding (i) trade payables or other accounts payable incurred in the ordinary course of such Person’s business and not outstanding
for more than 120 days after the date such payable was created or 60 days after the date such payable was due, (ii) trade payables
and other accounts incurred in the ordinary course of business subject to a good faith dispute, and which are contested in good
faith by proper proceedings which stay the imposition of any penalty, fine or Lien resulting from the non-payment thereof and
with respect to which adequate reserves have been set aside for the payment thereof in accordance with GAAP, and (iii) any unsecured
earnout, purchase price adjustment or similar obligation that is subordinated to the Obligations, on terms reasonably satisfactory
to the Agents and in respect of which no cash payments are required to be made until the Obligations are paid in full following
the termination of the Commitments); (c) all obligations of such Person evidenced by bonds, debentures, notes or other similar
instruments or upon which interest payments are customarily made; (d) all reimbursement, payment or other obligations and liabilities
of such Person created or arising under any conditional sales or other title retention agreement with respect to property used
and/or acquired by such Person, even though the rights and remedies of the lessor, seller and/or lender thereunder may be limited
to repossession or sale of such property; (e) all Capitalized Lease Obligations of such Person; (f) all obligations and liabilities,
contingent or otherwise, of such Person, in respect of letters of credit, acceptances and similar facilities; (g) all obligations
and liabilities, calculated on a basis reasonably satisfactory to the Agents and in accordance with accepted practice, of such
Person under Hedging Agreements; (h) all monetary obligations under any receivables factoring, receivable sales or similar transactions
and all monetary obligations under any synthetic lease, tax ownership/operating lease, off-balance sheet financing or similar
financing; (i) all Contingent Obligations in respect of any Indebtedness described under clauses (a) through (h) or (j) of
this definition; (j) all Disqualified Equity Interests; and (k) all obligations referred to in clauses (a) through (j) of this
definition of another Person secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise,
to be secured by) a Lien upon property owned by such Person, even though such Person has not assumed or become liable for the
payment of such Indebtedness. The Indebtedness of any Person shall include the Indebtedness of any partnership of or joint venture
in which such Person is a general partner or a joint venturer (except to the extent such Person is not legally responsible for
the Indebtedness of such partnership or joint venture).


 






    	 	- 20 -	 



     


    

 


“Indemnified
Matters” has the meaning specified therefor in Section 12.15.


 


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


 


“Indemnitees”
has the meaning specified therefor in Section 12.15.


 


“Insolvency
Proceeding” means any proceeding commenced by or against any Person under any provision of any Debtor Relief Law.


 


“Intellectual
Property” has the meaning specified therefor in the Security Agreement.


 


“Intellectual
Property Contracts” means all agreements concerning Intellectual Property, including without limitation license agreements,
technology consulting agreements, confidentiality agreements, co-existence agreements, consent agreements and non-assertion agreements.


 


“Intercompany
Subordination Agreement” means an Intercompany Subordination Agreement made by the Parent and its Subsidiaries in favor
of the Collateral Agent for the benefit of the Agents and the Lenders, in form and substance reasonably satisfactory to the Collateral
Agent.


 


“Interest
Period” means, with respect to each LIBOR Rate Loan, a period commencing on the date of the making of such LIBOR Rate
Loan (or the continuation of a LIBOR Rate Loan or the conversion of a Reference Rate Loan to a LIBOR Rate Loan) and ending 3 months
thereafter; provided, however, that (a) if any Interest Period would end on a day that is not a Business Day, such
Interest Period shall be extended (subject to clauses (c)-(e) below) to the next succeeding Business Day, (b) interest shall
accrue at the applicable rate based upon the LIBOR Rate from and including the first day of each Interest Period to, but excluding,
the day on which any Interest Period expires, (c) any Interest Period that would end on a day that is not a Business Day shall
be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest
Period shall end on the next preceding Business Day, (d) with respect to an Interest Period that begins on the last Business Day
of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such
Interest Period), the Interest Period shall end on the last Business Day of the calendar month that is 3 months after the
date on which the Interest Period began, as applicable, and (e) the Borrowers may not elect an Interest Period which will end
after the Final Maturity Date.


 






    	 	- 21 -	 



     


    

 


“Internal
Revenue Code” means the Internal Revenue Code of 1986, as amended (or any successor statute thereto) and the regulations
thereunder.


 


“Inventory”
means, with respect to any Person, all goods and merchandise of such Person leased or held for sale or lease by such Person, including,
without limitation, all raw materials, work-in-process and finished goods, and all packaging, supplies and materials of every
nature used or usable in connection with the shipping, storing, advertising or sale of such goods and merchandise, whether now
owned or hereafter acquired, and all such other property the sale or other disposition of which would give rise to an Account
or cash.


 


”Investment”
means, with respect to any Person, (a) any investment by such Person in any other Person (including Affiliates) in the form of
loans, guarantees, advances or other extensions of credit (excluding Accounts arising in the ordinary course of business), capital
contributions or acquisitions of Indebtedness (including, any bonds, notes, debentures or other debt securities), Equity Interests,
or all or substantially all of the assets of such other Person (or of any division or business line of such other Person), (b)
the purchase or ownership of any futures contract or liability for the purchase or sale of currency or other commodities at a
future date in the nature of a futures contract, or (c) any investment in any other items that are or would be classified as investments
on a balance sheet of such Person prepared in accordance with GAAP.


 


“Joinder
Agreement” means a Joinder Agreement, substantially in the form of Exhibit A, duly executed by a Subsidiary of a
Loan Party made a party hereto pursuant to Section 7.01(b).


 


“Lender”
has the meaning specified therefor in the preamble hereto.


 


“Leverage
Ratio” means, with respect to any Person and its Subsidiaries for any period, on a consolidated basis, the ratio of (a)
all secured Indebtedness of such Person and its Subsidiaries as of the end of such period (other than, for the avoidance of doubt,
(i) Indebtedness as to which no cash payments in respect of interest, principal or other amounts are required (or could be required
under any circumstance) to be made prior to the date that is six months following the Final Maturity Date; (ii) obligations payable
in connection with the Future Ads Acquisition, including but not limited to earnout payments and deferred consideration, whenever
payable, so long as no portion of any such obligation is required to be paid in cash (or could be required under any circumstance
to be paid in cash) prior to the date that is six months following the Final Maturity Date; (iii) [reserved], (iv) the DeepIntent
Payments and (v) amounts required to be paid pursuant to the terms of the Fee Letter) to (b) Consolidated Adjusted EBITDA of such
Person and its Subsidiaries for such period.


 






    	 	- 22 -	 



     


    

 


“LIBOR”
means, with respect to any LIBOR Rate Loan for any Interest Period, the London interbank offered rate as calculated by the ICE
Benchmark Administration (or any other Person that takes over the administration of such rate) and obtained through a nationally
recognized service such as the Dow Jones Market Service (Telerate) or Reuters (or on any successor or substitute page on such
screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time
to time as selected by the Administrative Agent in its reasonable discretion; in each case, the “Screen Rate”),
or a comparable or successor rate that has been approved by the Administrative Agent in consultation with the Administrative Borrower,
at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided,
that, if the Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”)
with respect to Dollars, then the LIBOR Rate shall be the Interpolated Rate at such time. “Interpolated Rate”
means, at any time, the rate per annum determined by the Administrative Agent (which determination shall be conclusive and binding
absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the Screen Rate
for the longest period (for which that Screen Rate is available in Dollars) that is shorter than the Impacted Interest Period
and (b) the Screen Rate for the shortest period (for which that Screen Rate is available for Dollars) that exceeds the Impacted
Interest Period, in each case, at such time. Notwithstanding anything herein to the contrary, if “LIBOR” shall be less
than zero, such rate shall be deemed to be zero for purposes of this Agreement.


 


“LIBOR
Notice” means a written notice substantially in the form of Exhibit D.


 


“LIBOR
Option” has the meaning specified therefor in Section 2.07(a).


 


“LIBOR
Rate” means, for each Interest Period for each LIBOR Rate Loan, the rate per annum determined by the Administrative Agent
(rounded upwards if necessary, to the next 1/100%) by dividing (i) LIBOR for such Interest Period by (ii) 100% minus
the Reserve Percentage; provided that in no event shall the LIBOR Rate be less than 1.00% or greater than 5.00%. The LIBOR
Rate shall be adjusted on and as of the effective day of any change in the Reserve Percentage.


 


“LIBOR
Rate Loan” means each portion of a Loan that bears interest at a rate determined by reference to the LIBOR Rate.


 


“Lien“
means any mortgage, deed of trust, pledge, lien (statutory or otherwise), security interest, charge or other encumbrance or security
or preferential arrangement of any nature, including, without limitation, any conditional sale or title retention arrangement,
any Capitalized Lease and any assignment, deposit arrangement or financing lease intended as, or having the effect of, security.


 






    	 	- 23 -	 



     


    

 


“Loan”
means the Term Loan or any Revolving Loan made by an Agent or a Lender to the Borrowers pursuant to Article II hereof.


 


“Loan
Account” means an account maintained hereunder by the Administrative Agent on its books of account at the Payment Office,
and with respect to the Borrowers, in which the Borrowers will be charged with all Loans made to, and all other Obligations incurred
by, the Borrowers.


 


“Loan
Document” means this Agreement, any Control Agreement, the Disbursement Letter, the Fee Letter, any Guaranty, the Intercompany
Subordination Agreement, any Joinder Agreement, any Mortgage, any Security Agreement, any UCC Filing Authorization Letter, any
landlord waiver, any collateral access agreement, any Perfection Certificate and any other agreement, instrument, certificate,
report and other document executed and delivered pursuant hereto or thereto or otherwise evidencing or securing any Loan or any
other Obligation.


 


“Loan
Party” means any Borrower and any Guarantor.


 


“Make-Whole
Amount” means


 


(a) in
the case of any Applicable Premium Trigger Event described in clause (a), (b), (c), (d) or (e) of the definition thereof that
does not occur in connection with a Change of Control, as of the date of the occurrence of any such Applicable Premium Trigger
Event on or before the 24 month anniversary of the Effective Date, an amount equal to the difference (which shall not be less
than zero) between (A) the aggregate amount of interest (including, without limitation, interest payable in cash, in kind or deferred)
which would have otherwise been payable on the aggregate principal amount of the Term Loan paid (or deemed prepaid in the case
of an acceleration of the Loans) on such date and, if applicable, the aggregate principal amount of Revolving Credit Commitment
reduced or terminated on such date (assuming for purposes of calculating the amount of interest the full commitment amount has
been drawn) (or in the case of an Applicable Premium Trigger Event specified in clauses (c), (d) or (e) of the definition thereof,
the principal amount of the Term Loan outstanding on such date and the Total Revolving Credit Commitment on such date (assuming
for purposes of calculating the amount of interest the full commitment amount has been drawn)) from the date of the occurrence
of such Applicable Premium Trigger Event until the 24 month anniversary of the Effective Date minus (B) the aggregate amount
of interest the Lenders would earn if the prepaid (or deemed prepayment in the case of an acceleration of the Loans) or reduced
principal amount were reinvested for the period from the date of prepayment (or deemed prepayment in the case of an acceleration
of the Loans) or reduction until the 24 month anniversary of the Effective Date at the Treasury Rate plus 50 basis points; and


 


(b) in
the case of any Applicable Premium Trigger Event described in clause (f) of the definition thereof, as of the date of the occurrence
of any such Applicable Premium Trigger Event on or before the 12 month anniversary of the Effective Date, an amount equal to (i) the
difference (which shall not be less than zero) between (A) the aggregate amount of interest (including, without limitation, interest
payable in cash, in kind or deferred) which would have otherwise been payable on the aggregate principal amount of the Term Loans
outstanding on such date and the Revolving Credit Commitment on such date (assuming for purposes of calculating the amount of
interest the full commitment amount has been drawn) from the date of the occurrence of such Applicable Premium Trigger Event until
the 12 month anniversary of the Effective Date minus (B) the aggregate amount of interest the Lenders would earn if the
prepaid (or deemed prepayment in the case of an acceleration of the Loans) or reduced principal amount were reinvested for the
period from the date of prepayment (or deemed prepayment in the case of an acceleration of the Loans) or reduction until the 12
month anniversary of the Effective Date at the Treasury Rate plus 50 basis points plus (ii) an amount equal to the Applicable
Premium that would otherwise be payable in the case of any Applicable Premium Trigger Event described in clause (f) of the definition
thereof as if such prepayment (or deemed prepayment in the case of an acceleration of the Loans) had occurred on the day after
the 12 month anniversary of the Effective Date.


 






    	 	- 24 -	 



     


    

 


“Material
Adverse Effect” means a material adverse effect on any of (a) the operations, assets, liabilities or financial condition
of the Loan Parties taken as a whole, (b) the ability of the Loan Parties taken as a whole to perform any of their payment
or other material obligations under any Loan Document, (c) the legality, validity or enforceability of this Agreement or
any other Loan Document, (d) the rights and remedies of any Agent or any Lender under any Loan Document, or (e) the
validity, perfection or priority of a Lien in favor of the Collateral Agent for the benefit of the Agents and the Lenders on Collateral
having a fair market value in excess of $500,000.


 


“Material
Contract” means, with respect to any Person, (a) the Future Ads Acquisition Agreement, (b) each contract or agreement
to which such Person or any of its Subsidiaries is a party involving aggregate consideration payable to or by such Person or such
Subsidiary of $1,000,000 or more in any Fiscal Year (other than (i) purchase orders in the ordinary course of the business of
such Person or such Subsidiary and (ii) other contracts that by their terms may be terminated by such Person or Subsidiary in
the ordinary course of its business upon less than 60 days’ notice without penalty or premium) and (c) all other contracts
or agreements as to which the breach, nonperformance, cancellation or failure to renew by any party thereto could reasonably be
expected to have a Material Adverse Effect.


 


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


 


“Mortgage”
means a mortgage, deed of trust or deed to secure debt, in form and substance reasonably satisfactory to the Collateral Agent,
made by a Loan Party in favor of the Collateral Agent for the benefit of the Agents and the Lenders, securing the Obligations
and delivered to the Collateral Agent.


 


“Multiemployer
Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which any Loan Party or any
of its ERISA Affiliates has contributed, or has been obligated to contribute, to at any time during the preceding 6 years.


 






    	 	- 25 -	 



     


    

 


“Net
Cash Proceeds” means, with respect to, any issuance or incurrence of any Indebtedness, any Disposition or the receipt
of any Extraordinary Receipts by any Person or any of its Subsidiaries, the aggregate amount of cash received (directly or indirectly)
from time to time (whether as initial consideration or through the payment or disposition of deferred consideration) by or on
behalf of such Person or such Subsidiary, in connection therewith after deducting therefrom only (a) in the case of any Disposition
or the receipt of any Extraordinary Receipts consisting of insurance proceeds or condemnation awards, the amount of any Indebtedness
secured by any Permitted Lien on any asset (other than Indebtedness assumed by the purchaser of such asset) which is required
to be, and is, repaid in connection therewith (other than Indebtedness under this Agreement), (b) reasonable expenses related
thereto incurred by such Person or such Subsidiary in connection therewith, (c) transfer taxes paid to any taxing authorities
by such Person or such Subsidiary in connection therewith, (d) net income taxes to be paid in connection therewith (after
taking into account any tax credits or deductions and any tax sharing arrangements), (e) amounts required to be deposited into
escrow pursuant to the terms of the agreements governing the transaction giving rise to such Net Cash Proceeds (but only for so
long as such amounts remain in escrow (it being understood that any funds released from escrow and payable to a Loan Party or
a Subsidiary of a Loan Party shall be deemed to be Net Cash Proceeds at the time such funds are so released)), and (f) amounts
required to be applied to make indemnification payments pursuant to the terms of the agreements governing the transaction giving
rise to such Net Cash Proceeds to the extent identified as such in the “sources and uses statement” for such transaction,
in each case, to the extent, but only to the extent, that the amounts so deducted are (i) actually paid to a Person that,
except in the case of reasonable out-of-pocket expenses, is not an Affiliate of such Person or any of its Subsidiaries and (ii)
properly attributable to such transaction or to the asset that is the subject thereof.


 


“New
Facility” has the meaning specified therefor in Section 7.01(m).


 


“New
Lending Office” has the meaning specified therefor in Section 2.09(d).


 


“Non-U.S.
Lender” has the meaning specified therefor in Section 2.09(d).


 


“Notice
of Borrowing” has the meaning specified therefor in Section 2.02(a).


 


“Obligations”
means all present and future indebtedness, obligations, and liabilities of each Loan Party to the Agents and the Lenders arising
under or in connection with this Agreement or any other Loan Document, whether or not the right of payment in respect of such
claim is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, disputed, undisputed, legal, equitable, secured,
unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any proceeding referred to in Section
9.01. Without limiting the generality of the foregoing, the Obligations of each Loan Party under the Loan Documents include (a)
the obligation (irrespective of whether a claim therefor is allowed in an Insolvency Proceeding) to pay principal, interest, charges,
expenses, fees, premiums, attorneys’ fees and disbursements, indemnities and other amounts payable by such Person under the Loan
Documents and (b) the obligation of such Person to reimburse any amount in respect of any of the foregoing that any Agent or any
Lender (in its sole discretion) may elect to pay or advance on behalf of such Person.


 






    	 	- 26 -	 



     


    

 


“OFAC
Sanctions Programs” means (a) the Requirements of Law and Executive Orders administered by OFAC, including, without limitation,
Executive Order No. 13224, and (b) the list of Specially Designated Nationals and Blocked Persons administered by OFAC, in
each case, as renewed, extended, amended, or replaced.


 


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


 


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


 


“Parent”
has the meaning specified therefor in the preamble hereto.


 


“Participant
Register” has the meaning specified therefor in Section 12.07(i).


 


“Payment
Office” means the Administrative Agent’s office located at 888 Seventh Avenue, New York, New York 10106, or at such other
office or offices of the Administrative Agent as may be designated in writing from time to time by the Administrative Agent to
the Collateral Agent and the Administrative Borrower.


 


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


 


“Perfection
Certificate” means a certificate in form and substance reasonably satisfactory to the Collateral Agent providing information
with respect to the property of each Loan Party.


 


“Permitted
Acquisition” means any Acquisition by a Loan Party or any wholly-owned Subsidiary of a Loan Party to the extent that
each of the following conditions shall have been satisfied:


 


(a) no
Default or Event of Default shall have occurred and be continuing or would result from the consummation of the proposed Acquisition;


 


(b) the
Borrowers shall have furnished to the Agents at least 10 Business Days (or such shorter period as the Agents may otherwise agree)
prior to the consummation of such Acquisition (i) a substantially definitive form of the proposed acquisition agreement or an
executed term sheet and/or commitment letter (setting forth in reasonable detail the terms and conditions of such Acquisition)
and, at the request of any Agent, such other information and documents that any Agent may reasonably request, including, without
limitation, executed counterparts of the respective agreements, instruments or other documents pursuant to which such Acquisition
is to be consummated (including, without limitation, any related management, non-compete, employment, option or other material
agreements), any schedules to such agreements, instruments or other documents and all other material ancillary agreements, instruments
or other documents to be executed or delivered in connection therewith, (ii) pro forma financial statements of the Parent
and its Subsidiaries after the consummation of such Acquisition, (iii) a certificate of the chief financial officer of the Parent,
demonstrating on a pro forma basis compliance, as at the end of the most recently ended fiscal quarter for which internally prepared
financial statements are available, with all covenants set forth in Section 7.03 hereof after the consummation of such Acquisition,
and (iv) copies of such other agreements, instruments or other documents as any Agent shall reasonably request;


 






    	 	- 27 -	 



     


    

 


(c) the
agreements, instruments and other documents referred to in paragraph (c) above shall provide that (i) neither the Loan Parties
nor any of their Subsidiaries shall, in connection with such Acquisition, assume or remain liable in respect of any Indebtedness
of the Seller or Sellers, or other obligation of the Seller or Sellers (other than Indebtedness permitted pursuant to clause (j)
of the definition of Permitted Indebtedness), and (ii) all property to be so acquired in connection with such Acquisition shall
be free and clear of any and all Liens (other than Permitted Liens permitted pursuant to clause (o) of the definition of Permitted
Liens);


 


(d) such
Acquisition shall be effected in such a manner so that the acquired assets or Equity Interests are owned by a Loan Party and,
if effected by merger or consolidation, such Loan Party shall be the continuing or surviving Person;


 


(e) the
Borrowers shall have Qualified Cash in an amount equal to or greater than $1,500,000 immediately after giving effect to the consummation
of the proposed Acquisition;


 


(f) the
assets being acquired or the Person whose Equity Interests are being acquired did not have negative Consolidated Adjusted EBITDA
during the 12 consecutive month period most recently concluded prior to the date of the proposed Acquisition;


 


(g) the
assets being acquired (other than a de minimis amount of assets in relation to the Loan Parties’ and their Subsidiaries’
total assets), or the Person whose Equity Interests are being acquired, are useful in or engaged in, as applicable, the business
of the Loan Parties and their Subsidiaries or a business reasonably related thereto;


 


(h) the
assets being acquired (other than a de minimis amount of assets in relation to the assets being acquired) are located within
the United States or the Person whose Equity Interests are being acquired is organized in a jurisdiction located within the United
States;


 


(i) such
Acquisition shall be consensual and shall have been approved by the board of directors of the Person whose Equity Interests or
assets are proposed to be acquired and shall not have been preceded by an unsolicited tender offer for such Equity Interests by,
or proxy contest initiated by, Parent or any of its Subsidiaries or an Affiliate thereof;


 


(j) any
such Subsidiary (and its equityholders) shall execute and deliver the agreements, instruments and other documents required by
Section 7.01(b) on or prior to the date of the consummation of such Acquisition;


 


(k) the
transaction costs in respect of any single Acquisition or series of related Acquisitions shall not exceed $2,000,000;


 






    	 	- 28 -	 



     


    

 


(l) the
consideration for such Acquisition shall be funded solely with Qualified Equity Interests of the Parent, proceeds from the issuance
of Qualified Equity Interests of the Parent or capital contributions to the Parent; and


 


(m) with
respect to any Acquisition or series of related Acquisitions for which the Purchase Price exceeds $25,000,000, the Agents shall
have completed their business, legal and collateral due diligence with respect to the assets being acquired or the Person whose
Equity Interests are being acquired, and the results thereof shall be acceptable to the Agents, in their reasonable discretion.


 


“Permitted
Disposition” means:


 


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


 


(b) licensing,
on a non-exclusive basis, Intellectual Property rights in the ordinary course of business;


 


(c) leasing
or subleasing assets in the ordinary course of business;


 


(d) (i)
the lapse of Registered Intellectual Property of the Parent and its Subsidiaries to the extent not economically desirable in the
conduct of their business or (ii) the abandonment of Intellectual Property rights in the ordinary course of business so long
as (in each case under clauses (i) and (ii)), (A) with respect to copyrights, such copyrights are not material revenue generating
copyrights, and (B) such lapse is not materially adverse to the interests of the Secured Parties;


 


(e) any
involuntary loss, damage or destruction of property;


 


(f) any
involuntary condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, or confiscation or requisition
of use of property;


 


(g) so
long as no Event of Default has occurred and is continuing or would result therefrom, transfers of assets (i) from a Loan Party
to a Loan Party (other than the Parent), and (ii) from any Subsidiary of the Parent that is not a Loan Party to any other Subsidiary
of the Parent;


 


(h) Disposition
of obsolete or worn-out equipment in the ordinary course of business;


 


(i) Disposition
of property or assets not otherwise permitted in clauses (a) through (h) above for cash in an aggregate amount not less than
the fair market value of such property or assets; and


 


(j) Dispositions
resulting from Permitted Investments or Permitted Restricted Payments;


 


provided
that the Net Cash Proceeds of all such Dispositions (including the Disposition in respect of which such calculation is being
made) (1) in the case of clauses (h) and (i) above, do not exceed $3,000,000 in the aggregate in any Fiscal Year and (2) in all
cases except for clause (j) above, are paid to the Administrative Agent for the benefit of the Agents and the Lenders pursuant
to the terms of Section 2.05(c)(ii) or applied as provided in Section 2.05(c)(v).


 






    	 	- 29 -	 



     


    

 


“Permitted
Holders” means (a) Jared Pobre (either directly, or through the Family Trust of Jared L. Pobre, U/A DTD 12/31/2004, so
long as the Trust Conditions are satisfied), (b) Neptune Capital Trust (so long as the Trust Conditions are satisfied) or the
Designated Beneficiary (as defined in the Trust Conditions Letter) in such beneficiary’s individual capacity (c) Jonathan Ledecky,
(d) Sam Humphreys, (e) David Shapiro, (f) Marv Tseu, (g) any trust where any of the individuals named in clauses (c), (d), (e)
or (f) is the trustee, or any successor trustee appointed upon the death or disability of any of such Persons that is the trustee
and/or (eh) any Controlled Investment Affiliate of one or more of the foregoing.


 


“Permitted
Indebtedness” means:


 


(a) any
Indebtedness owing to any Agent or any Lender under this Agreement and the other Loan Documents;


 


(b) any
other Indebtedness listed on Schedule 7.02(b), and any Permitted Refinancing Indebtedness in respect of such Indebtedness;


 


(c) Permitted
Purchase Money Indebtedness and any Permitted Refinancing Indebtedness in respect of such Indebtedness;


 


(d) Permitted
Intercompany Investments;


 


(e) Indebtedness
incurred in the ordinary course of business under performance, surety, statutory, and appeal bonds;


 


(f) Indebtedness
owed to any Person providing property, casualty, liability, or other insurance to the Loan Parties, so long as the amount of such
Indebtedness is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such insurance
for the period in which such Indebtedness is incurred and such Indebtedness is outstanding only during such period;


 


(g) the
incurrence by any Loan Party of Indebtedness under Hedging Agreements that are incurred for the bona fide purpose of hedging the
interest rate, commodity, or foreign currency risks associated with such Loan Party’s operations and not for speculative purposes;


 


(h) Indebtedness
incurred in respect of credit cards, credit card processing services, debit cards, stored value cards, purchase cards (including
so-called “procurement cards” or “P-cards”) or other similar cash management services, in each case, incurred
in the ordinary course of business;


 


(i) contingent
liabilities in respect of any indemnification obligation, adjustment of purchase price, non-compete, or similar obligation of
any Loan Party incurred in connection with the consummation of one or more Permitted Acquisitions;


 






    	 	- 30 -	 



     


    

 


(j) Indebtedness
of a Person whose assets or Equity Interests are acquired by the Parent or any of its Subsidiaries in a Permitted Acquisition
in an aggregate amount not to exceed $1,500,000 at any one time outstanding; provided, that such Indebtedness (i) is either
Permitted Purchase Money Indebtedness or a Capitalized Lease with respect to equipment or mortgage financing with respect to a
Facility, (ii) was in existence prior to the date of such Permitted Acquisition, and (iii) was not incurred in connection with,
or in contemplation of, such Permitted Acquisition;


 


(k) Subordinated
Indebtedness in an aggregate amount not exceeding $2,500,000 at any time outstanding; and


 


(l) other
Indebtedness not exceeding $2,500,000 at any time outstanding.


 


“Permitted
Intercompany Investments” means Investments made by (a) a Loan Party to or in another Loan Party (other than the Parent),
(b) a Subsidiary that is not a Loan Party to or in another Subsidiary that is not a Loan Party, (c) a Subsidiary that is
not a Loan Party to or in a Loan Party, so long as, in the case of a loan or advance, the parties thereto are party to the Intercompany
Subordination Agreement, and (d) a Loan Party to or in a Subsidiary that is not a Loan Party so long as (i) the aggregate amount
of all such Investments made by the Loan Parties to or in Subsidiaries that are not Loan Parties does not exceed $2,000,000 at
any time outstanding, (ii) no Default or Event of Default has occurred and is continuing either before or after giving effect
to such Investment, and (iii) the Borrowers have Qualified Cash of not less than $1,500,000 after giving effect to such Investment.


 


“Permitted
Investments” means:


 


(a) Investments
in cash and Cash Equivalents;


 


(b) Investments
in negotiable instruments deposited or to be deposited for collection in the ordinary course of business;


 


(c) advances
made in connection with purchases of goods or services in the ordinary course of business;


 


(d) Investments
received in settlement of amounts due to any Loan Party or any of its Subsidiaries effected in the ordinary course of business
or owing to any Loan Party or any of its Subsidiaries as a result of Insolvency Proceedings, or any settlement or restructuring,
involving an Account Debtor or upon the foreclosure or enforcement of any Lien in favor of a Loan Party or its Subsidiaries;


 


(e) Investments
existing on the date hereof, as set forth on Schedule 7.02(e) hereto, but not any increase in the amount thereof as set forth
in such Schedule or any other modification of the terms thereof;


 


(f) Permitted
Intercompany Investments;


 


(g) Permitted
Acquisitions;


 






    	 	- 31 -	 



     


    

 


(h) loans
or advances to officers and employees for the purpose of travel, entertainment, relocation and other reasonable and ordinary out-of-pocket
expenses, in each case, incurred in the ordinary course of business; provided that such loans and advances shall not exceed
$1,000,000 in the aggregate at any time outstanding (calculated without regard to any write-downs or write-offs thereof); and


 


(i) so
long as no Default or Event of Default has occurred and is continuing or would result therefrom, any other Investments in an aggregate
amount not to exceed $2,500,000 at any time outstanding.


 


“Permitted
Liens” means:


 


(a) Liens
securing the Obligations;


 


(b) Liens
for taxes, assessments and governmental charges the payment of which is not required under Section 7.01(c)(ii);


 


(c) Liens
imposed by law, such as carriers’, warehousemen’s, mechanics’, materialmen’s and other similar Liens arising in the ordinary course
of business and securing obligations (other than Indebtedness for borrowed money) that are not overdue by more than 30 days
or are being contested in good faith and by appropriate proceedings promptly initiated and diligently conducted, and a reserve
or other appropriate provision, if any, as shall be required by GAAP shall have been made therefor;


 


(d) Liens
described on Schedule 7.02(a), provided that any such Lien shall only secure the Indebtedness that it secures on the Effective
Date and any Permitted Refinancing Indebtedness in respect thereof;


 


(e) purchase
money Liens on equipment acquired or held by any Loan Party or any of its Subsidiaries in the ordinary course of its business
to secure Permitted Purchase Money Indebtedness so long as such Lien only (i) attaches to such property and (ii) secures the Indebtedness
that was incurred to acquire such property or any Permitted Refinancing Indebtedness in respect thereof;


 


(f) deposits
and pledges of cash securing (i) obligations incurred in respect of workers’ compensation, unemployment insurance or other forms
of governmental insurance or benefits, (ii) the performance of bids, tenders, leases, contracts (other than for the payment
of money) and statutory obligations or (iii) obligations on surety or appeal bonds, but only to the extent such deposits or pledges
are made or otherwise arise in the ordinary course of business and secure obligations not past due;


 


(g) with
respect to any Facility, easements, zoning restrictions and similar encumbrances on real property and minor irregularities in
the title thereto that do not (i) secure obligations for the payment of money or (ii) materially impair the value of such property
or its use by any Loan Party or any of its Subsidiaries in the normal conduct of such Person’s business;


 






    	 	- 32 -	 



     


    

 


(h) Liens
of landlords and mortgagees of landlords (i) arising by statute or under any lease or related Contractual Obligation entered into
in the ordinary course of business, (ii) on fixtures and movable tangible property located on the real property leased or subleased
from such landlord, (iii) for amounts not yet due or that are being contested in good faith by appropriate proceedings diligently
conducted and (iv) for which adequate reserves or other appropriate provisions are maintained on the books of such Person in accordance
with GAAP;


 


(i) the
title and interest of a lessor or sublessor in and to personal property leased or subleased (other than through a Capitalized
Lease), in each case extending only to such personal property;


 


(j) non-exclusive
licenses of Intellectual Property rights in the ordinary course of business;


 


(k) judgment
liens (other than for the payment of taxes, assessments or other governmental charges) securing judgments and other proceedings
not constituting an Event of Default under Section 9.01(j);


 


(l) rights
of set-off or bankers’ liens upon deposits of cash in favor of banks or other depository institutions, solely to the extent incurred
in connection with the maintenance of such deposit accounts in the ordinary course of business;


 


(m) Liens
granted in the ordinary course of business on the unearned portion of insurance premiums securing the financing of insurance premiums
to the extent the financing is permitted under the definition of Permitted Indebtedness;


 


(n) Liens
solely on any cash earnest money deposits made by any Loan Party in connection with any letter of intent or purchase agreement
with respect to a Permitted Acquisition; and


 


(o) other
Liens which (i) do not secure Indebtedness for borrowed money or letters of credit, or (ii) are assumed in connection with a Permitted
Acquisition that secure Indebtedness permitted by clause (j) of the definition of Permitted Indebtedness in an aggregate amount
not to exceed, for all Liens under this clause (o), $1,500,000.


 


“Permitted
Purchase Money Indebtedness” means, as of any date of determination, Indebtedness (other than the Obligations, but including
Capitalized Lease Obligations) incurred to finance the acquisition of any fixed assets secured by a Lien permitted under clause
(e) of the definition of “Permitted Liens”; provided that (a) such Indebtedness is incurred within 90 days after
such acquisition, (b) such Indebtedness when incurred shall not exceed the purchase price of the asset financed and (c) the aggregate
principal amount of all such Indebtedness shall not exceed $1,000,000 at any time outstanding.


 


“Permitted
Refinancing Indebtedness” means the extension of maturity, refinancing or modification of the terms of Indebtedness so
long as:


 


(a) after
giving effect to such extension, refinancing or modification, the amount of such Indebtedness is not greater than the amount of
Indebtedness outstanding immediately prior to such extension, refinancing or modification (other than by the amount of premiums
paid thereon and the fees and expenses incurred in connection therewith and by the amount of unfunded commitments with respect
thereto);


 






    	 	- 33 -	 



     


    

 


(b) such
extension, refinancing or modification does not result in a shortening of the average weighted maturity (measured as of the extension,
refinancing or modification) of the Indebtedness so extended, refinanced or modified;


 


(c) such
extension, refinancing or modification is pursuant to terms that, taken as a whole, are not less favorable to the Loan Parties
and the Lenders than the terms of the Indebtedness (including, without limitation, terms relating to the collateral (if any) and
subordination (if any)) being extended, refinanced or modified; and


 


(d) the
Indebtedness that is extended, refinanced or modified is not recourse to any Loan Party or any of its Subsidiaries that is liable
on account of the obligations other than those Persons which were obligated with respect to the Indebtedness that was refinanced,
renewed, or extended.


 


“Permitted
Restricted Payments” means any of the following Restricted Payments made by:


 


(a) any
Loan Party to the Parent in amounts necessary to pay taxes and other customary expenses as and when due and owing by the Parent
in the ordinary course of its business as a public holding company (including salaries and related reasonable and customary expenses
incurred by employees of the Parent), so long as no Default or Event of Default shall have occurred and be continuing or would
result from the making of such payment,


 


(b) any
Subsidiary of any Borrower to such Borrower,


 


(c) the
Parent for the repurchase of Equity Interests from directors, officers and employees upon the death, disability or termination
of employment of such Persons, in an aggregate amount not to exceed $500,000 during the term of this Agreement; provided that
after giving effect to such repurchase, no Default or Event of Default has occurred and is continuing and the sum of Qualified
Cash exceeds $1,500,000;


 


(d) the
Parent with respect to the repurchase of Equity Interests deemed to occur upon the “cashless exercise” of options, warrants
or other similar rights to acquire Equity Interests; and


 


(e) the
Parent to pay dividends in the form of common Equity Interests.


 


“Permitted
Specified Liens” means Permitted Liens described in clauses (a), (b) and (c) of the definition of Permitted Liens, and,
solely in the case of Section 7.01(b)(i), including clauses (g), (h) and (i) of the definition of Permitted Liens.


 


“Person”
means an individual, corporation, limited liability company, partnership, association, joint-stock company, trust, unincorporated
organization, joint venture or other enterprise or entity or Governmental Authority.


 






    	 	- 34 -	 



     


    

 


“Petty
Cash Accounts” means Cash Management Accounts with deposits at any time in an aggregate amount not in excess of $10,000
for any one account and $50,000 in the aggregate for all such accounts.


 


“Plan”
means any Employee Plan or Multiemployer Plan.


 


“Post-Default
Rate” means a rate of interest per annum equal to the rate of interest otherwise in effect from time to time pursuant
to the terms of this Agreement plus 3.00%, or, if a rate of interest is not otherwise in effect, interest at the highest rate
specified herein for any Loan then outstanding prior to an Event of Default plus 3.00%.


 


“Pro
Rata Share” means, with respect to:


 


(a) a
Lender’s obligation to make Revolving Loans and the right to receive payments of interest, fees, and principal with respect thereto,
the percentage obtained by dividing (i) such Lender’s Revolving Credit Commitment, by (ii) the Total Revolving
Credit Commitment, provided, that, if the Total Revolving Credit Commitment has been reduced to zero, the numerator shall
be the aggregate unpaid principal amount of such Lender’s Revolving Loans and the denominator shall be the aggregate unpaid principal
amount of all Revolving Loans,


 


(b) a
Lender’s obligation to make the Term Loan and the right to receive payments of interest, fees, and principal with respect thereto,
the percentage obtained by dividing (i) such Lender’s Term Loan Commitment, by (ii) the Total Term Loan
Commitment, provided that, if the Total Term Loan Commitment has been reduced to zero, the numerator shall be the aggregate
unpaid principal amount of such Lender’s portion of the Term Loan and the denominator shall be the aggregate unpaid principal
amount of the Term Loan, and


 


(c) all
other matters (including, without limitation, the indemnification obligations arising under Section 10.05), the percentage obtained
by dividing (i) the sum of such Lender’s Revolving Credit Commitment and the unpaid principal amount of such Lender’s
portion of the Term Loan and Agent Advances, by (ii) the sum of the Total Revolving Credit Commitment and the aggregate
unpaid principal amount of the Term Loan and Agent Advances, provided that, if such Lender’s Revolving Credit Commitment
shall have been reduced to zero, such Lender’s Revolving Credit Commitment shall be deemed to be the aggregate unpaid principal
amount of such Lender’s Revolving Loans and if the Total Revolving Credit Commitment shall have been reduced to zero, the Total
Revolving Credit Commitment shall be deemed to be the aggregate unpaid principal amount of all Revolving Loans.


