Exhibit 10.6


 


Execution Version


 





AMENDMENT NO. 1, dated as of
December 8, 2021 (this “Amendment”), to the Credit Agreement dated as of October 7, 2021 (as amended, supplemented,
amended and restated or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”) among
VACASA HOLDINGS LLC, a Delaware limited liability company (“Holdings”), V-REVOLVER
SUB LLC, a Delaware limited liability company (the “Borrower”), each lender from time to time party thereto
(collectively, the “Lenders” and each, individually, a “Lender”), and JPMORGAN CHASE BANK, N.A.,
as Administrative Agent (in such capacity, the “Administrative Agent”), Collateral Agent and Issuing Bank.


 


RECITALS


 


WHEREAS, in accordance with
Section 9.02 of the Credit Agreement, the Borrower has requested, and the Lenders party hereto, constituting all “Revolving Lenders”
(after giving effect to this Amendment and in the case of JPMORGAN CHASE BANK, N.A., and KEYBANK, NATIONAL ASSOCIATION, before giving
effect to this Amendment), have agreed, to amend the Credit Agreement as set forth in Section 1.02 below.


 


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


 


ARTICLE I.



 


Amendment.


 


SECTION 1.01.          
Defined Terms. Capitalized terms used herein (including in the recitals hereto) and not otherwise defined herein shall have
the meanings assigned to such terms in the Amended Credit Agreement (as defined below). The rules of construction specified in Section 1.03
of the Credit Agreement also apply to this Amendment.


 


SECTION 1.02.          
Amendment of Credit Agreement.


 


(a)              
Effective as of the Amendment No. 1 Effective Date (as defined below), the Credit Agreement is hereby amended to delete the stricken
text (indicated textually in the same manner as the following example: stricken text)
and to add the underlined text (indicated textually in the same manner as the following example: underlined
text) as set forth in the conformed copy of the Credit Agreement attached as Exhibit A hereto (the “Amended
Credit Agreement”).


 


(b)              
Schedule 2.01 to the Credit Agreement is hereby amended and restated in its entirety as attached hereto as Schedule 1.


 


(c)              
Exhibit E to the Credit Agreement is hereby amended and restated in its entirety as attached hereto as Exhibit B.


 






     


     


    

 


SECTION 1.03.          
Amendment Effectiveness. Section 1.02 of this Amendment shall become effective as of the first date (the “Amendment No.
1 Effective Date”) on which the following conditions have been satisfied or waived:


 


(a)              
The
Administrative Agent (or its counsel) shall have received from (i) the Borrower, (ii) Holdings, (iii) each of the Revolving Lenders,
(iv) each Issuing Bank and (v) the Administrative Agent either (x) counterparts of this Amendment signed on behalf of such parties
or (y) written evidence satisfactory to the Administrative Agent (which may include facsimile or other electronic transmissions of signed
signature pages) that such parties have signed counterparts of this Amendment.


 


(b)              
The
conditions set forth in paragraphs (a) and (b) of Section 4.02 of the Credit Agreement shall be satisfied on and as of the
Amendment No. 1 Effective Date.


 


(c)              
The
Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower, dated the Amendment No. 1 Effective
Date, certifying compliance with clause (b) above.


 


(d)              
The
Administrative Agent shall have received a written opinion (addressed to the Administrative Agent and each Lender party hereto and dated
the Amendment No. 1 Effective Date) of (i) Latham & Watkins, LLP, New York counsel for the Loan Parties and (ii) Gordon Rees Scully
Mansukhani, LLP, special Alabama, Florida, Hawaii, North Carolina, South Carolina and Tennessee counsel to the Loan Parties.


 


(e)              
The
Administrative Agent shall have received a copy of (i) each Organizational Document of each Loan Party certified, to the extent applicable,
as of a recent date by the applicable Governmental Authority (or, in lieu of a copy of any such Organizational Document, a representation
that such Organizational Documents have not been amended since the Effective Date or, if later, since the date on which such Loan Party
became a Loan Party), (ii) signature and incumbency certificates of the Responsible Officers of each Loan Party executing the Loan Documents
to which it is a party, (iii) resolutions of the Board of Directors and/or similar governing bodies of each Loan Party approving and
authorizing the execution, delivery and performance of this Amendment, certified as of the Amendment No. 1 Effective Date by its secretary,
an assistant secretary or a Responsible Officer as being in full force and effect without modification or amendment, and (iv) a good
standing certificate (to the extent such concept exists) from the applicable Governmental Authority of each Loan Party’s jurisdiction
of incorporation, organization or formation.


 


(f)              
The
Administrative Agent shall have received a certificate from a chief financial officer of the Borrower certifying that the Borrower and
its Subsidiaries are on a consolidated basis after giving effect to the transactions contemplated under this Amendment to occur on the
Amendment No. 1 Effective Date, Solvent.


 


(g)              
The
Administrative Agent shall have received all documentation at least three Business Days prior to the Amendment No. 1 Effective Date and
other information about the Loan Parties that shall have been reasonably requested in writing at least ten Business Days prior to the
Amendment No. 1 Effective Date and that the Administrative Agent has reasonably determined is required by United States regulatory authorities
under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation Title
III of the USA Patriot Act.


 






    2 


     


    

 


(h)              
To the extent the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, the Borrower
shall deliver to each Lender that so requests (which request is made through the Administrative Agent), a Beneficial Ownership Certification
in relation to the Borrower; provided that the Administrative Agent has provided the Borrower a list of each such Lender and its
electronic delivery requirements at least five (5) Business Days prior to the Amendment No. 1 Effective Date (it being agreed that, upon
the execution and delivery by such Lender of its signature page to this Amendment, the condition set forth in this clause shall be deemed
to be satisfied with respect to such Lender).