 


“Projections“
means financial projections of the Parent and its Subsidiaries delivered pursuant to Section 6.01(g)(ii), as updated from time
to time pursuant to Section 7.01(a)(vii).


 


“Propel”
means Propel Media, Inc., a Delaware corporation.


 


“Published
Rate” means the rate of interest published each Business Day in the Wall Street Journal “Money Rates” listing
under the caption “London Interbank Offered Rates” for a one month period (or, if no such rate is published therein
for any reason, then the Published Rate shall be the LIBOR Rate for a one month period as published in another publication reasonably
selected by the Administrative Agent).


 






    	 	- 35 -	 



     


    

 


“Purchase
Price” means, with respect to any Acquisition, an amount equal to the sum of (a) the aggregate consideration, whether
cash, property or securities (including, without limitation, the fair market value of any Equity Interests of any Loan Party or
any of its Subsidiaries issued in connection with such Acquisition), paid or delivered by a Loan Party or any of its Subsidiaries
(whether as initial consideration or through the payment or disposition of deferred consideration, including, without limitation,
in the form of seller financing, royalty payments, payments allocated towards non-compete covenants, payments to principals for
consulting services or other similar payments, earnout payments, purchase price adjustments, deferred consideration, and other
payments required to be made in connection with any Acquisition) in connection with such Acquisition, plus (b) the aggregate
amount of liabilities of the acquired business (net of current assets of the acquired business) that would be reflected on a balance
sheet (if such were to be prepared) of the Parent and its Subsidiaries after giving effect to such Acquisition, plus (c) the aggregate
amount of all transaction fees, costs and expenses incurred by the Parent or any of its Subsidiaries in connection with such Acquisition.


 


“Qualified
Cash” means, as of any date of determination, the aggregate amount of unrestricted cash on-hand of the Loan Parties maintained
in deposit accounts held by the Administrative Agent in the name of a Loan Party in the United States as of such date, which deposit
accounts are, following the date set forth in Section 5.03(b), subject to Control Agreements.


 


“Qualified
Equity Interests” means, with respect to any Person, all Equity Interests of such Person that are not Disqualified Equity
Interests.


 


“Real
Property Deliverables” means each of the following agreements, instruments and other documents in respect of each Facility:


 


(a) a
Mortgage duly executed by the applicable Loan Party,


 


(b) evidence
of the recording of each Mortgage in such office or offices as may be necessary or, in the opinion of the Collateral Agent, desirable
to perfect the Lien purported to be created thereby or to otherwise protect the rights of the Collateral Agent and the Lenders
thereunder;


 


(c) a
Title Insurance Policy with respect to each Mortgage;


 


(d) a
current ALTA survey and a surveyor’s certificate, in form and substance reasonably satisfactory to the Collateral Agent, certified
to the Collateral Agent and to the issuer of the Title Insurance Policy with respect thereto by a professional surveyor licensed
in the state in which such Facility is located and reasonably satisfactory to the Collateral Agent;


 


(e) a
copy of each letter issued by the applicable Governmental Authority, evidencing each Facility’s compliance with all applicable
building codes, fire codes, other health and safety rules and regulations, parking, density and height requirements and other
building and zoning laws together with a copy of all certificates of occupancy issued with respect to each Facility;


 






    	 	- 36 -	 



     


    

 


(f) an
opinion of counsel, reasonably satisfactory to the Collateral Agent, in the state where such Facility is located with respect
to the enforceability of the Mortgage to be recorded and such other matters as the Collateral Agent may reasonably request;


 


(g) a
reasonably satisfactory ASTM 1527-00 Phase I Environmental Site Assessment (“Phase I ESA”) provided by the
Borrowers to the Collateral Agent (and, if requested by the Collateral Agent based upon the results of such Phase I ESA an ASTM
1527-00 Phase II Environmental Site Assessment) of each Facility, in form and substance and by an independent firm reasonably
satisfactory to the Collateral Agent; and


 


(h) such
other agreements, instruments and other documents (including guarantees and opinions of counsel) as the Collateral Agent may reasonably
require.


 


“Recipient”
means any Agent, any Lender, as applicable.


 


“Reference
Rate” means, on any date, the greatest of (a) the Federal Funds Open Rate plus 0.50% per annum, (b) the Daily
LIBOR Rate plus 1.00% per annum, (c) 4.75% per annum and (d) the rate last quoted by The Wall Street Journal as the
“Prime Rate” in the United States or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest
rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the
“bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined
by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent);
provided that in no event shall the Reference Rate be greater than 7.25%. Each change in the Reference Rate shall be effective
from and including the date such change is publicly announced as being effective.


 


“Reference
Rate Loan” means each portion of a Loan that bears interest at a rate determined by reference to the Reference Rate.


 


“Register“
has the meaning specified therefor in Section 12.07(f).


 


“Registered
Intellectual Property” means Intellectual Property that is issued, registered, renewed or the subject of a pending application.


 


“Registered
Loans” has the meaning specified therefor in Section 12.07(f).


 


“Regulation
T”, “Regulation U” and “Regulation X” mean, respectively, Regulations T, U and X of
the Board or any successor, as the same may be amended or supplemented from time to time.


 


“Related
Fund” means, with respect to any Person, an Affiliate of such Person, or a fund or account managed by such Person or
an Affiliate of such Person.


 






    	 	- 37 -	 



     


    

 


“Related
Party Assignment” has the meaning specified therefor in Section 12.07(c)(ii).


 


“Related
Party Register” has the meaning specified therefor in Section 12.07(f).


 


“Release“
means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, seeping, migrating,
dumping or disposing of any Hazardous Material (including the abandonment or discarding of barrels, containers and other closed
receptacles containing any Hazardous Material) into the indoor or outdoor environment, including, without limitation, the movement
of Hazardous Materials through or in the ambient air, soil, surface or ground water, or property.


 


“Remedial
Action” means all actions taken to (a) clean up, remove, remediate, contain, treat, monitor, assess, evaluate or in any
other way address Hazardous Materials in the indoor or outdoor environment; (b) prevent or minimize a Release or threatened Release
of Hazardous Materials so they do not migrate or endanger or threaten to endanger public health or welfare or the indoor or outdoor
environment; (c) perform pre-remedial studies and investigations and post-remedial operation and maintenance activities; or (d) perform
any other actions authorized by 42 U.S.C. § 9601.


 


“Replacement
Lender” has the meaning specified therefor in Section 12.02(b).


 


“Reportable
Event” means an event described in Section 4043 of ERISA (other than an event not subject to the provision for 30-day
notice to the PBGC under the regulations promulgated under such Section).


 


“Required
Lenders” means Lenders whose Pro Rata Shares (calculated in accordance with clause (c) of the definition thereof) aggregate
at least 50.1%.


 


“Requirements
of Law” means, with respect to any Person, collectively, the common law and all federal, state, provincial, local, foreign,
multinational or international laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders,
judgments, writs, injunctions, decrees (including administrative or judicial precedents or authorities) and the interpretation
or administration thereof by, and other determinations, directives, requirements or requests of, any Governmental Authority, in
each case that are applicable to or binding upon such Person or any of its property or to which such Person or any of its property
is subject.


 


“Reserve
Percentage” means as of any day the maximum effective percentage in effect on such day as prescribed by the Board of
Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including supplemental, marginal
and emergency reserve requirements) with respect to eurocurrency funding (currently referred to as “Eurocurrency Liabilities”).


 


“Restricted
Payment” means (a) the declaration or payment of any dividend or other distribution, direct or indirect, on account of
any Equity Interests of any Loan Party or any of its Subsidiaries, now or hereafter outstanding, (b) the making of any repurchase,
redemption, retirement, defeasance, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect,
of any Equity Interests of any Loan Party or any direct or indirect parent of any Loan Party, now or hereafter outstanding, (c)
the making of any payment to retire, or to obtain the surrender of, any outstanding warrants, options or other rights for the
purchase or acquisition of shares of any class of Equity Interests of any Loan Party, now or hereafter outstanding, (d) the return
of any Equity Interests to any shareholders or other equity holders of any Loan Party or any of its Subsidiaries, or make any
other distribution of property, assets, shares of Equity Interests, warrants, rights, options, obligations or securities thereto
as such or (e) the payment of any management, consulting, monitoring or advisory fees or any other fees or expenses (including
the reimbursement thereof by any Loan Party or any of its Subsidiaries) pursuant to any management, consulting, monitoring, advisory
or other services agreement (excluding, for the avoidance of doubt, reasonable and customary employment and consulting agreements
entered into in the ordinary course of business) to (i) any Affiliate of any Loan Party, (ii) any equityholder of any Loan Party
or any of its Subsidiaries holding 5% or more of the Equity Interests of the Parent or any of its Subsidiaries or (iii) any Affiliate
of any of the foregoing.


 






    	 	- 38 -	 



     


    

 


“Revolving
Credit Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans to the Borrowers
in the amount set forth opposite such Lender’s name in Schedule 1.01(A) hereto or in the Assignment and Acceptance pursuant
to which such Lender became a Lender under this Agreement, as such amount may be terminated or reduced from time to time in accordance
with the terms of this Agreement.


 


“Revolving
Loan” means a loan made by a Lender to the Borrowers pursuant to Section 2.01(a)(i).


 


“Revolving
Loan Lender” means a Lender with a Revolving Credit Commitment or a Revolving Loan.


 


“Revolving
Loan Obligations” means any Obligations with respect to the Revolving Loans (including without limitation, the principal
thereof, the interest thereon, and the fees and expenses specifically related thereto).


 


“Sale
and Leaseback Transaction” means, with respect to the Parent or any of its Subsidiaries, any arrangement, directly or
indirectly, with any Person whereby the Parent or any of its Subsidiaries shall sell or transfer any property used or useful in
its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends
to use for substantially the same purpose or purposes as the property being sold or transferred.


 


“SEC”
means the Securities and Exchange Commission or any other similar or successor agency of the Federal government administering
the Securities Act.


 


“Secured
Party” means any Agent and any Lender.


 


“Securities
Act” means the Securities Act of 1933, as amended, or any similar Federal statute, and the rules and regulations of the
SEC thereunder, all as the same shall be in effect from time to time.


 


“Securitization”
has the meaning specified therefor in Section 12.07(l).


 






    	 	- 39 -	 



     


    

 


“Security
Agreement” means a Pledge and Security Agreement, in form and substance reasonably satisfactory to the Collateral Agent,
made by a Loan Party in favor of the Collateral Agent for the benefit of the Secured Parties securing the Obligations.


 


“Seller”
means any Person that sells Equity Interests or other property or assets to a Loan Party or a Subsidiary of a Loan Party in a
Permitted Acquisition.


 


“Solvent”
means, with respect to any Person on a particular date, that on such date (i) the sum of such Person’s (and its Subsidiaries’)
debt (including contingent liabilities calculated based upon the probability of the contingency materializing and discounted to
its net present value), taken as a whole, does not exceed the present fair saleable value (on a going concern basis) of such Person’s
(and its Subsidiaries’) present assets, taken as a whole, (ii) such Person’s (and its Subsidiaries’) capital, taken as a whole,
is not unreasonably small in relation to its business as contemplated on the date hereof and reflected in the projections or with
respect to any transaction contemplated or undertaken after the date hereof, and (iii) none of such Person nor any of its Subsidiaries
has incurred and intends to incur, or believes (nor should it reasonably believe) that it will incur, debts beyond its ability
to pay such debts as they become due (whether at maturity or otherwise).


 


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


 


“Subordinated
Indebtedness” means Indebtedness of any Loan Party the terms of which (including, without limitation, payment terms,
interest rates, covenants, remedies, defaults and other material terms) are reasonably satisfactory to the Agents and the Required
Lenders and which has been expressly subordinated in right of payment to all Indebtedness of such Loan Party under the Loan Documents
(a) by the execution and delivery of a subordination agreement, in form and substance reasonably satisfactory to the Agents
and the Required Lenders, or (b) otherwise on terms and conditions reasonably satisfactory to the Agents and the Required
Lenders.


 


“Subsidiary”
means, with respect to any Person at any date, any corporation, limited or general partnership, limited liability company, trust,
estate, association, joint venture or other business entity (a) the accounts of which would be consolidated with those of
such Person in such Person’s consolidated financial statements if such financial statements were prepared in accordance with GAAP
or (b) of which more than 50% of (i) the outstanding Equity Interests having (in the absence of contingencies) ordinary
voting power to elect a majority of the Board of Directors of such Person, (ii) in the case of a partnership or limited liability
company, the interest in the capital or profits of such partnership or limited liability company or (iii) in the case of
a trust, estate, association, joint venture or other entity, the beneficial interest in such trust, estate, association or other
entity business is, at the time of determination, owned or controlled directly or indirectly through one or more intermediaries,
by such Person. References to a Subsidiary shall mean a Subsidiary of the Parent unless the context expressly provides otherwise.


 






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“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
Loan” means, collectively, the loans made by the Term Loan Lenders to the Borrowers on the Effective Date pursuant to
Section 2.01(a)(ii).


 


“Term
Loan Commitment” means, with respect to each Lender, the commitment of such Lender to make the Term Loan to the Borrowers
in the amount set forth in Schedule 1.01(A) hereto or in the Assignment and Acceptance pursuant to which such Lender became
a Lender under this Agreement, as the same may be terminated or reduced from time to time in accordance with the terms of this
Agreement.


 


“Term
Loan Lender” means a Lender with a Term Loan Commitment or a Term Loan.


 


“Term
Loan Obligations” means any Obligations with respect to the Term Loan (including, without limitation, the principal thereof,
the interest thereon, and the fees and expenses specifically related thereto).


 


“Termination
Date” means the first date on which all of the Obligations are paid in full in cash and the Commitments of the Lenders
are terminated.


 


“Termination
Event” means (a) a Reportable Event with respect to any Employee Plan, (b) any event that causes any Loan Party or any
of its ERISA Affiliates to incur liability under Section 409, 502(i), 502(l), 515, 4062, 4063, 4064, 4069, 4201, 4204 or 4212
of ERISA or Section 4971 or 4975 of the Internal Revenue Code, (c) the filing of a notice of intent to terminate an Employee
Plan or the treatment of an Employee Plan amendment as a termination under Section 4041 of ERISA, (d) the institution
of proceedings by the PBGC to terminate an Employee Plan, or (e) any other event or condition that could reasonably be expected
to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Employee
Plan.


 


“Title
Insurance Policy” means a mortgagee’s loan policy, in form and substance reasonably satisfactory to the Collateral Agent,
together with all endorsements made from time to time thereto, issued to the Collateral Agent by or on behalf of a title insurance
company selected by or otherwise reasonably satisfactory to the Collateral Agent, insuring the Lien created by a Mortgage in an
amount and on terms and with such endorsements reasonably satisfactory to the Collateral Agent, delivered to the Collateral Agent.


 


“Total
Commitment” means the sum of the Total Revolving Credit Commitment and the Total Term Loan Commitment.


 


“Total
Revolving Credit Commitment” means the sum of the amounts of the Lenders’ Revolving Credit Commitments.


 


“Total
Term Loan Commitment” means the sum of the amounts of the Lenders’ Term Loan Commitments.


 






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“Transferee”
has the meaning specified therefor in Section 2.09(a).


 


“Treasury
Rate” means, with respect to any prepayment, a rate per annum (computed on the basis of actual days elapsed over a year
of 360 days) equal to the rate determined by the Administrative Agent on the date 3 Business Days prior to the date of such prepayment,
to be the yield expressed as a rate listed in The Wall Street Journal for United States Treasury securities having a term of no
greater than the period for the remaining months until the 24 month anniversary of the Effective Date.


 


“Trust
Conditions” has the meaning specified therefor in the Trust Conditions Letter.


 


“Trust
Conditions Letter” means the letter agreement, dated as of the date hereof, between the Collateral Agent and the Parent.


 


“UCC
Filing Authorization Letter” means a letter duly executed by each Loan Party authorizing the Collateral Agent to file
appropriate financing statements on Form UCC-1 without the signature of such Loan Party in such office or offices as may be necessary
or, in the opinion of the Collateral Agent, desirable to perfect the security interests purported to be created by each Security
Agreement and each Mortgage.


 


“Uniform
Commercial Code” or “UCC” has the meaning specified therefor in Section 1.04.


 


“Unused
Line Fee” has the meaning specified therefor in Section 2.06(b).


 


“USA
PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism (PATRIOT) Act of 2001 (Title III of Pub. L. 107-56, Oct. 26, 2001) as amended by the USA Patriot Improvement and Reauthorization
Act of 2005 (Pub. L. 109-177, March 9, 2006) and as the same may have been or may be further renewed, extended, amended, or replaced.


 


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


 


“VCOC
Management Rights Agreement” has the meaning specified therefor in Section 5.01(d)(x).


 


“WARN”
has the meaning specified therefor in Section 6.01(p).


 


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


 


“Working
Capital” means, at any date of determination thereof, (a) the sum, for any Person and its Subsidiaries, of (i) the
unpaid face amount of all Accounts of such Person and its Subsidiaries as at such date of determination, plus (ii) the
aggregate amount of prepaid expenses and other current assets of such Person and its Subsidiaries as at such date of determination
(other than cash, Cash Equivalents and any Indebtedness owing to such Person or any of its Subsidiaries by Affiliates of such
Person), minus (b) the sum, for such Person and its Subsidiaries, of (i) the unpaid amount of all accounts payable
of such Person and its Subsidiaries as at such date of determination, plus (ii) the aggregate amount of all accrued
expenses of such Person and its Subsidiaries as at such date of determination (other than the current portion of long-term debt
and all accrued interest and taxes).


 






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Section
1.02 Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The
words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”.
Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or
otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference
herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof”
and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not
to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed
to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property”
shall be construed to have the same meaning and effect and to refer to any right or interest in or to assets and properties of
any kind whatsoever, whether real, personal or mixed and whether tangible or intangible.


 


Section
1.03 Certain Matters of Construction. References in this Agreement to “determination” by any Agent include
good faith estimates by such Agent (in the case of quantitative determinations) and good faith beliefs by such Agent (in the case
of qualitative determinations). A Default or Event of Default shall be deemed to exist at all times during the period commencing
on the date that such Default or Event of Default occurs to the date on which such Default or Event of Default is waived in writing
pursuant to this Agreement or, in the case of a Default, is cured within any period of cure expressly provided for in this Agreement;
and an Event of Default shall “continue” or be “continuing” until such Event of Default has been waived in
writing by the Required Lenders. Any Lien referred to in this Agreement or any other Loan Document as having been created in favor
of any Agent, any agreement entered into by any Agent pursuant to this Agreement or any other Loan Document, any payment made
by or to or funds received by any Agent pursuant to or as contemplated by this Agreement or any other Loan Document, or any act
taken or omitted to be taken by any Agent, shall, unless otherwise expressly provided, be created, entered into, made or received,
or taken or omitted, for the benefit or account of the Agents and the Lenders. Wherever the phrase “to the knowledge of any
Loan Party” or words of similar import relating to the knowledge or the awareness of any Loan Party are used in this Agreement
or any other Loan Document, such phrase shall mean and refer to (i) the actual knowledge of a senior officer of any Loan
Party or (ii) the knowledge that a senior officer would have obtained if such officer had engaged in good faith and diligent
performance of such officer’s duties. All covenants hereunder shall be given independent effect so that if a particular action
or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or otherwise within
the limitations of, another covenant shall not avoid the occurrence of a default if such action is taken or condition exists.
In addition, all representations and warranties hereunder shall be given independent effect so that if a particular representation
or warranty proves to be incorrect or is breached, the fact that another representation or warranty concerning the same or similar
subject matter is correct or is not breached will not affect the incorrectness of a breach of a representation or warranty hereunder.


 






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Section
1.04 Accounting and Other Terms.


 


(a) Unless
otherwise expressly provided herein, each accounting term used herein shall have the meaning given it under GAAP. For purposes
of determining compliance with any incurrence or expenditure tests set forth in Section 7.01, Section 7.02 and Section 7.03, any
amounts so incurred or expended (to the extent incurred or expended in a currency other than Dollars) shall be converted into
Dollars on the basis of the exchange rates (as shown on the Bloomberg currency page for such currency or, if the same does not
provide such exchange rate, by reference to such other publicly available service for displaying exchange rates as may be reasonably
selected by the Agents or, in the event no such service is selected, on such other basis as is reasonably satisfactory to the
Agents) as in effect on the date of such incurrence or expenditure under any provision of any such Section that has an aggregate
Dollar limitation provided for therein (and to the extent the respective incurrence or expenditure test regulates the aggregate
amount outstanding at any time and it is expressed in terms of Dollars, all outstanding amounts originally incurred or spent in
currencies other than Dollars shall be converted into Dollars on the basis of the exchange rates (as shown on the Bloomberg currency
page for such currency or, if the same does not provide such exchange rate, by reference to such other publicly available service
for displaying exchange rates as may be reasonably selected by the Agents or, in the event no such service is selected, on such
other basis as is reasonably satisfactory to the Agents) as in effect on the date of any new incurrence or expenditures made under
any provision of any such Section that regulates the Dollar amount outstanding at any time). Notwithstanding the foregoing,
(i) with respect to the accounting for leases as either operating leases or capital leases and the impact of such accounting in
accordance with FASB ASC 840 on the definitions and covenants herein, GAAP as in effect on the Effective Date shall be applied
and (ii) for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained
herein, Indebtedness of the Parent and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount
thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded.


 


(b) All
terms used in this Agreement which are defined in Article 8 or Article 9 of the Uniform Commercial Code as in effect from time
to time in the State of New York (the “Uniform Commercial Code” or the “UCC”) and which are
not otherwise defined herein shall have the same meanings herein as set forth therein, provided that terms used herein which are
defined in the Uniform Commercial Code as in effect in the State of New York on the date hereof shall continue to have the same
meaning notwithstanding any replacement or amendment of such statute except as any Agent may otherwise determine in good faith.


 


Section
1.05 Time References. Unless otherwise indicated herein, all references to time of day refer to Eastern Standard Time
or Eastern daylight saving time, as in effect in New York City on such day. For purposes of the computation of a period of time
from a specified date to a later specified date, the word “from” means “from and including” and the words
“to” and “until” each means “to but excluding”; provided, however, that with respect
to a computation of fees or interest payable to any Secured Party, such period shall in any event consist of at least one full
day.


 






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ARTICLE
II


 


THE
LOANS


 


Section
2.01 Commitments. (a) Subject to the terms and conditions and relying upon the representations and warranties herein
set forth:


 


(i) each
Revolving Loan Lender severally agrees to make Revolving Loans to the Borrowers at any time and from time to time during the term
of this Agreement, in an aggregate principal amount of Revolving Loans at any time outstanding not to exceed the amount of such
Lender’s Revolving Credit Commitment; and


 


(ii) each
Term Loan Lender severally agrees to make the Term Loan to the Borrowers on the Effective Date, in an aggregate principal amount
not to exceed the amount of such Lender’s Term Loan Commitment.


 


(b) Notwithstanding
the foregoing:


 


(i) The
aggregate principal amount of Revolving Loans outstanding at any time to the Borrowers shall not exceed the Total Revolving Credit
Commitment. The Revolving Credit Commitment of each Lender shall automatically and permanently be reduced to zero on the Final
Maturity Date. Within the foregoing limits, the Borrowers may borrow, repay and reborrow, the Revolving Loans on or after the
Effective Date and prior to the Final Maturity Date, subject to the terms, provisions and limitations set forth herein.


 


(ii) The
aggregate principal amount of the Term Loan made on the Effective Date shall not exceed the Total Term Loan Commitment. Any principal
amount of the Term Loan which is repaid or prepaid may not be reborrowed.


 


Section
2.02 Making the Loans. (a) The Administrative Borrower shall give the Administrative Agent prior telephonic notice (immediately
confirmed in writing, in substantially the form of Exhibit C hereto (a “Notice of Borrowing”)), not later
than 12:00 noon (New York City time) on the date which is 10 Business Days prior to the date of the proposed Loan (or such
shorter period as the Administrative Agent is willing to accommodate from time to time); provided, that any Notice of Borrowing
with respect to Loans to be made on the Effective Date shall be required to be delivered by 5:00 p.m. on the Business Day prior
to the Effective Date. Such Notice of Borrowing shall be irrevocable and shall specify (i) the principal amount of the proposed
Loan, (ii) in the case of Loans requested on the Effective Date, whether such Loan is requested to be a Revolving Loan or
the Term Loan, (iii) whether the Loan is requested to be a Reference Rate Loan or a LIBOR Rate Loan and, in the case of a
LIBOR Rate Loan, the initial Interest Period with respect thereto, which shall be a period contemplated by the definition of the
term “Interest Period”, and (iv) the proposed borrowing date, which must be a Business Day, and, with respect to
any Term Loan, must be the Effective Date. If no election as to the type of Loan is specified, then the requested Loan shall be
a Reference Rate Loan. The Administrative Agent and the Lenders may act without liability upon the basis of written, telecopied
or telephonic notice believed by the Administrative Agent in good faith to be from the Administrative Borrower (or from any Authorized
Officer thereof designated in writing purportedly from the Administrative Borrower to the Administrative Agent). Each Borrower
hereby waives the right to dispute the Administrative Agent’s record of the terms of any such telephonic Notice of Borrowing.
The Administrative Agent and each Lender shall be entitled to rely conclusively on any Authorized Officer’s authority to request
a Loan on behalf of the Borrowers until the Administrative Agent receives written notice to the contrary. The Administrative Agent
and the Lenders shall have no duty to verify the authenticity of the signature appearing on any written Notice of Borrowing.


 






    	 	- 45 -	 



     


    

 


(b) Each
Notice of Borrowing pursuant to this Section 2.02 shall be irrevocable and the Borrowers shall be bound to make a borrowing in
accordance therewith. Each Revolving Loan shall be made in a minimum amount of $1,000,000 and integral multiples of $50,000 in
excess thereof.


 


(c)  (i)
Except as otherwise provided in this Section 2.02(c), all Loans under this Agreement shall be made by the Lenders simultaneously
and proportionately to their Pro Rata Shares of the Total Revolving Credit Commitment or the Total Term Loan Commitment, as the
case may be, it being understood that no Lender shall be responsible for any default by any other Lender in that other Lender’s
obligations to make a Loan requested hereunder, nor shall the Commitment of any Lender be increased or decreased as a result of
the default by any other Lender in that other Lender’s obligation to make a Loan requested hereunder, and each Lender shall be
obligated to make the Loans required to be made by it by the terms of this Agreement regardless of the failure by any other Lender.


 


(ii) Notwithstanding
any other provision of this Agreement, and in order to reduce the number of fund transfers among the Borrowers, the Agents and
the Lenders, the Borrowers, the Agents and the Lenders agree that the Administrative Agent may (but shall not be obligated to),
and the Borrowers and the Lenders hereby irrevocably authorize the Administrative Agent to, fund, on behalf of the Revolving Loan
Lenders, Revolving Loans pursuant to Section 2.01, subject to the procedures for settlement set forth in Section 2.02(d); provided,
however, that (a)  the Administrative Agent shall in no event fund any such Revolving Loans if the Administrative
Agent shall have received written notice from the Collateral Agent or the Required Lenders on the Business Day prior to the date
of the proposed Revolving Loan that one or more of the conditions precedent contained in Section 5.02 will not be satisfied at
the time of the proposed Revolving Loan, and (b) the Administrative Agent shall not otherwise be required to determine that,
or take notice whether, the conditions precedent in Section 5.02 have been satisfied. If the Administrative Borrower gives
a Notice of Borrowing requesting a Revolving Loan and the Administrative Agent elects not to fund such Revolving Loan on behalf
of the Revolving Loan Lenders, then promptly after receipt of the Notice of Borrowing requesting such Revolving Loan, the Administrative
Agent shall notify each Revolving Loan Lender of the specifics of the requested Revolving Loan and that it will not fund the requested
Revolving Loan on behalf of the Revolving Loan Lenders. If the Administrative Agent notifies the Revolving Loan Lenders that it
will not fund a requested Revolving Loan on behalf of the Revolving Loan Lenders, each Revolving Loan Lender shall make its Pro
Rata Share of the Revolving Loan available to the Administrative Agent, in immediately available funds, in the Administrative
Agent’s Account no later than 3:00 p.m. (New York City time) (provided that the Administrative Agent requests payment from
such Revolving Loan Lender not later than 1:00 p.m. (New York City time)) on the date of the proposed Revolving Loan. The
Administrative Agent will make the proceeds of such Revolving Loans available to the Borrowers on the day of the proposed Revolving
Loan by causing an amount, in immediately available funds, equal to the proceeds of all such Revolving Loans received by the Administrative
Agent in the Administrative Agent’s Account or the amount funded by the Administrative Agent on behalf of the Revolving Loan Lenders
to be deposited in an account designated by the Administrative Borrower.


 






    	 	- 46 -	 



     


    

 


(iii) If
the Administrative Agent has notified the Revolving Loan Lenders that the Administrative Agent, on behalf of the Revolving Loan
Lenders, will not fund a particular Revolving Loan pursuant to Section 2.02(c)(ii), the Administrative Agent may assume that each
such Revolving Loan Lender has made such amount available to the Administrative Agent on such day and the Administrative Agent,
in its sole discretion, may, but shall not be obligated to, cause a corresponding amount to be made available to the Borrowers
on such day. If the Administrative Agent makes such corresponding amount available to the Borrowers and such corresponding amount
is not in fact made available to the Administrative Agent by any such Revolving Loan Lender, the Administrative Agent shall be
entitled to recover such corresponding amount on demand from such Revolving Loan Lender together with interest thereon, for each
day from the date such payment was due until the date such amount is paid to the Administrative Agent, at the Federal Funds Effective
Rate for 3 Business Days and thereafter at the Reference Rate. During the period in which such Revolving Loan Lender has not paid
such corresponding amount to the Administrative Agent, notwithstanding anything to the contrary contained in this Agreement or
any other Loan Document, the amount so advanced by the Administrative Agent to the Borrowers shall, for all purposes hereof, be
a Revolving Loan made by the Administrative Agent for its own account. Upon any such failure by a Revolving Loan Lender to pay
the Administrative Agent, the Administrative Agent shall promptly thereafter notify the Administrative Borrower of such failure
and the Borrowers shall immediately pay such corresponding amount to the Administrative Agent for its own account.


 


(iv) Nothing
in this Section 2.02(c) shall be deemed to relieve any Revolving Loan Lender from its obligations to fulfill its Revolving Credit
Commitment hereunder or to prejudice any rights that the Administrative Agent or the Borrowers may have against any Revolving
Loan Lender as a result of any default by such Revolving Loan Lender hereunder.


 


(d) (i) With
respect to all periods for which the Administrative Agent has funded Revolving Loans pursuant to Section 2.02(c), on Friday of
each week, or if the applicable Friday is not a Business Day, then on the following Business Day, or such shorter period as the
Administrative Agent may from time to time select (any such week or shorter period being herein called a “Settlement Period”),
the Administrative Agent shall notify each Revolving Loan Lender of the unpaid principal amount of the Revolving Loans outstanding
as of the last day of each such Settlement Period. In the event that such amount is greater than the unpaid principal amount of
the Revolving Loans outstanding on the last day of the Settlement Period immediately preceding such Settlement Period (or, if
there has been no preceding Settlement Period, the amount of the Revolving Loans made on the date of such Revolving Loan Lender’s
initial funding), each Revolving Loan Lender shall promptly (and in any event not later than 2:00 p.m. (New York City time)
if the Administrative Agent requests payment from such Lender not later than 12:00 noon (New York City time) on such day)
make available to the Administrative Agent its Pro Rata Share of the difference in immediately available funds. In the event that
such amount is less than such unpaid principal amount, the Administrative Agent shall promptly pay over to each Revolving Loan
Lender its Pro Rata Share of the difference in immediately available funds. In addition, if the Administrative Agent shall so
request at any time when a Default or an Event of Default shall have occurred and be continuing, or any other event shall have
occurred as a result of which the Administrative Agent shall determine that it is desirable to present claims against the Borrowers
for repayment, each Revolving Loan Lender shall promptly remit to the Administrative Agent or, as the case may be, the Administrative
Agent shall promptly remit to each Revolving Loan Lender, sufficient funds to adjust the interests of the Revolving Loan Lenders
in the then outstanding Revolving Loans to such an extent that, after giving effect to such adjustment, each such Revolving Loan
Lender’s interest in the then outstanding Revolving Loans will be equal to its Pro Rata Share thereof. The obligations of the
Administrative Agent and each Revolving Loan Lender under this Section 2.02(d) shall be absolute and unconditional. Each Revolving
Loan Lender shall only be entitled to receive interest on its Pro Rata Share of the Revolving Loans which have been funded by
such Revolving Loan Lender.


 






    	 	- 47 -	 



     


    

 


(ii) In
the event that any Revolving Loan Lender fails to make any payment required to be made by it pursuant to Section 2.02(d)(i), the
Administrative Agent shall be entitled to recover such corresponding amount on demand from such Revolving Loan Lender together
with interest thereon, for each day from the date such payment was due until the date such amount is paid to the Administrative
Agent, at the Federal Funds Effective Rate for 3 Business Days and thereafter at the Reference Rate. During the period in which
such Revolving Loan Lender has not paid such corresponding amount to the Administrative Agent, notwithstanding anything to the
contrary contained in this Agreement or any other Loan Document, the amount so advanced by the Administrative Agent to the Borrowers
shall, for all purposes hereof, be a Revolving Loan made by the Administrative Agent for its own account. Upon any such failure
by a Revolving Loan Lender to pay the Administrative Agent, the Administrative Agent shall promptly thereafter notify the Administrative
Borrower of such failure and the Borrowers shall immediately pay such corresponding amount to the Administrative Agent for its
own account. Nothing in this Section 2.02 shall be deemed to relieve any Revolving Loan Lender from its obligation to fulfill
its Revolving Credit Commitment hereunder or to prejudice any rights that the Administrative Agent or the Borrowers may have against
any Revolving Loan Lender as a result of any default by such Revolving Loan Lender hereunder.


 


Section
2.03 Repayment of Loans; Evidence of Debt. (a) The outstanding principal of all Revolving Loans shall be due and payable
on the Final Maturity Date or, if earlier, on the date on which they are declared due and payable pursuant to the terms of this
Agreement.


 


(b) The
outstanding principal amount of the Term Loan shall be repayable in consecutive quarterly installments in equal amounts of $1,250,000
on the last day of each March, June, September and December commencing on September 30, 2018. Notwithstanding the foregoing, the
outstanding unpaid principal amount of the Term Loan, and all accrued and unpaid interest thereon, shall be due and payable on
the earliest of (i) the termination of the Total Revolving Credit Commitment, unless, on the date of such termination, the
Loan Parties have Qualified Cash of not less than $5,000,000 (as evidenced by a certificate of an Authorized Officer of the Administrative
Borrower), (ii) the Final Maturity Date and (iii) the date on which the Term Loan is declared due and payable pursuant to the
terms of this Agreement.


 






    	 	- 48 -	 



     


    

 


(c) Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of the Borrowers
to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid
to such Lender from time to time hereunder.


 


(d) The
Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, (ii) the amount
of any principal or interest due and payable or to become due and payable from the Borrowers to each Lender hereunder and (iii) the
amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof.


 


(e) The
entries made in the accounts maintained pursuant to Section 2.03(c) or Section 2.03(d) shall be prima facie evidence of
the existence and amounts of the obligations recorded therein; provided that (i) the failure of any Lender or the Administrative
Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrowers to repay the
Loans in accordance with the terms of this Agreement and (ii) in the event of any conflict between the entries made in the accounts
maintained pursuant to Section 2.03(c) and the accounts maintained pursuant to Section 2.03(d), the accounts maintained pursuant
to Section 2.03(d) shall govern and control.


 


(f) Any
Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrowers shall execute and deliver
to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its
registered assigns) in a form furnished by the Collateral Agent and reasonably acceptable to the Administrative Borrower. Thereafter,
the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section
12.07) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such
promissory note is a registered note, to such payee and its registered assigns).


 


Section
2.04 Interest.


 


(a) Revolving
Loans. Subject to the terms of this Agreement, at the option of the Administrative Borrower, each Revolving Loan shall be
either a Reference Rate Loan or a LIBOR Rate Loan. Each Revolving Loan that is a Reference Rate Loan shall bear interest on the
principal amount thereof from time to time outstanding, from the date of such Loan until repaid, at a rate per annum equal to
the Reference Rate plus the Applicable Margin. Each Revolving Loan that is a LIBOR Rate Loan shall bear interest on the principal
amount thereof from time to time outstanding, from the date of such Loan until repaid, at a rate per annum equal to the LIBOR
Rate for the Interest Period in effect for such Loan plus the Applicable Margin.


 






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(b) Term
Loan. Subject to the terms of this Agreement, at the option of the Administrative Borrower, the Term Loan or any portion thereof
shall be either a Reference Rate Loan or a LIBOR Rate Loan. Each portion of the Term Loan that is a Reference Rate Loan shall
bear interest on the principal amount thereof from time to time outstanding, from the date of the Term Loan until repaid, at a
rate per annum equal to the Reference Rate plus the Applicable Margin, and each portion of the Term Loan that is a LIBOR Rate
Loan shall bear interest on the principal amount thereof from time to time outstanding, from the date of the Term Loan until repaid,
at a rate per annum equal to the LIBOR Rate for the Interest Period in effect for the Term Loan (or such portion thereof) plus
the Applicable Margin.