 


(i)              
The Administrative Agent shall have received, or substantially simultaneously with the effectiveness of this Amendment shall receive,
in immediately available funds, all fees and other amounts previously agreed in writing by the Administrative Agent and the Borrower to
be due and payable on or prior to the Amendment No. 1 Effective Date, including, to the extent invoiced at least three (3) Business Days
prior to the Amendment No. 1 Effective Date (except as otherwise reasonably agreed by the Borrower), the reasonable fees, charges and
disbursements of counsel for the Administrative Agent.


 


(j)              

Each Loan Party shall have entered into the Amendment No. 1 Reaffirmation Agreement.


 


(k)              
The Borrower shall have paid to the Administrative Agent, for the account of each of Deutsche Bank AG New York Branch and Goldman
Sachs Bank USA, an upfront fee equal to the product of 0.25% multiplied by each such Lender’s Revolving Commitment set forth on
Schedule 1 hereto. 


 


The Administrative Agent shall notify the Borrower
and the Lenders of the Amendment No. 1 Effective Date and such notice shall be conclusive and binding.


 


ARTICLE II. 


 


Miscellaneous


 


SECTION 2.01.          
Representations and Warranties. (a) To induce the other parties hereto to enter into this Amendment, the Borrower represents
and warrants to each of the Lenders, including the Administrative Agent that, as of the Amendment No. 1 Effective Date and after giving
effect to the transactions and amendments to occur on the Amendment No. 1 Effective Date, this Amendment has been duly authorized, executed
and delivered by each of Holdings and the Borrower and constitutes, and the Credit Agreement, as amended hereby on the Amendment No. 1
Effective Date, will constitute, its legal, valid and binding obligation, enforceable against each of the Loan Parties in accordance with
its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally
and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.


 






    3 


     


    

 


(b)              
The representations and warranties of each Loan Party set forth in the Loan Documents are, after giving effect to this Amendment
on such date, true and correct in all material respects on and as of the Amendment No. 1 Effective Date with the same effect as though
made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date (in which case
such representations and warranties were true and correct in all material respects as of such earlier date); provided, that any
representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language
shall be true and correct in all respects (giving effect to any such qualifications) on the date of such credit extension or on such earlier
date, as the case may be.


 


(c)              
After giving effect to this Amendment and the transactions contemplated hereby on the relevant date, no Default or Event of Default
has occurred and is continuing on the Amendment No. 1 Effective Date.


 


(d)              
Immediately after the consummation of the transactions contemplated under this Amendment to occur on the Amendment No. 1 Effective
Date, the Borrower and its Subsidiaries are on a consolidated basis after giving effect to the transactions contemplated under this Amendment
to occur on the Amendment No. 1 Effective Date, Solvent.


 


SECTION 2.02.          
Effect of Amendment.


 


(a)              
Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of,
or otherwise affect the rights and remedies of, the Lenders or the Agents under the Credit Agreement or any other Loan Document, and shall
not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit
Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. 
The parties hereto acknowledge and agree that the amendment of the Credit Agreement pursuant to this Amendment and all other Loan Documents
amended and/or executed and delivered in connection herewith shall not constitute a novation of the Credit Agreement and the other Loan
Documents as in effect prior to the Amendment No. 1 Effective Date. Nothing herein shall be deemed to establish a precedent for purposes
of interpreting the provisions of the Credit Agreement or entitle any Loan Party to a consent to, or a waiver, amendment, modification
or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other
Loan Document in similar or different circumstances.  This Amendment shall apply to and be effective only with respect to the provisions
of the Credit Agreement and the other Loan Documents specifically referred to herein.


 


(b)              
On and after the Amendment No. 1 Effective Date, each reference in the Amended Credit Agreement to “this Agreement”,
 “hereunder”, “hereof”, “herein” or words of like import, and each reference to the Credit Agreement,
 “thereunder”, “thereof”, “therein” or words of like import in any other Loan Document, shall be deemed
a reference to the Amended Credit Agreement. This Amendment shall constitute a “Loan Document” for all purposes of the Credit
Agreement and the other Loan Documents.


 






    4 


     


    

 


(c)              
Each Lender agrees that it shall have, as contemplated by this Amendment and the Amended Credit Agreement a Revolving Commitment
in the amount set forth opposite such Lender’s name under the heading “Revolving Commitment” on Schedule 1 hereto.


 


(d)              
Each Issuing Bank agrees that it shall have, as contemplated by this Amendment and the Amended Credit Agreement a Letter of Credit
Commitment in the amount set forth opposite such Lender’s name under the heading “Letter of Credit Commitment” on Schedule
1 hereto.


 


(e)               On
the Amendment No. 1 Effective Date, the Borrower shall, in coordination with the Administrative Agent, repay any outstanding Revolving
Loans of the Lenders, and incur additional Revolving Loans from certain of the Lenders to the extent necessary so that all of the Lenders
participate in each outstanding Borrowing of Revolving Loans and in each outstanding Letter of Credit pro rata on the basis of their
respective Applicable Percentages (after giving effect to this Amendment).


 


SECTION 2.03.          
Governing Law. This Amendment shall be construed in accordance with and governed by the law of the State of New York.
The provisions of Sections 9.09 and 9.10 of the Credit Agreement shall apply to this Amendment to the same extent as if fully set
forth herein.


 


SECTION 2.04.          
Costs and Expenses. The Borrower agrees to reimburse the Administrative Agent for its reasonable out of pocket expenses
in connection with this Amendment and the transactions contemplated hereby, including the reasonable fees, charges and disbursements of
Cahill Gordon & Reindel LLP, counsel for the Administrative Agent.


 


SECTION 2.05.          
Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts
in accordance with Section 9.20 of the Credit Agreement, each of which when so executed and delivered shall be deemed an original, but
all such counterparts together shall constitute but one and the same instrument. Delivery of any executed counterpart of a signature page
of this Amendment by facsimile transmission or other electronic imaging means shall be effective as delivery of a manually executed counterpart
hereof. The words “execution,” “signed,” “signature,” and words of like import in this Amendment shall
be deemed to include Electronic Signatures.


 


SECTION 2.06.          
Headings. The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the
meaning hereof.


 


[Signature pages follow]


 






    5 


     


    

 


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


 


	 	VACASA HOLDINGS LLC,
 as Holdings  
	 	 
	 	By:
	 	 	/s/ Jamie Cohen
	 	 	Name: Jamie Cohen
	 	 	Title:  Chief Financial Officer



 





	 	V-REVOLVER SUB, LLC
 as a Borrower  
	 	 
	 	By:
	 	 	/s/ Jamie Cohen
	 	 	Name: Jamie Cohen
	 	 	Title:  President


 


[Signature Page to Vacasa Amendment No. 1]


 



     


     


    

 


	 	JPMORGAN CHASE BANK, N.A., as Administrative Agent, a Revolving Lender and an Issuing Bank
	 	 
	 	By:	/s/ Eleftherios Karsos
	 	 	Name: 	Eleftherios Karsos
	 	 	Title:	Authorized Officer




 


[Signature Page to Vacasa Amendment No. 1]


 






     


     


    

 


	 	KEYBANK NATIONAL ASSOCIATION, as a Lender and an Issuing Bank
	 	 
	 	By:	/s/ Geoff Smith
	 	 	Name: 	Geoff Smith
	 	 	Title:	Senior Vice President


 


[Signature Page to Vacasa Amendment No. 1]


 






     


     


    

 





	 	DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender and an Issuing
Bank
	 	 
	 	By:	/s/ Ming K. Chu
	 	 	Name: 	Ming K. Chu
	 	 	Title:	Director


 


		By:	/s/ Marko Lukin
	 	 	Name: 	Marko Lukin
	 	 	Title:	Vice President




 


[Signature Page to Vacasa Amendment No. 1]


 






     


     


    

 





	 	GOLDMAN SACHS BANK USA, as a Lender and an Issuing Bank
	 	 
	 	By:	/s/ Rebecca Kratz
	 	 	Name: 	Rebecca Kratz
	 	 	Title:	Authorized Signatory


 


[Signature Page to Vacasa Amendment No. 1]


 






     


     


    

 


Exhibit A


 


[See attached.]


 



     


     


    





 


Exhibit A 


 







 



 


REVOLVING CREDIT AGREEMENT



dated as of



October 7, 2021,

as amended by Amendment No. 1, dated as of December 8, 2021



among



Vacasa Holdings LLC,

as Holdings,






 


V-Revolver Sub LLC,

as the Borrower,


 


The Lenders Party Hereto


 


and


 


JPMORGAN CHASE BANK, N.A,

as Administrative Agent, Collateral Agent and an Issuing Bank


 







 





JPMORGAN CHASE BANK, N.A.,

DEUTSCHE BANK SECURITIES INC. and

GOLDMAN SACHS BANK USA,

as Lead Arranger and Bookrunneras
Lead Arrangers and Joint Bookrunners


 


 



 






     


     


    

 


TABLE OF CONTENTS


 


Page


 


	 	Article I	 
	 	 
	 	Definitions	 
	 	 	 
	Section 1.01	Defined Terms	1
	Section 1.02	Classification of Loans and Borrowings	52
	Section 1.03	Terms Generally	52
	Section 1.04	Accounting Terms; GAAP; Certain Calculations	5253
	Section 1.05	Certain Calculations and Tests	5354
	Section 1.06	Effectuation of Transactions	54
	Section 1.07	Currency Translation; Rates	5455
	Section 1.08	Limited Condition Transactions.	5455
	Section 1.09	Cashless Rollovers	5556
	Section 1.10	Letter of Credit Amounts	56
	Section 1.11	Times of Day; Timing of Performance	56
	Section 1.12	[Reserved]	56
	Section 1.13	Compliance with Certain Sections	56
	Section 1.14	SPAC Transactions and Qualifying IPO.	5657
	 	 	 
	 	Article II	 
	 	 
	 	THE CREDITS	 
	 	 	 
	Section 2.01	Commitments	5657
	Section 2.02	Loans and Borrowings	5657
	Section 2.03	Requests for Borrowings	5758
	Section 2.04	[Reserved]	58
	Section 2.05	Letters of Credit	58
	Section 2.06	Funding of Borrowings	6364
	Section 2.07	Interest Elections	64
	Section 2.08	Termination and Reduction of Commitments	65
	Section 2.09	Repayment of Loans; Evidence of Debt	6566
	Section 2.10	[Reserved]	66
	Section 2.11	Prepayment of Loans	66
	Section 2.12	Fees	6667
	Section 2.13	Interest	6768
	Section 2.14	Alternate Rate of Interest	6869
	Section 2.15	Increased Costs	7071
	Section 2.16	Break Funding Payments	7172
	Section 2.17	Taxes	7172
	Section 2.18	Payments Generally; Pro Rata Treatment; Sharing of Setoffs	7475
	Section 2.19	Mitigation Obligations; Replacement of Lenders	7576
	Section 2.20	Incremental Credit Extension	7677
	Section 2.21	Refinancing Amendments	7879
	Section 2.22	Defaulting Lenders	7879
	Section 2.23	Illegality	7981
	Section 2.24	Loan Modification Offers	8081



 