 


(c) Default
Interest. To the extent permitted by law and notwithstanding anything to the contrary in this Section, upon the occurrence
and during the continuance of an Event of Default, at the election of either Agent or the Required Lenders, the principal of,
and all accrued and unpaid interest on, all Loans, fees, indemnities or any other Obligations of the Loan Parties under this Agreement
and the other Loan Documents, shall bear interest, from the date such Event of Default occurred until the date such Event of Default
is cured or waived in writing in accordance herewith, at a rate per annum equal at all times to the Post-Default Rate.


 


(d) Interest
Payment. Interest on each Loan shall be payable (i) monthly, in arrears on the last day of each month, commencing on the last
day of the month in which such Loan is made and (ii) at maturity (whether upon demand, by acceleration or otherwise). Interest
at the Post-Default Rate shall be payable on demand. Each Borrower hereby authorizes the Administrative Agent to, and the Administrative
Agent may, from time to time, charge the Loan Account pursuant to Section 4.01 with the amount of any interest payment due hereunder.


 


(e) General.
All interest shall be computed on the basis of a year of 360 days for the actual number of days, including the first day but excluding
the last day, elapsed.


 


Section
2.05 Reduction of Commitment; Prepayment of Loans.


 


(a) Reduction
of Commitments.


 


(i) Revolving
Credit Commitments. The Total Revolving Credit Commitment shall terminate on the Final Maturity Date. The Borrowers may reduce
the Total Revolving Credit Commitment to an amount (which may be zero) not less than the sum of (A) the aggregate unpaid
principal amount of all Revolving Loans then outstanding, and (B) the aggregate principal amount of all Revolving Loans not
yet made as to which a Notice of Borrowing has been given by the Administrative Borrower under Section 2.02. Each such reduction
that is not a reduction of the full amount of the Total Revolving Credit Commitment shall be (1) in an amount which is an integral
multiple of $1,000,000 (or by the full amount of the Total Revolving Credit Commitment in effect immediately prior to such reduction
if such amount at that time is less than $1,000,000), (2) made by providing not less than 5 Business Days’ prior written notice
to the Administrative Agent and (3) except as provided in clause (b)(iii) below, irrevocable; provided that in no
event shall the Borrowers be permitted to reduce the Total Revolving Credit Commitment to an amount less than $2,000,000 (other
than a permanent reduction in the Total Revolving Credit Commitment to zero). Once reduced, the Total Revolving Credit Commitment
may not be increased. Each such reduction of the Total Revolving Credit Commitment shall (y) reduce the Revolving Credit Commitment
of each Lender proportionately in accordance with its Pro Rata Share thereof and (z) to the extent made in connection with a prepayment
pursuant to Section 2.05(b)(i), shall be accompanied by the payment of the Applicable Premium, if any, payable in connection with
such reduction of the Total Revolving Credit Commitment.


 






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(ii) Term
Loan. The Total Term Loan Commitment shall terminate upon the earlier of (A) the making of the Term Loan on the Effective
Date, and (B) 5:00 p.m. (New York City time) on May 30, 2018.


 


(b) Optional
Prepayment.


 


(i) Revolving
Loans. The Borrowers may, at any time and from time to time, prepay the principal of any Revolving Loan, in whole or in part.


 


(ii) Term
Loan. The Borrowers may, at any time and from time to time, upon at least 5 Business Days’ prior written notice to the Administrative
Agent, prepay the principal of the Term Loan, in whole or in part. Each prepayment made pursuant to this Section 2.05(b)(ii) shall
be accompanied by the payment of (A) accrued interest to the date of such payment on the amount prepaid and (B) the Applicable
Premium, if any, payable in connection with such prepayment of the Term Loan. Each such prepayment shall be applied against the
remaining installments of principal due on the Term Loan in the inverse order of maturity.


 


(iii) Termination
of Agreement. The Borrowers may, upon at least 15 days prior written notice to the Administrative Agent, terminate this Agreement
by paying to the Administrative Agent, in cash, the Obligations, in full, plus the Applicable Premium, if any, payable in connection
with such termination of this Agreement. If the Administrative Borrower has sent a notice of termination pursuant to this Section
2.05(b)(iii), then the Lenders’ obligations to extend credit hereunder shall terminate and the Borrowers shall be obligated to
repay the Obligations, in full, plus the Applicable Premium, if any, payable in connection with such termination of this Agreement
on the date set forth as the date of termination of this Agreement in such notice; provided that if a notice of termination
states that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the
issuance of other Indebtedness, such notice of termination may be revoked by the Administrative Borrower (by notice to the Agents
on or prior to the specified date) if such condition is not satisfied.


 


(c) Mandatory
Prepayment.


 


(i) Contemporaneously
with the delivery to the Agents and the Lenders of audited annual financial statements pursuant to Section 7.01(a)(iii), commencing
with the delivery to the Agents and the Lenders of the financial statements for the Fiscal Year ending December 31, 2018 or, if
such financial statements are not delivered to the Agents and the Lenders on the date such statements are required to be delivered
pursuant to Section 7.01(a)(iii), on the date such statements are required to be delivered to the Agents and the Lenders pursuant
to Section 7.01(a)(iii), the Borrowers shall prepay the outstanding principal amount of the Loans in accordance with Section 2.05(d)
in an amount equal to the result of (1) 75% of the Excess Cash Flow of the Parent and its Subsidiaries for such Fiscal Year
(or, if the Leverage Ratio of the Parent and its Subsidiaries for the applicable Fiscal Year is less than 1.25:1.00, 50% of Excess
Cash Flow of Parent and its Subsidiaries for such Fiscal Year) minus (2) the aggregate principal amount of all payments made by
the Borrowers pursuant to Section 2.05(b) for such Fiscal Year (and, in the case of payments made by the Borrowers pursuant to
Section 2.05(b)(i), only to the extent that the Total Revolving Credit Commitment is permanently reduced by the amount of
such payments) for such Fiscal Year. For purposes of this Section 2.05(c)(i), all calculations made with respect to the Fiscal
Year ending December 31, 2018, shall take into account the results of operations of the Parent and its Subsidiaries for the
period beginning on the Effective Date and ending on December 31, 2018.


 






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(ii) Immediately
upon any Disposition (excluding Dispositions which qualify as Permitted Dispositions under clauses (a), (b), (c), (d), (e), (f),
(g) or (j) of the definition of Permitted Disposition) by any Loan Party or its Subsidiaries, the Borrowers shall prepay the outstanding
principal amount of the Loans in accordance with Section 2.05(d) in an amount equal to the Net Cash Proceeds received by such
Person in connection with such Disposition to the extent that the aggregate amount of Net Cash Proceeds received by all Loan Parties
and their Subsidiaries (and not paid to the Administrative Agent as a prepayment of the Loans) shall exceed $3,000,000 for all
such Dispositions during the term of this Agreement. Nothing contained in this Section 2.05(c)(ii) shall permit any Loan Party
or any of its Subsidiaries to make a Disposition of any property other than in accordance with Section 7.02(c)(ii).


 


(iii) Upon
the issuance or incurrence by any Loan Party or any of its Subsidiaries of any Indebtedness (other than Permitted Indebtedness),
the Borrowers shall prepay the outstanding amount of the Loans in accordance with Section 2.05(d) in an amount equal to the Net
Cash Proceeds received by such Person in connection therewith. The provisions of this Section 2.05(c)(iii) shall not be deemed
to be implied consent to any such issuance, incurrence or sale otherwise prohibited by the terms and conditions of this Agreement.


 


(iv) Upon
the receipt by any Loan Party or any of its Subsidiaries of any Extraordinary Receipts, the Borrowers shall prepay the outstanding
principal of the Loans in accordance with Section 2.05(d) in an amount equal to the Net Cash Proceeds received by such Person
in connection therewith to the extent that the aggregate amount of Net Cash Proceeds received by all Loan Parties and their Subsidiaries
(and not paid to the Administrative Agent as a prepayment of the Loans) shall exceed $250,000 for all such Extraordinary Receipts
during the term of this Agreement.


 






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(v) Notwithstanding
the foregoing, with respect to Net Cash Proceeds received by any Loan Party or any of its Subsidiaries in connection with a Disposition
or the receipt of Extraordinary Receipts consisting of insurance proceeds or condemnation awards that are required to be used
to prepay the Obligations pursuant to Section 2.05(c)(ii) or Section 2.05(c)(iv), as the case may be, up to $2,000,000 during
the term of this Agreement of the Net Cash Proceeds from all such Dispositions and Extraordinary Receipts shall not be required
to be so used to prepay the Obligations to the extent that such Net Cash Proceeds are used to acquire, improve, replace, repair
or restore properties or assets (other than current assets) useful in such Person’s business, provided that, (A) no
Default or Event of Default has occurred and is continuing on the date such Person receives such Net Cash Proceeds, (B) the Administrative
Borrower delivers a certificate to the Administrative Agent on the date of receipt of such Net Cash Proceeds stating that such
Net Cash Proceeds shall be used to acquire, improve, replace, repair or restore properties or assets (other than current assets)
useful in such Person’s business within a period specified in such certificate not to exceed 365 days after the date of receipt
of such Net Cash Proceeds (which certificate shall set forth estimates of the Net Cash Proceeds to be so expended), (C) such
Net Cash Proceeds are deposited in an account subject to a Control Agreement, and (D) upon the earlier of (1) the expiration
of the period specified in the relevant certificate furnished to the Administrative Agent pursuant to clause (B) above or (2)
the occurrence of a Default or an Event of Default, such Net Cash Proceeds, if not theretofore so used, shall be used to prepay
the Obligations in accordance with Section 2.05(c)(ii) or Section 2.05(c)(iv) as applicable.


 


(d) Application
of Payments. Each prepayment pursuant to subsections (c)(i), (c)(ii), (c)(iii), and (c)(iv) above shall be applied, first,
to the Term Loan, until paid in full, and second, (other than in the case of subsection (c)(i)), to the Revolving Loans
(with a corresponding permanent reduction in the Revolving Credit Commitments) until paid in full. Each such prepayment of the
Term Loan shall be applied against the remaining installments of principal of the Term Loan in the inverse order of maturity.
Notwithstanding the foregoing, after the occurrence and during the continuance of an Event of Default, if the Administrative Agent
has elected, or has been directed by the Collateral Agent or the Required Lenders, to apply payments in respect of any Obligations
in accordance with Section 4.03(b), prepayments required under Section 2.05(c) shall be applied in the manner set forth in Section
4.03(b).


 


(e) Interest
and Fees. Any prepayment made pursuant to this Section 2.05 shall be accompanied by (i) accrued interest on the principal
amount being prepaid to the date of prepayment, (ii) any Funding Losses payable pursuant to Section 2.08, (iii) the Applicable
Premium, if any, payable in connection with such prepayment of the Loans to the extent required under Section 2.06(c) and (iv)
if such prepayment would reduce the amount of the outstanding Loans to zero at a time when the Total Revolving Credit Commitment
has been terminated, such prepayment shall be accompanied by the payment of all fees accrued to such date pursuant to Section
2.06.


 


(f) Cumulative
Prepayments. Except as otherwise expressly provided in this Section 2.05, payments with respect to any subsection of this
Section 2.05 are in addition to payments made or required to be made under any other subsection of this Section 2.05.


 


Section
2.06 Fees.


 


(a) Fee
Letter. As and when due and payable under the terms of the Fee Letter, the Borrowers shall pay the fees set forth in the Fee
Letter.


 






    	 	- 53 -	 



     


    

 


(b) Unused
Line Fee. From and after the Effective Date and until the Termination Date, the Borrowers shall pay to the Administrative
Agent for the account of the Revolving Loan Lenders, in accordance with their Pro Rata Shares, quarterly in arrears on the first
day of each quarter commencing on July 1, 2018 for the period beginning on the Effective Date through June 30, 2018, an unused
line fee (the “Unused Line Fee”), which shall accrue at the rate per annum of 0.50% on the excess, if any,
of the Total Revolving Credit Commitment over the sum of the average principal amount of all Revolving Loans outstanding from
time to time during the preceding quarter.


 


(c) Applicable
Premium.


 


(i) Upon
the occurrence of an Applicable Premium Trigger Event, the Borrower shall pay to the Collateral Agent, for the account of the
Lenders in accordance with their Pro Rata Shares, the Applicable Premium.


 


(ii) Any
Applicable Premium payable in accordance with this Section 2.06(c) shall be presumed to be equal to the liquidated damages sustained
by the Lenders as the result of the occurrence of the Applicable Premium Trigger Event and the Loan Parties agree that it is reasonable
under the circumstances currently existing. THE LOAN PARTIES EXPRESSLY WAIVE THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR
LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING APPLICABLE PREMIUM IN CONNECTION WITH ANY ACCELERATION.


 


(iii) The
Loan Parties expressly agree that: (A) the Applicable Premium is reasonable and is the product of an arm’s length transaction
between sophisticated business people, ably represented by counsel; (B) the Applicable Premium shall be payable notwithstanding
the then prevailing market rates at the time payment is made; (C) there has been a course of conduct between the Lenders and the
Loan Parties giving specific consideration in this transaction for such agreement to pay the Applicable Premium; (D) the Loan
Parties shall be estopped hereafter from claiming differently than as agreed to in this paragraph; (E) their agreement to pay
the Applicable Premium is a material inducement to Lenders to provide the Commitments and make the Loans, and (F) the Applicable
Premium represents a good faith, reasonable estimate and calculation of the lost profits or damages of the Agents and the Lenders
and that it would be impractical and extremely difficult to ascertain the actual amount of damages to the Agents and the Lenders
or profits lost by the Agents and the Lenders as a result of such Applicable Premium Trigger Event.


 


(iv) Nothing
contained in this Section 2.06(c) shall permit any prepayment of the Loans or reduction of the Commitments not otherwise permitted
by the terms of this Agreement or any other Loan Document.


 


(d) Audit
and Collateral Monitoring Fees. The Borrowers acknowledge that pursuant to Section 7.01(f), representatives of the Agents
may visit any or all of the Loan Parties and/or conduct inspections, audits, physical counts, valuations, appraisals, environmental
site assessments and/or examinations of any or all of the Loan Parties at any time and from time to time. The Borrowers agree
to pay (i) $1,500 per day per examiner plus the examiner’s reasonable out-of-pocket costs and expenses incurred in connection
with all such visits, inspections, audits, physical counts, valuations, appraisals, environmental site assessments and/or examinations
and (ii) the cost of all visits, inspections, audits, physical counts, valuations, appraisals, environmental site assessments
and/or examinations conducted by a third party on behalf of the Agents. Notwithstanding the foregoing, so long as no Event of
Default has occurred and is continuing, the Borrowers shall not be required to reimburse the Agents for expenses in respect of
visits, inspections, audits, physical counts, valuations, appraisals, environmental site assessments and/or examinations in excess
of an amount equal to $20,000 during any Fiscal Year.


 






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Section
2.07 LIBOR Option.


 


(a) The
Borrowers may, at any time and from time to time, so long as no Default or Event of Default has occurred and is continuing, elect
to have interest on all or any portion of the Loans be charged at a rate of interest based upon the LIBOR Rate (the “LIBOR
Option“). Each Interest Period of a LIBOR Rate Loan shall commence on the date such LIBOR Rate Loan is made and shall
end on the last day of the applicable Interest Period; provided that no Interest Period may be selected which would end
after the Final Maturity Date, it being agreed that in the case of any such Interest Period, the interest rate applicable to the
corresponding LIBOR Rate Loan shall automatically convert to the rate of interest then applicable to Reference Rate Loans at the
end of the last full Interest Period that occurs before the Final Maturity Date.


 


(b) [Reserved].


 


(c) The
Administrative Borrower may, on any Business Day, convert any such loan into a loan of another type (i.e., a Reference
Rate Loan or a LIBOR Rate Loan), provided that any conversion of a LIBOR Rate Loan that is not made on the last Business
Day of the then current Interest Period applicable to such LIBOR Rate Loan shall be subject to Section 2.08. For the avoidance
of doubt, Reference Rate Loans may be converted into LIBOR Rate Loans on any Business Day (subject to the procedure specified
in the following sentence), and such conversion shall not be subject to Section 2.08. If a Borrower desires to convert a Loan,
the Administrative Borrower shall give the Administrative Agent a LIBOR Notice by no later than 12:00 noon (New York time) (i)
on the day which is three (3) Business Days’ prior to the date on which such conversion is to occur with respect to a conversion
from a Reference Rate Loan to a LIBOR Rate Loan, or (ii) on the day which is one (1) Business Day prior to the date on which such
conversion is to occur with respect to a conversion from a LIBOR Rate Loan to a Reference Rate Loan, specifying, in each case,
the date of such conversion and the Loans to be converted.


 


(d) Subject
to Section 2.05(b), the Borrowers may prepay the LIBOR Rate Loans in whole at any time or in part from time to time with accrued
interest on the principal being prepaid to the date of such repayment. The Administrative Borrower shall specify the date of prepayment
of Loans which are LIBOR Rate Loans, the Loan to which such prepayment is to be applied and the amount of such prepayment. In
the event that any prepayment of a LIBOR Rate Loan is required or permitted on a date other than the last Business Day of the
then current Interest Period with respect thereto, the Borrowers shall indemnify the Administrative Agent and Lenders therefor
in accordance with Section 2.08 hereof.


 






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(e) Notwithstanding
any other provision hereof, if any Requirement of Law, or any Change in Law, shall make it unlawful for any Lender (for purposes
of this subsection (e), the term “Lender” shall include any Lender and the office or branch where any Lender or
any corporation or bank controlling such Lender makes or maintains any LIBOR Rate Loans) to make or maintain its LIBOR Rate Loans,
the obligation of Lenders to make LIBOR Rate Loans hereunder shall forthwith be cancelled and the Borrowers shall, if any affected
LIBOR Rate Loans are then outstanding, promptly upon request from the Administrative Agent, either (i) pay all such affected LIBOR
Rate Loans or (ii) convert such affected LIBOR Rate Loans into loans of another type (the date specified in the Administrative
Agent’s request shall, unless otherwise required by law, be the last day of the Interest Period of such LIBOR Rate Loan). If any
such payment or conversion of any LIBOR Rate Loan is made on a day that is not the last day of the Interest Period applicable
to such LIBOR Rate Loan, the Borrowers shall pay the Administrative Agent, upon the Administrative Agent’s request, such amount
or amounts as may be necessary to compensate Lenders for any Funding Losses sustained or incurred by Lenders in respect of such
LIBOR Rate Loan as a result of such payment or conversion, including (but not limited to) any interest or other amounts payable
by Lenders to lenders of funds obtained by Lenders in order to make or maintain such LIBOR Rate Loan. A certificate as to any
additional amounts that describes in reasonable detail the calculations thereof payable pursuant to the foregoing sentence submitted
by Lenders to Administrative Borrower shall be conclusive absent manifest error.


 


(f) In
the event that:


 


(i) the
Administrative Agent shall have determined that reasonable means do not exist for ascertaining the LIBOR Rate applicable pursuant
to Section 2.02(a) hereof for any Interest Period;


 


(ii) the
Required Lenders shall have determined that dollar deposits in the relevant amount and for the relevant maturity are not available
in the London interbank market, with respect to an outstanding LIBOR Rate Loan, a proposed LIBOR Rate Loan, or a proposed conversion
of a Reference Rate Loan into a LIBOR Rate Loan; or


 


(iii) any
Default or Event of Default shall have occurred and be continuing, then upon notice of same being given to Administrative
Agent, Administrative Agent shall give the Administrative Borrower prompt written, telephonic or facsimile notice of such
determination. If such notice is given, (i) any such requested LIBOR Rate Loan shall be made as a Reference Rate Loan, unless
the Administrative Borrower shall notify the Administrative Agent no later than 1:00 p.m. (New York time) two (2) Business
Days prior to the date of such proposed borrowing, that its request for such borrowing shall be cancelled or made as an
unaffected type of LIBOR Rate Loan, (ii) any Reference Rate Loan or LIBOR Rate Loan which was to have been converted to an
affected type of LIBOR Rate Loan shall be continued as or converted into a Reference Rate Loan, or, if the Administrative
Borrower shall notify the Administrative Agent, no later than 11:00 a.m. (New York time) two (2) Business Days prior to the
proposed conversion, shall be maintained as an unaffected type of LIBOR Rate Loan, and (iii) any outstanding affected LIBOR
Rate Loans shall be converted into a Reference Rate Loan at the end of the applicable Interest Period. Until such notice has
been withdrawn, Lenders shall have no obligation to make an affected type of LIBOR Rate Loan or maintain outstanding affected
LIBOR Rate Loans and the Borrowers shall not have the right to convert a Reference Rate Loan or an unaffected type of LIBOR
Rate Loan into an affected type of LIBOR Rate Loan.


 






    	 	- 56 -	 



     


    

 


(g) Anything
to the contrary contained herein notwithstanding, neither any Agent nor any Lender, nor any of their participants, is required
actually to acquire LIBOR deposits to fund or otherwise match fund any Obligation as to which interest accrues at the LIBOR Rate.
Except for Section 2.07(f)(ii), the provisions of this Section 2.07 shall apply as if each Lender or its participants had
match funded any Obligation as to which interest is accruing at the LIBOR Rate by acquiring LIBOR deposits for each Interest Period
in the amount of the LIBOR Rate Loans.


 


(h) If
any Lender requests compensation or if the Borrowers are required to pay any additional amount to any Lender or if the Borrowers
are required to pay any additional interest or other amount to any Lender hereunder, then such Lender shall use reasonable efforts
to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder
to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable hereunder in the future and (ii) would not subject such Lender to any unreimbursed
cost or expense, and would not otherwise be disadvantageous to such Lender.


 


(i) Notwithstanding
anything to the contrary contained in this Agreement, the Borrowers (i) shall have not more than eight (8) LIBOR Rate Loans in
effect at any given time, and (ii) only may exercise the LIBOR Option for LIBOR Rate Loans of at least $100,000 and integral multiples
of $50,000 in excess thereof.


 


Section
2.08 Funding Losses. In connection with each LIBOR Rate Loan, the Borrowers shall indemnify, defend, and hold the Agents
and the Lenders harmless against any loss, cost, or expense incurred by any Agent or any Lender as a result of (a) the payment
of any principal of any LIBOR Rate Loan other than on the last day of an Interest Period applicable thereto (including as a result
of a Default or an Event of Default or any mandatory prepayment required pursuant to Section 2.05(c)), (b) the conversion of any
LIBOR Rate Loan other than on the last day of the Interest Period applicable thereto (including as a result of a Default or an
Event of Default), or (c) the failure to borrow, convert, continue or prepay any LIBOR Rate Loan on the date specified in any
Notice of Borrowing or LIBOR Notice delivered pursuant hereto (such losses, costs, and expenses, collectively, “Funding
Losses”). Funding Losses shall, with respect to any Agent or any Lender, be deemed to equal the amount reasonably determined
by such Agent or such Lender to be the excess, if any, of (i) the amount of interest that would have accrued on the principal
amount of such LIBOR Rate Loan had such event not occurred, at the LIBOR Rate that would have been applicable thereto, for the
period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure
to borrow, convert or continue, for the period that would have been the Interest Period therefor), minus (ii) the amount
of interest that would accrue on such principal amount for such period at the interest rate which such Agent or such Lender would
be offered were it to be offered, at the commencement of such period, Dollar deposits of a comparable amount and period in the
London interbank market. A certificate of an Agent or a Lender delivered to the Administrative Borrower setting forth any amount
or amounts that such Agent or such Lender is entitled to receive pursuant to this Section 2.08 shall be conclusive absent manifest
error.


 






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Section
2.09 Taxes. (a) Any and all payments by or on account of any Loan Party hereunder or under any other Loan Document shall
be made free and clear of and without deduction for any and all Taxes, except as required by applicable law. If any Loan Party
shall be required to deduct any Taxes from or in respect of any sum payable hereunder to any Secured Party (or any transferee
or assignee thereof, including a participation holder (any such entity, a “Transferee”)), (i) the applicable
Withholding Agent shall make such deductions and (ii) the applicable Withholding Agent shall pay the full amount deducted to the
relevant Governmental Authority in accordance with applicable law and (iii) if such Tax is an Indemnified Tax, then the sum payable
by the applicable Loan Party shall be increased by the amount (an “Additional Amount”) necessary such that after
making all required deductions (including deductions applicable to additions sums payable under this Section 2.09) such Secured
Party (or such Transferee) receives the amount equal to the sum it would have received had no such deductions been made.


 


(b) In
addition, each Loan Party agrees to pay to the relevant Governmental Authority in accordance with applicable law any Other Taxes.
Each Loan Party shall deliver to each Secured Party official receipts in respect of any Taxes or Other Taxes payable hereunder
promptly after payment of such Taxes or Other Taxes.


 


(c) The
Loan Parties hereby jointly and severally indemnify and agree to hold each Secured Party harmless from and against Indemnified
Taxes (including, without limitation, Indemnified Taxes imposed on any amounts payable under this Section 2.09) paid by such Person,
whether or not such Indemnified Taxes were correctly or legally asserted. Such indemnification shall be paid within 10 days from
the date on which any such Person makes written demand therefore specifying in reasonable detail the nature and amount of such
Indemnified Taxes.


 


(d) Each
Lender (or Transferee) that is a U.S. person agrees that it shall, no later than the Effective Date (or, in the case of a Lender
which becomes a party hereto pursuant to Section 12.07 hereof after the Effective Date, promptly after the date upon which such
Lender becomes a party hereto) deliver to the Agents one properly completed and duly executed copy of IRS Form W-9 (or any other
form prescribed by applicable law), certifying that such Lender is exempt from any U.S. federal withholding tax on payments made
hereunder. Each Lender (or Transferee) that is not a U.S. Person (a “Non-U.S. Lender”) agrees that it shall,
no later than the Effective Date (or, in the case of a Lender which becomes a party hereto pursuant to Section 12.07 hereof after
the Effective Date, promptly after the date upon which such Lender becomes a party hereto) deliver to the Agents one properly
completed and duly executed copy of either U.S. Internal Revenue Service Form W-8BEN or W-8BEN-E, W-8ECI or W-8IMY or any subsequent
versions thereof or successors thereto (or any other form prescribed by applicable law), in each case claiming complete exemption
from, or reduced rate of, U.S. Federal withholding tax on payments made hereunder. In addition, in the case of a Non-U.S. Lender
claiming exemption from U.S. Federal withholding tax under Section 871(h) or 881(c) of the Internal Revenue Code, such Non-U.S.
Lender hereby represents to the Agents and the Borrowers that such Non-U.S. Lender is not a bank for purposes of Section 881(c)
of the Internal Revenue Code, is not a 10-percent shareholder (within the meaning of Section 871(h)(3)(B) or 881(c) of the Internal
Revenue Code) of the Parent and is not a controlled foreign corporation related to the Parent (within the meaning of Section 864(d)(4)
or 881(c) of the Internal Revenue Code), and such Non-U.S. Lender agrees that it shall promptly notify the Agents in the event
any such representation is no longer accurate. Such forms shall be delivered by each Non-U.S. Lender on or before the date it
becomes a party to this Agreement (or, in the case of a Transferee that is a participation holder, on or before the date such
participation holder becomes a Transferee hereunder) and on or before the date, if any, such Non-U.S. Lender changes its applicable
lending office by designating a different lending office (a “New Lending Office”). In addition, such Lender (or
Transferee) or Agent shall deliver such forms within 20 days after receipt of a written request therefor from any Agent, the assigning
Lender or the Lender granting a participation, as applicable. Notwithstanding any other provision of this Section 2.09, a Non-U.S.
Lender shall not be required to deliver any form pursuant to this Section 2.09(d) that such Non-U.S. Lender is not legally able
to deliver.


 






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(e) Any
Secured Party (or Transferee) claiming any indemnity payment or additional payment amounts payable pursuant to this Section 2.09
shall use reasonable efforts (consistent with legal and regulatory restrictions) to file any certificate or document reasonably
requested in writing by the Administrative Borrower or to change the jurisdiction of its applicable lending office if the making
of such a filing or change would avoid the need for or reduce the amount of any such indemnity payment or additional amount that
may thereafter accrue, would not require such Secured Party (or Transferee) to disclose any information such Secured Party (or
Transferee) deems confidential and would not, in the sole determination (in good faith) of such Secured Party (or Transferee),
be otherwise disadvantageous to such Secured Party (or Transferee).


 


(f) If
any Secured Party (or a Transferee) shall become aware that it is entitled to claim a refund from a Governmental Authority in
respect of Indemnified Taxes with respect to which any Loan Party has made an indemnity payment or paid additional amounts, pursuant
to this Section 2.09, it shall promptly notify the Administrative Borrower of the availability of such refund claim and shall,
within 30 days after receipt of a request by the Administrative Borrower, make a claim to such Governmental Authority for such
refund at the Loan Parties’ expense. If any Secured Party (or a Transferee) receives a refund (including pursuant to a claim for
refund made pursuant to the preceding sentence) in respect of any Indemnified Taxes with respect to which any Loan Party has made
an indemnity payment or paid additional amounts pursuant to this Section 2.09, it shall within 30 days from the date of such receipt
pay over such refund to the Administrative Borrower, net of all out-of-pocket expenses of such Secured Party (or Transferee).


 


(g) If
a payment made to a Lender (or Transferee) or any Agent under any Loan Document would be subject to U.S. Federal withholding tax
imposed by FATCA if such Lender (or Transferee) or Agent were to fail to comply with the applicable reporting requirements of
FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), such Lender (or Transferee)
or Agent shall deliver to the Administrative Borrower and the Agents at the time or times prescribed by law and at such time or
times reasonably requested by the Administrative Borrower or the Agents such documentation prescribed by applicable law (including
as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested
by the Administrative Borrower or the Agents as may be necessary for the Administrative Borrower and the Agents to comply with
their obligations under FATCA and to determine that such Lender (or Transferee) or Agent has complied with its obligations under
FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (g), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement. Any forms, certifications or other documentation
under this clause (g) shall be delivered by each Lender (or Transferee) and each Agent.


 






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(h) The
obligations of the Loan Parties under this Section 2.09 shall survive the termination of this Agreement and the payment of the
Loans and all other amounts payable hereunder.


 


Section
2.10 Increased Costs and Reduced Return.  (a) If any Secured Party shall have determined in good faith that
any Change in Law shall (i) subject such Secured Party, or any Person controlling such Secured Party to any tax, duty or other
charge with respect to this Agreement or any Loan made by such Agent or such Lender, or change the basis of taxation of payments
to such Secured Party or any Person controlling such Secured Party of any amounts payable hereunder (except for Indemnified Taxes
(which are governed by Section 2.09) or Taxes described in clauses (b) through (d) of the definition of Excluded Taxes), (ii)
impose, modify or deem applicable any reserve, special deposit or similar requirement against any Loan or against assets of or
held by, or deposits with or for the account of, or credit extended by, such Secured Party or any Person controlling such Secured
Party or (iii) impose on such Secured Party or any Person controlling such Secured Party any other condition regarding this
Agreement or any Loan, and the result of any event referred to in clauses (i), (ii) or (iii) above shall be to increase the cost
to such Secured Party of making any Loan, or agreeing to make any Loan, or to reduce any amount received or receivable by such
Secured Party hereunder, then, upon demand by such Secured Party, the Borrowers shall pay to such Secured Party such additional
amounts as will compensate such Secured Party for such increased costs or reductions in amount.


 


(b) If
any Secured Party shall have determined in good faith that any Change in Law either (i) affects or would affect the amount
of capital required or expected to be maintained by such Secured Party or any Person controlling such Secured Party, and such
Secured Party determines in good faith that the amount of such capital is increased as a direct or indirect consequence of any
Loans made or maintained hereunder, or such Secured Party’s (or such other controlling Person’s) other obligations hereunder,
or (ii) has or would have the effect of reducing the rate of return on such Secured Party’s or such other controlling Person’s
capital to a level below that which such Secured Party or such controlling Person could have achieved but for such circumstances
as a consequence of any Loans made or maintained, or any agreement to make Loans, or such Secured Party’s or such other controlling
Person’s other obligations hereunder (in each case, taking into consideration, such Secured Party’s or such other controlling
Person’s policies with respect to capital adequacy), then, upon demand by such Secured Party, the Borrowers shall pay to such
Secured Party from time to time such additional amounts as will compensate such Secured Party for such cost of maintaining such
increased capital or such reduction in the rate of return on such Secured Party’s or such other controlling Person’s capital.


 






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(c) All
amounts payable under this Section 2.10 shall bear interest from the date that is 10 days after the date of demand by any Secured
Party until payment in full to such Secured Party at the Reference Rate. A certificate of such Secured Party claiming compensation
under this Section 2.10, specifying the event herein above described and the nature of such event shall be submitted by such Secured
Party to the Administrative Borrower, setting forth the additional amount due and an explanation of the calculation thereof, and
such Secured Party’s reasons for invoking the provisions of this Section 2.10, and shall be final and conclusive absent manifest
error.


 


(d) The
obligations of the Loan Parties under this Section 2.10 shall survive the termination of this Agreement and the payment of the
Loans and all other amounts payable hereunder.


 


Section
2.11 Changes in Law; Impracticability or Illegality.


 


(a) The
LIBOR Rate may be adjusted by the Administrative Agent with respect to any Lender on a prospective basis to take into account
any additional or increased costs to such Lender of maintaining or obtaining any eurodollar deposits or increased costs due to
changes in applicable law occurring subsequent to the commencement of the then applicable Interest Period, including changes in
tax laws (except changes of general applicability in corporate income tax laws) and changes in the reserve requirements imposed
by the Board of Governors of the Federal Reserve System (or any successor), excluding the Reserve Percentage, which additional
or increased costs would increase the cost of funding loans bearing interest at the LIBOR Rate. In any such event, the affected
Lender shall give the Administrative Borrower and the Administrative Agent notice of such a determination and adjustment and the
Administrative Agent promptly shall transmit the notice to each other Lender and, upon its receipt of the notice from the affected
Lender, the Administrative Borrower may, by notice to such affected Lender (i) require such Lender to furnish to the Administrative
Borrower a statement setting forth the basis for adjusting such LIBOR Rate and the method for determining the amount of such adjustment,
or (ii) repay the LIBOR Rate Loans with respect to which such adjustment is made (together with any amounts due under Section
2.09).


 


(b) In
the event that any change in market conditions shall at any time after the date hereof, in the reasonable opinion of any Lender,
make it unlawful or, in such Lender’s good faith business judgment, impractical for such Lender to fund or maintain LIBOR Rate
Loans or to continue such funding or maintaining, or to determine or charge interest rates at the LIBOR Rate, such Lender shall
give notice of such changed circumstances to the Administrative Borrower and the Administrative Agent, and the Administrative
Agent promptly shall transmit the notice to each other Lender and (i) in the case of any LIBOR Rate Loans of such Lender that
are outstanding, the date specified in such Lender’s notice shall be deemed to be the last day of the Interest Period of such
LIBOR Rate Loans, and interest upon the LIBOR Rate Loans of such Lender thereafter shall accrue interest at the rate then applicable
to Reference Rate Loans of the same type hereunder, and (ii) the Borrowers shall not be entitled to elect the LIBOR Option (including
in any borrowing, conversion or continuation then being requested) until such Lender determines that it would no longer be unlawful
or, in such Lender’s good faith business judgment, impractical to do so.


 






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(c) The
obligations of the Loan Parties under this Section 2.11 shall survive the termination of this Agreement and the payment of the
Loans and all other amounts payable hereunder.


 


ARTICLE
III


 


[INTENTIONALLY
OMITTED]


 


ARTICLE
IV


 


APPLICATION
OF PAYMENTS; DEFAULTING LENDERS;


JOINT
AND SEVERAL LIABILITY OF BORROWERS


 


Section
4.01 Payments; Computations and Statements. (a) The Borrowers will make each payment under this Agreement not later
than 1:00 p.m. (New York City time) on the day when due, in lawful money of the United States of America and in immediately
available funds, to the Administrative Agent’s Account. For the purposes of calculating interest and other charges under this
Agreement, any payment in respect of such interest or charges shall be deemed applied by the Administrative Agent on account of
the Obligations 1 Business Day after (i) the Business Day following the Administrative Agent’s receipt of such payment made by
wire transfer or electronic depository check and (ii) the Business Day following any payment made in any other form that constitutes
good funds in the Administrative Agent’s Account. For all other purposes, payments received by the Administrative Agent after
1:00 p.m. (New York City time) on any Business Day which constitute good funds will be credited to the Loan Account on the next
succeeding Business Day. All payments shall be made by the Borrowers without set-off, counterclaim, recoupment, deduction or other
defense to the Agents and the Lenders. After receipt, the Administrative Agent will promptly thereafter cause to be distributed
like funds relating to the payment of principal ratably to the Lenders in accordance with their Pro Rata Shares and like funds
relating to the payment of any other amount payable to any Lender to such Lender, in each case to be applied in accordance with
the terms of this Agreement; provided that the Administrative Agent will cause to be distributed all interest and fees received
from or for the account of the Borrowers not less than once each month and in any event promptly after the receipt thereof. The
Lenders and the Borrowers hereby authorize the Administrative Agent to, and the Administrative Agent may, from time to time, charge
the Loan Account of the Borrowers with any amount due and payable by the Borrowers under any Loan Document. Each of the Lenders
and the Borrowers agrees that the Administrative Agent shall have the right to make such charges whether or not any Default or
Event of Default shall have occurred and be continuing or whether any of the conditions precedent in Section 5.02 have been satisfied.
Any amount charged to the Loan Account of the Borrowers shall be deemed a Revolving Loan hereunder made by the Revolving Loan
Lenders to the Borrowers, funded by the Administrative Agent on behalf of the Revolving Loan Lenders and subject to Section 2.02
of this Agreement. The Lenders and the Borrowers confirm that any charges which the Administrative Agent may so make to the Loan
Account of the Borrowers as herein provided will be made as an accommodation to the Borrowers and solely at the Administrative
Agent’s discretion, provided that the Administrative Agent shall from time to time upon the request of the Collateral Agent, charge
the Loan Account of the Borrowers with any amount due and payable under any Loan Document. Whenever any payment to be made under
any such Loan Document shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding
Business Day and such extension of time shall in such case be included in the computation of interest or fees, as the case may
be. All computations of fees shall be made by the Administrative Agent on the basis of a year of 360 days for the actual
number of days. Each determination by the Administrative Agent of an interest rate or fees hereunder shall be conclusive and binding
for all purposes in the absence of manifest error.