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	 	 	Page
	 	 	 
	 	Article III	 
	 	 
	 	REPRESENTATIONS AND WARRANTIES	 
	 	 	 
	Section 3.01	Organization; Powers	8182
	Section 3.02	Authorization; Enforceability	8182
	Section 3.03	Governmental Approvals; No Conflicts	8182
	Section 3.04	Financial Condition; No Material Adverse Effect	8283
	Section 3.05	Properties	8283
	Section 3.06	Litigation and Environmental Matters	8283
	Section 3.07	Compliance with Laws and Agreements	8283
	Section 3.08	Investment Company Status	8283
	Section 3.09	Taxes	8283
	Section 3.10	ERISA	8384
	Section 3.11	Disclosure	8384
	Section 3.12	Subsidiaries	8384
	Section 3.13	Intellectual Property; Licenses, Etc.	8384
	Section 3.14	Solvency	8384
	Section 3.15	[Reserved]	8384
	Section 3.16	Federal Reserve Regulations	8384
	Section 3.17	Use of Proceeds	8485
	Section 3.18	PATRIOT Act, OFAC and FCPA	8485
	 	 	 
	 	Article IV	 
	 	 
	 	CONDITIONS	 
	 	 	 
	Section 4.01	Effective Date	8485
	Section 4.02	Each Credit Event	8687
	 	 	 
	 	Article V	 
	 	 
	 	AFFIRMATIVE COVENANTS	 
	 	 	 
	Section 5.01	Financial Statements and Other Information	8687
	Section 5.02	Notices of Material Events	8889
	Section 5.03	Information Regarding Collateral.	8990
	Section 5.04	Existence; Conduct of Business.	8990
	Section 5.05	Payment of Taxes, Etc.	8990
	Section 5.06	Maintenance of Properties	8990
	Section 5.07	Insurance	8990
	Section 5.08	Books and Records; Inspection and Audit Rights	8990
	Section 5.09	Compliance with Laws	9091
	Section 5.10	Use of Proceeds and Letters of Credit	9091
	Section 5.11	Additional Subsidiaries	9091
	Section 5.12	Further Assurances	9091
	Section 5.13	[Reserved]	9091
	Section 5.14	[Reserved]	91
	Section 5.15	Designation of Subsidiaries	9192
	Section 5.16	Change in Business	9192
	Section 5.17	Changes in Fiscal Periods	9192
	Section 5.18	Security	9192
	Section 5.19	Transactions with Affiliates	9192



 






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	 	 	Page
	 	 	 
	 	Article VI	 
	 	 
	 	NEGATIVE COVENANTS	 
	 	 	 
	Section 6.01	Indebtedness; Certain Equity Securities	9394
	Section 6.02	Liens	9697
	Section 6.03	Fundamental Changes	99101
	Section 6.04	Investments, Loans, Advances, Guarantees and Acquisitions	100102
	Section 6.05	Asset Sales	103104
	Section 6.06	[Reserved]	105106
	Section 6.07	Negative Pledge	105106
	Section 6.08	Restricted Payments; Certain Payments of Indebtedness	106107
	Section 6.09	Financial Covenant	110111
	 	 	 
	 	Article VII	 
	 	 
	 	EVENTS OF DEFAULT	 
	 	 	 
	Section 7.01	Events of Default	111112
	Section 7.02	Right to Cure	114115
	Section 7.03	Application of Proceeds	115116
	 	 	 
	 	Article VIII	 
	 	 
	 	THE ADMINISTRATIVE AGENT AND COLLATERAL
AGENT	 
	 	 	 
	 	Article IX	 
	 	 
	 	MISCELLANEOUS	 
	 	 	 
	Section 9.01	Notices	120121
	Section 9.02	Waivers; Amendments	122123
	Section 9.03	Expenses; Indemnity; Limitation of Liability	125127
	Section 9.04	Successors and Assigns	127128
	Section 9.05	Survival	131132
	Section 9.06	Counterparts; Integration; Effectiveness	131133
	Section 9.07	Severability	131133
	Section 9.08	Right of Setoff	131133
	Section 9.09	Governing Law; Jurisdiction; Consent to Service of Process	132133
	Section 9.10	WAIVER OF JURY TRIAL	132134
	Section 9.11	Headings	132134
	Section 9.12	Confidentiality	133134
	Section 9.13	USA Patriot Act	134135
	Section 9.14	Judgment Currency	134135
	Section 9.15	Release of Liens and Guarantees	134136
	Section 9.16	No Fiduciary Relationship	135136
	Section 9.17	Interest Rate Limitation	135136
	Section 9.18	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	135137
	Section 9.19	Certain ERISA Matters	136137
	Section 9.20	Electronic Execution of Assignments and Certain Other Documents	136138
	Section 9.21	Acknowledgement Regarding Any Supported QFCs	137139


 






    -iii-


     


    

 


	SCHEDULES:	 	 
	 	 	 
	Schedule 1.01(a) 	—	Excluded Subsidiaries
	Schedule 2.01	—	Revolving Commitments and Letter of Credit Commitments
	Schedule 3.12	—	Subsidiaries
	Schedule 5.19	—	Existing Transactions with Affiliates
	Schedule 6.01	—	Existing Indebtedness
	Schedule 6.02	—	Existing Liens
	Schedule 6.04(vi)	—	Existing Investments
	Schedule 6.07	—	Existing Restrictions
	Schedule 6.09	—	Projected Revenue
	 	 	 
	EXHIBITS:	 	 
	 	 	 