 






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(b) The
Administrative Agent shall provide the Administrative Borrower, promptly after the end of each calendar month, a summary statement
(in the form from time to time used by the Administrative Agent) of the opening and closing daily balances in the Loan Account
of the Borrowers during such month, the amounts and dates of all Loans made to the Borrowers during such month, the amounts and
dates of all payments on account of the Loans to the Borrowers during such month and the Loans to which such payments were applied,
the amount of interest accrued on the Loans to the Borrowers during such month, and the amount and nature of any charges to the
Loan Account made during such month on account of fees, commissions, expenses and other Obligations. All entries on any such statement
shall be presumed to be correct and, 30 days after the same is sent, shall be final and conclusive absent manifest error.


 


Section
4.02 Sharing of Payments. If any Lender shall obtain any payment (whether voluntary, involuntary, through the exercise
of any right of set-off, or otherwise) on account of any Obligation in excess of its ratable share of payments on account of similar
obligations obtained by all the Lenders, such Lender shall forthwith purchase from the other Lenders such participations in such
similar obligations held by them as shall be necessary to cause such purchasing Lender to share the excess payment ratably with
each of them; provided, however, that (a) if all or any portion of such excess payment is thereafter recovered from
such purchasing Lender, such purchase from each Lender shall be rescinded and each Lender shall repay to the purchasing Lender
the purchase price to the extent of such recovery together with an amount equal to such Lender’s ratable share (according to the
proportion of (i) the amount of such Lender’s required repayment to (ii) the total amount so recovered from the purchasing Lender)
of any interest or other amount paid by the purchasing Lender in respect of the total amount so recovered and (b) the provisions
of this Section shall not be construed to apply to (i) any payment made by the Borrowers 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 and
any payment of an amendment, consent or waiver fee to consenting Lenders pursuant to an effective amendment, consent or waiver
with respect to this Agreement), or (ii) any payment obtained by a Lender as consideration for the assignment of or sale
of a participation in any of its Loans, other than to any Loan Party or any Subsidiary thereof (as to which the provisions of
this Section shall apply). The Borrowers agree that any Lender so purchasing a participation from another Lender pursuant to this
Section may, to the fullest extent permitted by law, exercise all of its rights (including the Lender’s right of set-off) with
respect to such participation as fully as if such Lender were the direct creditor of the Borrowers in the amount of such participation.


 






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Section
4.03 Apportionment of Payments.  Subject to any written agreement among the Agents and/or the Lenders:


 


(a) All
payments of principal and interest in respect of outstanding Loans, all payments of fees (other than the fees set forth in Section
2.06 hereof to the extent set forth in any written agreement among the Agents and the Lenders) and all other payments in respect
of any other Obligations, shall be allocated by the Administrative Agent among such of the Lenders as are entitled thereto, in
proportion to their respective Pro Rata Shares or otherwise as provided herein or, in respect of payments not made on account
of Loans, as designated by the Person making payment when the payment is made.


 


(b) After
the occurrence and during the continuance of an Event of Default, the Administrative Agent may, and upon the direction of the
Collateral Agent or the Required Lenders shall, apply all payments in respect of any Obligations, including without limitation,
all proceeds of the Collateral, subject to the provisions of this Agreement, (i) first, ratably to pay the Obligations in respect
of any fees, expense reimbursements, indemnities and other amounts then due and payable to the Agents until paid in full; (ii)
second, to pay interest then due and payable in respect of the Agent Advances until paid in full; (iii) third, to pay principal
of the Agent Advances until paid in full; (iv) fourth, ratably to pay the Revolving Loan Obligations in respect of any fees (other
than any Applicable Premium), expense reimbursements, indemnities and other amounts then due and payable to the Revolving Loan
Lenders until paid in full; (v) fifth, ratably to pay interest then due and payable and principal in respect of the Revolving
Loans until paid in full; (vi) sixth, ratably to pay the Term Loan Obligations in respect of any fees (other than any Applicable
Premium), expense reimbursements indemnities and other amounts then due and payable to the Term Loan Lenders until paid in full;
(vii) seventh, ratably to pay interest then due and payable and principal in respect of the Term Loan until paid in full; (viii)
eighth, ratably to pay the Obligations in respect of the Applicable Premium then due and payable to the Lenders until paid in
full; (ix) ninth, to the ratable payment of all other Obligations then due and payable until paid in full; and (x) tenth, to the
Borrowers or whomever shall be entitled thereto to the extent permitted by Requirements of Law.


 


(c) For
purposes of Section 4.03(b) “paid in full” means payment in cash of all amounts owing under the Loan Documents according
to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued
after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether
or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.


 


(d) In
the event of a direct conflict between the priority provisions of this Section 4.03 and other provisions contained in any other
Loan Document, it is the intention of the parties hereto that both such priority provisions in such documents shall be read together
and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict
that cannot be resolved as aforesaid, the terms and provisions of this Section 4.03 shall control and govern.


 






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


 


(a) Such
Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted
as set forth in Section 12.02.


 


(b) The
Administrative Agent shall not be obligated to transfer to such Defaulting Lender any payments made by any Borrower to the Administrative
Agent for such Defaulting Lender’s benefit, and, in the absence of such transfer to such Defaulting Lender, the Administrative
Agent shall transfer any such payments to each other non-Defaulting Lender ratably in accordance with their Pro Rata Shares (without
giving effect to the Pro Rata Shares of such Defaulting Lender) (but only to the extent that such Defaulting Lender’s Loans were
funded by the other Lenders) or, if so directed by the Administrative Borrower and if no Default or Event of Default has occurred
and is continuing (and to the extent such Defaulting Lender’s Loans were not funded by the other Lenders), retain the same to
be re-advanced to the Borrowers as if such Defaulting Lender had made such Loans to the Borrowers. Subject to the foregoing, the
Administrative Agent may hold and, in its discretion, re-lend to the Borrowers for the account of such Defaulting Lender the amount
of all such payments received and retained by the Administrative Agent for the account of such Defaulting Lender.


 


(c) Any
such failure to fund by any Defaulting Lender shall constitute a material breach by such Defaulting Lender of this Agreement and
shall entitle the Borrowers to replace the Defaulting Lender with one or more substitute Lenders, and the Defaulting Lender shall
have no right to refuse to be replaced hereunder. Such notice to replace the Defaulting Lender shall specify an effective date
for such replacement, which date shall not be later than 15 Business Days after the date such notice is given. Prior to the effective
date of such replacement, the Defaulting Lender shall execute and deliver an Assignment and Acceptance, subject only to the Defaulting
Lender being repaid its share of the outstanding Obligations without any premium or penalty of any kind whatsoever. If the Defaulting
Lender shall refuse or fail to execute and deliver any such Assignment and Acceptance prior to the effective date of such replacement,
the Defaulting Lender shall be deemed to have executed and delivered such Assignment and Acceptance. The replacement of any Defaulting
Lender shall be made in accordance with the terms of Section 12.07.


 


(d) The
operation of this Section shall not be construed to increase or otherwise affect the Commitments of any Lender, to relieve or
excuse the performance by such Defaulting Lender or any other Lender of its duties and obligations hereunder, or to relieve or
excuse the performance by any Borrower of its duties and obligations hereunder to the Administrative Agent or to the Lenders other
than such Defaulting Lender.


 






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(e) This
Section shall remain effective with respect to such Lender until either (i) the Obligations under this Agreement shall have been
declared or shall have become immediately due and payable or (ii) the non-Defaulting Lenders, the Agents, and the Borrowers shall
have waived such Defaulting Lender’s default in writing, and the Defaulting Lender makes its Pro Rata Share of the applicable
defaulted Loans and pays to the Agents all amounts owing by such Defaulting Lender in respect thereof; provided that no adjustments
will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while such Lender was
a Defaulting Lender; 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
such Lender’s having been a Defaulting Lender.


 


Section
4.05 Administrative Borrower; Joint and Several Liability of the Borrowers.


 


(a) Each
Borrower hereby irrevocably appoints Parent as the borrowing agent and attorney-in-fact for the Borrowers (the “Administrative
Borrower”) which appointment shall remain in full force and effect unless and until the Agents shall have received prior
written notice signed by all of the Borrowers that such appointment has been revoked and that another Borrower has been appointed
Administrative Borrower. Each Borrower hereby irrevocably appoints and authorizes the Administrative Borrower (i) to provide
to the Agents and receive from the Agents all notices with respect to Loans obtained for the benefit of any Borrower and all other
notices and instructions under this Agreement and (ii) to take such action as the Administrative Borrower deems appropriate
on its behalf to obtain Loans and to exercise such other powers as are reasonably incidental thereto to carry out the purposes
of this Agreement. It is understood that the handling of the Loan Account and Collateral of the Borrowers in a combined fashion,
as more fully set forth herein, is done solely as an accommodation to the Borrowers in order to utilize the collective borrowing
powers of the Borrowers in the most efficient and economical manner and at their request, and that neither the Agents nor the
Lenders shall incur liability to the Borrowers as a result hereof. Each Borrower expects to derive benefit, directly or indirectly,
from the handling of the Loan Account and the Collateral in a combined fashion since the successful operation of each Borrower
is dependent on the continued successful performance of the integrated group.


 


(b) Each
Borrower hereby accepts joint and several liability hereunder and under the other Loan Documents in consideration of the financial
accommodations to be provided by the Agents and the Lenders under this Agreement and the other Loan Documents, for the mutual
benefit, directly and indirectly, of each of the Borrowers and in consideration of the undertakings of the other Borrowers to
accept joint and several liability for the Obligations. Each of the Borrowers, jointly and severally, hereby irrevocably and unconditionally
accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other Borrowers, with respect to
the payment and performance of all of the Obligations (including, without limitation, any Obligations arising under this Section
4.05), it being the intention of the parties hereto that all of the Obligations shall be the joint and several obligations of
each of the Borrowers without preferences or distinction among them. If and to the extent that any of the Borrowers shall fail
to make any payment with respect to any of the Obligations as and when due or to perform any of the Obligations in accordance
with the terms thereof, then in each such event, the other Borrowers will make such payment with respect to, or perform, such
Obligation. Subject to the terms and conditions hereof, the Obligations of each of the Borrowers under the provisions of this
Section 4.05 constitute the absolute and unconditional, full recourse Obligations of each of the Borrowers, enforceable against
each such Person to the full extent of its properties and assets, irrespective of the validity, regularity or enforceability of
this Agreement, the other Loan Documents or any other circumstances whatsoever.


 






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(c) The
provisions of this Section 4.05 are made for the benefit of the Agents, the Lenders and their successors and assigns, and may
be enforced by them from time to time against any or all of the Borrowers as often as occasion therefor may arise and without
requirement on the part of the Agents, the Lenders or such successors or assigns first to marshal any of its or their claims or
to exercise any of its or their rights against any of the other Borrowers or to exhaust any remedies available to it or them against
any of the other Borrowers or to resort to any other source or means of obtaining payment of any of the Obligations hereunder
or to elect any other remedy. The provisions of this Section 4.05 shall remain in effect until all of the Obligations shall have
been paid in full or otherwise fully satisfied.


 


(d) Each
of the Borrowers hereby agrees that it will not enforce any of its rights of contribution or subrogation against the other Borrowers
with respect to any liability incurred by it hereunder or under any of the other Loan Documents, any payments made by it to the
Agents or the Lenders with respect to any of the Obligations or any Collateral, until such time as all of the Obligations have
been paid in full in cash. Any claim which any Borrower may have against any other Borrower with respect to any payments to the
Agents or the Lenders hereunder or under any other Loan Documents are hereby expressly made subordinate and junior in right of
payment, without limitation as to any increases in the Obligations arising hereunder or thereunder, to the prior payment in full
in cash of the Obligations.


 


ARTICLE
V


 


CONDITIONS
TO LOANS


 


Section
5.01 Conditions Precedent to Effectiveness. This Agreement shall become effective as of the Business Day (the “Effective
Date”) when each of the following conditions precedent shall have been satisfied in a manner reasonably satisfactory
to the Agents:


 


(a) Payment
of Fees, Etc. The Borrowers shall have paid on or before the Effective Date all fees, costs, expenses and taxes then
payable pursuant to Section 2.06 and Section 12.04, which amounts may be paid, at the option of the Administrative Borrower, from
the proceeds of the Loans made on the Effective Date.


 


(b) Representations
and Warranties. The following statements shall be true and correct: (i) the representations and warranties contained in Article
VI and in each other Loan Document, certificate or other writing delivered to any Secured Party pursuant hereto or thereto on
or prior to the Effective Date are true and correct in all material respects (except that such materiality qualifier shall not
be applicable to any representations or warranties that already are qualified or modified as to materiality or “Material
Adverse Effect” in the text thereof, which representations and warranties shall be true and correct in all respects subject
to such qualification) on and as of the Effective Date as though made on and as of such date, except to the extent that any such
representation or warranty expressly relates solely to an earlier date (in which case such representation or warranty shall be
true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations
or warranties that already are qualified or modified as to materiality or “Material Adverse Effect” in the text thereof,
which representations and warranties shall be true and correct in all respects subject to such qualification) on and as of such
earlier date) and (ii) no Default or Event of Default shall have occurred and be continuing on the Effective Date or would result
from this Agreement or the other Loan Documents becoming effective in accordance with its or their respective terms.


 






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(c) Legality.
The making of the initial Loans shall not contravene any law, rule or regulation applicable to any Secured Party.


 


(d) Delivery
of Documents. The Collateral Agent shall have received on or before the Effective Date the following, each in form and substance
reasonably satisfactory to the Collateral Agent and, unless indicated otherwise, dated the Effective Date and, if applicable,
duly executed by the Persons party thereto:


 


(i) a
Security Agreement, together with the original stock certificates representing all of the Equity Interests and all promissory
notes required to be pledged thereunder, accompanied by undated stock powers executed in blank and other proper instruments of
transfer;


 


(ii) a
UCC Filing Authorization Letter, together with evidence reasonably satisfactory to the Collateral Agent of the filing of appropriate
financing statements on Form UCC-1 in such office or offices as may be necessary or, in the opinion of the Collateral Agent, desirable
to perfect the security interests purported to be created by each Security Agreement;


 


(iii) the
results of searches for any effective UCC financing statements, tax Liens or judgment Liens filed against any Loan Party or its
property, which results shall not show any such Liens (other than Permitted Liens acceptable to the Agents);


 


(iv) a
Perfection Certificate;


 


(v) the
Disbursement Letter;


 


(vi) the
Fee Letter;


 


(vii) the
Intercompany Subordination Agreement;


 


(viii) a
Management Rights Agreement between the Loan Parties and each Lender that is intended to qualify as a venture capital operating
company under the United States Department of Labor Regulation published at 29 C.F.R. 2510.3-101 (each a “VCOC Management
Rights Agreement”);


 






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(ix) the
Trust Conditions Letter;


 


(x) a
certificate of an Authorized Officer of each Loan Party, certifying (A) as to copies of the Governing Documents of such Loan Party,
together with all amendments thereto (including, without limitation, a true and complete copy of the charter, certificate of formation,
certificate of limited partnership or other publicly filed organizational document of each Loan Party certified as of a recent
date by an appropriate official of the jurisdiction of organization of such Loan Party which shall set forth the same complete
name of such Loan Party as is set forth herein and the organizational number of such Loan Party, if an organizational number is
issued in such jurisdiction), (B) as to a copy of the resolutions or written consents of such Loan Party authorizing (1) the
borrowings hereunder and the transactions contemplated by the Loan Documents to which such Loan Party is or will be a party, and
(2) the execution, delivery and performance by such Loan Party of each Loan Document to which such Loan Party is or will
be a party and the execution and delivery of the other documents to be delivered by such Person in connection herewith and therewith,
(C) the names and true signatures of the representatives of such Loan Party authorized to sign each Loan Document (in the case
of a Borrower, including, without limitation, Notices of Borrowing, LIBOR Notices and all other notices under this Agreement and
the other Loan Documents) to which such Loan Party is or will be a party and the other documents to be executed and delivered
by such Loan Party in connection herewith and therewith, together with evidence of the incumbency of such authorized officers
and (D) as to the matters set forth in Section 5.01(b);


 


(xi) a
certificate of the chief financial officer of the Parent (A) attaching a copy of the Financial Statements and the Projections
described in Section 6.01(g)(ii) hereof and (B) certifying that all liabilities of the Loan Parties are current (other than the
accounts payable identified by the Administrative Borrower to the Agents as overdue in writing prior to the date hereof);


 


(xii) a
certificate of the chief financial officer of the Parent, certifying as to the solvency of the Loan Parties on a consolidated
basis (after giving effect to the Loans made on the Effective Date) in the form attached hereto as Exhibit F;


 


(xiii) [reserved];


 


(xiv) a
certificate of the appropriate official(s) of the jurisdiction of organization and, except to the extent such failure to be so
qualified could not reasonably be expected to have a Material Adverse Effect, each jurisdiction of foreign qualification of each
Loan Party certifying as of a recent date as to the subsistence in good standing of, and the payment of taxes by, such Loan Party
in such jurisdictions, together with written confirmation (where available) on the Effective Date from such official(s) as to
such matters;


 


(xv) an
opinion of Gibson, Dunn & Crutcher LLP, counsel to the Loan Parties, in each case, as to such matters as the Collateral Agent
may reasonably request;


 






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(xvi) evidence
of the insurance coverage required by Section 7.01 and the terms of each Security Agreement, and, where requested by any Agent,
with such endorsements as to the named insureds or loss payees thereunder as such Agent may request and providing that such policy
may be terminated or canceled (by the insurer or the insured thereunder) only upon 30 days’ prior written notice to the Collateral
Agent and each such named insured or loss payee, together with evidence of the payment of all premiums due in respect thereof
for such period as the Collateral Agent may request; and


 


(xvii) evidence
of the payment in full of all Indebtedness under the Existing Credit Facility, together with (A) a payoff letter providing for
the termination and release of Liens of the Existing Credit Facility and all related documents, duly executed by the Loan Parties
and the administrative agent under the Existing Credit Facility, (B) a satisfaction of mortgage for each mortgage filed by the
Existing Lender on each Facility, (C) a termination of security interest in Intellectual Property for each assignment for security
recorded by the Existing Lenders at the United States Patent and Trademark Office or the United States Copyright Office and covering
any intellectual property of the Loan Parties, and (D) UCC-3 termination statements for all UCC-1 financing statements filed by
the Existing Lenders and covering any portion of the Collateral;


 


(e) Material
Adverse Effect. The Collateral Agent shall have determined, that no event or development shall have occurred since December
31, 2017 which could reasonably be expected to have a Material Adverse Effect.


 


(f) Approvals.
All consents, authorizations and approvals of, and filings and registrations with, and all other actions in respect of, any Governmental
Authority or other Person required in connection with the making of the Loans or the conduct of the Loan Parties’ business shall
have been obtained and shall be in full force and effect.


 


(g) [Reserved].


 


(h) Management
Reference Checks. The Collateral Agent shall have received satisfactory reference checks for key management of each Loan Party.


 


(i) Litigation.
There is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrowers, threatened in any court or
before any arbitrator or governmental authority that (i) relates to this Agreement and is reasonably determined by the Agents
to be material or (ii) is reasonably expected to result in a Material Adverse Effect.


 


(j) KYC
Requests. The Agents shall have received all documentation and other information reasonably requested at least 5 Business
Days prior to the Effective Date that is required by bank regulatory authorities under applicable “know-your-customer”
and anti-money laundering rules and regulations, including the Patriot Act, and all such documentation and other information shall
be in form and substance reasonably satisfactory to the Agents.


 






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Section
5.02 Conditions Precedent to All Loans . The obligation of any Agent or any Lender to make any Loan after the Effective
Date is subject to the fulfillment, in a manner reasonably satisfactory to the Administrative Agent, of each of the following
conditions precedent:


 


(a) Payment
of Fees, Etc. The Borrowers shall have paid all fees, costs, expenses and taxes then payable by the Borrowers pursuant to
this Agreement and the other Loan Documents, including, without limitation, Section 2.06 and Section 12.04 hereof, which amounts
may be paid, at the option of the Administrative Borrower, from the proceeds of the Loans made on such date.


 


(b) Representations
and Warranties; No Event of Default. The following statements shall be true and correct, and the submission by the Administrative
Borrower to the Administrative Agent of a Notice of Borrowing with respect to each such Loan, and the Borrowers’ acceptance of
the proceeds of such Loan, shall each be deemed to be a representation and warranty by each Loan Party on the date of such Loan
that: (i) the representations and warranties contained in Article VI and in each other Loan Document, certificate or other
writing delivered to any Secured Party pursuant hereto or thereto on or prior to the date of such Loan are true and correct in
all material respects (except that such materiality qualifier shall not be applicable to any representations or warranties that
already are qualified or modified as to materiality or “Material Adverse Effect” in the text thereof, which representations
and warranties shall be true and correct in all respects subject to such qualification) on and as of such date as though made
on and as of such date, except to the extent that any such representation or warranty expressly relates solely to an earlier date
(in which case such representation or warranty shall be true and correct on and as of such earlier date), (ii) at the time
of and after giving effect to the making of such Loan and the application of the proceeds thereof, no Default or Event of Default
has occurred and is continuing or would result from the making of the Loan to be made, on such date and (iii) the conditions
set forth in this Section 5.02 have been satisfied as of the date of such request.


 


(c) Legality.
The making of such Loan shall not contravene any law, rule or regulation applicable to any Secured Party.


 


(d) Notices.
The Administrative Agent shall have received a Notice of Borrowing pursuant to Section 2.02 hereof.


 


(e) Proceedings;
Receipt of Documents. All proceedings in connection with the making of such Loan and the other transactions contemplated by
this Agreement and the other Loan Documents, and all documents incidental hereto and thereto, shall be reasonably satisfactory
to the Agents and their counsel, and the Agents and such counsel shall have received such other agreements, instruments, approvals,
opinions and other documents, each in form and substance reasonably satisfactory to the Agents, as any Agent may reasonably request.


 


Section
5.03 Conditions Subsequent to Effectiveness. As an accommodation to the Loan Parties, the Agents and the Lenders have
agreed to execute this Agreement and to make the Loans on the Effective Date notwithstanding the non-satisfaction by the Loan
Parties of the conditions set forth below on or before the Effective Date. In consideration of such accommodation, the Loan Parties
agree that, in addition to all other terms, conditions and provisions set forth in this Agreement and the other Loan Documents,
including, without limitation, those conditions set forth in Section 5.01, the Loan Parties shall satisfy each of the conditions
subsequent set forth below on or before the date applicable thereto (it being understood that (i) the failure by the Loan Parties
to perform or cause to be performed any such condition subsequent on or before the date applicable thereto shall constitute an
Event of Default and (ii) to the extent that the existence of any such condition subsequent would otherwise cause any representation,
warranty or covenant in this Agreement or any other Loan Document to be breached, the Required Lenders hereby waive such breach
for the period from the Effective Date until the date on which such condition subsequent is required to be fulfilled pursuant
to this Section 5.03):


 


(a) On
or prior to the date that is 60 days following the Effective Date (or such later date as agreed to in writing by the Collateral
Agent in its sole discretion), the Loan Parties shall use commercially reasonable efforts to obtain and deliver to the Collateral
Agent, landlord waivers and collateral access agreements with respect to the chief executive office of each Loan Party (and any
other location where any Loan Party maintains any books and records).


 






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(b) On
or prior to the date that is 45 days following the Effective Date (or such later date as agreed to in writing by the Collateral
Agent in its sole discretion), the Loan Parties shall (i) deliver to the Collateral Agent Control Agreements for each Deposit
Account, Securities Account and Commodities Account maintained by any Loan Party (in each case, other than Excluded Accounts),
each duly executed by, in addition to the applicable Loan Party, the applicable financial institution and (ii) use commercially
reasonable efforts to deliver Credit Card Acknowledgements with respect to each Credit Card Agreement of each Loan Party.


 


(c) On
or prior to the date that is 45 days following the Effective Date, the Loan Parties shall have (i) delivered to the Collateral
Agent evidence that each Subsidiary of the Parent has irrevocably opted into Article 8 of the Uniform Commercial Code and caused
the Equity Interests of such Subsidiary to be deemed to be securities for purposes of Article 8 of the Uniform Commercial Code,
(ii) caused such securities to be certificated and (iii) delivered such certificated securities (along with appropriate instruments
of transfer) to the Collateral Agent.


 


(d) On
or prior to the date that is 10 Business Days following the Effective Date (or such later date as agreed to in writing by the
Collateral Agent in its sole discretion), the Loan Parties shall deliver to the Collateral Agent such lenders’ loss payable and
additional insured endorsements with respect to the insurance policies of the Loan Parties as the Collateral Agent may reasonably
request.


 


ARTICLE
VI


 


REPRESENTATIONS
AND WARRANTIES


 


Section
6.01 Representations and Warranties. Each Loan Party hereby represents and warrants to the Secured Parties as follows:


 


(a) Organization,
Good Standing, Etc. Each Loan Party (i) is a corporation, limited liability company or limited partnership duly organized,
validly existing and in good standing under the laws of the state or jurisdiction of its organization, (ii) has all requisite
power and authority to conduct its business as now conducted and as presently contemplated and, in the case of the Borrowers,
to make the borrowings hereunder, and to execute and deliver each Loan Document to which it is a party, and to consummate the
transactions contemplated thereby, and (iii) is duly qualified to do business and is in good standing in each jurisdiction in
which the character of the properties owned or leased by it or in which the transaction of its business makes such qualification
necessary, except (solely for the purposes of this subclause (iii)) where the failure to be so qualified and in good standing
could reasonably be expected to have a Material Adverse Effect.


 






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(b) Authorization,
Etc. The execution, delivery and performance by each Loan Party of each Loan Document to which it is or will be a party, (i)
have been duly authorized by all necessary action, (ii) do not and will not contravene (A) any of its Governing Documents, (B)
any applicable material Requirement of Law or (C) any Material Contract binding on or otherwise affecting it or any of its properties,
(iii) do not and will not result in or require the creation of any Lien (other than pursuant to any Loan Document) upon or with
respect to any of its properties, and (iv) do not and will not result in any default, noncompliance, suspension, revocation, impairment,
forfeiture or nonrenewal of any permit, license, authorization or approval applicable to its operations or any of its properties,
except, in the case of clause (iv), to the extent where such contravention, default, noncompliance, suspension, revocation, impairment,
forfeiture or nonrenewal could not reasonably be expected to have a Material Adverse Effect.


 


(c) Governmental
Approvals. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is
required in connection with the due execution, delivery and performance by any Loan Party of any Loan Document to which it is
or will be a party other than filings and recordings with respect to Collateral to be made, or otherwise delivered to the Collateral
Agent for filing or recordation, on the Effective Date.


 


(d) Enforceability
of Loan Documents. This Agreement is, and each other Loan Document to which any Loan Party is or will be a party, when delivered
hereunder, will be, a legal, valid and binding obligation of such Person, enforceable against such Person in accordance with its
terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws affecting the enforcement of creditors’ rights generally and by general principles of equity.


 


(e) Capitalization.
On the Effective Date, after giving effect to the transactions contemplated hereby to occur on the Effective Date, the issued
and outstanding Equity Interests of each of the Subsidiaries of Parent are as set forth on Schedule 6.01(e). All of the issued
and outstanding shares of Equity Interests of each of the Subsidiaries of Parent have been validly issued and are fully paid and
nonassessable, and the holders thereof are not entitled to any preemptive, first refusal or other similar rights. All Equity Interests
of such Subsidiaries of the Parent are owned, directly or indirectly, by the Parent, free and clear of all Liens (other than Permitted
Specified Liens). Except as described on Schedule 6.01(e), or as issued after the Effective Date in compliance with the provisions
of the Loan Documents, there are no outstanding debt or equity securities of any of the Subsidiaries of Parent and no outstanding
obligations of any of the Subsidiaries of Parent convertible into or exchangeable for, or warrants, options or other rights for
the purchase or acquisition from any of the Subsidiaries of Parent, or other obligations of the Parent or any of its Subsidiaries
to issue, directly or indirectly, any shares of Equity Interests of the Parent or any of its Subsidiaries.


 






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(f) Litigation.
Except as set forth in Schedule 6.01(f), there is no pending or, to the knowledge of any Loan Party, threatened action, suit or
proceeding affecting any Loan Party or any of its properties before any court or other Governmental Authority or any arbitrator
that (i) could reasonably be expected to have a Material Adverse Effect or (ii) relates to this Agreement or any other
Loan Document or any transaction contemplated hereby or thereby.


 


(g) Financial
Statements. 


 


(i) The
Financial Statements, copies of which have been delivered to each Agent and each Lender, fairly present the consolidated financial
condition of the Parent and its Subsidiaries as at the respective dates thereof and the consolidated results of operations of
the Parent and its Subsidiaries for the fiscal periods ended on such respective dates, all in accordance with GAAP. All material
indebtedness and other liabilities (including, without limitation, Indebtedness, liabilities for taxes, long-term leases and other
unusual forward or long-term commitments), direct or contingent, of the Parent and its Subsidiaries incurred prior to the date
of the Financial Statements are set forth therein (or if incurred after the date of the Financial Statements, are set forth on
Schedule 6.01(g)). Since December 31, 2017 no event or development has occurred that has had or could reasonably be expected
to have a Material Adverse Effect.


 


(ii) The
Parent has heretofore furnished to each Agent and each Lender (A) projected monthly balance sheets, income statements and
statements of cash flows of the Parent and its Subsidiaries for the period from June 1, 2018 through December 31, 2019, and (B)
projected annual balance sheets, income statements and statements of cash flows of the Parent and its Subsidiaries for the Fiscal
Years ending in 2018 through 2019, which projected financial statements shall be updated from time to time pursuant to Section
7.01(a)(vii).


 


(h) Compliance
with Law, Etc. No Loan Party or any of its Subsidiaries is in violation of (i) any of its Governing Documents, (ii) any material
Requirement of Law or (iii) any material term of any Material Contract binding on or otherwise affecting it or any of its
properties, and no default or event of default has occurred and is continuing thereunder.


 






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(i) ERISA.
Except as set forth on Schedule 6.01(i), (i) each Employee Plan is in substantial compliance with ERISA and the Internal
Revenue Code, (ii) no Termination Event has occurred nor is reasonably expected to occur with respect to any Employee Plan,
(iii) the most recent annual report (Form 5500 Series) with respect to each Employee Plan, including any required Schedule B
(Actuarial Information) thereto, copies of which have been filed with the Internal Revenue Service and delivered to the Agents,
is complete and correct and fairly presents the funding status of such Employee Plan, and since the date of such report there
has been no material adverse change in such funding status, (iv) copies of each agreement entered into with the PBGC, the
U.S. Department of Labor or the Internal Revenue Service with respect to any Employee Plan have been delivered to the Agents,
(v) no Employee Plan had an accumulated or waived funding deficiency or permitted decrease which would create a deficiency
in its funding standard account or has applied for an extension of any amortization period within the meaning of Section 412
of the Internal Revenue Code at any time during the previous 60 months, and (vi) no Lien imposed under the Internal
Revenue Code or ERISA exists or is likely to arise on account of any Employee Plan within the meaning of Section 412 of the Internal
Revenue Code. Except as set forth on Schedule 6.01(i), no Loan Party or any of its ERISA Affiliates has incurred any withdrawal
liability under ERISA with respect to any Multiemployer Plan, or is aware of any facts indicating that it or any of its ERISA
Affiliates may in the future incur any such withdrawal liability. No Loan Party or any of its ERISA Affiliates nor any fiduciary
of any Employee Plan has (i) engaged in a nonexempt prohibited transaction described in Sections 406 of ERISA or 4975 of the Internal
Revenue Code, (ii) failed to pay any required installment or other payment required under Section 412 of the Internal Revenue
Code on or before the due date for such required installment or payment, (iii) engaged in a transaction within the meaning of
Section 4069 of ERISA or (iv) incurred any liability to the PBGC which remains outstanding other than the payment of premiums,
and there are no premium payments which have become due which are unpaid. There are no pending or, to the knowledge of any Loan
Party, threatened claims, actions, proceedings or lawsuits (other than claims for benefits in the normal course) asserted or instituted
against (i) any Employee Plan or its assets, (ii) any fiduciary with respect to any Employee Plan, or (iii) any Loan Party or
any of its ERISA Affiliates with respect to any Employee Plan. Except as required by Section 4980B of the Internal Revenue Code,
no Loan Party or any of its ERISA Affiliates maintains an employee welfare benefit plan (as defined in Section 3(1) of ERISA)
which provides health or welfare benefits (through the purchase of insurance or otherwise) for any retired or former employee
of any Loan Party or any of its ERISA Affiliates or coverage after a participant’s termination of employment.


 


(j) Taxes,
Etc. (i) All foreign, Federal and material state and local tax returns and other reports required by applicable Requirements
of Law to be filed by any Loan Party have been filed, or extensions have been obtained, and (ii) all taxes, assessments and other
governmental charges imposed upon any Loan Party or any property of any Loan Party in an aggregate amount for all such taxes,
assessments and other governmental charges exceeding $250,000 and which have become due and payable on or prior to the date hereof
have been paid, except to the extent contested in good faith by proper proceedings which stay the imposition of any penalty, fine
or Lien resulting from the non-payment thereof and with respect to which adequate reserves have been set aside for the payment
thereof on the Financial Statements in accordance with GAAP.


 


(k) Regulations
T, U and X. No Loan Party is or will be engaged in the business of extending credit for the purpose of purchasing or carrying
margin stock (within the meaning of Regulation T, U or X), and no proceeds of any Loan will be used to purchase or carry any margin
stock or to extend credit to others for the purpose of purchasing or carrying any margin stock or for any purpose that violates,
or is inconsistent with, the provisions of Regulation T, U and X.


 


(l) Nature
of Business. No Loan Party is engaged in any business other than as set forth on Schedule 6.01(l).


 






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(m) Adverse
Agreements, Etc. No Loan Party or any of its Subsidiaries is a party to any Contractual Obligation or subject to any restriction
or limitation in any Governing Document or any judgment, order, regulation, ruling or other requirement of a court or other Governmental
Authority, which (either individually or in the aggregate) has, or in the future could reasonably be expected (either individually
or in the aggregate) to have, a Material Adverse Effect.


 


(n) Permits,
Etc. Each Loan Party has, and is in compliance with, all permits, licenses, authorizations, approvals, entitlements and accreditations
required for such Person lawfully to own, lease, manage or operate, or to acquire, each business and Facility currently owned,
leased, managed or operated, or to be acquired, by such Person, except to the extent the failure to have or be in compliance therewith
could not reasonably be expected to have a Material Adverse Effect. No condition exists or event has occurred which, in itself
or with the giving of notice or lapse of time or both, would result in the suspension, revocation, impairment, forfeiture or non-renewal
of any permit, license, authorization, approval, entitlement or accreditation, the loss of which could reasonably be expected
to have a Material Adverse Effect, and there is no claim that any thereof is not in full force and effect.


 


(o) Properties.
Each Loan Party has good and marketable title to, valid leasehold interests in, or valid licenses to use, all property and assets
material to its business, free and clear of all Liens, except Permitted Liens. All such properties and assets are in good working
order and condition, ordinary wear and tear and damage caused by casualty (pending timely repair or replacement) excepted.


 


(p) Employee
and Labor Matters. There is (i) no unfair labor practice complaint pending or, to the knowledge of any Loan Party, threatened
against any Loan Party before any Governmental Authority and no grievance or arbitration proceeding pending or. to the knowledge
of any Loan Party, threatened against any Loan Party which arises out of or under any collective bargaining agreement, (ii) no
strike, labor dispute, slowdown, stoppage or similar action or grievance pending or, to the knowledge of any Loan Party, threatened
against any Loan Party or (iii) to the knowledge of each Loan Party, no union representation question existing with respect to
the employees of any Loan Party and no union organizing activity taking place with respect to any of the employees of any Loan
Party. No Loan Party or any of its ERISA Affiliates has incurred any liability or obligation under the Worker Adjustment and Retraining
Notification Act (“WARN”) or similar state law, which remains unpaid or unsatisfied. The hours worked and payments
made to employees of any Loan Party have not been in violation of the Fair Labor Standards Act or any other applicable legal requirements.
All material payments due from any Loan Party on account of wages and employee health and welfare insurance and other benefits
have been paid or accrued as a liability on the books of such Loan Party.