	Exhibit A	—	Form of Assignment and Assumption
	Exhibit B	—	[Reserved]
	Exhibit C	—	Form of Guarantee Agreement
	Exhibit D	—	Form of Collateral Agreement
	Exhibit E	—	Form of First Lien Intercreditor Agreement
	Exhibit F	—	Form of Second Lien Intercreditor Agreement
	Exhibit G	—	Form of Closing Certificate
	Exhibit H	—	Form of Intercompany Note
	Exhibit I	—	[Reserved]
	Exhibit J	—	[Reserved]
	Exhibit K	—	[Reserved]
	Exhibit L	—	[Reserved]
	Exhibit M	—	[Reserved]
	Exhibit N	—	[Reserved]
	Exhibit O	—	[Reserved]
	Exhibit P-1	—	Form of U.S. Tax Compliance Certificate (For Non-U.S. Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit P-2	—	Form of U.S. Tax Compliance Certificate (For Non-U.S. Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit P-3	—	Form of U.S. Tax Compliance Certificate (For Non-U.S. Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit P-4	—	Form of U.S. Tax Compliance Certificate (For Non-U.S. Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit Q	—	Form of Borrowing Request
	Exhibit R	—	Form of Interest Election Request
	Exhibit S 	—	Form of Notice of Loan Prepayment



 












    -iv-


     


    

 


 



 


REVOLVING CREDIT AGREEMENT,
dated as of October 7, 2021 (as amended by Amendment No. 1, dated as of
December 8, 2021, this “Agreement”), among Vacasa Holdings LLC, a Delaware limited liability company
(“Holdings”), V-Revolver Sub LLC , a Delaware limited liability company (the “Borrower”), the LENDERS
from time to time party hereto, and JPMORGAN CHASE BANK, N.A.,, as Administrative Agent, Collateral Agent and an Issuing Bank.


 


WHEREAS, the Borrower has
requested (a) the Revolving Lenders to provide Revolving Loans, subject to the Revolving Commitment which on the First
Amendment Effective Date shall be in an aggregate principal amount of $55,000,000105,000,000,
to the Borrower at any time during the Revolving Availability Period, and (b) the Issuing Banks to issue Letters of Credit at any time
during the Revolving Availability Period in an aggregate face amount at any time outstanding not in excess of $16,000,00040,000,000;


 


NOW THEREFORE, the parties hereto agree as follows:


 


Article I



Definitions


 


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


 


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


 


“Accepting Lenders”
has the meaning assigned to such term in Section 2.24(a).


 


“Accounting Changes”
has the meaning assigned to such term in Section 1.04(d).


 


“Acquired EBITDA”
means, with respect to any Pro Forma Entity for any period, the amount for such period of Consolidated EBITDA of such Pro Forma Entity
(determined as if references to the Borrower and the Restricted Subsidiaries in the definition of the term “Consolidated EBITDA”
were references to such Pro Forma Entity and its Subsidiaries which will become Restricted Subsidiaries), all as determined on a consolidated
basis for such Pro Forma Entity.


 


“Acquired Entity
or Business” has the meaning assigned to such term in the definition of “Consolidated EBITDA.”


 


“Acquisition Transaction”
means any Investment by the Borrower or any Restricted Subsidiary in a Person if (a) as a result of such Investment, (i) such Person becomes
a Restricted Subsidiary or (ii) such Person, in one transaction or a series of related transactions, is merged, consolidated, or amalgamated
with or into, or transfers or conveys substantially all of its assets (or all or substantially all the assets constituting a business
unit, division, product line or line of business) to, or is liquidated into, the Borrower or a Restricted Subsidiary and (b) after giving
effect to such Investment, the Borrower is in compliance with Section 5.16, and, in each case, any Investment held by such Person.


 


“Additional Revolving
Lender” means, at any time, any bank or other financial institution or other Person (other than a natural Person) that agrees
to provide any portion of any (a) Incremental Revolving Commitment Increase or Additional/Replacement Revolving Commitments pursuant
to an Incremental Facility Amendment in accordance with Section 2.20 or (b) Credit Agreement Refinancing Indebtedness pursuant
to a Refinancing Amendment in accordance with Section 2.21; provided that each Additional Revolving Lender shall be subject
to the approval of the Administrative Agent, the Borrower and, if such Additional Revolving Lender is not a Revolving Lender or an Affiliate
or Approved Fund of a Revolving Lender, each Issuing Bank (such approval in each case not to be unreasonably withheld or delayed).


 


“Additional/Replacement
Revolving Commitment” has the meaning assigned to such term in Section 2.20(a).


 






     


     


    

 


“Adjusted LIBO Rate” means,
with respect to any Eurocurrency Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the
next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.


 


“Adjustment”
has the meaning assigned to such term in Section 2.14(b).


 


“Administrative Agent”
means JPMCB (or any of its designated branch offices or affiliates), in its capacity as administrative agent hereunder and under the other
Loan Documents, and its successors in such capacity as provided in Article VIII.


 


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


 


“Affected Class”
has the meaning assigned to such term in Section 2.24(a).


 


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


 


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


 


“Agent”
means the Administrative Agent, the Collateral Agent, theeach
Lead Arranger, theeach
Joint Bookrunner and any successors and assigns in such capacity, and “Agents” means two or more of
them.


 


“Agent Parties”
has the meaning assigned to such term in Section 9.01.


 


“Agreement”
has the meaning provided in the preamble hereto.


 


“Agreement Currency”
has the meaning assigned to such term in Section 9.14(b).


 


“Alternate Base Rate” means,
for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such
day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a Business Day,
the immediately preceding Business Day) plus 1%; provided that for the purpose of this definition, the Adjusted LIBO Rate for any
day shall be based on the LIBO Screen Rate at approximately 11:00 a.m. London time on such day.  Any change in the Alternate Base
Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective from and including the effective date
of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively. If the Alternate Base Rate is being used as
an alternate rate of interest pursuant to Section 2.14 (for the avoidance of doubt, only until the LIBOR Successor Rate has been
determined pursuant to Section 2.14(b)), then the Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall
be determined without reference to clause (c) above. For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to
the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement.


 


“Ancillary Document”
has the meaning assigned to such term in Section 9.20.


 


“Applicable Account”
means, with respect to any payment to be made to the Administrative Agent hereunder, the account specified by the Administrative Agent
from time to time for the purpose of receiving payments of such type.