 






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(q) Environmental
Matters. Except as set forth on Schedule 6.01(q), (i) the operations of each Loan Party are in material compliance with
all Environmental Laws; (ii) there has been no Release at any of the properties owned or operated by any Loan Party or a
predecessor in interest, or at any disposal or treatment facility which received Hazardous Materials generated by any Loan Party
or any predecessor in interest which could reasonably be expected to have a Material Adverse Effect; (iii) no Environmental
Action has been asserted against any Loan Party or any predecessor in interest nor does any Loan Party have knowledge or notice
of any threatened or pending Environmental Action against any Loan Party or any predecessor in interest which could reasonably
be expected to have a Material Adverse Effect; (iv) no Environmental Actions have been asserted against any facilities that
may have received Hazardous Materials generated by any Loan Party or any predecessor in interest which could reasonably be expected
to have a Material Adverse Effect; (v) no property now or formerly owned or operated by a Loan Party has been used as a treatment
or disposal site for any Hazardous Material; (vi) no Loan Party has failed to report to the proper Governmental Authority
any Release which is required to be so reported by any Environmental Laws which could reasonably be expected to have a Material
Adverse Effect; (vii) each Loan Party holds all licenses, permits and approvals required under any Environmental Laws in
connection with the operation of the business carried on by it, except for such licenses, permits and approvals as to which a
Loan Party’s failure to maintain or comply with could not reasonably be expected to have a Material Adverse Effect; and (viii)
no Loan Party has received any notification pursuant to any Environmental Laws that (A) any work, repairs, construction or Capital
Expenditures are required to be made in respect as a condition of continued compliance with any Environmental Laws, or any license,
permit or approval issued pursuant thereto or (B) any license, permit or approval referred to above is about to be reviewed, made,
subject to limitations or conditions, revoked, withdrawn or terminated, in each case, except as could not reasonably be expected
to have a Material Adverse Effect.


 


(r) Insurance.
Each Loan Party maintains the insurance and required services and financial assurance as required by law and as required by Section
7.01(h). Schedule 6.01(r) sets forth a list of all insurance maintained by each Loan Party on the Effective Date.


 


(s) Use
of Proceeds. The proceeds of the Loans shall be used to (a) refinance the Existing Credit Facility and other existing
indebtedness of the Borrowers (b) for general working capital purposes of the Borrowers, (c) to pay the Future Ads Deferred Consideration
and (d) to pay fees and expenses related to this Agreement, the other Loan Documents and the transactions contemplated herein
and therein.


 


(t) Solvency.
After giving effect to the transactions contemplated by this Agreement and before and after giving effect to each Loan, the Loan
Parties on a consolidated basis are Solvent. No transfer of property is being made by any Loan Party and no obligation is being
incurred by any Loan Party in connection with the transactions contemplated by this Agreement or the other Loan Documents with
the intent to hinder, delay, or defraud either present or future creditors of such Loan Party.


 


(u) Intellectual
Property. Except as set forth on Schedule 6.01(u), each Loan Party owns or licenses or otherwise has the right to use
all Intellectual Property rights that are necessary for the operation of its business, without infringement upon or conflict with
the rights of any other Person with respect thereto, except for such infringements and conflicts which, individually or in the
aggregate, could not reasonably be expected to have a Material Adverse Effect. Set forth on Schedule 6.01(u) is a complete
and accurate list as of the Effective Date of (i) each item of Registered Intellectual Property owned by each Loan Party;
(ii) each material work of authorship owned by each Loan party and which is not Registered Intellectual Property; and (iii) each
material Intellectual Property Contract to which each Loan Party is bound. No trademark or other advertising device, product,
process, method, substance, part or other material now employed, or now contemplated to be employed, by any Loan Party infringes
upon or conflicts with any rights owned by any other Person, and no claim or litigation regarding any of the foregoing is pending
or threatened, except for such infringements and conflicts which could not reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect. To the knowledge of each Loan Party, no patent, invention, device, application, principle
or any statute, law, rule, regulation, standard or code pertaining to Intellectual Property is pending or proposed, which, individually
or in the aggregate, could reasonably be expected to have a Material Adverse Effect.


 






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(v) Material
Contracts. Set forth on Schedule 6.01(v) is a complete and accurate list as of the Effective Date of all Material Contracts
of each Loan Party, showing the parties and subject matter thereof and amendments and modifications thereto. Each such Material
Contract (i) is in full force and effect and is binding upon and enforceable against each Loan Party that is a party thereto
and, to the best knowledge of such Loan Party, all other parties thereto in accordance with its terms (except to the extent such
Material Contract has been replaced with a new Material Contract containing terms no less favorable to the Loan Parties than the
Material Contract so replaced, in which case the representations contained herein shall apply to such replacement Material Contract),
(ii) has not been otherwise amended or modified, except for amendments or modifications that could not reasonably be expected
to be adverse to the interests of the Loan Parties or the Agents and the Lenders in any material respect, and (iii) is not in
default due to the action of (A) any Loan Party or (B) to the best knowledge of any Loan Party, any other party thereto, except
to the extent that any such default could not reasonably be expected to be adverse to the interests of the Loan Parties or the
Agents and the Lenders in any material respect.


 


(w) Investment
Company Act. None of the Loan Parties is (i) an “investment company” or an “affiliated person” or “promoter”
of, or “principal underwriter” of or for, an “investment company”, as such terms are defined in the Investment
Company Act of 1940, as amended, or (ii) subject to regulation under any Requirement of Law that limits in any respect its ability
to incur Indebtedness or which may otherwise render all or a portion of the Obligations unenforceable.


 


(x) Customers
and Suppliers. There exists no actual or threatened termination, cancellation or limitation of, or modification to or change
in, the business relationship between (i) any Loan Party, on the one hand, and any customer or any group thereof, on the other
hand, whose agreements with any Loan Party are individually or in the aggregate material to the business or operations of such
Loan Party, or (ii) any Loan Party, on the one hand, and any supplier or any group thereof, on the other hand, whose agreements
with any Loan Party are individually or in the aggregate material to the business or operations of such Loan Party, in each case
to the extent that such termination, cancellation, limitation, modification or change could not reasonably be expected to result
in a Material Adverse Effect; and to the best knowledge of any Loan Party, there exists no present state of facts or circumstances
that could give rise to or result in any such termination, cancellation, limitation, modification or change.


 






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(y) Credit
Card Agreements. Set forth in Schedule 6.01(y) is a correct and complete list of all of the Credit Card Agreements existing
as of the Effective Date between and/or among any Loan Party, any of its Affiliates, the Credit Card Issuers, the Credit Card
Processors and any of their affiliates. The Credit Card Agreements constitute all of such agreements necessary for each Loan Party
to operate its business as presently conducted with respect to credit cards and debit cards and no Account of the Loan Parties
arise from purchases by customers of Inventory or services with credit cards or debit cards, other than those which are issued
by Credit Card Issuers with whom any Loan Party has entered into one of the Credit Card Agreements set forth on Schedule 6.01(y)
hereto or with whom each Loan Party has entered into a Credit Card Agreement in accordance with this Section 6.01(y). Each of
the Credit Card Agreements constitutes the legal, valid and binding obligations of such Loan Party, enforceable against such Loan
Party in accordance with their respective terms except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights. To the knowledge of each Loan
Party, no default or event of default, or act, condition or event which after notice or passage of time or both, would constitute
a default or an event of default under any of the Credit Card Agreements exists or has occurred and is continuing. Each Loan Party
and, to each Loan Party’s knowledge, the other parties thereto, have complied in all material respects with the terms and conditions
of the Credit Card Agreements to the extent necessary for such Loan Party to be entitled to receive all payments thereunder. The
Loan Parties have delivered, or caused to be delivered to the Agents, true, correct and complete copies of all of the Credit Card
Agreements.


 


(z) [Reserved]. 


 


(aa) Anti-Money
Laundering and Anti-Terrorism Laws. 


(i) None
of the Loan Parties, nor any Affiliate of any Loan Party that is controlled by a Loan Party, nor, to the knowledge of any Loan
Party, any other Affiliate of any Loan Party, has violated or is in violation of any of the Anti-Money Laundering and Anti-Terrorism
Laws or has engaged in or conspired to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding,
or attempts to violate, any of the Anti-Money Laundering and Anti-Terrorism Laws.


 


(ii) None
of the Loan Parties, nor any Affiliate of any Loan Party that is controlled by a Loan Party, nor, to the knowledge of any Loan
Party, any other Affiliate of any Loan Party, nor any officer, director or principal shareholder or owner of any of the Loan Parties,
nor any of the Loan Parties’ respective agents acting or benefiting in any capacity in connection with the Loans, or other transactions
hereunder, is a Blocked Person.


 


(iii) None
of the Loan Parties, nor any of their agents acting in any capacity in connection with the Loans or other transactions hereunder,
(A) conducts any business with or for the benefit of any Blocked Person or engages in making or receiving any contribution of
funds, goods or services to, from or for the benefit of any Blocked Person, or (B) deals in, or otherwise engages in any transaction
relating to, any property or interests in property blocked or subject to blocking pursuant to any OFAC Sanctions Programs.


 






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(bb) Anti-Bribery
and Anti-Corruption Laws.


 


(i) The
Loan Parties are in compliance with the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”),
and the anti-bribery and anti-corruption laws of those jurisdictions in which they do business (collectively, the “Anti-Corruption
Laws”).


 


(ii) None
of the Loan Parties has at any time:


 


(A) offered,
promised, paid, given, or authorized the payment or giving of any money, gift or other thing of value, directly or indirectly,
to or for the benefit of any employee, official, representative, or other person acting on behalf of any foreign (i.e., non-U.S.)
Governmental Authority thereof, or of any public international organization, or any foreign political party or official thereof,
or candidate for foreign political office (collectively, “Foreign Official”), for the purpose of: (1) influencing
any act or decision of such Foreign Official in his, her, or its official capacity; or (2) inducing such Foreign Official to do,
or omit to do, an act in violation of the lawful duty of such Foreign Official, or (3) securing any improper advantage, in order
to obtain or retain business for, or with, or to direct business to, any Person; or


 


(B) acted
or attempted to act in any manner which would subject any of the Loan Parties to liability under any Anti-Corruption Law.


 


(iii) There
are, and have been, no allegations, investigations or inquiries with regard to a potential violation of any Anti-Corruption Law
by any of the Loan Parties or, to the knowledge of any Loan Party, any of their respective current or former directors, officers,
employees, stockholders or agents, or other persons acting or purporting to act on their behalf.


 


(iv) The
Loan Parties have adopted, implemented and maintain anti-bribery and anti-corruption policies and procedures that are reasonably
designed to ensure compliance with the Anti-Corruption Laws.


 


(cc) Full
Disclosure. 


 


(i) Each
Loan Party has disclosed to the Agents all agreements, instruments and corporate or other restrictions to which it is subject,
and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material
Adverse Effect. None of the reports, financial statements, certificates or other information furnished by or on behalf of any
Loan Party to the Agents (other than forward-looking information and Projections and information of a general economic nature
and general information about Borrowers’ industry) in connection with the negotiation of this Agreement or delivered hereunder
(as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any
material fact necessary to make the statements therein, in the light of the circumstances under which it was made, not misleading.


 


(ii) All
Projections, have been prepared on a reasonable basis and in good faith based on assumptions, estimates, methods and tests that
are believed by the Loan Parties to be reasonable at the time such Projections were prepared and information believed by the Loan
Parties to have been accurate based upon the information available to the Loan Parties at the time such Projections were furnished
to the Lenders, and Parent is not be aware of any facts or information that would lead it to believe that such Projections are
incorrect or misleading in any material respect; it being understood that (1) Projections are by their nature subject to significant
uncertainties and contingencies, many of which are beyond the Loan Parties’ control, (2) actual results may differ materially
from the Projections and such variations may be material and (3) the Projections are not a guarantee of performance.


 






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ARTICLE
VII


 


COVENANTS
OF THE LOAN PARTIES


 


Section
7.01 Affirmative Covenants. So long as any principal of or interest on any Loan or any other Obligation (whether or
not due) shall remain unpaid (other than Contingent Indemnity Obligations) or any Lender shall have any Commitment hereunder,
each Loan Party will, unless the Required Lenders shall otherwise consent in writing (it being understood that only the Administrative
Borrower shall be required to comply with the requirements set forth in clause (a), other than clauses (a)(viii), (x) through
(xv), (xvii) and (xix), which shall be required to be complied with by all Loan Parties that are affected):


 


(a) Reporting
Requirements. Furnish to each Agent and each Lender:


 


(i) as
soon as available, and in any event within 30 days after the end of each fiscal month of the Parent and its Subsidiaries commencing
with the first fiscal month of the Parent and its Subsidiaries ending after the Effective Date, (A) internally prepared consolidated
balance sheets, statements of operations and retained earnings and statements of cash flows as at the end of such fiscal month,
and for the period commencing at the end of the immediately preceding Fiscal Year and ending with the end of such fiscal month,
setting forth in each case in comparative form the figures for the corresponding date or period set forth in (1) the financial
statements for the immediately preceding Fiscal Year, and (2) the Projections, all in reasonable detail and certified by an Authorized
Officer of the Parent as fairly presenting, in all material respects, the financial position of the Parent and its Subsidiaries
as at the end of such fiscal month and the results of operations, retained earnings and cash flows of the Parent and its Subsidiaries
for such fiscal month and for such year-to-date period, in accordance with GAAP applied in a manner consistent with that of the
most recent audited financial statements furnished to the Agents and the Lenders, subject to the absence of footnotes and normal
year-end adjustments, and (B) a report of price and volume key performance indicators by category during such fiscal month, in
a form reasonably satisfactory to the Agents and consistent with historical practices;


 


(ii) as
soon as available and in any event within 45 days after the end of each fiscal quarter of the Parent and its Subsidiaries or such
later date as the filing of the financial statements referred to in this Section 7.01(a)(ii) may be extended in accordance with
the rules of the SEC (but, in any event, not in excess of 5 days), commencing with the first fiscal quarter of the Parent and
its Subsidiaries ending after the Effective Date, consolidated balance sheets, statements of operations and retained earnings
and statements of cash flows of the Parent and its Subsidiaries as at the end of such quarter, and for the period commencing at
the end of the immediately preceding Fiscal Year and ending with the end of such quarter, setting forth in each case in comparative
form the figures for the corresponding date or period set forth in (A) the financial statements for the immediately preceding
Fiscal Year and (B) the Projections, all in reasonable detail and certified by an Authorized Officer of the Parent as fairly presenting,
in all material respects, the financial position of the Parent and its Subsidiaries as of the end of such quarter and the results
of operations and cash flows of the Parent and its Subsidiaries for such quarter and for such year-to-date period, in accordance
with GAAP applied in a manner consistent with that of the most recent audited financial statements of the Parent and its Subsidiaries
furnished to the Agents and the Lenders, subject to the absence of footnotes and normal year-end adjustments;


 






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(iii) as
soon as available, and in any event within 90 days after the end of each Fiscal Year of the Parent and its Subsidiaries or such
later date as the filing of the financial statements referred to in this Section 7.01(a)(iii) may be extended in accordance with
the rules of the SEC (but, in any event, not in excess of 15 days), consolidated balance sheets, statements of operations and
retained earnings and statements of cash flows of the Parent and its Subsidiaries as at the end of such Fiscal Year, setting forth
in each case in comparative form the figures for the corresponding date or period set forth in (A) the financial statements for
the immediately preceding Fiscal Year, and (B) the Projections, all in reasonable detail and prepared in accordance with GAAP,
and accompanied by a report and an opinion, prepared in accordance with generally accepted auditing standards, of independent
certified public accountants of recognized standing selected by the Parent and reasonably satisfactory to the Agents (it being
agreed that Marcum LLP is satisfactory to the Agents as of the Effective Date) (which opinion shall be without (1) a “going
concern” or like qualification or exception (it being agreed that any statement in such opinion that is solely resulting
from the impending Final Maturity Date of the Term Loan or the Revolving Loans shall not be deemed to be a “going concern”
qualification), (2) any qualification or exception as to the scope of such audit, or (3) any qualification which relates
to the treatment or classification of any item and which, as a condition to the removal of such qualification, would require an
adjustment to such item, the effect of which would be to cause any noncompliance with the provisions of Section 7.03), together
with a written statement of such accountants (x) to the effect that, in making the examination necessary for their certification
of such financial statements, they have not obtained any knowledge of the existence of an Event of Default or a Default under
Section 7.03 or (y) if such accountants shall have obtained any knowledge of the existence of an Event of Default or such
Default, describing the nature thereof;


 


(iv) simultaneously
with the delivery of the financial statements of the Parent and its Subsidiaries required by clauses (i), (ii) and (iii) of this
Section 7.01(a), a certificate of an Authorized Officer of the Parent (a “Compliance Certificate”):


 


(A) stating
that such Authorized Officer has reviewed the provisions of this Agreement and the other Loan Documents and has made or caused
to be made under his or her supervision a review of the condition and operations of the Parent and its Subsidiaries during the
period covered by such financial statements with a view to determining whether the Parent and its Subsidiaries were in compliance
with all of the provisions of this Agreement and such Loan Documents at the times such compliance is required hereby and thereby,
and that such review has not disclosed, and such Authorized Officer has no knowledge of, the occurrence and continuance during
such period of an Event of Default or Default or, if an Event of Default or Default had occurred and continued or is continuing,
describing the nature and period of existence thereof and the action which the Parent and its Subsidiaries propose to take or
have taken with respect thereto,


 






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(B) in
the case of the delivery of the financial statements of the Parent and its Subsidiaries required by clauses (ii) and (iii) of
this Section 7.01(a), (1) attaching a schedule showing the calculation of the financial covenants specified in Section 7.03 and
(2) including a discussion and analysis of the financial condition and results of operations of the Parent and its Subsidiaries
for the portion of the Fiscal Year then elapsed and discussing the reasons for any significant variations from the Projections
for such period and the figures for the corresponding period in the previous Fiscal Year, and


 


(C) in
the case of the delivery of the financial statements of the Parent and its Subsidiaries required by clause (iii) of this Section
7.01(a), attaching (1) a summary of all material insurance coverage maintained as of the date thereof by any Loan Party and all
material insurance coverage planned to be maintained by any Loan Party, together with such other related documents and information
as the Administrative Agent may reasonably require, (2) the calculation of the Excess Cash Flow in accordance with the terms of
Section 2.05(c) and (3) confirmation that there have been no changes to the information contained in each of the Perfection Certificates
delivered on the Effective Date or the date of the most recently updated Perfection Certificate delivered pursuant to this clause
(iv) and/or attaching an updated Perfection Certificate identifying any such changes to the information contained therein;


 


(v) as
soon as available and in any event within 30 days after the end of each fiscal month of the Parent and its Subsidiaries commencing
with the first fiscal month of the Parent and its Subsidiaries ending after the Effective Date, reports in form and detail reasonably
satisfactory to the Agents and certified by an Authorized Officer of the Administrative Borrower as being accurate and complete
(A) listing all Accounts of the Loan Parties as of such day, which shall include the amount and age of each such Account, showing
separately those which are more than 30, 60, 90 and 120 days old and a description of all Liens, set-offs, defenses and counterclaims
with respect thereto, together with a reconciliation of such schedule with the schedule delivered to the Agents pursuant to this
clause (v)(A) for the immediately preceding fiscal month, and such other information as any Agent may reasonably request,
and (B) listing all accounts payable of the Loan Parties as of each such day which shall include the amount and age of each
such account payable, and such other information as any Agent may reasonably request, all in detail and in form reasonably satisfactory
to the Agents;


 


(vi) [reserved];


 


(vii) as
soon as available, and, in any event, not later than 30 days prior to the end of each Fiscal Year, a certificate of an Authorized
Officer of the Parent (A) attaching Projections for the Parent and its Subsidiaries, supplementing and superseding the Projections
previously required to be delivered pursuant to this Agreement, prepared on a monthly basis and otherwise in form and substance
reasonably satisfactory to the Agents, for the immediately succeeding Fiscal Year for the Parent and its Subsidiaries and (B)
certifying that the representations and warranties set forth in Section 6.01(cc)(ii) are true and correct with respect to the
Projections;


 






    	 	- 83 -	 



     


    

 


(viii) promptly
after submission to any Governmental Authority, all documents and information furnished to such Governmental Authority in connection
with any investigation of any Loan Party other than routine inquiries by such Governmental Authority;


 


(ix) as
soon as possible, and in any event within 3 days after the occurrence of an Event of Default or Default or the occurrence of any
event or development that could reasonably be expected to have a Material Adverse Effect, the written statement of an Authorized
Officer of the Administrative Borrower setting forth the details of such Event of Default or Default or other event or development
having a Material Adverse Effect and the action which the affected Loan Party proposes to take with respect thereto;


 


(x) (A)
as soon as possible and in any event within 10 days after any Loan Party or any ERISA Affiliate thereof knows or has reason to
know that (1) any Reportable Event with respect to any Employee Plan has occurred, (2) any other Termination Event with respect
to any Employee Plan has occurred, or (3) an accumulated funding deficiency has been incurred or an application has been made
to the Secretary of the Treasury for a waiver or modification of the minimum funding standard (including installment payments)
or an extension of any amortization period under Section 412 of the Internal Revenue Code with respect to an Employee Plan, a
statement of an Authorized Officer of the Administrative Borrower setting forth the details of such occurrence and the action,
if any, which such Loan Party or such ERISA Affiliate proposes to take with respect thereto, (B) promptly and in any event within
3 days after receipt thereof by any Loan Party or any ERISA Affiliate thereof from the PBGC, copies of each notice received by
any Loan Party or any ERISA Affiliate thereof of the PBGC’s intention to terminate any Plan or to have a trustee appointed to
administer any Plan, (C) promptly and in any event within 10 days after the filing thereof with the Internal Revenue Service if
requested by any Agent, copies of each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) with respect
to each Employee Plan and Multiemployer Plan, (D) promptly and in any event within 10 days after any Loan Party or any ERISA Affiliate
thereof knows or has reason to know that a required installment within the meaning of Section 412 of the Internal Revenue Code
has not been made when due with respect to an Employee Plan, (E) promptly and in any event within 3 days after receipt thereof
by any Loan Party or any ERISA Affiliate thereof from a sponsor of a Multiemployer Plan or from the PBGC, a copy of each notice
received by any Loan Party or any ERISA Affiliate thereof concerning the imposition or amount of withdrawal liability under Section
4202 of ERISA or indicating that such Multiemployer Plan may enter reorganization status under Section 4241 of ERISA, and (F)
promptly and in any event within 10 days after any Loan Party or any ERISA Affiliate thereof sends notice of a plant closing or
mass layoff (as defined in WARN) to employees, copies of each such notice sent by such Loan Party or such ERISA Affiliate thereof;


 


(xi) promptly
after the commencement thereof but in any event not later than 5 days after service of process with respect thereto on, or the
obtaining of knowledge thereof by, any Loan Party, notice of each action, suit or proceeding before any court or other Governmental
Authority or other regulatory body or any arbitrator which could reasonably be expected to have a Material Adverse Effect;


 






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(xii) as
soon as possible and in any event within 5 days after execution, receipt or delivery thereof, copies of any material notices that
any Loan Party executes or receives in connection with any Material Contract or any Acquisition Document;


 


(xiii) as
soon as possible and in any event within 5 days after execution, receipt or delivery thereof, copies of any material notices
that any Loan Party executes or receives in connection with the sale or other Disposition of the Equity Interests of, or all or
substantially all of the assets of, any Loan Party;


 


(xiv) promptly
after (A) the sending or filing thereof, copies of all statements, reports and other information any Loan Party sends to any holders
of its Indebtedness or its securities or files with the SEC or any national (domestic or foreign) securities exchange and (B)
the receipt thereof, a copy of any material notice received from any holder of its Indebtedness;


 


(xv) promptly
upon receipt thereof, copies of all financial reports (including, without limitation, management letters), if any, submitted to
any Loan Party by its auditors in connection with any annual or interim audit of the books thereof;


 


(xvi) promptly
upon request, any certification or other evidence requested from time to time by any Lender in its sole discretion, confirming
the Borrowers’ compliance with Section 7.02(r);


 


(xvii) promptly
upon request, the monthly statements received by any Loan Party from any Credit Card Issuers or Credit Card Processors;


 


(xviii) simultaneously
with the delivery of the financial statements of the Parent and its Subsidiaries required by clauses (i), (ii) and (iii) of this
Section 7.01(a), if, as a result of any change in accounting principles and policies from those used in the preparation of the
Financial Statements that is permitted by Section 7.02(q), the consolidated financial statements of the Parent and its Subsidiaries
delivered pursuant to clauses (i), (ii) and (iii) of this Section 7.01(a) will differ from the consolidated financial statements
that would have been delivered pursuant to such subdivisions had no such change in accounting principles and policies been made,
then, together with the first delivery of such financial statements after such change, one or more statements of reconciliation
for all such prior financial statements in form and substance reasonably satisfactory to the Agents; and


 


(xix) promptly
upon request, such other information concerning the condition or operations, financial or otherwise, of any Loan Party as any
Agent may from time to time may reasonably request.


 






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(b) Additional
Borrowers, Guarantors and Collateral Security. Cause:


 


(i) each
Subsidiary of any Loan Party not in existence on the Effective Date, to execute and deliver to the Agents promptly and in any
event within 5 Business Days (except in the case of clause (D) below) after the formation, acquisition or change in status
thereof, (A) a Joinder Agreement, pursuant to which such Subsidiary shall be made a party to this Agreement as a Borrower or a
Guarantor, (B) a supplement to the Security Agreement, together with (1) certificates evidencing all of the Equity Interests of
any Person owned by such Subsidiary required to be pledged under the terms of the Security Agreement, (2) undated stock powers
for such Equity Interests executed in blank with signature guaranteed, and (3) such opinions of counsel as the Collateral Agent
may reasonably request, (C) to the extent required under the terms of this Agreement, one or more Mortgages creating on the real
property of such Subsidiary a perfected, first priority Lien (in terms of priority, subject only to Permitted Specified Liens)
on such real property and such other Real Property Deliverables as may be required by the Collateral Agent with respect to each
such real property, (D) Credit Card Acknowledgements with respect to any Credit Card Agreements of such Subsidiary, it being agreed
that the Loan Parties shall use commercially reasonable efforts to deliver such Credit Card Acknowledgments on or before the date
that is 45 days following the formation, acquisition or change in status of such Subsidiary) and (E) such other agreements,
instruments, approvals or other documents reasonably requested by any Agent in order to create, perfect, establish the first priority
of or otherwise protect any Lien purported to be covered by any such Security Agreement or Mortgage or otherwise to effect the
intent that such Subsidiary shall become bound by all of the terms, covenants and agreements contained in the Loan Documents and
that all property and assets of such Subsidiary shall become Collateral for the Obligations; and


 


(ii) each
owner of the Equity Interests of any such Subsidiary to execute and deliver promptly and in any event within 5 Business Days after
the formation or acquisition of such Subsidiary a Pledge Amendment (as defined in the Security Agreement), together with (A) certificates
evidencing all of the Equity Interests of such Subsidiary required to be pledged under the terms of the Security Agreement, (B) undated
stock powers or other appropriate instruments of assignment for such Equity Interests executed in blank with signature guaranteed,
(C) such opinions of counsel as the Collateral Agent may reasonably request and (D) such other agreements, instruments,
approvals or other documents reasonably requested by the Collateral Agent.


 


Notwithstanding
the foregoing, no Foreign Subsidiary shall be required to become a Guarantor hereunder (and, as such, shall not be required to
deliver the documents required by clause (i) above); provided, however, that if the Equity Interests of a Foreign
Subsidiary are owned by a Loan Party, such Loan Party shall deliver all such documents, instruments, agreements (including, without
limitation, at the reasonable request of the Collateral Agent, a pledge agreement governed by the laws of the jurisdiction of
the organization of such Foreign Subsidiary) and certificates described in clause (ii) above to the Collateral Agent, and take
all commercially reasonable actions reasonably requested by the Collateral Agent or otherwise necessary to grant and to perfect
a first-priority Lien (subject to Permitted Specified Liens) in favor of the Collateral Agent, for the benefit of the Agents and
the Lenders, in 65% of the voting Equity Interests of such Foreign Subsidiary and 100% of all other Equity Interests of such Foreign
Subsidiary owned by such Loan Party.


 


(c) Compliance
with Laws; Payment of Taxes.


 


(i) Comply,
and cause each of its Subsidiaries to comply, in all material respects, with all material Requirements of Law (including, without
limitation, all Environmental Laws), judgments and awards (including any settlement of any claim that, if breached, could give
rise to any of the foregoing).


 






    	 	- 86 -	 



     


    

 


(ii) Pay,
and cause each of its Subsidiaries to pay, in full before delinquency or before the expiration of any extension period, all taxes,
assessments and other governmental charges imposed upon any Loan Party or any of its Subsidiaries or any property of any Loan
Party or any of its Subsidiaries in an aggregate amount for all such taxes, assessments and other governmental charges exceeding
$250,000, except to the extent contested in good faith by proper proceedings which stay the imposition of any penalty, fine or
Lien resulting from the non-payment thereof and with respect to which adequate reserves have been set aside for the payment thereof
in accordance with GAAP.


 


(d) Preservation
of Existence, Etc. Except as provided in Section 7.02(c), maintain and preserve, and cause each of its Subsidiaries to maintain
and preserve, its existence, rights and privileges, and become or remain, and cause each of its Subsidiaries to become or remain,
duly qualified and in good standing in each jurisdiction in which the character of the properties owned or leased by it or in
which the transaction of its business makes such qualification necessary, except to the extent that the failure to be so qualified
could not reasonably be expected to have a Material Adverse Effect.


 


(e) Keeping
of Records and Books of Account. Keep, and cause each of its Subsidiaries to keep, adequate records and books of account,
with complete entries made to permit the preparation of financial statements in accordance with GAAP.


 


(f) Inspection
Rights. Permit, and cause each of its Subsidiaries to permit, the agents and representatives of any Agent at any time and
from time to time during normal business hours, at the expense of the Borrowers, to examine and make copies of and abstracts from
its records and books of account, to visit and inspect its properties, to verify materials, leases, notes, accounts receivable,
deposit accounts and its other assets, to conduct audits, physical counts, valuations, appraisals, Phase I Environmental Site
Assessments (and, if requested by the Collateral Agent based upon the results of any such Phase I Environmental Site Assessment,
a Phase II Environmental Site Assessment) or examinations and to discuss its affairs, finances and accounts with any of its
directors, officers, managerial employees, independent accountants or any of its other representatives. In furtherance of the
foregoing, each Loan Party hereby authorizes its independent accountants, and the independent accountants of each of its Subsidiaries,
to discuss the affairs, finances and accounts of such Person (independently or together with representatives of such Person) with
the agents and representatives of any Agent in accordance with this Section 7.01(f). At all times other than when an Event of
Default has occurred and is continuing, the Administrative Agent shall give the Administrative Borrower reasonable advance notice
of any desired action pursuant to this Section 7.01(f).


 


(g) Maintenance
of Properties, Etc. Maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, all of its properties
which are necessary or useful in the proper conduct of its business in good working order and condition, ordinary wear and tear
and casualty excepted, and comply, and cause each of its Subsidiaries to comply, at all times with the provisions of all leases
to which it is a party as lessee or under which it occupies property, so as to prevent any loss or forfeiture thereof or thereunder,
except to the extent the failure to so maintain and preserve or so comply could not reasonably be expected to have a Material
Adverse Effect.


 






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(h) Maintenance
of Insurance. Maintain, and cause each of its Subsidiaries to maintain, insurance with responsible and reputable insurance
companies or associations (including, without limitation, comprehensive general liability, hazard, rent, worker’s compensation
and business interruption insurance) with respect to its properties (including all real properties leased or owned by it) and
business, in such amounts and covering such risks as is required by any Governmental Authority having jurisdiction with respect
thereto or as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated
and in any event in amount, adequacy and scope reasonably satisfactory to the Agents. All policies covering the Collateral are
to be made payable to the Collateral Agent for the benefit of the Agents and the Lenders, as its interests may appear, in case
of loss, under a standard non-contributory “lender” or “secured party” clause and are to contain such other
provisions as the Agents may require to fully protect the Lenders’ interest in the Collateral and to any payments to be made under
such policies. All certificates of insurance are to be delivered to the Collateral Agent (with copies to the Administrative Agent)
and the policies are to be premium prepaid, with the loss payable and additional insured endorsement in favor of the Collateral
Agent and such other Persons as the Collateral Agent may designate from time to time, and shall provide for not less than 30 days’
(10 days’ in the case of non-payment) prior written notice to the Collateral Agent of the exercise of any right of cancellation.
If any Loan Party or any of its Subsidiaries fails to maintain such insurance, any Agent may arrange for such insurance, but at
the Borrowers’ expense and without any responsibility on any Agent’s part for obtaining the insurance, the solvency of the insurance
companies, the adequacy of the coverage, or the collection of claims. Upon the occurrence and during the continuance of an Event
of Default and notice to the Administrative Borrower by the Collateral Agent of the exercise of its rights under this Section
7.01(h), the Collateral Agent shall have the sole right, in the name of the Lenders, any Loan Party and its Subsidiaries, to file
claims under any insurance policies, to receive, receipt and give acquittance for any payments that may be payable thereunder,
and to execute any and all endorsements, receipts, releases, assignments, reassignments or other documents that may be necessary
to effect the collection, compromise or settlement of any claims under any such insurance policies.


 


(i) Obtaining
of Permits, Etc. Obtain, maintain and preserve, and cause each of its Subsidiaries to obtain, maintain and preserve, and take
all necessary action to timely renew, all permits, licenses, authorizations, approvals, entitlements and accreditations that are
necessary or useful in the proper conduct of its business, in each case, except to the extent the failure to obtain, maintain,
preserve or take such action could not reasonably be expected to have a Material Adverse Effect.


 


(j) Environmental.
(i)  Keep any property either owned or operated by it or any of its Subsidiaries free of any Environmental Liens; (ii) comply,
and cause each of its Subsidiaries to comply, with all Environmental Laws and provide to the Collateral Agent any documentation
of such compliance which the Collateral Agent may reasonably request; (iii) provide the Agents written notice within 5 days
of any Release of a Hazardous Material in excess of any reportable quantity from or onto property at any time owned or operated
by it or any of its Subsidiaries and take any Remedial Actions required to abate said Release; and (iv) provide the Agents
with written notice within 10 days of the receipt of any of the following: (A) notice that an Environmental Lien has been
filed against any property of any Loan Party or any of its Subsidiaries; (B) commencement of any Environmental Action or
notice that an Environmental Action will be filed against any Loan Party or any of its Subsidiaries; and (C) notice of a
violation, citation or other administrative order which could reasonably be expected to have a Material Adverse Effect.


 






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(k) Fiscal
Year. Cause the Fiscal Year of the Parent and its Subsidiaries to end on December 31 of each calendar year unless the Agents
consent to a change in such Fiscal Year (and appropriate related changes to this Agreement).


 


(l) Landlord
Waivers; Collateral Access Agreements. Subject to Section 5.03, at any time (i) any Collateral with a book value in excess
of $250,000 (when aggregated with all other Collateral at the same location), or (ii) any books and records related to any Collateral,
is located on any real property of a Loan Party (whether such real property is now existing or acquired after the Effective Date)
which is not owned by a Loan Party, or is stored on the premises of a bailee, warehouseman, or similar party, use commercially
reasonable efforts to obtain written subordinations or waivers or collateral access agreements, as the case may be, in form and
substance reasonably satisfactory to the Agents.


 


(m) After
Acquired Real Property. Upon the acquisition by it or any of its Subsidiaries after the date hereof of any fee interest in
any real property (wherever located) (each such interest being a “New Facility”) (i) with a Current Value
(as defined below) in excess of $1,000,000 immediately so notify the Agents, setting forth with specificity a description of the
interest acquired, the location of the real property, any structures or improvements thereon and either an appraisal or such Loan
Party’s good-faith estimate of the current value of such real property (for purposes of this Section, the “Current
Value”). The Collateral Agent shall notify such Loan Party whether it intends to require a Mortgage (and any other Real
Property Deliverables) with respect to such New Facility. Upon receipt of such notice requesting a Mortgage (and any other Real
Property Deliverables), the Person that has acquired such New Facility shall promptly furnish the same to the Collateral Agent.
The Borrowers shall pay all fees and expenses, including, without limitation, reasonable attorneys’ fees and expenses, and all
title insurance charges and premiums, in connection with each Loan Party’s obligations under this Section 7.01(m).


 


(n) Anti-Bribery
and Anti-Corruption Laws. Maintain, and cause each of its Subsidiaries to maintain, anti-bribery and anti-corruption policies
and procedures that are reasonably designed to ensure compliance with the Anti-Corruption Laws.


 


(o) Lender
Meetings. Upon the request of any Agent or the Required Lenders (which request, so long as no Event of Default shall have
occurred and be continuing, shall not be made more than once during each Fiscal Year, or, in the case of meetings conducted by
telephone, not more than once each month), participate in a meeting with the Agents and the Lenders at the Borrowers’ corporate
offices (or at such other location as may be agreed to by the Administrative Borrower and such Agent or the Required Lenders or
by telephone in the case of the monthly meetings) at such time as may be agreed to by the Administrative Borrower and such Agent
or the Required Lenders and participate in monthly telephonic calls.