 


“Applicable Creditor”
has the meaning assigned to such term in Section 9.14(b).


 


“Applicable Fronting
Exposure” means, with respect to any Person that is an Issuing Bank at any time, the sum of (a) the aggregate amount of all
Letters of Credit issued by such Person in its capacity as an Issuing Bank (if applicable) that remains available for drawing at such
time and (b) the aggregate amount of all LC Disbursements made by such Person in its capacity as an Issuing Bank (if applicable) that
have not yet been reimbursed by or on behalf of the Borrower at such time.


 






     


     


    

 


“Applicable Indebtedness”
has the meaning assigned to such term in the definition of “Weighted Average Life to Maturity.”


 


“Applicable Percentage”
means, at any time with respect to any Revolving Lender, the percentage (carried out to the ninth decimal place) of the aggregate Revolving
Commitments represented by such Lender’s Revolving Commitment at such time; provided that, at any time any Revolving Lender
shall be a Defaulting Lender, “Applicable Percentage” shall mean the percentage (carried out to the ninth decimal place) of
the total Revolving Commitments (disregarding any such Defaulting Lender’s Revolving Commitment) represented by such Lender’s
Revolving Commitment. If the Revolving Commitments have terminated or expired, the Applicable Percentages shall be determined based upon
the Revolving Commitments most recently in effect, giving effect to any assignments pursuant to this Agreement and to any Lender’s
status as a Defaulting Lender at the time of determination.


 


“Applicable Rate”
means, for any day, with respect to any Revolving Loan (1) 1.50% per annum, in the case of an ABR Loan, or (2) 2.50% per annum, in the
case of a Eurocurrency Loan.


 


“Approved Bank”
has the meaning assigned to such term in the definition of the term “Permitted Investments.”


 


“Approved Foreign
Bank” has the meaning assigned to such term in the definition of the term “Permitted Investments.”


 


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


 


“Assignment and Assumption”
means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any Person whose consent is
required by Section 9.04), or as otherwise required to be entered into under the terms of this Agreement, substantially in the
form of Exhibit A or any other form reasonably approved by the Administrative Agent.


 


“Audited Financial
Statements” means the audited consolidated balance sheets of Parent and its consolidated subsidiaries as at the end of, and
related statements of income and cash flows of Parent and its consolidated subsidiaries for, the fiscal years ended December 31, 2019
and December 31, 2020.


 


“Available Amount”
means, on any date of determination, a cumulative amount equal to (without duplication):


 


(a)        (A)
prior to the consummation of the SPAC Transactions, the greater of $20,000,000 and 3.0% of Consolidated Total Assets as of the last day
of the most recently ended Test Period as of such time determined on a Pro Forma Basis and (B) after the consummation of the SPAC Transactions,
the amount in clause (A) will increase to the greater of $40,000,000 and 6.0% of Consolidated Total Assets as of the
last day of the most recently ended Test Period as of such time determined on a Pro Forma Basis (such greater amount, the “Starter
Basket”), plus


 


(b)       the
greater of (1) an amount equal to 50% of Consolidated Net Income for the period (treated as one accounting period) from the first
day of the fiscal quarter of the Borrower commencing immediately before the Effective Date to the end of the most recent Test Period (which
amount under this clause (1) shall not be less than zero for such period), and (2) an amount equal to the sum of (x) 100% of cumulative
Consolidated EBITDA for each fiscal quarter of the Borrower commencing with the first fiscal quarter of the Borrower commencing immediately
before the Effective Date through the most recent Test Period then last ended minus (ii) 1.5x cumulative Fixed Charges for the same period
(which amount under this clause (2) shall not be less than zero for such period), plus


 


(c)       returns,
profits, distributions and similar amounts received in cash or Permitted Investments and the Fair Market Value of any in-kind
amounts received by the Borrower or any Restricted Subsidiary on Investments made using the Available Amount (not to exceed the
amount of such Investments), plus


 






     


     


    

 


(d)       the
Fair Market Value of Investments of the Borrower or any of the Restricted Subsidiaries in any Unrestricted Subsidiary that has been re-designated
as a Restricted Subsidiary or that has been merged or consolidated with or into the Borrower or any of the Restricted Subsidiaries, plus


 


(e)       the
Net Proceeds of a sale or other Disposition of any Unrestricted Subsidiary (including the issuance or sale of Equity Interests of an Unrestricted
Subsidiary) received by the Borrower or any Restricted Subsidiary, plus


 


(f)       to
the extent not included in Consolidated Net Income, dividends or other distributions or returns on capital received by the Borrower or
any Restricted Subsidiary from an Unrestricted Subsidiary.


 


“Available Cash”
means, as of any date of determination, the aggregate amount of cash and Permitted Investments of the Borrower or any Restricted Subsidiary
as of such date (x) less (i) funds payable to homeowners and (ii) payables in connection with hospitality and sales taxes plus (y) solely
to the extend deducted pursuant to clause (x), cash or Permitted Investments that appear (or would be required to appear) as “restricted”
on a consolidated balance sheet of the Borrower or such Restricted Subsidiary which such appearance is related to any restriction in favor
of the Administrative Agent.