 






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(p) Board
Observation Rights. The Collateral Agent shall be entitled to designate one observer (the “Board Observer”)
to attend any regular meeting (a “BOD Meeting”) of the Board of Directors of the Parent (or its direct or
indirect ultimate parent holding company) or any of its Subsidiaries (or, in each case, any relevant committees thereof), except
that the Board Observer shall not be entitled to vote on matters presented to or discussed by the Board of Directors (or any relevant
committee thereof) of the Parent (or its direct or indirect ultimate parent holding company) or any of its Subsidiaries at any
such meetings. The Board Observer shall be timely notified of the time and place of any BOD Meetings (which shall be held no less
than once per quarter) and will be given written notice of all proposed actions to be taken by the Board of Directors (or any
relevant committee thereof) of the Parent (or its direct or indirect ultimate parent holding company) and any of its Subsidiaries
at such meeting as if the Board Observer were a member thereof. Such notice shall describe in reasonable detail the nature and
substance of the matters to be discussed and/or voted upon at such meeting (or the proposed actions to be taken by written consent
without a meeting). The Board Observer shall have the right to receive all information provided to the members of the Board of
Directors or any similar group performing an executive oversight or similar function (or any relevant committee thereof) of the
Parent (or its direct or indirect ultimate parent holding company) and any of its Subsidiaries in anticipation of or at such meeting
(regular or special and whether telephonic or otherwise), in addition to copies of the records of the proceedings or minutes of
such meeting, when provided to the members, and the Board Observer shall keep such materials and information confidential in accordance
with Section 12.19 of this Agreement. The Borrowers shall reimburse the Board Observer for all reasonable out-of-pocket costs
and expenses incurred in connection with its participation in any such BOD Meeting. Notwithstanding the foregoing, the presiding
officer of a BOD Meeting, upon his or her reasonable good faith determination that it is necessary to do so (i) to protect confidential
information of any Loan Party or information of a third party that a Loan Party is required to keep confidential, may exclude
the Board Observer from any part of a BOD Meeting where such information is discussed or presented or require the Board Observer
to execute a non-disclosure agreement in customary form with respect to such information and (ii) to protect the attorney-client
privilege or other legal privilege, may exclude the Board Observer from any part of a BOD Meeting where the presence of the Board
Observer would jeopardize any such privilege and may refrain from providing any information provided to the members of the Board
of Directors (or any relevant committee thereof) where providing any such information to the Board Observer would jeopardize any
such privilege.


 


(q) [Reserved].


 


(r) Credit
Card Agreements. Each of the Loan Parties shall: (a) observe and perform all material terms, covenants, conditions and provisions
of the Credit Card Agreements to be observed and performed by it at the times set forth therein; (b) not do, permit, suffer or
refrain from doing anything, as a result of which there could be a material default under or material breach of any of the terms
of any of the Credit Card Agreements; (c) at all times maintain in full force and effect the Credit Card Agreements and not terminate,
cancel, surrender, or materially modify, amend, waive or release any of the Credit Card Agreements, or consent to or permit to
occur any of the foregoing; except, that, (i) any such Loan Party may terminate or cancel any of the Credit Card Agreements in
the ordinary course of the business of such Loan Party; provided, that, such Loan Party shall give the Agents not less
than 15 days’ prior written notice of its intention to so terminate or cancel any of the Credit Card Agreements, and (ii) any
Loan Party may modify or amend any of the Credit Card Agreement, so long as such modification or amendment does not give the Credit
Card Issuer or Credit Card Processor party thereto greater rights to set-off against amounts otherwise payable to such Loan Party
or greater rights to cease or suspend payments to such Loan Party; (d) not enter into any new Credit Card Agreements with any
new Credit Card Issuer or Credit Card Processor unless (i) the Agents shall have received not less than 30 days’ prior written
notice of the intention of such Loan Party to enter into such agreement (together with such other information with respect thereto
as the Agents may request) and (ii) such Loan Party delivers, or causes to be delivered to the Agents, a Credit Card Acknowledgment
in favor of the Collateral Agent; and (e) furnish to the Agents, promptly upon the request of any Agent, such information
and evidence as any Agent may reasonably require from time to time concerning the observance, performance and compliance by such
Loan Party or the other party or parties thereto with the terms, covenants or provisions of the Credit Card Agreements.


 






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(s) Further
Assurances. Take such action and execute, acknowledge and deliver, and cause each of its Subsidiaries to take such action
and execute, acknowledge and deliver, at its sole cost and expense, such agreements, instruments or other documents as any Agent
may require from time to time in order (i) to carry out more effectively the purposes of this Agreement and the other Loan
Documents, (ii) to subject to valid and perfected first priority Liens any of the Collateral or any other property of any
Loan Party and its Subsidiaries, (iii) to establish and maintain the validity and effectiveness of any of the Loan Documents
and the validity, perfection and priority of the Liens intended to be created thereby, and (iv) to better assure, convey,
grant, assign, transfer and confirm unto each Secured Party the rights now or hereafter intended to be granted to it under this
Agreement or any other Loan Document (including, without limitation, upon the occurrence of an Event of Default, causing each
Credit Card Issuer and Credit Card Processor to direct all payments (due to any Loan Party) of all credit card charges submitted
by any Loan Party to such Credit Card Issuer and Credit Card Processor to the Cash Management Accounts). In furtherance of the
foregoing, to the maximum extent permitted by applicable law, each Loan Party (i) authorizes each Agent to execute any such
agreements, instruments or other documents in such Loan Party’s name and to file such agreements, instruments or other documents
in any appropriate filing office, (ii) authorizes each Agent to file any financing statement required hereunder or under any other
Loan Document, and any continuation statement or amendment with respect thereto, in any appropriate filing office without the
signature of such Loan Party, and (iii) ratifies the filing of any financing statement, and any continuation statement or
amendment with respect thereto, filed without the signature of such Loan Party prior to the date hereof.


 






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Section
7.02 Negative Covenants. So long as any principal of or interest on any Loan or any other Obligation (whether or not
due) shall remain unpaid (other than Contingent Indemnity Obligations) or any Lender shall have any Commitment hereunder, each
Loan Party shall not, unless the Required Lenders shall otherwise consent in writing:


 


(a) Liens,
Etc. Create, incur, assume or suffer to exist, or permit any of its Subsidiaries to create, incur, assume or suffer to exist,
any Lien upon or with respect to any of its properties, whether now owned or hereafter acquired; file or suffer to exist under
the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that
names it or any of its Subsidiaries as debtor; sign or suffer to exist any security agreement authorizing any secured party thereunder
to file such financing statement (or the equivalent thereof) other than, as to all of the above, Permitted Liens.


 


(b) Indebtedness.
Create, incur, assume, guarantee or suffer to exist, or otherwise become or remain liable with respect to, or permit any of its
Subsidiaries to create, incur, assume, guarantee or suffer to exist or otherwise become or remain liable with respect to, any
Indebtedness other than Permitted Indebtedness.


 


(c) Fundamental
Changes; Dispositions.


 


(i) Wind-up,
liquidate or dissolve, or merge, consolidate or amalgamate with any Person, or permit any of its Subsidiaries to do (or agree
to do) any of the foregoing; provided, however, that any wholly-owned Subsidiary of any Loan Party (other than a
Borrower) may be merged into such Loan Party or another wholly-owned Subsidiary of such Loan Party, or may consolidate or amalgamate
with another wholly-owned Subsidiary of such Loan Party, so long as (A) no other provision of this Agreement would be violated
thereby, (B) such Loan Party gives the Agents at least 10 days’ prior written notice of such merger, consolidation or amalgamation
accompanied by drafts of all material agreements, documents and instruments relating to such merger, consolidation or amalgamation,
including, but not limited to, drafts of the certificate or certificates of merger or amalgamation to be filed with each appropriate
Secretary of State, (C) no Default or Event of Default shall have occurred and be continuing either before or after giving
effect to such transaction, (D) the Lenders’ rights in any Collateral, including, without limitation, the existence, perfection
and priority of any Lien thereon, are not adversely affected by such merger, consolidation or amalgamation (except in respect
of a Permitted Investment), (E) promptly following the consummation of such merger, consolidation or amalgamation, such Loan Party
delivers a file-stamped company of the certificate of merger, consolidation or amalgamation to the Agents, and (F) the surviving
Subsidiary, if any, if not already a Loan Party, is joined as a Loan Party hereunder pursuant to a Joinder Agreement and is a
party to a Security Agreement and the Equity Interests of such Subsidiary is the subject of a Security Agreement, in each case,
which is in full force and effect on the date of and immediately after giving effect to such merger, consolidation or amalgamation
(except in respect of a Permitted Investment), and


 


(ii) Make
any Disposition, whether in one transaction or a series of related transactions, all or any part of its business, property or
assets, whether now owned or hereafter acquired (or agree to do any of the foregoing), or permit any of its Subsidiaries to do
any of the foregoing; provided, however, that any Loan Party and its Subsidiaries may make Permitted Dispositions.


 






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(d) Change
in Nature of Business.


 


(i) Make,
or permit any of its Subsidiaries to make, any change in the nature of its business as described in Section 6.01(l).


 


(ii) Permit
the Parent to own any material assets (other than cash, Cash Equivalents and Equity Interests constituting Permitted Investments)
or engage in any operations or business (other than the ownership of Equity Interests constituting Permitted Investments, the
incurrence, management and payment of liabilities to the extent permitted under this Agreement, and activities required to fulfil
its obligations as a public holding company (except to the extent otherwise prohibited under this Agreement)); provided,
that nothing contained herein shall prevent the Parent from entering into and performing its obligations under (A) employment
agreements, stock option agreements and similar agreements with officers, directors and employees of the Parent and its Subsidiaries
in the ordinary course of business and (B) other agreements customarily entered into by holding companies in the ordinary course
of business (in each case, except to the extent otherwise prohibited under this Agreement).


 


(e) Loans,
Advances, Investments, Etc. Make or commit or agree to make, or permit any of its Subsidiaries make or commit or agree to
make, any Investment in any other Person except for Permitted Investments.


 


(f) Sale
and Leaseback Transactions. Enter into, or permit any of its Subsidiaries to enter into, any Sale and Leaseback Transaction.


 


(g) Capital
Expenditures. Make or commit or agree to make, or permit any of its Subsidiaries to make or commit or agree to make, any Capital
Expenditure (by purchase or Capitalized Lease) that would cause the aggregate amount of all Capital Expenditures made by the Loan
Parties and their Subsidiaries in any Fiscal Year to exceed $6,000,000; provided, however, that following a Permitted
Acquisition, the Required Lenders will consider in good faith increasing the amount of Capital Expenditures permitted to be made
in any Fiscal Year; it being understood that any such increase will require the prior written consent of the Required Lenders.


 


(h) Restricted
Payments.  Make or permit any of its Subsidiaries to make any Restricted Payment other than Permitted Restricted
Payments.


 


(i) Federal
Reserve Regulations. Permit any Loan or the proceeds of any Loan under this Agreement to be used for any purpose that would
cause such Loan to be a margin loan under the provisions of Regulation T, U or X of the Board.


 






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(j) Transactions
with Affiliates. Enter into, renew, extend or be a party to, or permit any of its Subsidiaries to enter into, renew, extend
or be a party to, any transaction or series of related transactions (including, without limitation, the purchase, sale, lease,
transfer or exchange of property or assets of any kind or the rendering of services of any kind) with any Affiliate, except (i) transactions
consummated in the ordinary course of business in a manner and to an extent consistent with past practice and necessary or desirable
for the prudent operation of its business, for fair consideration and on terms no less favorable to it or its Subsidiaries than
would be obtainable in a comparable arm’s length transaction with a Person that is not an Affiliate thereof, and that are fully
disclosed to the Agents prior to the consummation thereof, if they involve one or more payments by the Parent or any of its Subsidiaries
in excess of $20,000 for any single transaction or series of related transactions, (ii) transactions with another Loan Party,
(iii) transactions permitted by Section 7.02(e) and Section 7.02(h), (iv) sales of Qualified Equity Interests of the Parent
to Affiliates of the Parent not otherwise prohibited by the Loan Documents and the granting of registration and other customary
rights in connection therewith, (v) reasonable and customary director and officer fees (including bonuses and stock option programs),
benefits and indemnification arrangements, in each case approved by the Board of Directors (or a committee thereof) of such Loan
Party or such Subsidiary (provided, that after the occurrence and during the continuance of an Event of Default, the aggregate
amount of compensation, benefits and indemnification (including reimbursement of out-of-pocket expenses) that may be paid to the
members of the Board of Directors who are not employees of any Loan Party shall not exceed $500,000 in the aggregate in any calendar
year), (vi) royalty-free licenses and other similar transactions between Domestic Subsidiaries and Foreign Subsidiaries, (vii)
transactions among Foreign Subsidiaries and (viii) agreements set forth on Schedule 7.02(j), and any amendments, extensions or
replacements thereto or thereof that could not be reasonably be expected to be adverse to the Loan Parties or the Secured Parties.


 


(k) Limitations
on Dividends and Other Payment Restrictions Affecting Subsidiaries. Create or otherwise cause, incur, assume, suffer or permit
to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Subsidiary of any Loan
Party (i) to pay dividends or to make any other distribution on any shares of Equity Interests of such Subsidiary owned by
any Loan Party or any of its Subsidiaries, (ii) to pay or prepay or to subordinate any Indebtedness owed to any Loan Party
or any of its Subsidiaries, (iii) to make loans or advances to any Loan Party or any of its Subsidiaries or (iv) to
transfer any of its property or assets to any Loan Party or any of its Subsidiaries, or permit any of its Subsidiaries to do any
of the foregoing; provided, however, that nothing in any of clauses (i) through (iv) of this Section 7.02(k) shall
prohibit or restrict compliance with:


 


(A) this
Agreement and the other Loan Documents;


 


(B) any
agreement in effect on the date of this Agreement and described on Schedule 7.02(k), or any extension, replacement or continuation
of any such agreement; provided, that, any such encumbrance or restriction contained in such extended, replaced or continued
agreement is no less favorable to the Agents and the Lenders than the encumbrance or restriction under or pursuant to the agreement
so extended, replaced or continued;


 


(C) any
applicable law, rule or regulation (including, without limitation, applicable currency control laws and applicable state corporate
statutes restricting the payment of dividends in certain circumstances);


 






    	 	- 94 -	 



     


    

 


(D) in
the case of clause (iv), (1) customary restrictions on the subletting, assignment or transfer of any specified property or asset
set forth in a lease, license, asset sale agreement or similar contract for the conveyance of such property or asset and (2) any
instrument or other document evidencing a Permitted Lien (or the Indebtedness secured thereby) from restricting on customary terms
the transfer of any property or assets subject thereto;


 


(E) customary
restrictions on dispositions of real property interests in reciprocal easement agreements;


 


(F) customary
restrictions in agreements for (i) the sale of assets on the transfer or encumbrance of such assets during an interim period prior
to the closing of the sale of such assets and (ii) the sale of the Equity Interests or all or substantially all of the assets
of a Person during an interim period prior to the closing of such transaction (so long as the proceeds of such transaction are
applied to repay the Obligations in full (other than Contingent Indemnity Obligations));


 


(G) restrictions
imposed by Subordinated Debt;


 


(H) restrictions
with respect to deposits held by landlords, insurers and other Persons in the ordinary course of business; and


 


(I) customary
restrictions in contracts that prohibit the assignment of such contract.


 


(l) Limitations
on Negative Pledges. Enter into, incur or permit to exist, or permit any Subsidiary to enter into, incur or permit to exist,
directly or indirectly, any agreement, instrument, deed, lease or other arrangement that prohibits, restricts or imposes any condition
upon the ability of any Loan Party or any Subsidiary of any Loan Party to create, incur or permit to exist any Lien upon any of
its property or revenues, whether now owned or hereafter acquired, or that requires the grant of any security for an obligation
if security is granted for another obligation, except the following: (i) this Agreement and the other Loan Documents, (ii) restrictions
or conditions imposed by any agreement relating to secured Indebtedness permitted by Section 7.02(b) of this Agreement if such
restrictions or conditions apply only to the property or assets securing such Indebtedness, (iii) any customary restrictions and
conditions contained in agreements relating to the sale or other disposition of assets or of a Subsidiary pending such sale or
other disposition; provided that such restrictions and conditions apply only to the assets or Subsidiary to be sold or
disposed of and such sale or disposition is permitted hereunder, (iv) restrictions imposed by Subordinated Debt, (v) restrictions
upon granting Liens on deposits held by landlords, insurers and other Persons in the ordinary course of business, (vi) customary
provisions in leases restricting the assignment or sublet thereof and (vii) agreements described in Section 7.02(k)(F)(ii).


 


(m) Modifications
of Indebtedness, Organizational Documents and Certain Other Agreements; Etc.


 


(i) Amend,
modify or otherwise change (or permit the amendment, modification or other change in any manner of) any of the provisions of any
of its or its Subsidiaries’ Indebtedness or of any instrument or agreement (including, without limitation, any purchase agreement,
indenture, loan agreement or security agreement) relating to any such Indebtedness if such amendment, modification or change would
shorten the final maturity or average life to maturity of, or require any payment to be made earlier than the date originally
scheduled on, such Indebtedness, would increase the interest rate applicable to such Indebtedness, would add any covenant or event
of default, would change the subordination provision, if any, of such Indebtedness, or would otherwise be adverse to the Lenders
or the issuer of such Indebtedness in any respect;


 






    	 	- 95 -	 



     


    

 


(ii) except
for the Obligations, (A) other than with respect to Permitted Refinancing Indebtedness, make any voluntary or optional payment
(including, without limitation, any payment of interest in cash that, at the option of the issuer, may be paid in cash or in kind),
prepayment, redemption, defeasance, sinking fund payment or other acquisition for value of any of its or its Subsidiaries’ Indebtedness
(including, without limitation, by way of depositing money or securities with the trustee therefor before the date required for
the purpose of paying any portion of such Indebtedness when due), (B) refund, refinance, replace or exchange any other Indebtedness
for any such Indebtedness (other than with respect to Permitted Refinancing Indebtedness), (C) make any payment, prepayment, redemption,
defeasance, sinking fund payment or repurchase of any Subordinated Indebtedness in violation of the subordination provisions thereof
or any subordination agreement with respect thereto, or (D) make any payment, prepayment, redemption, defeasance, sinking fund
payment or repurchase of any Indebtedness as a result of any asset sale, change of control, issuance and sale of debt or equity
securities or similar event, or give any notice with respect to any of the foregoing;


 


(iii) amend,
modify or otherwise change any of its Governing Documents (including, without limitation, by the filing or modification of any
certificate of designation, or any agreement or arrangement entered into by it) with respect to any of its Equity Interests (including
any shareholders’ agreement), or enter into any new agreement with respect to any of its Equity Interests, except any such amendments,
modifications or changes or any such new agreements or arrangements pursuant to this clause (iii) that either individually
or in the aggregate could not reasonably be expected to have a Material Adverse Effect; or


 


(iv) agree
to any amendment, modification or other change to or waiver of any of its rights under any Material Contract or any Acquisition
Document if such amendment, modification, change or waiver would be adverse in any material respect to any Loan Party or any of
its Subsidiaries or the Agents and the Lenders (except in respect of any restructuring or settlement of obligations owed to a
Loan Party in respect of a Material Contract).


 


(n) Investment
Company Act of 1940. Engage in any business, enter into any transaction, use any securities or take any other action or permit
any of its Subsidiaries to do any of the foregoing, that would cause it or any of its Subsidiaries to become subject to the registration
requirements of the Investment Company Act of 1940, as amended, by virtue of being an “investment company” or a company
“controlled” by an “investment company” not entitled to an exemption within the meaning of such Act.


 


(o) ERISA.
(i) Engage, or permit any ERISA Affiliate to engage, in any transaction described in Section 4069 of ERISA; (ii) engage,
or permit any ERISA Affiliate to engage, in any prohibited transaction described in Section 406 of ERISA or 4975 of the Internal
Revenue Code for which a statutory or class exemption is not available or a private exemption has not previously been obtained
from the U.S. Department of Labor; (iii) adopt or permit any ERISA Affiliate to adopt any employee welfare benefit plan within
the meaning of Section 3(1) of ERISA which provides benefits to employees after termination of employment other than as required
by Section 601 of ERISA or applicable law; (iv) fail to make any contribution or payment to any Multiemployer Plan which it or
any ERISA Affiliate may be required to make under any agreement relating to such Multiemployer Plan, or any law pertaining thereto;
or (v) fail, or permit any ERISA Affiliate to fail, to pay any required installment or any other payment required under Section
412 of the Internal Revenue Code on or before the due date for such installment or other payment.


 






    	 	- 96 -	 



     


    

 


(p) Environmental.
Permit the use, handling, generation, storage, treatment, Release or disposal of Hazardous Materials at any property owned or
leased by it or any of its Subsidiaries, except in compliance in all material respects with Environmental Laws.


 


(q) Accounting
Methods. Modify or change, or permit any of its Subsidiaries to modify or change, its method of accounting or accounting principles
from those utilized in the preparation of the Financial Statements (other than as may be required to conform to GAAP).


 


(r) Anti-Money
Laundering and Anti-Terrorism Laws.


 


(i) None
of the Loan Parties, nor any agent of any Loan Party, or any Affiliate of any Loan Party that is controlled by a Loan Party, shall:


 


(A) conduct
any business or engage in any transaction or dealing with or for the benefit of any Blocked Person, including the making or receiving
of any contribution of funds, goods or services to, from or for the benefit of any Blocked Person;


 


(B) deal
in, or otherwise engage in any transaction relating to, any property or interests in property blocked or subject to blocking pursuant
to the OFAC Sanctions Programs;


 


(C) use
any of the proceeds of the transactions contemplated by this Agreement to finance, promote or otherwise support in any manner
any illegal activity, including, without limitation, any violation of the Anti-Money Laundering and Anti-Terrorism Laws or any
specified unlawful activity as that term is defined in the Money Laundering Control Act of 1986, 18 U.S.C. §§ 1956
and 1957; or


 


(D) violate,
attempt to violate, or engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading
or avoiding, any of the Anti-Money Laundering and Anti-Terrorism Laws.


 


(ii) None
of the Loan Parties, nor any Affiliate of any of the Loan Party that is controlled by a Loan Party, nor any officer, director
or principal shareholder or owner of any of the Loan Parties, nor any of the Loan Parties’ respective agents acting or benefiting
in any capacity in connection with the Loans or other transactions hereunder, shall be or shall become a Blocked Person.


 






    	 	- 97 -	 



     


    

 


(s) Anti-Bribery
and Anti-Corruption Laws. None of the Loan Parties shall:


 


(i) offer,
promise, pay, give, or authorize the payment or giving of any money, gift or other thing of value, directly or indirectly, to
or for the benefit of any Foreign Official for the purpose of: (1) influencing any act or decision of such Foreign Official in
his, her, or its official capacity; or (2) inducing such Foreign Official to do, or omit to do, an act in violation of the lawful
duty of such Foreign Official, or (3) securing any improper advantage, in order to obtain or retain business for, or with, or
to direct business to, any Person; or


 


(ii) act
or attempt to act in any manner which would subject any of the Loan Parties to liability under any Anti-Corruption Law.


 


(t) Earnout
Payments. Make or permit any of its Subsidiaries to make any cash payment in respect of any earnout or other similar obligation,
including the Earnout Amount and the Additional Consideration (each as defined in the Future Ads Acquisition Agreement) and the
Earnout Amount (as defined in the DeepIntent Acquisition Agreement), under any acquisition agreements (including the Future Ads
Acquisition Agreement and the DeepIntent Acquisition Agreement) without the prior written consent of the Required Lenders other
than:


 


(i) the
Future Ads Deferred Consideration to the extent such amount is paid on or before the date that is 10 Business Days after the Effective
Date;


 


(ii) cash
payments not to exceed $1,000,000 in any Fiscal Year and $5,000,000 during the term of this Agreement in respect of any earnout
or other similar obligation payable under the Future Ads Acquisition Agreement, each payment of which may be paid after (but no
later than 10 Business Days after) the date on which the Agents have received the audited annual financial statements deliverable
pursuant to Section 7.01(a)(iii) so long as (A) no Default or Event of Default has occurred and is continuing at the time such
payment is proposed to be made or would result from the making of such payment and (B) the Consolidated Adjusted EBITDA of the
Parent and its Subsidiaries for the Fiscal Year with respect to which such annual financial statements have been delivered shall
not be less than $45,000,000;


 


(iii) cash
payments not to exceed $1,000,000 in any Fiscal Year and $3,000,000 during the term of this Agreement in respect of any earnout
or other similar obligation payable under the DeepIntent Acquisition Agreement so long as (A) no Default or Event of Default has
occurred and is continuing at the time such payment is proposed to be made or would result from the making of such payment and
(B) the Borrowers have Qualified Cash of not less than $1,500,000 after giving effect to such payment; or


 


(iv) unless
(A) such payment is funded solely with proceeds from the issuance of Qualified Equity Interests of the Parent (or capital contributions
to the Parent), which Equity Issuance or capital contribution is designated, pursuant to a certificate of an Authorized Officer
of the Parent delivered to the Agents at the time such proceeds are received by the Parent, as either (1) being issued (or made)
for the purpose of funding strategic acquisitions of the Parent and its Subsidiaries (including the payment of earnouts and other
deferred compensation obligations in connection therewith) or (2) being issued or utilized in whole or in part to satisfy the
Earnout Amount or the Additional Consideration contemplated by the Future Ads Acquisition Agreement, and (B) no Default or Event
of Default has occurred and is continuing at the time such payment is proposed to be made, or would result from the making of
such payment.


 






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Section
7.03 Leverage Ratio. So long as any principal of or interest on any Loan or any other Obligation (whether or not due)
shall remain unpaid (other than Contingent Indemnity Obligations) or any Lender shall have any Commitment hereunder, each Loan
Party shall not, unless the Required Lenders shall otherwise consent in writing, permit the Leverage Ratio of the Parent and its
Subsidiaries for any four fiscal quarter period of the Parent and its Subsidiaries for which the last quarter ends on a date set
forth below to be greater than the ratio set forth opposite such date:


 


	Fiscal
Quarter End
	 	 	Leverage Ratio	 
	June 30, 2018 through the fiscal quarter ending March 31, 2019	 	 	2.25:
                                                                                      1.00	 
	 	 	 	 	 
	June 30, 2019 and each fiscal quarter thereafter	 	 	2.00:
                                                                                      1.00	 



 


ARTICLE
VIII


 


CASH
MANAGEMENT ARRANGEMENTS


AND
OTHER COLLATERAL MATTERS


 


Section
8.01 Cash Management Arrangements. (a) The Loan Parties shall (i) establish and maintain cash management services
of a type and on terms reasonably satisfactory to the Agents at one or more of the banks set forth on Schedule 8.01 (each a “Cash
Management Bank”) and (ii) except as otherwise provided under Section 8.01(b), deposit or cause to be deposited promptly,
and in any event no later than the next Business Day after the date of receipt thereof, all proceeds in respect of any Collateral,
all Collections (of a nature susceptible to a deposit in a bank account) and all other amounts received by any Loan Party (including
payments made by Account Debtors directly to any Loan Party and remittances on credit card sales) into a Cash Management Account.


 


(b) Within
45 days after the Effective Date, the Loan Parties shall deliver to the Collateral Agent a Control Agreement with respect to each
Cash Management Account (other than Excluded Accounts) maintained by the Loan Parties. From and after the date that is 45 days
following the Effective Date, the Loan Parties shall not maintain, and shall not permit any of their Subsidiaries to maintain,
cash, Cash Equivalents or other amounts in any deposit account or securities account, unless the Collateral Agent shall have received
a Control Agreement in respect of each such Cash Management Account (other than Excluded Accounts).


 






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(c) Upon
the terms and subject to the conditions set forth in a Control Agreement with respect to a Cash Management Account, at the direction
of the Administrative Agent all amounts received in such Cash Management Account shall be wired each Business Day into the Administrative
Agent’s Account, except that, so long as no Event of Default has occurred and is continuing, the Administrative Agent will not
direct the Cash Management Bank to transfer funds in such Cash Management Account to the Administrative Agent’s Account.


 


(d) So
long as no Default or Event of Default has occurred and is continuing, the Borrowers may amend Schedule 8.01 to add or replace
a Cash Management Bank or Cash Management Account; provided, however, that (i) such prospective Cash Management
Bank shall be reasonably satisfactory to the Collateral Agent and the Collateral Agent shall have consented in writing in advance
to the opening of such Cash Management Account with the prospective Cash Management Bank, and (ii) prior to the time of the opening
of such Cash Management Account, each Loan Party and such prospective Cash Management Bank shall have executed and delivered to
the Collateral Agent a Control Agreement. Each Loan Party shall close any of its Cash Management Accounts (and establish replacement
cash management accounts in accordance with the foregoing sentence) promptly and in any event within 30 days of notice from the
Collateral Agent that the creditworthiness of any Cash Management Bank is no longer acceptable in the Collateral Agent’s reasonable
judgment, or that the operating performance, funds transfer, or availability procedures or performance of such Cash Management
Bank with respect to Cash Management Accounts or the Collateral Agent’s liability under any Control Agreement with such Cash Management
Bank is no longer acceptable in the Collateral Agent’s reasonable judgment.


 


ARTICLE
IX


 


EVENTS
OF DEFAULT


 


Section
9.01 Events of Default. Each of the following events shall constitute an event of default (each, an “Event of
Default”):


 


(a) any
Borrower shall fail to pay, when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise),
(i) any interest on any Loan, any Agent Advance, or any fee, indemnity or other amount payable under this Agreement (other than
any portion thereof constituting principal of the Loans) or any other Loan Document, or (ii) all or any portion of the principal
of the Loans;


 


(b) any
representation or warranty made or deemed made by or on behalf of any Loan Party or by any officer of the foregoing under or in
connection with any Loan Document or under or in connection with any certificate or other writing delivered to any Secured Party
pursuant to any Loan Document shall have been incorrect in any material respect (or in any respect if such representation or warranty
is qualified or modified as to materiality or “Material Adverse Effect” in the text thereof) when made or deemed made;


 






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(c) (i)
any Loan Party shall fail to perform or comply with any covenant or agreement contained in Section 5.03, Section 7.01(c), Section
7.01(d), Section 7.01(h), Section 7.01(k), Section 7.01(p), Section 7.01(r), Section 7.02, Section 7.03, or Article VIII, (ii)
any Loan Party shall fail to perform or comply with any covenant or agreement contained in any Security Agreement to which it
is a party or any Mortgage to which it is a party, or (iii) any Loan Party shall fail to perform or comply with any covenant or
agreement contained in Section 7.01(f), Section 7.01(m), or Section 7.01(o), and, solely in the case of this clause (iii), such
failure shall continue unremedied for five (5) days following such failure in the case of a breach of Section 7.01(f), or five
(5) days following notice of such failure, in the case of a breach of Section 7.01(m) or Section 7.01(o); or (iv) any Loan Party
shall fail to perform or comply with any covenant or agreement contained in Section 7.01(a), and, solely in the case of this clause
(iv), such failure shall continue unremedied for three (3) days; provided that such grace period shall not be applicable
more than 3 times during any 12-month period;


 


(d) any
Loan Party shall fail to perform or comply with any other term, covenant or agreement contained in any Loan Document to be performed
or observed by it and, except as set forth in subsections (a), (b) and (c) of this Section 9.01, such failure, if capable of being
remedied, shall remain unremedied for 15 days after the earlier of the date a senior officer of any Loan Party has knowledge of
such failure and the date written notice of such default shall have been given by any Agent to such Loan Party;


 


(e) any
Loan Party shall fail to pay when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise)
any principal, interest or other amount payable in respect of Indebtedness (excluding Indebtedness evidenced by this Agreement)
having an aggregate amount outstanding in excess of $500,000, and such failure shall continue after the applicable grace period,
if any, specified in the agreement or instrument relating to such Indebtedness, or any other default under any agreement or instrument
relating to any such Indebtedness, or any other event, shall occur and shall continue after the applicable grace period, if any,
specified in such agreement or instrument, if the effect of such default or event is to accelerate, or to permit the acceleration
of, the maturity of such Indebtedness; or any such Indebtedness shall be declared to be due and payable, or required to be prepaid
(other than by a regularly scheduled required prepayment), redeemed, purchased or defeased or an offer to prepay, redeem, purchase
or defease such Indebtedness shall be required to be made, in each case, prior to the stated maturity thereof;


 


(f) any
Loan Party (i) shall institute any proceeding or voluntary case seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution,
liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any
law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking the entry of an order for relief or the
appointment of a receiver, trustee, custodian or other similar official for any such Person or for any substantial part of its
property, (ii) shall be generally not paying its debts as such debts become due or shall admit in writing its inability to pay
its debts generally, (iii) shall make a general assignment for the benefit of creditors, or (iv) shall take any action to authorize
or effect any of the actions set forth above in this subsection (f);


 






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(g) any
proceeding shall be instituted against any Loan Party seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution,
liquidation, winding up, reorganization, arrangement, adjustment, protection, relief of debtors, or seeking the entry of an order
for relief or the appointment of a receiver, trustee, custodian or other similar official for any such Person or for any substantial
part of its property, and either such proceeding shall remain undismissed or unstayed for a period of 45 days or any of the actions
sought in such proceeding (including, without limitation, the entry of an order for relief against any such Person or the appointment
of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property) shall occur;


 


(h) any
material provision of any Loan Document shall at any time for any reason (other than pursuant to the express terms thereof) cease
to be valid and binding on or enforceable against any Loan Party intended to be a party thereto, or the validity or enforceability
thereof shall be contested by any party thereto, or a proceeding shall be commenced by any Loan Party or any Governmental Authority
having jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof, or any Loan Party shall
deny in writing that it has any liability or obligation purported to be created under any Loan Document;


 


(i) any
Security Agreement, any Mortgage or any other security document, after delivery thereof pursuant hereto, shall for any reason
fail or cease to create a valid and perfected and, except to the extent permitted by the terms hereof or thereof, first priority
Lien in favor of the Collateral Agent for the benefit of the Agents and the Lenders on any Collateral purported to be covered
thereby which has a fair market value greater than $500,000;


 


(j) one
or more judgments, orders or awards (or any settlement of any litigation or other proceeding that, if breached, could result in
a judgment, order or award) for the payment of money exceeding $500,000 in the aggregate (except to the extent fully covered (other
than to the extent of customary deductibles) by insurance pursuant to which the insurer has been notified and has not denied coverage)
shall be rendered against any Loan Party and remain unsatisfied and (i) enforcement proceedings shall have been commenced
by any creditor upon any such judgment, order, award or settlement or (ii) there shall be a period of 10 consecutive days
after entry thereof during which (A) a stay of enforcement thereof is not be in effect or (B) the same is not vacated, discharged,
stayed or bonded pending appeal;


 


(k) any
Loan Party is enjoined, restrained or in any way prevented by the order of any court or any Governmental Authority from conducting,
or otherwise ceases to conduct for any reason whatsoever, all or any material part of its business for more than 15 days;


 


(l) any
material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute,
embargo, condemnation, act of God or public enemy, or other casualty which causes, for more than 15 consecutive days, the cessation
or substantial curtailment of revenue producing activities at any facility of any Loan Party, if any such event or circumstance
could reasonably be expected to have a Material Adverse Effect;


 






    	 	- 102 -	 



     


    

 


(m) the
loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by any Loan Party,
if such loss, suspension, revocation or failure to renew could reasonably be expected to have a Material Adverse Effect;


 


(n) the
indictment of the Parent or any of its Subsidiaries under any criminal statute, or commencement of criminal or civil proceedings
against the Parent or any of its Subsidiaries, pursuant to which statute or proceedings the penalties or remedies sought or available
include forfeiture to any Governmental Authority of any material portion of the property of such Person;


 


(o) any
Loan Party or any of its ERISA Affiliates shall have made a complete or partial withdrawal from a Multiemployer Plan, and, as
a result of such complete or partial withdrawal, any Loan Party or any of its ERISA Affiliates incurs a withdrawal liability in
an annual amount exceeding $250,000; or a Multiemployer Plan enters reorganization status under Section 4241 of ERISA, and,
as a result thereof any Loan Party’s or any of its ERISA Affiliates’ annual contribution requirements with respect to such Multiemployer
Plan increases in an annual amount exceeding $250,000;


 


(p) any
Termination Event with respect to any Employee Plan shall have occurred, and, 30 days after notice thereof shall have been given
to any Loan Party by any Agent, (i) such Termination Event (if correctable) shall not have been corrected, and (ii) the then current
value of such Employee Plan’s vested benefits exceeds the then current value of assets allocable to such benefits in such Employee
Plan by more than $250,000 (or, in the case of a Termination Event involving liability under Section 409, 502(i), 502(l), 515,
4062, 4063, 4064, 4069, 4201, 4204 or 4212 of ERISA or Section 4971 or 4975 of the Internal Revenue Code, the liability is in
excess of such amount);


 


(q) (i)
there shall occur and be continuing any “Event of Default” (or any comparable term) under, and as defined in the documents
evidencing or governing any Subordinated Indebtedness, (ii) any of the Obligations for any reason shall cease to be “Senior
Indebtedness” or “Designated Senior Indebtedness” (or any comparable terms) under, and as defined in the documents
evidencing or governing any Subordinated Indebtedness, (iii) any Indebtedness other than the Obligations shall constitute “Designated
Senior Indebtedness” (or any comparable term) under, and as defined in, the documents evidencing or governing any Subordinated
Indebtedness, (iv) any holder of Subordinated Indebtedness shall fail to perform or comply with any of the subordination provisions
of the documents evidencing or governing such Subordinated Indebtedness, or (v) the subordination provisions of the documents
evidencing or governing any Subordinated Indebtedness shall, in whole or in part, terminate, cease to be effective or cease to
be legally valid, binding and enforceable against any holder of the applicable Subordinated Indebtedness;


 


(r) any
Credit Card Issuer or Credit Card Processor withholds payment of amounts otherwise payable to any Loan Party to fund a reserve
account or otherwise hold as collateral, or shall require any Loan Party to pay funds into a reserve account or for such Credit
Card Issuer or Credit Card Processor to otherwise hold as collateral, or any Loan Party shall provide a letter of credit, guarantee,
indemnity or similar instrument to or in favor of such Credit Card Issuer or Credit Card Processor such that in the aggregate
all of such funds in the reserve account, other amounts held as collateral and the amount of such letters of credit, guarantees,
indemnities or similar instruments shall exceed $250,000; or


 






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(s) a
Change of Control shall have occurred;


 


then,
and in any such event, the Collateral Agent may, and shall at the request of the Required Lenders, by notice to the Administrative
Borrower, (i) terminate or reduce all Commitments, whereupon all Commitments shall immediately be so terminated or reduced, (ii)
declare all or any portion of the Loans then outstanding to be accelerated and due and payable, whereupon all or such portion
of the aggregate principal of all Loans, all accrued and unpaid interest thereon, all fees and all other amounts payable under
this Agreement and the other Loan Documents shall become due and payable immediately, together with the payment of the Applicable
Premium (if any) with respect to the Commitments so terminated and the Loans so repaid, without presentment, demand, protest or
further notice of any kind, all of which are hereby expressly waived by each Loan Party and (iii) exercise any and all of
its other rights and remedies under applicable law, hereunder and under the other Loan Documents; provided, however,
that upon the occurrence of any Event of Default described in subsection (f) or (g) of this Section 9.01 with respect to any Loan
Party, without any notice to any Loan Party or any other Person or any act by any Agent or any Lender, all Commitments shall automatically
terminate and all Loans then outstanding, together with all accrued and unpaid interest thereon, all fees and all other amounts
due under this Agreement and the other Loan Documents , including, without limitation, the Applicable Premium (if any), shall
be accelerated and become due and payable automatically and immediately, without presentment, demand, protest or notice of any
kind, all of which are expressly waived by each Loan Party.


 


ARTICLE
X


 


AGENTS


 


Section
10.01 Appointment. Each Lender (and each subsequent maker of any Loan by its making thereof) hereby irrevocably appoints,
authorizes and empowers the Administrative Agent and the Collateral Agent to perform the duties of each such Agent as set forth
in this Agreement and the other Loan Documents, together with such actions and powers as are reasonably incidental thereto, including:
(i) to receive on behalf of each Lender any payment of principal of or interest on the Loans outstanding hereunder and all
other amounts accrued hereunder for the account of the Lenders and paid to such Agent, and to distribute promptly to each Lender
its Pro Rata Share of all payments so received; (ii) to distribute to each Lender copies of all material notices and agreements
received by such Agent and not required to be delivered to each Lender pursuant to the terms of this Agreement, provided that
the Agents shall not have any liability to the Lenders for any Agent’s inadvertent failure to distribute any such notices or agreements
to the Lenders; (iii) to maintain, in accordance with its customary business practices, ledgers and records reflecting the
status of the Obligations, the Loans, and related matters and to maintain, in accordance with its customary business practices,
ledgers and records reflecting the status of the Collateral and related matters; (iv) to execute or file any and all financing
or similar statements or notices, amendments, renewals, supplements, documents, instruments, proofs of claim, notices and other
written agreements with respect to this Agreement or any other Loan Document; (v) to make the Loans and Agent Advances, for
such Agent or on behalf of the applicable Lenders as provided in this Agreement or any other Loan Document; (vi) to perform,
exercise, and enforce any and all other rights and remedies of the Lenders with respect to the Loan Parties, the Obligations,
or otherwise related to any of same to the extent reasonably incidental to the exercise by such Agent of the rights and remedies
specifically authorized to be exercised by such Agent by the terms of this Agreement or any other Loan Document; (vii)  to
incur and pay such fees necessary or appropriate for the performance and fulfillment of its functions and powers pursuant to this
Agreement or any other Loan Document; (viii) subject to Section 10.03, to take such action as such Agent deems appropriate
on its behalf to administer the Loans and the Loan Documents and to exercise such other powers delegated to such Agent by the
terms hereof or the other Loan Documents (including, without limitation, the power to give or to refuse to give notices, waivers,
consents, approvals and instructions and the power to make or to refuse to make determinations and calculations); and (ix) to
act with respect to all Collateral under the Loan Documents, including for purposes of acquiring, holding and enforcing any and
all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations. As to any matters not expressly provided
for by this Agreement and the other Loan Documents (including, without limitation, enforcement or collection of the Loans), the
Agents shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting
(and shall be fully protected in so acting or refraining from acting) upon the instructions of 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), and such instructions
of 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) shall be binding upon all Lenders and all makers of Loans; provided, however, the Agents shall
not be required to take any action which, in the reasonable opinion of any Agent, exposes such Agent to liability or which is
contrary to this Agreement or any other Loan Document or applicable law.


 






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Section
10.02 Nature of Duties; Delegation. (a) The Agents shall have no duties or responsibilities except those expressly set
forth in this Agreement or in the other Loan Documents. The duties of the Agents shall be mechanical and administrative in nature.
The Agents shall not have by reason of this Agreement or any other Loan Document a fiduciary relationship in respect of any Lender.
Nothing in this Agreement or any other Loan Document, express or implied, is intended to or shall be construed to impose upon
the Agents any obligations in respect of this Agreement or any other Loan Document except as expressly set forth herein or therein.
Each Lender shall make its own independent investigation of the financial condition and affairs of the Loan Parties in connection
with the making and the continuance of the Loans hereunder and shall make its own appraisal of the creditworthiness of the Loan
Parties and the value of the Collateral, and the Agents shall have no duty or responsibility, either initially or on a continuing
basis, to provide any Lender with any credit or other information with respect thereto, whether coming into their possession before
the initial Loan hereunder or at any time or times thereafter, provided that, upon the reasonable request of a Lender, each Agent
shall provide to such Lender any documents or reports delivered to such Agent by the Loan Parties pursuant to the terms of this
Agreement or any other Loan Document. If any Agent seeks the consent or approval of 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) to the taking or refraining
from taking any action hereunder, such Agent shall send notice thereof to each Lender. Each Agent shall promptly notify each Lender
any time that 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) have instructed such Agent to act or refrain from acting pursuant hereto.


 


(b) Each
Agent may, upon any term or condition it specifies, delegate or exercise any of its rights, powers and remedies under, and delegate
or perform any of its duties or any other action with respect to, any Loan Document by or through any trustee, co-agent, employee,
attorney-in-fact and any other Person (including any Lender). Any such Person shall benefit from this Article X to the extent
provided by the applicable Agent.


 


Section
10.03 Rights, Exculpation, Etc. The Agents and their directors, officers, agents or employees shall not be liable for
any action taken or omitted to be taken by them under or in connection with this Agreement or the other Loan Documents, except
for their own gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent
jurisdiction. Without limiting the generality of the foregoing, the Agents (i) may treat the payee of any Loan as the owner
thereof until the Agents receive written notice of the assignment or transfer thereof, pursuant to Section 12.07 hereof, signed
by such payee and in form satisfactory to the Collateral Agent (and, with respect to Revolving Loans and/or Revolving Credit Commitments,
the Administrative Agent); (ii) may consult with legal counsel (including, without limitation, counsel to any Agent or counsel
to the Loan Parties), independent public accountants, and other experts selected by any of them and shall not be liable for any
action taken or omitted to be taken in good faith by any of them in accordance with the advice of such counsel or experts; (iii) make
no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, certificates, warranties
or representations made in or in connection with this Agreement or the other Loan Documents; (iv) shall not have any duty
to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement
or the other Loan Documents on the part of any Person, the existence or possible existence of any Default or Event of Default,
or to inspect the Collateral or other property (including, without limitation, the books and records) of any Person; (v) shall
not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value
of this Agreement or the other Loan Documents or any other instrument or document furnished pursuant hereto or thereto; and (vi)
shall not be deemed to have made any representation or warranty regarding the existence, value or collectibility of the Collateral,
the existence, priority or perfection of the Collateral Agent’s Lien thereon, or any certificate prepared by any Loan Party in
connection therewith, nor shall the Agents be responsible or liable to the Lenders for any failure to monitor or maintain any
portion of the Collateral. The Agents shall not be liable for any apportionment or distribution of payments made in good faith
pursuant to Section 4.03, and if any such apportionment or distribution is subsequently determined to have been made in error,
and the sole recourse of any Lender to whom payment was due but not made shall be to recover from other Lenders any payment in
excess of the amount which they are determined to be entitled. The Agents may at any time request instructions from the Lenders
with respect to any actions or approvals which by the terms of this Agreement or of any of the other Loan Documents the Agents
are permitted or required to take or to grant, and if such instructions are promptly requested, the Agents shall be absolutely
entitled to refrain from taking any action or to withhold any approval under any of the Loan Documents until they shall have received
such instructions from the Required Lenders. Without limiting the foregoing, no Lender shall have any right of action whatsoever
against any Agent as a result of such Agent acting or refraining from acting under this Agreement or any of the other Loan Documents
in accordance with the instructions of 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).


 






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Section
10.04 Reliance. Each Agent shall be entitled to rely upon any written notices, statements, certificates, orders or other
documents or any telephone message believed by it in good faith to be genuine and correct and to have been signed, sent or made
by the proper Person, and with respect to all matters pertaining to this Agreement or any of the other Loan Documents and its
duties hereunder or thereunder, upon advice of counsel selected by it.


 


Section
10.05 Indemnification. To the extent that any Agent is not reimbursed and indemnified by any Loan Party, and whether
or not such Agent has made demand on any Loan Party for the same, the Lenders will, within five days of written demand by such
Agent, reimburse such Agent for and indemnify such Agent from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses (including, without limitation, client charges and expenses of counsel or
any other advisor to such Agent), advances or disbursements of any kind or nature whatsoever which may be imposed on, incurred
by, or asserted against such Agent in any way relating to or arising out of this Agreement or any of the other Loan Documents
or any action taken or omitted by such Agent under this Agreement or any of the other Loan Documents, in proportion to each Lender’s
Pro Rata Share, including, without limitation, advances and disbursements made pursuant to Section 10.08; provided, however,
that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses, advances or disbursements for which there has been a final non-appealable judicial determination that
such liability resulted from such Agent’s gross negligence or willful misconduct. The obligations of the Lenders under this Section
10.05 shall survive the payment in full of the Loans and the termination of this Agreement.


 


Section
10.06 Agents Individually. With respect to its Pro Rata Share of the Total Commitment hereunder and the Loans made by
it, each Agent shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities
as and to the extent set forth herein for any other Lender or maker of a Loan. The terms “Lenders” or “Required
Lenders” or any similar terms shall, unless the context clearly otherwise indicates, include each Agent in its individual
capacity as a Lender or one of the Required Lenders. Each Agent and its Affiliates may accept deposits from, lend money to, and
generally engage in any kind of banking, trust or other business with any Borrower as if it were not acting as an Agent pursuant
hereto without any duty to account to the other Lenders.


 


Section
10.07 Successor Agent. (a)  Any Agent may at any time give at least 30 (or, if the Total Revolving Credit
Commitment is reduced to zero, 10) days prior written notice of its resignation to the Lenders and the Administrative Borrower.
Upon receipt of any such notice of resignation, the Required Lenders shall have the right to appoint a successor Agent. If no
such successor Agent shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 (or,
if the Total Revolving Credit Commitment is reduced to zero, 10) days after the retiring Agent gives notice of its resignation
(or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the
retiring Agent may (but shall not be obligated to), on behalf of the Lenders, appoint a successor Agent. Whether or not a successor
Agent has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective
Date.


 






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(b) With
effect from the Resignation Effective Date, (i) the retiring Agent shall be discharged from its duties and obligations hereunder
and under the other Loan Documents (except that in the case of any Collateral held by such Agent on behalf of the Secured Parties
under any of the Loan Documents, the retiring Agent shall continue to hold such collateral security until such time as a successor
Agent is appointed) and (ii) all payments, communications and determinations provided to be made by, to or through such retiring
Agent shall instead be made by or to each Lender directly, until such time, if any, as a successor Agent shall have been appointed
as provided for above. Upon the acceptance of a successor’s Agent’s appointment as Agent hereunder, such successor shall succeed
to and become vested with all of the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall
be discharged from all of its duties and obligations hereunder or under the other Loan Documents. After the retiring Agent’s resignation
hereunder and under the other Loan Documents, the provisions of this Article, Section 12.04 and Section 12.15 shall continue in
effect for the benefit of such retiring Agent in respect of any actions taken or omitted to be taken by it while the retiring
Agent was acting as Agent.


 


Section
10.08 Collateral Matters.


 


(a) Each
Agent may from time to time make such disbursements and advances (“Agent Advances”) which such Agent, in its
sole discretion, deems necessary or desirable to preserve, protect, prepare for sale or lease or dispose of the Collateral or
any portion thereof, to enhance the likelihood or maximize the amount of repayment by the Borrowers of the Loans and other Obligations
or to pay any other amount chargeable to the Borrowers pursuant to the terms of this Agreement, including, without limitation,
costs, fees and expenses as described in Section 12.04. The Agent Advances shall be repayable on demand and be secured by the
Collateral and shall bear interest at a rate per annum equal to the rate then applicable to Revolving Loans that are Reference
Rate Loans. The Agent Advances shall constitute Obligations hereunder which may be charged to the Loan Account in accordance with
Section 4.01. The Agent making any Agent Advances shall notify each Lender and the Administrative Borrower in writing of each
such Agent Advance, which notice shall include a description of the purpose of such Agent Advance. Without limitation to its obligations
pursuant to Section 10.05, each Lender agrees that it shall make available to the Agent making any Agent Advances, upon such Agent’s
demand, in Dollars in immediately available funds, the amount equal to such Lender’s Pro Rata Share of each such Agent Advance.
If such funds are not made available to the Agent making such Agent Advance by such Lender, such Agent shall be entitled to recover
such funds on demand from such Lender, together with interest thereon for each day from the date such payment was due until the
date such amount is paid to the such Agent, at the Federal Funds Effective Rate for three Business Days and thereafter at the
Reference Rate.


 


(b) The
Lenders hereby irrevocably authorize the Collateral Agent, at its option and in its discretion, to release any Lien granted to
or held by the Collateral Agent upon any Collateral upon termination of the Total Commitment and payment and satisfaction of all
Loans and all other Obligations (other than Contingent Indemnity Obligations), in each case, in accordance with the terms hereof;
or constituting property being sold or disposed of in the ordinary course of any Loan Party’s business or otherwise in compliance
with the terms of this Agreement and the other Loan Documents; or constituting property in which the Loan Parties owned no interest
at the time the Lien was granted or at any time thereafter; or if approved, authorized or ratified in writing by the Lenders in
accordance with Section 12.02, and, if all of the Equity Interests of any Guarantor are disposed of in accordance with the terms
of this Agreement, to release the Guaranty of such Guarantor. Upon request by the Collateral Agent at any time, the Lenders will
confirm in writing the Collateral Agent’s authority to release particular types or items of Collateral pursuant to this Section
10.08(b).


 






    	 	- 107 -	 



     


    

 


(c) Without
in any manner limiting the Collateral Agent’s authority to act without any specific or further authorization or consent by the
Lenders (as set forth in Section 10.08(b)), each Lender agrees to confirm in writing, upon request by the Collateral Agent, the
authority to release Collateral or Guaranties conferred upon the Collateral Agent under Section 10.08(b). Upon receipt by the
Collateral Agent of confirmation from the Lenders of its authority to release any particular item or types of Collateral or Guaranty
and upon prior written request by any Loan Party, the Collateral Agent shall (and is hereby irrevocably authorized by the Lenders
to) execute such documents as may be necessary to evidence the release of the Liens granted to the Collateral Agent for the benefit
of the Secured Parties upon such Collateral or such Guaranty; provided, however, that (i) the Collateral Agent shall
not be required to execute any such document on terms which, in the Collateral Agent’s opinion, would expose the Collateral Agent
to liability or create any obligations or entail any consequence other than the release of such Liens or Guaranty without recourse
or warranty, and (ii) such release shall not in any manner discharge, affect or impair the Obligations or any Lien upon (or obligations
of any Loan Party in respect of) all interests in the Collateral retained by any Loan Party.


 


(d) Anything
contained in any of the Loan Documents to the contrary notwithstanding, the Loan Parties, each Agent and each Lender hereby agree
that (i) no Lender shall have any right individually to realize upon any of the Collateral under any Loan Document or to enforce
any Guaranty, it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely
by the Collateral Agent for the benefit of the Lenders in accordance with the terms thereof, (ii) in the event of a foreclosure
by the Collateral Agent on any of the Collateral pursuant to a public or private sale, the Administrative Agent, the Collateral
Agent or any Lender may be the purchaser of any or all of such Collateral at any such sale and (iii) the Collateral Agent,
as agent for and representative of the Agents and the Lenders (but not any other Agent or any Lender or Lenders in its or their
respective individual capacities unless the Required Lenders shall otherwise agree in writing) shall be entitled (either directly
or through one or more acquisition vehicles) for the purpose of bidding and making settlement or payment of the purchase price
for all or any portion of the Collateral to be sold (A) at any public or private sale, (B) at any sale conducted by the Collateral
Agent under the provisions of the Uniform Commercial Code (including pursuant to Sections 9-610 or 9-620 of the Uniform Commercial
Code), (C) at any sale or foreclosure conducted by the Collateral Agent (whether by judicial action or otherwise) in accordance
with applicable law or (D) any sale conducted pursuant to the provisions of any Debtor Relief Law (including Section 363 of the
Bankruptcy Code), to use and apply all or any of the Obligations as a credit on account of the purchase price for any Collateral
payable by the Collateral Agent at such sale.


 






    	 	- 108 -	 



     


    

 


(e) The
Collateral Agent shall have no obligation whatsoever to any Lender to assure that the Collateral exists or is owned by the Loan
Parties or is cared for, protected or insured or has been encumbered or that the Lien granted to the Collateral Agent pursuant
to this Agreement or any other Loan Document has been properly or sufficiently or lawfully created, perfected, protected or enforced
or is entitled to any particular priority, or to exercise at all or in any particular manner or under any duty of care, disclosure
or fidelity, or to continue exercising, any of the rights, authorities and powers granted or available to the Collateral Agent
in this Section 10.08 or in any other Loan Document, it being understood and agreed that in respect of the Collateral, or any
act, omission or event related thereto, the Collateral Agent may act in any manner it may deem appropriate, in its sole discretion,
given the Collateral Agent’s own interest in the Collateral as one of the Lenders and that the Collateral Agent shall have no
duty or liability whatsoever to any other Lender, except as otherwise provided herein.


 


Section
10.09 Agency for Perfection. Each Agent and each Lender hereby appoints each other Agent and each other Lender as agent
and bailee for the purpose of perfecting the security interests in and liens upon the Collateral in assets which, in accordance
with Article 9 of the Uniform Commercial Code, can be perfected only by possession or control (or where the security interest
of a secured party with possession or control has priority over the security interest of another secured party) and each Agent
and each Lender hereby acknowledges that it holds possession of or otherwise controls any such Collateral for the benefit of the
Agents and the Lenders as secured party. Should the Administrative Agent or any Lender obtain possession or control of any such
Collateral, the Administrative Agent or such Lender shall notify the Collateral Agent thereof, and, promptly upon the Collateral
Agent’s request therefor shall deliver such Collateral to the Collateral Agent or in accordance with the Collateral Agent’s instructions.
In addition, the Collateral Agent shall also have the power and authority hereunder to appoint such other sub-agents as may be
necessary or required under applicable state law or otherwise to perform its duties and enforce its rights with respect to the
Collateral and under the Loan Documents. Each Loan Party by its execution and delivery of this Agreement hereby consents to the
foregoing.


 


Section
10.10 No Reliance on any Agent’s Customer Identification Program. Each Lender acknowledges and agrees that neither such
Lender, nor any of its Affiliates, participants or assignees, may rely on any Agent to carry out such Lender’s, Affiliate’s, participant’s
or assignee’s customer identification program, or other requirements imposed by the USA PATRIOT Act or the regulations issued
thereunder, including the regulations set forth in 31 C.F.R. §§ 1010.100(yy), (iii), 1020.100, and 1020.220 (formerly
31 C.F.R. § 103.121), as hereafter amended or replaced (“CIP Regulations”), or any other Anti-Terrorism Laws, including
any programs involving any of the following items relating to or in connection with any of the Loan Parties, their Affiliates
or their agents, the Loan Documents or the transactions hereunder or contemplated hereby: (1) any identity verification procedures,
(2) any recordkeeping, (3) comparisons with government lists, (4) customer notices or (5) other procedures required under the
CIP Regulations or other regulations issued under the USA PATRIOT Act. Each Lender, Affiliate, participant or assignee subject
to Section 326 of the USA PATRIOT Act will perform the measures necessary to satisfy its own responsibilities under the CIP
Regulations.


 






    	 	- 109 -	 



     


    

 


Section
10.11 No Third Party Beneficiaries. The provisions of this Article are solely for the benefit of the Secured Parties,
and no Loan Party shall have rights as a third-party beneficiary of any of such provisions.


 


Section
10.12 No Fiduciary Relationship. It is understood and agreed that the use of the term “agent” herein or in
any other Loan Document (or any other similar term) with reference to any 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
10.13 Reports; Confidentiality; Disclaimers. By becoming a party to this Agreement, each Lender:


 


(a) is
deemed to have requested that each Agent furnish such Lender, promptly after it becomes available, a copy of each field audit
or examination report with respect to the Parent or any of its Subsidiaries (each, a “Report”) prepared by or
at the request of such Agent, and each Agent shall so furnish each Lender with each such Report,


 


(b) expressly
agrees and acknowledges that the Agents (i) do not make any representation or warranty as to the accuracy of any Reports, and
(ii) shall not be liable for any information contained in any Reports,


 


(c) expressly
agrees and acknowledges that the Reports are not comprehensive audits or examinations, that any Agent or other party performing
any audit or examination will inspect only specific information regarding the Parent and its Subsidiaries and will rely significantly
upon the Parent’s and its Subsidiaries’ books and records, as well as on representations of their personnel,


 


(d) agrees
to keep all Reports and other material, non-public information regarding the Parent and its Subsidiaries and their operations,
assets, and existing and contemplated business plans in a confidential manner in accordance with Section 12.19, and


 


(e) without
limiting the generality of any other indemnification provision contained in this Agreement, agrees: (i) to hold any Agent and
any other Lender preparing a Report harmless from any action the indemnifying Lender may take or fail to take or any conclusion
the indemnifying Lender may reach or draw from any Report in connection with any loans or other credit accommodations that the
indemnifying Lender has made or may make to the Borrowers, or the indemnifying Lender’s participation in, or the indemnifying
Lender’s purchase of, a loan or loans of the Borrowers, and (ii) to pay and protect, and indemnify, defend and hold any Agent
and any other Lender preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses,
and other amounts (including, attorneys’ fees and costs) incurred by any such Agent and any such other Lender preparing a Report
as the direct or indirect result of any third parties who might obtain all or part of any Report through the indemnifying Lender.


 






    	 	- 110 -	 



     


    

 


Section
10.14 Collateral Custodian(a) . Upon the occurrence and during the continuance of any Default or Event of Default,
the Collateral Agent or its designee may at any time and from time to time employ and maintain on the premises of any Loan Party
a custodian selected by the Collateral Agent or its designee who shall have full authority to do all acts necessary to protect
the Agents’ and the Lenders’ interests. Each Loan Party hereby agrees to, and to cause its Subsidiaries to, cooperate with any
such custodian and to do whatever the Collateral Agent or its designee may reasonably request to preserve the Collateral. All
costs and expenses incurred by the Collateral Agent or its designee by reason of the employment of the custodian shall be the
responsibility of the Borrowers and charged to the Loan Account.


 


Section
10.15 [Reserved].


 


Section
10.16 Collateral Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law
or any other judicial proceeding relative to any Loan Party, the Collateral Agent (irrespective of whether the principal of any
Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether any Agent shall
have made any demand on the Borrowers) 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 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 Secured Parties (including any claim for the compensation, expenses, disbursements and advances of the Secured Parties
and their respective agents and counsel and all other amounts due the Secured Parties hereunder and under the other Loan Documents)
allowed in such judicial proceeding; and


 


(b) to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;


 


and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Secured Party 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 Secured Parties, to pay to the Administrative Agent any amount
due for the reasonable compensation, expenses, disbursements and advances of any Agent and its agents and counsel, and any other
amounts due to any Agent hereunder and under the other Loan Documents.


 


ARTICLE
XI


 


GUARANTY


 


Section
11.01 Guaranty. Each Guarantor hereby jointly and severally and unconditionally and irrevocably guarantees the punctual
payment when due, whether at stated maturity, by acceleration or otherwise, of all Obligations of the Borrowers now or hereafter
existing under any Loan Document, whether for principal, interest (including, without limitation, all interest that accrues after
the commencement of any Insolvency Proceeding of any Borrower, whether or not a claim for post-filing interest is allowed in such
Insolvency Proceeding) fees, commissions, expense reimbursements, indemnifications or otherwise (such Obligations, to the extent
not paid by the Borrowers, being the “Guaranteed Obligations”), and agrees to pay any and all expenses (including
reasonable counsel fees and expenses) incurred by the Secured Parties in enforcing any rights under the guaranty set forth in
this Article XI. Without limiting the generality of the foregoing, each Guarantor’s liability shall extend to all amounts that
constitute part of the Guaranteed Obligations and would be owed by the Borrowers to the Secured Parties under any Loan Document
but for the fact that they are unenforceable or not allowable due to the existence of an Insolvency Proceeding involving any Borrower.
In no event shall the obligation of any Guarantor hereunder exceed the maximum amount such Guarantor could guarantee under any
Debtor Relief Law.


 






    	 	- 111 -	 



     


    

 


Section
11.02 Guaranty Absolute. Each Guarantor jointly and severally guarantees that the Guaranteed Obligations will be paid
strictly in accordance with the terms of the Loan Documents, 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 Secured Parties with respect thereto. Each Guarantor agrees
that this Article XI constitutes a guaranty of payment when due and not of collection and waives any right to require that any
resort be made by any Agent or any Lender to any Collateral. The obligations of each Guarantor under this Article XI are independent
of the Guaranteed Obligations, and a separate action or actions may be brought and prosecuted against each Guarantor to enforce
such obligations, irrespective of whether any action is brought against any Loan Party or whether any Loan Party is joined in
any such action or actions. The liability of each Guarantor under this Article XI shall be irrevocable, absolute and unconditional
irrespective of, and each Guarantor hereby irrevocably waives any defenses it may now or hereafter have in any way relating to,
any or all of the following:


 


(a) any
lack of validity or enforceability of any Loan Document or any 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 any Loan Document, including, without limitation, any increase in the
Guaranteed Obligations resulting from the extension of additional credit to any Loan Party or otherwise;


 


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


 


(d) the
existence of any claim, set-off, defense or other right that any Guarantor may have at any time against any Person, including,
without limitation, any Secured Party;


 


(e) any
change, restructuring or termination of the corporate, limited liability company or partnership structure or existence of any
Loan Party; or


 






    	 	- 112 -	 



     


    

 


(f) any
other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any representation
by the Secured Parties that might otherwise constitute a defense available to, or a discharge of, any Loan Party or any other
guarantor or surety.


 


This
Article XI 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 Secured Parties or any other Person upon the insolvency, bankruptcy
or reorganization of any Borrower or otherwise, all as though such payment had not been made.


 


Section
11.03 Waiver. Each Guarantor hereby waives (i) promptness and diligence, (ii) notice of acceptance and any
other notice with respect to any of the Guaranteed Obligations and this Article XI and any requirement that the Secured Parties
exhaust any right or take any action against any Loan Party or any other Person or any Collateral, (iii) any right to compel
or direct any Secured Party to seek payment or recovery of any amounts owed under this Article XI from any one particular fund
or source or to exhaust any right or take any action against any other Loan Party, any other Person or any Collateral, (iv) any
requirement that any Secured Party protect, secure, perfect or insure any security interest or Lien on any property subject thereto
or exhaust any right to take any action against any Loan Party, any other Person or any Collateral, and (v) any other defense
available to any Guarantor. Each Guarantor agrees that the Secured Parties shall have no obligation to marshal any assets in favor
of any Guarantor or against, or in payment of, any or all of the Obligations. Each Guarantor acknowledges that it will receive
direct and indirect benefits from the financing arrangements contemplated herein and that the waiver set forth in this Section
11.03 is knowingly made in contemplation of such benefits. Each Guarantor hereby waives any right to revoke this Article XI, and
acknowledges that this Article XI is continuing in nature and applies to all Guaranteed Obligations, whether existing now or in
the future.


 


Section
11.04 Continuing Guaranty; Assignments. This Article XI is a continuing guaranty and shall (a) remain in full force
and effect until the later of the cash payment in full of the Guaranteed Obligations (other than indemnification obligations as
to which no claim has been made) and all other amounts payable under this Article XI and the Final Maturity Date, (b) be binding
upon each Guarantor, its successors and assigns and (c) inure to the benefit of and be enforceable by the Secured Parties and
their successors, pledgees, transferees and assigns. Without limiting the generality of the foregoing clause (c), any Lender
may pledge, assign or otherwise transfer all or any portion of its rights and obligations under this Agreement (including, without
limitation, all or any portion of its Commitments, its Loans owing to it) to any other Person, and such other Person shall thereupon
become vested with all the benefits in respect thereof granted such Lender herein or otherwise, in each case as provided in Section
12.07.


 






    	 	- 113 -	 



     


    

 


Section
11.05 Subrogation. No Guarantor will exercise any rights that it may now or hereafter acquire against any Loan Party
or any other guarantor that arise from the existence, payment, performance or enforcement of such Guarantor’s obligations under
this Article XI, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification
and any right to participate in any claim or remedy of the Secured Parties against any Loan Party or any other guarantor 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 any Loan Party or any other guarantor, directly or indirectly, in cash or other
property or by set-off or in any other manner, payment or security solely on account of such claim, remedy or right, unless and
until all of the Guaranteed Obligations (other than Contingent Indemnity Obligations) and all other amounts payable under this
Article XI shall have been paid in full in cash and the Final Maturity Date shall have occurred. If any amount shall be paid to
any Guarantor in violation of the immediately preceding sentence at any time prior to the later of the payment in full in cash
of the Guaranteed Obligations (other than Contingent Indemnity Obligations) and all other amounts payable under this Article XI
and the Final Maturity Date, such amount shall be held in trust for the benefit of the Secured Parties and shall forthwith be
paid to the Secured Parties to be credited and applied to the Guaranteed Obligations and all other amounts payable under this
Article XI, whether matured or unmatured, in accordance with the terms of this Agreement, or to be held as Collateral for any
Guaranteed Obligations or other amounts payable under this Article XI thereafter arising. If (i) any Guarantor shall make
payment to the Secured Parties of all or any part of the Guaranteed Obligations, (ii) all of the Guaranteed Obligations and
all other amounts payable under this Article XI shall be paid in full in cash and (iii) the Final Maturity Date shall have
occurred, the Secured Parties will, at such Guarantor’s request and expense, execute and deliver to such Guarantor appropriate
documents, without recourse and without representation or warranty, necessary to evidence the transfer by subrogation to such
Guarantor of an interest in the Guaranteed Obligations resulting from such payment by such Guarantor.


 


Section
11.06 Contribution. All Guarantors desire to allocate among themselves, in a fair and equitable manner, their obligations
arising under this Guaranty.  Accordingly, in the event any payment or distribution is made on any date by a Guarantor under
this Guaranty such that its Aggregate Payments exceeds its Fair Share as of such date, such Guarantor shall be entitled to a contribution
from each of the other Guarantors in an amount sufficient to cause each Guarantor’s Aggregate Payments to equal its Fair Share
as of such date.  “Fair Share” means, with respect to any Guarantor as of any date of determination, an
amount equal to (a) the ratio of (i) the Fair Share Contribution Amount with respect to such Guarantor, to (ii) the aggregate
of the Fair Share Contribution Amounts with respect to all Guarantors multiplied by, (b) the aggregate amount paid or distributed
on or before such date by all Guarantors under this Guaranty in respect of the Guaranteed Obligations.  “Fair Share
Contribution Amount” means, with respect to any Guarantor as of any date of determination, the maximum aggregate amount
of the obligations of such Guarantor under this Guaranty that would not render its obligations hereunder subject to avoidance
as a fraudulent transfer or conveyance under Section 548 of Title 11 of the United States Code or any comparable applicable provisions
of state law; provided, solely for purposes of calculating the “Fair Share Contribution Amount” with respect
to any Guarantor for purposes of this Section 11.06, any assets or liabilities of such Guarantor arising by virtue of any rights
to subrogation, reimbursement or indemnification or any rights to or obligations of contribution hereunder shall not be considered
as assets or liabilities of such Guarantor. “Aggregate Payments” means, with respect to any Guarantor as of any
date of determination, an amount equal to (A) the aggregate amount of all payments and distributions made on or before such date
by such Guarantor in respect of this Guaranty (including, without limitation, in respect of this Section 11.06), minus
(B) the aggregate amount of all payments received on or before such date by such Guarantor from the other Guarantors as contributions
under this Section 11.06. The amounts payable as contributions hereunder shall be determined as of the date on which the related
payment or distribution is made by the applicable Guarantor.  The allocation among Guarantors of their obligations as set
forth in this Section 11.06 shall not be construed in any way to limit the liability of any Guarantor hereunder.  Each Guarantor
is a third party beneficiary to the contribution agreement set forth in this Section 11.06.


 






    	 	- 114 -	 



     


    

 


ARTICLE
XII


 


MISCELLANEOUS


 


Section
12.01 Notices, Etc.


 


(a) Notices
Generally. All notices and other communications provided for hereunder shall be in writing and shall be delivered by hand,
sent by registered or certified mail (postage prepaid, return receipt requested), overnight courier, or telecopier. In the case
of notices or other communications to any Loan Party, Administrative Agent or the Collateral Agent, as the case may be, they shall
be sent to the respective address set forth below (or, as to each party, at such other address as shall be designated by such
party in a written notice to the other parties complying as to delivery with the terms of this Section 12.01):


 


if
to any Loan Party, to it c/o the Administrative Borrower at the following address:


 


Propel
Media, Inc.


2010
Main Street, Suite 900


Irvine,
CA 92614


Attention:
Chief Financial Officer


Telephone:


Telecopier:


 


with
a copy to:


 


Gibson,
Dunn & Crutcher LLP


333
South Grand Avenue


Los
Angeles, CA 90071


Attention:
Andrew W. Cheng, Esq.


Telephone:
213-229-7684


Telecopier:
213-229-6684


 


and
with a copy to:


 


David
Shapiro, Esq.


Chief
Operating Officer


Propel
Media, Inc.


2010
Main Street, Suite 900


Irvin,
California 92614


Telephone:
949-251-0640, Extension 202


Telecopier:
949-379-2829


 






    	 	- 115 -	 



     


    

 


If
to the Administrative Agent or the Collateral Agent, to it at the following address:


 


MGG
California LLC


One
Penn Plaza, Suite 5320


New
York, New York 10119


Attention:
Kevin F. Griffin


Telephone:
212-356-6100


Email:
creditagreementnotices@mgginv.com


 


with
a copy to:


 


Schulte
Roth & Zabel LLP


919
Third Avenue


New
York, New York 10022


Attention:
Frederic L. Ragucci, Esq.


Telephone:
212-756-2000


Telecopier:
212-593-5955


 


All
notices or other communications sent in accordance with this Section 12.01, shall be deemed received on the earlier of the date
of actual receipt or 3 Business Days after the deposit thereof in the mail; provided, that (i) notices sent by overnight
courier service shall be deemed to have been given when received and (ii) notices by facsimile shall be deemed to have been given
when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the
opening of business on the next Business Day for the recipient), provided, further that notices to any Agent pursuant
to Article II shall not be effective until received by such Agent.


 


(b) Electronic
Communications.


 


(i) Each
Agent and the Administrative Borrower may, in its discretion, agree to accept notices and other communications to it hereunder
by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited
to particular notices or communications. Notices and other communications to the Lenders hereunder may be delivered or furnished
by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Agents,
provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified
the Agents that it is incapable of receiving notices under such Article by electronic communication.


 


(ii) Unless
the Administrative Agent otherwise prescribes, (A) notices and other communications sent to an e-mail address shall be deemed
received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement), and (B) 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 (A), of notification that such notice or communication is available and identifying the website address
therefor; provided that, for both clauses (A) and (B) above, if such notice, email or other communication is not sent during
the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business
on the next business day for the recipient.


 






    	 	- 116 -	 



     


    

 


Section
12.02 Amendments, Etc. (a) No amendment or waiver of any provision of this Agreement or any other Loan Document (excluding
the Fee Letter), and no consent to any departure by any Loan Party therefrom, shall in any event be effective unless the same
shall be in writing and signed (x) in the case of an amendment, consent or waiver to cure any ambiguity, omission, defect or inconsistency
or granting a new Lien for the benefit of the Agents and the Lenders or extending an existing Lien over additional property, by
the Agents and the Borrowers (or by the Administrative Borrower on behalf of the Borrowers), (y) in the case of any other
waiver or consent, by the Required Lenders (or by the Collateral Agent with the consent of the Required Lenders) and (z) in the
case of any other amendment, by the Required Lenders (or by the Collateral Agent with the consent of the Required Lenders) and
the Borrowers (or by the Administrative Borrower on behalf of the Borrowers), and then such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given; provided, however, that no amendment,
waiver or consent shall:


 


(i) increase
the Commitment of any Lender, reduce the principal of, or interest on, the Loans payable to any Lender (other than with respect
to default rate interest), reduce the amount of any fee payable for the account of any Lender, or postpone or extend any scheduled
date fixed for any payment of principal of, or interest or fees on, the Loans payable to any Lender (excluding, for the avoidance
of doubt, in respect of any mandatory or optional prepayment), in each case, without the written consent of such Lender;


 


(ii) change
the percentage of the Commitments or of the aggregate unpaid principal amount of the Loans that is required for the Lenders or
any of them to take any action hereunder without the written consent of each Lender;


 


(iii) amend
the definition of “Required Lenders” or “Pro Rata Share” or “Total Commitment” without the written
consent of each Lender;


 


(iv) release
all or a substantial portion of the Collateral (except as otherwise provided in this Agreement and the other Loan Documents),
subordinate any Lien granted in favor of the Collateral Agent for the benefit of the Agents and the Lenders, or release any Borrower
or any Guarantor (except in connection with a Disposition of the Equity Interests thereof or all or substantially all of the assets
thereof, in each case, to the extent permitted by Section 7.02(c)(ii)), in each case, without the written consent of each Lender;
or


 


(v) amend,
modify or waive Section 4.02, Section 4.03 or this Section 12.02 of this Agreement without the written consent of each Lender.