 


“Available Equity
Amount” means a cumulative amount equal to (without duplication):


 


(a)       the
Net Proceeds of new public or private issuances of Qualified Equity Interests in the Borrower or any parent of the Borrower or the Net
Proceeds received in connection with the SPAC Transactions which are contributed to (or received by) the Borrower on or after the Effective
Date, plus


 


(b)       capital
contributions received by the Borrower after the Effective Date in cash or Permitted Investments (other than in respect of any Disqualified
Equity Interest) and the Fair Market Value of any in-kind contributions after the Effective Date, plus


 


(c)       the
net cash proceeds received by the Borrower or any Restricted Subsidiary from Indebtedness and Disqualified Equity Interest issuances issued
after the Effective Date and which have been exchanged or converted into Qualified Equity Interests, plus


 


(d)       returns,
profits, distributions and similar amounts received in cash or Permitted Investments and the Fair Market Value of any in-kind amounts
received by the Borrower and the Restricted Subsidiaries on Investments made using the Available Equity Amount (not to exceed the amount
of such Investments);


 


provided that the Available Equity Amount
shall not include any Cure Amount, any amounts used to incur Indebtedness pursuant to Section 6.01(a)(xxiv), any amounts used to
make Restricted Payments pursuant to Section 6.08(a)(vi)(c) or any amounts used to make Investments pursuant to Section 6.04(xvii).


 


“Available RP Capacity
Amount” means the amount of Restricted Payments and Restricted Debt Payments that may be made at the time of determination pursuant
to Sections 6.08(a)(vi), (viii) and (xii) and Section 6.08(b)(iv) (in each case without duplication), minus
the sum of the amount of the Available RP Capacity Amount utilized by the Borrower or any Restricted Subsidiary to (a) make Investments
pursuant to Section 6.04(xiv) and (b) incur Indebtedness pursuant to Section 6.01(a)(xxix)(A).


 


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


 






     


     


    

 


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


 


“Basel III”
means, collectively, those certain agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel
III: A Global Regulatory Framework for More Resilient Banks and Banking Systems,” “Basel III: International Framework for
Liquidity Risk Measurement, Standards and Monitoring,” and “Guidance for National Authorities Operating the Countercyclical
Capital Buffer,” each as published by the Basel Committee on Banking Supervision in December 2010 (as revised from time to time),
and as implemented by a Lender’s primary banking regulatory authority.


 


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


 


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


 


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


 


“Board of Directors”
means, with respect to any Person, (a) in the case of any corporation, the board of directors of such Person or any committee thereof
duly authorized to act on behalf of such board, (b) in the case of any limited liability company, the board of managers, board of directors,
manager or managing member of such Person or the functional equivalent of the foregoing, (c) in the case of any partnership, the board
of directors, board of managers, manager or managing member of a general partner of such Person or the functional equivalent of the foregoing
and (d) in any other case, the functional equivalent of the foregoing. In addition, the term “director” means a director or
functional equivalent thereof with respect to the relevant Board of Directors.


 


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


 


“Borrower”
has the meaning assigned to such term in the introductory paragraph hereto.


 


“Borrower Materials”
has the meaning assigned to such term in Section 5.01.


 


“Borrowing”
means Loans of the same Class and Type, made, converted or continued on the same date in the same currency and, in the case of Eurocurrency
Loans, as to which a single Interest Period is in effect.


 


“Borrowing Minimum”
means $500,000.


 


“Borrowing Multiple”
means $100,000.


 


“Borrowing Request”
means a request by the Borrower for a Borrowing in accordance with Section 2.03 and substantially in the form of Exhibit Q
or such other form as may be reasonably approved by the Administrative Agent (including any form on an electronic platform or electronic
transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of
the Borrower.


 


“Business Day”
means any day that is not a Saturday, Sunday or other day on which commercial banks in New York are authorized or required by law to remain
closed; provided that when used in connection with a Eurocurrency Loan the term “Business Day” shall also exclude any
day that is not a London Banking Day.


 






     


     


    

 


“Capital Lease Obligation”
means an obligation that is a Capitalized Lease; and the amount of Indebtedness represented thereby at any time shall be the amount of
the liability in respect thereof that would at that time be required to be capitalized on a balance sheet in accordance with GAAP (for
the avoidance of doubt, subject to Section 1.04(g)). It is understood and agreed that Capital Lease Obligations shall be deemed
not to include Non-Finance Lease Obligations for purposes of the Loan Documents.


 


“Capitalized Leases”
means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee that, in conformity
with GAAP (for the avoidance of doubt, subject to Section 1.04(g)), is or is required to be accounted for as a capital lease or
finance lease on the balance sheet of that Person.


 


“Capitalized Software
Expenditures” means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by the
Borrower and the Restricted Subsidiaries during such period in respect of purchased software or internally developed software and software
enhancements that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance sheet
of the Borrower and the Restricted Subsidiaries.


 


“Cash Collateralize”
means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more of the Issuing Banks or Revolving
Lenders, as collateral for LC Exposure or obligations of the Revolving Lenders to fund participations in respect of LC Exposure, cash
or deposit account balances under the sole dominion and control of the Collateral Agent or, if the Collateral Agent and the applicable
Issuing Bank shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance
reasonably satisfactory to the Administrative Agent and each applicable Issuing Bank. “Cash Collateral” and “Cash
Collateralization” shall have meanings correlative to the foregoing and shall include the proceeds of such cash collateral and
other credit support.


 


“Cash Management
Obligations” means obligations of Holdings, the Borrower or any Restricted Subsidiary in respect of (a) any overdraft and related
liabilities arising from treasury, depository, cash pooling arrangements and cash management or treasury services or any automated clearing
house transfers of funds, (b) netting services, employee credit or purchase card programs and similar arrangements, (c) letters of credit
and (d) other services related, ancillary or complementary to the foregoing (including Cash Management Services).


 


“Cash Management
Services” has the meaning assigned to such term in the definition of the term “Secured Cash Management Obligations.”


 


“Casualty Event”
means any event that gives rise to the receipt by the Borrower or any Restricted Subsidiary of any insurance proceeds or condemnation
awards in respect of any loss of or damage to any equipment, fixed assets or real property (including any improvements thereon) of the
Borrower or any Restricted Subsidiary to replace or repair such equipment, fixed assets or real property.


 


“CFC” means
a “controlled foreign corporation” within the meaning of Section 957 of the Code.