 






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Notwithstanding
the foregoing, (A) no amendment, waiver or consent shall, unless in writing and signed by an Agent, affect the rights or duties
of such Agent (but not in its capacity as a Lender) under this Agreement or the other Loan Documents, (B) any amendment,
waiver or consent to any provision of this Agreement (including Sections 4.01, 4.02 and 4.03) that permits any Loan Party, any
Permitted Holder or any of their respective Affiliates to purchase Loans on a non-pro rata basis, become an eligible assignee
pursuant to Section 12.07 and/or make offers to make optional prepayments on a non-pro rata basis shall require the prior written
consent of the Required Lenders rather than the prior written consent of each Lender directly affected thereby, (C) the consent
of the Borrowers shall not be required to change any order of priority set forth in Section 2.05(d) and Section 4.03 and (D) if
the Administrative Agent determines that either inadequate or insufficient quotations of the London interbank offered rate exist
or the use of “LIBOR” has been or will be discontinued, the Administrative Agent and the Required Lenders may (with
the consent of the Administrative Borrower, such consent not to be unreasonably withheld, delayed or conditioned) amend the definition
of “LIBOR” and other related provisions to provide for a substitute interest rate index and to include other provisions
that are at such time customary in the lending markets of the Administrative Agent and such Required Lenders (as reasonably determined
in good faith by the Administrative Agent and the Required Lenders and consented to by the Administrative Borrower (such consent
not to be unreasonably withheld, delayed or conditioned), such determination to be conclusive absent manifest error). Notwithstanding
anything to the contrary herein, no Lender that is a Defaulting Lender, Loan Party, Permitted Holder or any of their respective
Affiliates (each, a “Specified Lender”) shall have any right to approve or disapprove any amendment, waiver or
consent under the Loan Documents and any Loans held by such Person for purposes hereof shall be automatically deemed to be voted
pro rata according to the Loans of all other Lenders in the aggregate (other than such Specified Lender) except that (x) the Commitment
of any Specified Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment
or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Specified Lender more
adversely than other affected Lenders shall require the consent of such Specified Lender.


 


(b) If
any action to be taken by the Lenders hereunder requires the consent, authorization, or agreement of all of the Lenders or any
Lender affected thereby, and a Lender (the “Holdout Lender”) fails to give its consent, authorization, or agreement,
then the Collateral Agent, upon at least 5 Business Days prior irrevocable notice to the Holdout Lender, may permanently replace
the Holdout Lender with one or more substitute lenders (each, a “Replacement Lender”), and the Holdout Lender
shall have no right to refuse to be replaced hereunder. Such notice to replace the Holdout Lender shall specify an effective date
for such replacement, which date shall not be later than 15 Business Days after the date such notice is given. Prior to the effective
date of such replacement, the Holdout Lender and each Replacement Lender shall execute and deliver an Assignment and Acceptance,
subject only to (i) unless the Administrative Agent is the Holdout Lender, the consent of the Administrative Agent if the
Replacement Lender is a Revolving Loan Lender and (ii) the Holdout Lender being repaid its share of the outstanding Obligations
without any premium or penalty of any kind whatsoever. If the Holdout Lender shall refuse or fail to execute and deliver any such
Assignment and Acceptance prior to the effective date of such replacement, the Holdout Lender shall be deemed to have executed
and delivered such Assignment and Acceptance. The replacement of any Holdout Lender shall be made in accordance with the terms
of Section 12.07. Until such time as the Replacement Lenders shall have acquired all of the Obligations, the Commitments, and
the other rights and obligations of the Holdout Lender hereunder and under the other Loan Documents, the Holdout Lender shall
remain obligated to make its Pro Rata Share of Loans.


 






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Section
12.03 No Waiver; Remedies, Etc. No failure on the part of any Agent or any Lender to exercise, and no delay in exercising,
any right hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise
of any right under any Loan Document preclude any other or further exercise thereof or the exercise of any other right. The rights
and remedies of the Agents and the Lenders provided herein and in the other Loan Documents are cumulative and are in addition
to, and not exclusive of, any rights or remedies provided by law. The rights of the Agents and the Lenders under any Loan Document
against any party thereto are not conditional or contingent on any attempt by the Agents and the Lenders to exercise any of their
rights under any other Loan Document against such party or against any other Person.


 


Section
12.04 Expenses; Taxes; Attorneys’ Fees. The Borrowers will pay on demand, all costs and expenses incurred by or on behalf
of each Agent (and, in the case of clauses (b) through (n) below, each Lender), regardless of whether the transactions contemplated
hereby are consummated, including, without limitation, reasonable fees, costs, client charges and expenses of counsel for each
Agent (and, in the case of clauses (b) through (n) below, each Lender), accounting, due diligence, periodic field audits, physical
counts, valuations, investigations, searches and filings, monitoring of assets, appraisals of Collateral, the rating of the Loans,
title searches and reviewing environmental assessments, miscellaneous disbursements, examination, travel, lodging and meals, arising
from or relating to: (a) the negotiation, preparation, execution, delivery, performance and administration of this Agreement and
the other Loan Documents (including, without limitation, the preparation of any additional Loan Documents pursuant to Section
7.01(b) or the review of any of the agreements, instruments and documents referred to in Section 7.01(f)), (b) any requested
amendments, waivers or consents to this Agreement or the other Loan Documents whether or not such documents become effective or
are given, (c) the preservation and protection of the Agents’ or any of the Lenders’ rights under this Agreement or the other
Loan Documents, (d) the defense of any claim or action asserted or brought against any Agent or any Lender by any Person that
arises from or relates to this Agreement, any other Loan Document, the Agents’ or the Lenders’ claims against any Loan Party,
or any and all matters in connection therewith, (e) the commencement or defense of, or intervention in, any court proceeding arising
from or related to this Agreement or any other Loan Document, (f) the filing of any petition, complaint, answer, motion or
other pleading by any Agent or any Lender, or the taking of any action in respect of the Collateral or other security, in connection
with this Agreement or any other Loan Document, (g) the protection, collection, lease, sale, taking possession of or liquidation
of, any Collateral or other security in connection with this Agreement or any other Loan Document, (h) any attempt to enforce
any Lien or security interest in any Collateral or other security in connection with this Agreement or any other Loan Document,
(i) any attempt to collect from any Loan Party, (j) all liabilities and costs arising from or in connection with the past, present
or future operations of any Loan Party involving any damage to real or personal property or natural resources or harm or injury
alleged to have resulted from any Release of Hazardous Materials on, upon or into such property, (k) any Environmental Liabilities
and Costs incurred in connection with the investigation, removal, cleanup and/or remediation of any Hazardous Materials present
or arising out of the operations of any Facility of any Loan Party, (l) any Environmental Liabilities and Costs incurred in connection
with any Environmental Lien, (m) the rating of the Loans by one or more rating agencies in connection with any Lender’s Securitization,
or (n) the receipt by any Agent or any Lender of any advice from professionals with respect to any of the foregoing. Without
limitation of the foregoing or any other provision of any Loan Document: (x) the Borrowers agree to pay all stamp, document, transfer,
recording or filing taxes or fees and similar impositions now or hereafter determined by any Agent or any Lender to be payable
in connection with this Agreement or any other Loan Document, and the Borrowers agree to save each Agent and each Lender harmless
from and against any and all present or future claims, liabilities or losses with respect to or resulting from any omission to
pay or delay in paying any such taxes, fees or impositions, (y) the Borrowers agree to pay all broker fees that may become due
in connection with the transactions contemplated by this Agreement and the other Loan Documents, and (z) if the Borrowers fail
to perform any covenant or agreement contained herein or in any other Loan Document, any Agent may itself perform or cause performance
of such covenant or agreement, and the expenses of such Agent incurred in connection therewith shall be reimbursed on demand by
the Borrowers. The obligations of the Borrowers under this Section 12.04 shall survive the repayment of the Obligations and discharge
of any Liens granted under the Loan Documents.


 






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Section
12.05 Right of Set-off. Upon the occurrence and during the continuance of any Event of Default, any Agent or any Lender
may, and is hereby authorized to, at any time and from time to time, without notice to any Loan Party (any such notice being expressly
waived by the Loan Parties) and to the fullest extent permitted by law, set off and apply any and all deposits (general or special,
time or demand, provisional or final) at any time held and other Indebtedness at any time owing by such Agent or such Lender or
any of their respective Affiliates to or for the credit or the account of any Loan Party against any and all obligations of the
Loan Parties either now or hereafter existing under any Loan Document, irrespective of whether or not such Agent or such Lender
shall have made any demand hereunder or thereunder and although such obligations may be contingent or unmatured; provided
that in the event that any Defaulting Lender shall exercise any such right of set-off, (a) all amounts so set off shall be paid
over immediately to the Administrative Agent for further application in accordance with the provisions of Section 4.04 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
Agents and the Lenders, and (b) 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 set-off. Each Agent
and each Lender agrees to notify such Loan Party promptly after any such set-off and application made by such Agent or such Lender
or any of their respective Affiliates provided that the failure to give such notice shall not affect the validity of such set-off
and application. The rights of the Agents and the Lenders under this Section 12.05 are in addition to the other rights and remedies
(including other rights of set-off) which the Agents and the Lenders may have under this Agreement or any other Loan Documents
of law or otherwise.


 


Section
12.06 Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
portions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.


 


Section
12.07 Assignments and Participations.


 


(a) This
Agreement and the other Loan Documents shall be binding upon and inure to the benefit of each Loan Party and each Agent and each
Lender and their respective successors and assigns; provided, however, that none of the Loan Parties may assign
or transfer any of its rights hereunder or under the other Loan Documents without the prior written consent of each Lender and
any such assignment without the Lenders’ prior written consent shall be null and void.


 






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(b) Subject
to the conditions set forth in clause (c) below, each Lender may assign to one or more other lenders or other entities all or
a portion of its rights and obligations under this Agreement with respect to:


 


(i) all
or a portion of its Term Loan Commitment and any Term Loan made by it with the written consent of the Collateral Agent, and


 


(ii) all
or a portion of its Revolving Credit Commitment and the Revolving Loans made by it with the written consent of each Agent;


 


provided,
however, that no written consent of the Collateral Agent or the Administrative Agent shall be required if such assignment
is in connection with any merger, consolidation, sale, transfer, or other disposition of all or any substantial portion of the
business or loan portfolio of such Lender.


 


(c) Assignments
shall be subject to the following additional conditions:


 


(i) Each
such assignment shall be in an amount which is at least $5,000,000 or a multiple of $1,000,000 in excess thereof (or the remainder
of such Lender’s Commitment) (except such minimum amount shall not apply to an assignment by a Lender to (A) a Lender, an
Affiliate of such Lender or a Related Fund of such Lender or (B) a group of new Lenders, each of whom is an Affiliate or
Related Fund of each other to the extent the aggregate amount to be assigned to all such new Lenders is at least $5,000,000 or
a multiple of $1,000,000 in excess thereof); and


 


(ii) the
parties to each such assignment shall execute and deliver to the Collateral Agent (and the Administrative Agent, if applicable),
for its acceptance, an Assignment and Acceptance, together with any promissory note subject to such assignment and such parties
shall deliver to the Collateral Agent, for the benefit of the Collateral Agent, a processing and recordation fee of $5,000 (except
the payment of such fee shall not be required in connection with an assignment by a Lender to a Lender, an Affiliate of such Lender
or a Related Fund of such Lender). Notwithstanding anything to the contrary contained in this Section 12.07(c)(ii), a Lender may
assign any or all of its rights under the Loan Documents to an Affiliate of such Lender or a Related Fund of such Lender without
delivering an Assignment and Acceptance to the Agents or to any other Person (a “Related Party Assignment”);
provided, however, that (A) the Borrowers and the Administrative Agent may continue to deal solely and directly
with such assigning Lender until an Assignment and Acceptance has been delivered to the Administrative Agent for recordation on
the Register, (B) the Agents may continue to deal solely and directly with such assigning Lender until receipt by the Agents
of a copy of the fully executed Assignment and Acceptance pursuant to Section 12.07(g), (C) the failure of such assigning
Lender to deliver an Assignment and Acceptance to the Agents shall not affect the legality, validity, or binding effect of such
assignment, and (D) an Assignment and Acceptance between the assigning Lender and an Affiliate of such Lender or a Related
Fund of such Lender shall be effective as of the date specified in such Assignment and Acceptance and recordation on the Related
Party Register referred to in the last sentence of Section 12.07(f) below; and


 






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(iii) No
such assignment shall be made to (A) any Loan Party, any Permitted Holder or any of their respective Affiliates or (B) any Defaulting
Lender or any of its Affiliates, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons
described in this clause (B).


 


(d) Upon
such execution, delivery and acceptance, from and after the effective date specified in each Assignment and Acceptance and recordation
on the Register, which effective date shall be at least 3 Business Days after the delivery thereof to the Agents (or such
shorter period as shall be agreed to by the Agents and the parties to such assignment), (A) the assignee thereunder shall
become a “Lender” hereunder and, in addition to the rights and obligations hereunder held by it immediately prior to
such effective date, have the rights and obligations hereunder that have been assigned to it pursuant to such Assignment and Acceptance
and (B) the assigning Lender thereunder shall, to the extent that rights and obligations hereunder have been assigned by
it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement
(and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations
under this Agreement, such Lender shall cease to be a party hereto).


 


(e) By
executing and delivering an Assignment and Acceptance, the assigning Lender and the assignee thereunder confirm to and agree with
each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, the assigning
Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations
made in or in connection with this Agreement or any other Loan Document or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of this Agreement or any other Loan Document furnished pursuant hereto; (ii) the assigning
Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of any Loan Party
or any of its Subsidiaries or the performance or observance by any Loan Party of any of its obligations under this Agreement or
any other Loan Document furnished pursuant hereto; (iii) such assignee confirms that it has received a copy of this Agreement
and the other Loan Documents, together with such other documents and information it has deemed appropriate to make its own credit
analysis and decision to enter into such Assignment and Acceptance; (iv) such assignee will, independently and without reliance
upon the assigning Lender, any Agent or any Lender and based on such documents and information as it shall deem appropriate at
the time, continue to make its own credit decisions in taking or not taking action under this Agreement and the other Loan Documents;
(v) such assignee appoints and authorizes the Agents to take such action as agents on its behalf and to exercise such powers
under this Agreement and the other Loan Documents as are delegated to the Agents by the terms hereof and thereof, together with
such powers as are reasonably incidental hereto and thereto; and (vi) such assignee agrees that it will perform in accordance
with their terms all of the obligations which by the terms of this Agreement and the other Loan Documents are required to be performed
by it as a Lender.


 






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(f) The
Administrative Agent shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain, or cause to be
maintained at the Payment Office, a copy of each Assignment and Acceptance delivered to and accepted by it and a register (the
“Register”) for the recordation of the names and addresses of the Lenders and the Commitments of, and the principal
amount of the Loans (and stated interest thereon) (the “Registered Loans”) owing to each Lender from time to
time. The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrowers,
the Agents and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes
of this Agreement. The Register shall be available for inspection by the Administrative Borrower and any Lender at any reasonable
time and from time to time upon reasonable prior notice.


 


(g) Upon
receipt by the Administrative Agent of a completed Assignment and Acceptance, and subject to any consent required from the Administrative
Agent or the Collateral Agent pursuant to Section 12.07(b) (which consent of the applicable Agent must be evidenced by such Agent’s
execution of an acceptance to such Assignment and Acceptance), the Administrative Agent shall accept such assignment, record the
information contained therein in the Register (as adjusted to reflect any principal payments on or amounts capitalized and added
to the principal balance of the Loans and/or Commitment reductions made subsequent to the effective date of the applicable assignment,
as confirmed in writing by the corresponding assignor and assignee in conjunction with delivery of the assignment to the Administrative
Agent) and provide to the Collateral Agent a copy of the fully executed Assignment and Acceptance.


 


(h) A
Registered Loan (and the registered note, if any, evidencing the same) may be assigned or sold in whole or in part only by registration
of such assignment or sale on the Register or the Related Party Register (and each registered note shall expressly so provide).
Any assignment or sale of all or part of such Registered Loan (and the registered note, if any, evidencing the same) may be effected
only by registration of such assignment or sale on the Register or the Related Party Register, together with the surrender of
the registered note, if any, evidencing the same duly endorsed by (or accompanied by a written instrument of assignment or sale
duly executed by) the holder of such registered note, whereupon, at the request of the designated assignee(s) or transferee(s),
one or more new registered notes in the same aggregate principal amount shall be issued to the designated assignee(s) or transferee(s).
Prior to the registration of assignment or sale of any Registered Loan (and the registered note, if any, evidencing the same),
the Agents shall treat the Person in whose name such Registered Loan (and the registered note, if any, evidencing the same) is
registered on the Register as the owner thereof for the purpose of receiving all payments thereon, notwithstanding notice to the
contrary.


 


(i) In
the event that any Lender sells participations in a Registered Loan, such Lender shall, acting for this purpose as a non-fiduciary
agent on behalf of the Borrowers, maintain, or cause to be maintained, a register, on which it enters the name of all participants
in the Registered Loans held by it and the principal amount (and stated interest thereon) of the portion of the Registered Loan
that is the subject of the participation (the “Participant Register”). A Registered Loan (and the registered
note, if any, evidencing the same) may be participated in whole or in part only by registration of such participation on the Participant
Register (and each registered note shall expressly so provide). Any participation of such Registered Loan (and the registered
note, if any, evidencing the same) may be effected only by the registration of such participation on the Participant Register.
The Participant Register shall be available for inspection by the Administrative Borrower and any Lender at any reasonable time
and from time to time upon reasonable prior notice.


 






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(j) Any
Non-U.S. Lender who purchases or is assigned or participates in any portion of such Registered Loan shall comply with Section
2.09(d).


 


(k) Each
Lender may sell participations to one or more banks or other entities in or to all or a portion of its rights and obligations
under this Agreement and the other Loan Documents (including, without limitation, all or a portion of its Commitments and the
Loans made by it); provided, that (i) such Lender’s obligations under this Agreement (including without limitation, its Commitments
hereunder) and the other Loan Documents shall remain unchanged; (ii) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations, and the Borrowers, the Agents and the other Lenders shall continue to
deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and the
other Loan Documents; and (iii) a participant shall not be entitled to require such Lender to take or omit to take any action
hereunder except (A) action directly effecting an extension of the maturity dates or decrease in the principal amount of the Loans,
(B) action directly effecting an extension of the due dates or a decrease in the rate of interest payable on the Loans or
the fees payable under this Agreement, or (C) actions directly effecting a release of all or a substantial portion of the Collateral
or any Loan Party (except as set forth in Section 10.08 of this Agreement or any other Loan Document). The Loan Parties agree
that each participant shall be entitled to the benefits of Section 2.09 and Section 2.10 of this Agreement with respect to its
participation in any portion of the Commitments and the Loans as if it was a Lender.


 


(l) Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or loans made to
such Lender pursuant to securitization or similar credit facility (a “Securitization”); 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. The Loan Parties shall cooperate with such Lender and its Affiliates to effect
the Securitization including, without limitation, by providing such information as may be reasonably requested by such Lender
in connection with the rating of its Loans or the Securitization.


 


Section
12.08 Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and
the same agreement. Delivery of an executed counterpart of this Agreement by telecopier or electronic mail shall be equally as
effective as delivery of an original executed counterpart of this Agreement. Any party delivering an executed counterpart of this
Agreement by telecopier or electronic mail also shall deliver an original executed counterpart of this Agreement but the failure
to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement.
The foregoing shall apply to each other Loan Document mutatis mutandis.


 






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Section
12.09  GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY PROVIDED TO THE CONTRARY IN ANOTHER
LOAN DOCUMENT IN RESPECT OF SUCH OTHER LOAN DOCUMENT) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE
OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK.


 


Section
12.10 CONSENT TO JURISDICTION; SERVICE OF PROCESS AND VENUE.


 


(a) ANY
LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE
OF NEW YORK IN THE COUNTY OF NEW YORK OR OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION
AND DELIVERY OF THIS AGREEMENT, EACH LOAN PARTY HEREBY IRREVOCABLY ACCEPTS IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY,
THE JURISDICTION OF THE AFORESAID COURTS. EACH LOAN PARTY HEREBY IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF
THE AFOREMENTIONED COURTS AND IN ANY SUCH ACTION OR PROCEEDING BY ANY MEANS PERMITTED BY APPLICABLE LAW, INCLUDING, WITHOUT LIMITATION,
BY THE MAILING OF COPIES THEREOF BY REGISTERED MAIL, POSTAGE PREPAID, TO THE ADMINISTRATIVE BORROWER AT ITS ADDRESS FOR NOTICES
AS SET FORTH IN SECTION 12.01, SUCH SERVICE TO BECOME EFFECTIVE 10 DAYS AFTER SUCH MAILING. THE LOAN PARTIES AGREE THAT A FINAL
JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT
OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE AGENTS AND THE LENDERS TO SERVICE OF PROCESS
IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY LOAN PARTY IN ANY OTHER
JURISDICTION. EACH LOAN PARTY HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH
IT MAY NOW OR HEREAFTER HAVE TO THE JURISDICTION OR LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED
TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT ANY LOAN PARTY HAS
OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE,
ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, EACH LOAN PARTY
HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.


 






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Section
12.11 WAIVER OF JURY TRIAL, ETC. EACH LOAN PARTY, EACH AGENT AND EACH LENDER HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY
IN ANY ACTION, PROCEEDING OR COUNTERCLAIM CONCERNING ANY RIGHTS UNDER THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS, OR UNDER ANY
AMENDMENT, WAIVER, CONSENT, INSTRUMENT, DOCUMENT OR OTHER AGREEMENT DELIVERED OR WHICH IN THE FUTURE MAY BE DELIVERED IN CONNECTION
THEREWITH, OR ARISING FROM ANY FINANCING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT, AND AGREES THAT ANY SUCH ACTION,
PROCEEDINGS OR COUNTERCLAIM SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. EACH LOAN PARTY CERTIFIES THAT NO OFFICER, REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY AGENT OR ANY LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT ANY AGENT OR ANY LENDER WOULD NOT,
IN THE EVENT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM, SEEK TO ENFORCE THE FOREGOING WAIVERS. EACH LOAN PARTY HEREBY ACKNOWLEDGES
THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE AGENTS AND THE LENDERS ENTERING INTO THIS AGREEMENT.


 


Section
12.12 Consent by the Agents and Lenders. Except as otherwise expressly set forth herein to the contrary or in any other
Loan Document, if the consent, approval, satisfaction, determination, judgment, acceptance or similar action (an “Action”)
of any Agent or any Lender shall be permitted or required pursuant to any provision hereof or any provision of any other agreement
to which any Loan Party is a party and to which any Agent or any Lender has succeeded thereto, such Action shall be required to
be in writing and may be withheld or denied by such Agent or such Lender, in its sole discretion, with or without any reason,
and without being subject to question or challenge on the grounds that such Action was not taken in good faith.


 


Section
12.13 No Party Deemed Drafter. Each of the parties hereto agrees that no party hereto shall be deemed to be the drafter
of this Agreement.


 


Section
12.14 Reinstatement; Certain Payments. If any claim is ever made upon any Secured Party for repayment or recovery of
any amount or amounts received by such Secured Party in payment or on account of any of the Obligations, such Secured Party shall
give prompt notice of such claim to each other Agent and Lender and the Administrative Borrower, and if such Secured Party repays
all or part of such amount by reason of (i) any judgment, decree or order of any court or administrative body having jurisdiction
over such Secured Party or any of its property, or (ii) any good faith settlement or compromise of any such claim effected
by such Secured Party with any such claimant, then and in such event each Loan Party agrees that (A) any such judgment, decree,
order, settlement or compromise shall be binding upon it notwithstanding the cancellation of any Indebtedness hereunder or under
the other Loan Documents or the termination of this Agreement or the other Loan Documents, and (B) it shall be and remain
liable to such Secured Party hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally
been received by such Secured Party.


 






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Section
12.15 Indemnification; Limitation of Liability for Certain Damages.


 


(a) In
addition to each Loan Party’s other Obligations under this Agreement, each Loan Party agrees to, jointly and severally, defend,
protect, indemnify and hold harmless each Secured Party and all of their respective Affiliates, officers, directors, employees,
attorneys, consultants and agents (collectively called the “Indemnitees”) from and against any and all losses,
damages, liabilities, obligations, penalties, fees, reasonable costs and expenses (including, without limitation, reasonable attorneys’
fees, costs and expenses) incurred by such Indemnitees, whether prior to or from and after the Effective Date, whether direct,
indirect or consequential, as a result of or arising from or relating to or in connection with any of the following: (i) the negotiation,
preparation, execution or performance or enforcement of this Agreement, any other Loan Document or of any other document executed
in connection with the transactions contemplated by this Agreement, (ii) any Agent’s or any Lender’s furnishing of funds
to the Borrowers under this Agreement or the other Loan Documents, including, without limitation, the management of any such Loans
or the Borrowers’ use of the proceeds thereof, (iii) the Agents and the Lenders relying on any instructions of the Administrative
Borrower or the handling of the Loan Account and Collateral of the Borrowers as herein provided, (iv) any matter relating
to the financing transactions contemplated by this Agreement or the other Loan Documents or by any document executed in connection
with the transactions contemplated by this Agreement or the other Loan Documents, or (v) any claim, litigation, investigation
or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party thereto (collectively, the “Indemnified
Matters”); provided, however, that the Loan Parties shall not have any obligation to any Indemnitee under
this subsection (a) for any Indemnified Matter caused by the gross negligence or willful misconduct of such Indemnitee, as determined
by a final non-appealable judgment of a court of competent jurisdiction.


 


(b) The
indemnification for all of the foregoing losses, damages, fees, costs and expenses of the Indemnitees set forth in this Section
12.15 are chargeable against the Loan Account. To the extent that the undertaking to indemnify, pay and hold harmless set forth
in this Section 12.15 may be unenforceable because it is violative of any law or public policy, each Loan Party shall, jointly
and severally, contribute the maximum portion which it is permitted to pay and satisfy under applicable law, to the payment and
satisfaction of all Indemnified Matters incurred by the Indemnitees.


 


(c) No
Loan Party shall assert, and each Loan Party hereby waives, any claim against the Indemnitees, on any theory of liability, for
special, indirect, consequential or punitive damages (as opposed to direct or actual damages) (whether or not the claim therefor
is based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, as a result
of, or in any way related to, this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or
thereby or referred to herein or therein, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds
thereof or any act or omission or event occurring in connection therewith, and each Loan Party hereby waives, releases and agrees
not to sue upon any such claim or seek any such damages, whether or not accrued and whether or not known or suspected to exist
in its favor.


 






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(d) The
indemnities and waivers set forth in this Section 12.15 shall survive the repayment of the Obligations and discharge of any Liens
granted under the Loan Documents.


 


Section
12.16 Records. The unpaid principal of and interest on the Loans, the interest rate or rates applicable to such unpaid
principal and interest, the duration of such applicability, the Commitments, and the accrued and unpaid fees payable pursuant
to Section 2.06 hereof, including, without limitation, the fees set forth in the Fee Letter, the Unused Line Fee and the Applicable
Premium, shall at all times be ascertained from the records of the Agents, which shall be conclusive and binding absent manifest
error.


 


Section
12.17 Binding Effect. This Agreement shall become effective when it shall have been executed by each Loan Party, each
Agent and each Lender and when the conditions precedent set forth in Section 5.01 hereof have been satisfied or waived in writing
by the Agents, and thereafter shall be binding upon and inure to the benefit of each Loan Party, each Agent and each Lender, and
their respective successors and assigns, except that the Loan Parties shall not have the right to assign their rights hereunder
or any interest herein without the prior written consent of each Agent and each Lender, and any assignment by any Lender shall
be governed by Section 12.07 hereof.


 


Section
12.18 Highest Lawful Rate. It is the intention of the parties hereto that each Agent and each Lender shall conform strictly
to usury laws applicable to it. Accordingly, if the transactions contemplated hereby or by any other Loan Document would be usurious
as to any Agent or any Lender under laws applicable to it (including the laws of the United States of America and the State of
New York or any other jurisdiction whose laws may be mandatorily applicable to such Agent or such Lender notwithstanding the other
provisions of this Agreement), then, in that event, notwithstanding anything to the contrary in this Agreement or any other Loan
Document or any agreement entered into in connection with or as security for the Obligations, it is agreed as follows: (i) the
aggregate of all consideration which constitutes interest under law applicable to any Agent or any Lender that is contracted for,
taken, reserved, charged or received by such Agent or such Lender under this Agreement or any other Loan Document or agreements
or otherwise in connection with the Obligations shall under no circumstances exceed the maximum amount allowed by such applicable
law, any excess shall be canceled automatically and if theretofore paid shall be credited by such Agent or such Lender on the
principal amount of the Obligations (or, to the extent that the principal amount of the Obligations shall have been or would thereby
be paid in full, refunded by such Agent or such Lender, as applicable, to the Borrowers); and (ii) in the event that the maturity
of the Obligations is accelerated by reason of any Event of Default under this Agreement or otherwise, or in the event of any
required or permitted prepayment, then such consideration that constitutes interest under law applicable to any Agent or any Lender
may never include more than the maximum amount allowed by such applicable law, and excess interest, if any, provided for in this
Agreement or otherwise shall, subject to the last sentence of this Section 12.18, be canceled automatically by such Agent or such
Lender, as applicable, as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by such Agent
or such Lender, as applicable, on the principal amount of the Obligations (or, to the extent that the principal amount of the
Obligations shall have been or would thereby be paid in full, refunded by such Agent or such Lender to the Borrowers). All sums
paid or agreed to be paid to any Agent or any Lender for the use, forbearance or detention of sums due hereunder shall, to the
extent permitted by law applicable to such Agent or such Lender, be amortized, prorated, allocated and spread throughout the full
term of the Loans until payment in full so that the rate or amount of interest on account of any Loans hereunder does not exceed
the maximum amount allowed by such applicable law. If at any time and from time to time (x) the amount of interest payable to
any Agent or any Lender on any date shall be computed at the Highest Lawful Rate applicable to such Agent or such Lender pursuant
to this Section 12.18 and (y) in respect of any subsequent interest computation period the amount of interest otherwise payable
to such Agent or such Lender would be less than the amount of interest payable to such Agent or such Lender computed at the Highest
Lawful Rate applicable to such Agent or such Lender, then the amount of interest payable to such Agent or such Lender in respect
of such subsequent interest computation period shall continue to be computed at the Highest Lawful Rate applicable to such Agent
or such Lender until the total amount of interest payable to such Agent or such Lender shall equal the total amount of interest
which would have been payable to such Agent or such Lender if the total amount of interest had been computed without giving effect
to this Section 12.18.


 






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For
purposes of this Section 12.18, the term “applicable law” shall mean that law in effect from time to time and applicable
to the loan transaction between the Borrowers, on the one hand, and the Agents and the Lenders, on the other, that lawfully permits
the charging and collection of the highest permissible, lawful non-usurious rate of interest on such loan transaction and this
Agreement, including laws of the State of New York and, to the extent controlling, laws of the United States of America.


 


The
right to accelerate the maturity of the Obligations does not include the right to accelerate any interest that has not accrued
as of the date of acceleration.


 


Section
12.19 Confidentiality. Each Agent and each Lender agrees (on behalf of itself and each of its affiliates, directors,
officers, employees and representatives) to use reasonable precautions to keep confidential, in accordance with its customary
procedures for handling confidential information of this nature and in accordance with safe and sound practices of comparable
commercial finance companies, any non-public information supplied to it by the Loan Parties pursuant to this Agreement or the
other Loan Documents which is identified in writing by the Loan Parties as being confidential at the time the same is delivered
to such Person (and which at the time is not, and does not thereafter become, publicly available or available to such Person from
another source not known to be subject to a confidentiality obligation to such Person not to disclose such information), provided
that nothing herein shall limit the disclosure by any Agent or any Lender of any such information (i) to its Affiliates and
to its and its Affiliates’ respective equityholders (including, without limitation, partners), directors, officers, employees,
agents, trustees, counsel, advisors and representatives (it being understood that the Persons to whom such disclosure is made
will be informed of the confidential nature of such information and instructed to keep such information confidential in accordance
with this Section 12.19); (ii) to any other party hereto; (iii) to any assignee or participant (or prospective assignee or
participant) or any party to a Securitization so long as such assignee or participant (or prospective assignee or participant)
or party to a Securitization first agrees, in writing, to be bound by confidentiality provisions similar in substance to this
Section 12.19; (iv) to the extent required by any Requirement of Law or judicial process or as otherwise requested by any
Governmental Authority; (v) to the National Association of Insurance Commissioners or any similar organization, any examiner,
auditor or accountant or any nationally recognized rating agency or otherwise to the extent consisting of general portfolio information
that does not identify Loan Parties; (vi) in connection with any litigation to which any Agent or any Lender is a party;
(vii) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating
to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder; or (viii) with the consent
of the Administrative Borrower.


 






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Section
12.20 Public Disclosure. Each Loan Party agrees that neither it nor any of its Affiliates will now or in the future
issue any press release or other public disclosure using the name of an Agent, any Lender or any of their respective Affiliates
or referring to this Agreement or any other Loan Document without the prior written consent of such Agent or such Lender, except
to the extent that such Loan Party or such Affiliate is required to do so under applicable law (in which event, such Loan Party
or such Affiliate will consult with such Agent or such Lender before issuing such press release or other public disclosure). Each
Loan Party hereby authorizes each Agent and each Lender, after consultation with the Borrowers, to advertise the closing of the
transactions contemplated by this Agreement, and to make appropriate announcements of the financial arrangements entered into
among the parties hereto, as such Agent or such Lender shall deem appropriate, including, without limitation, on a home page or
similar place for dissemination of information on the Internet or worldwide web, or in announcements commonly known as tombstones,
in such trade publications, business journals, newspapers of general circulation and to such selected parties as such Agent or
such Lender shall deem appropriate.


 


Section
12.21 Integration. This Agreement, together with the other Loan Documents, reflects the entire understanding of the
parties with respect to the transactions contemplated hereby and shall not be contradicted or qualified by any other agreement,
oral or written, before the date hereof.


 


Section
12.22 USA PATRIOT Act. Each Lender that is subject to the requirements of the USA PATRIOT Act hereby notifies the Borrowers
that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies
the entities composing the Borrowers, which information includes the name and address of each such entity and other information
that will allow such Lender to identify the entities composing the Borrowers in accordance with the USA PATRIOT Act. Each Loan
Party agrees to take such action and execute, acknowledge and deliver at its sole cost and expense, such instruments and documents
as any Lender may reasonably require from time to time in order to enable such Lender to comply with the USA PATRIOT Act.


 


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IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized,
as of the date first above written.


 


	 	BORROWERS:
	 	 
	 	PROPEL MEDIA, INC.
	 	 
	 	By:	
        /s/ Marv
        Tseu

	 	 	Name: Marv Tseu
	 	 	Title:  Chief Executive Officer
	 	 
	 	GUARANTORS:
	 	 
	 	DEEPINTENT TECHNOLOGIES, INC.
	 	 
	 	By:	
        /s/ Christopher
        Paquette

	 	 	Name: Christopher Paquette
	 	 	Title:   Chief Executive Officer
	 	 
	 	DEEPINTENT, INC.
	 	 
	 	By:	
        /s/ Christopher
        Paquette

	 	 	Name: Christopher Paquette
	 	 	Title:   Chief Executive Officer


 


	 	KITARA MEDIA CORP.
	 	 
	 	By:	
        /s/ Marv
        Tseu

	 	 	Name: Marv Tseu
	 	 	Title:  Chief Executive Officer
	 	 
	 	KITARA MEDIA, LLC
	 	 
	 	By:	
        /s/ Marv
        Tseu

	 	 	Name: Marv Tseu
	 	 	Title:  Chief Executive Officer



 






     

     


    

 


	 	
        PROPEL MEDIA LLC

	 	 
	 	By:	
        /s/ Marv
        Tseu

	 	 	Name: Marv Tseu
	 	 	Title:  Chief Executive Officer
	 	 
	 	APPENITY LLC
	 	 
	 	By:	
        /s/ Marv
        Tseu

	 	 	Name: Marv Tseu
	 	 	Title:  Chief Executive Officer
	 	 
	 	ARCADEISLE LLC
	 	 
	 	By:	
        /s/ Marv
        Tseu

	 	 	Name: Marv Tseu
	 	 	Title:  Chief Executive Officer
	 	 
	 	ARCADEYUM, LLC
	 	 
	 	By:	
        /s/ Marv
        Tseu

	 	 	Name: Marv Tseu
	 	 	Title:  Chief Executive Officer





 





	 	GPV ENTERTAINMENT LLC
	 	 
	 	By:	
        /s/ Marv
        Tseu

	 	 	Name: Marv Tseu
	 	 	Title:  Chief Executive Officer





 


	 	ADMINISTRATIVE AGENT, COLLATERAL AGENT AND LENDER:
	 	 
	 	MGG CALIFORNIA LLC
	 	 
	 	By:	
        /s/ Kevin
        Griffin

	 	 	Name: Kevin Griffin
	 	 	Title: Chief Executive Officer