 


“Change in Control”
means (a) the failure of Holdings, directly or indirectly through wholly-owned subsidiaries that are Guarantors (including, for the avoidance
of doubt, through wholly-owned subsidiaries that are subsidiaries of the Borrower), to own all of the Equity Interests in the Borrower
or (b) (x) prior to a Qualifying IPO or the consummation of the SPAC Transactions, the failure by the Permitted Holders to, directly or
indirectly through one or more holding companies, own beneficially and of record at least a majority of the outstanding Voting Equity
Interests of Holdings or (y) after a Qualifying IPO or the consummation of the SPAC Transactions, the acquisition of beneficial ownership
by any Person or group, other than the Permitted Holders (or any holding company parent of Holdings owned directly or indirectly by the
Permitted Holders), of Equity Interests representing 40% or more of the aggregate votes entitled to vote for the election of directors
of Holdings having a majority of the aggregate votes on the Board of Directors of Holdings and the aggregate number of votes for the election
of such directors of the Equity Interests beneficially owned by such Person or group is greater than the aggregate number of votes for
the election of such directors represented by the Equity Interests beneficially owned by the Permitted Holders, unless the Permitted Holders
otherwise have the right (pursuant to contract, proxy or otherwise), directly or indirectly, to designate, nominate or appoint (and do
so designate, nominate or appoint) directors of Holdings having a majority of the aggregate votes on the Board of Directors of Holdings.


 






     


     


    

 


For purposes of this definition,
including other defined terms used herein in connection with this definition and notwithstanding anything to the contrary in this definition
or any provision of Section 13d-3 of the Exchange Act, (i) “beneficial ownership” shall be as defined in Rules 13(d)-3 and
13(d)-5 under the Exchange Act as in effect on the date hereofEffective
Date, (ii) the phrase Person or group is within the meaning of Section 13(d) or 14(d) of the Exchange Act, but excluding
any employee benefit plan of such Person or group or its subsidiaries and any Person acting in its capacity as trustee, agent or other
fiduciary or administrator of any such plan, (iii) if any group includes one or more Permitted Holders, the issued and outstanding Equity
Interests of Holdings, directly or indirectly owned by the Permitted Holders that are part of such group shall not be treated as being
beneficially owned by such group or any other member of such group for purposes of clause (b) of this definition, (iv) a Person or group
shall not be deemed to beneficially own Equity Interests to be acquired by such Person or group pursuant to a stock or asset purchase
agreement, merger agreement, option agreement, warrant agreement or similar agreement (or voting or option or similar agreement related
thereto) until the consummation of the acquisition of the Equity Interests in connection with the transactions contemplated by such agreement
and (v) a Person or group (other than Permitted Holders) will not be deemed to beneficially own the Equity Interests of another Person
as a result of its ownership of Equity Interests or other securities of such other Person’s parent (or related contractual rights)
unless it owns 50% or more of the total voting power of the Equity Interests entitled to vote for the election of directors of such Person’s
parent having a majority of the aggregate votes on the Board of Directors of such Person’s parent.


 


“Change in Law”
means (a) the adoption of any rule, regulation, treaty or other law after the date of this AgreementEffective
Date, (b) any change in any rule, regulation, treaty or other law or in the administration, interpretation or application
thereof by any Governmental Authority after the date of this AgreementEffective
Date or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) of any
Governmental Authority made or issued after the date of this AgreementEffective
Date; provided that, notwithstanding anything herein to the contrary, (i) any requests, rules, guidelines or directives
under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or issued in connection therewith and (ii) any requests, rules,
guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor
or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, in each case shall be
deemed to be a “Change in Law,” to the extent enacted, adopted, promulgated or issued after the date
of this AgreementEffective Date, but
only to the extent such rules, regulations, or published interpretations or directives are applied to the Borrower and its Subsidiaries
by the Administrative Agent or any Lender in substantially the same manner as applied to other similarly situated borrowers under comparable
syndicated credit facilities, including, without limitation, for purposes of Section 2.15.


 


“Class”
when used in reference to (a) any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving
Loans, Incremental Revolving Loans, or Other Revolving Loans, (b) any Commitment, refers to whether such Commitment is a Revolving Commitment,
Other Revolving Commitment, or Additional/Replacement Revolving Commitment, and (c) any Lender, refers to whether such Lender has a Loan
or Commitment with respect to a particular Class of Loans or Commitments. Other Revolving Commitments (and the Other Revolving Loans made
pursuant thereto) and Additional/Replacement Revolving Commitments that have different terms and conditions shall be construed to be in
different Classes.


 


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


 


“Collateral”
means any and all assets, whether real or personal, tangible or intangible, on which Liens are purported to be granted pursuant to the
Security Documents as security for the Secured Obligations.


 


“Collateral Agent”
means the Administrative Agent.


 


“Collateral Agreement”
means the Collateral Agreement among the Borrower, each other Loan Party and the Collateral Agent, substantially in the form of Exhibit D.


 


“Collateral and Guarantee
Requirement” means, at any time, the requirement that:


 


(a)       the
Administrative Agent shall have received from (x) Holdings, the Borrower and each Domestic Subsidiary (other than an Excluded
Subsidiary) existing on the Effective Date a counterpart of the Guarantee Agreement duly executed and delivered on behalf of such
Person and (y) any Person that becomes a Loan Party after the Effective Date (including by ceasing to be an Excluded Subsidiary), a
supplement to the Guarantee Agreement, in the form specified therein, duly executed and delivered on behalf of such Person;


 






     


     


    

 


(b)       the
Administrative Agent shall have received from (x) on the Collateral Trigger Event Date, Holdings, the Borrower and each Subsidiary Loan
Party on the Collateral Trigger Event Date a counterpart of the Collateral Agreement duly executed and delivered on behalf of such Person
and (y) any Person that becomes a Loan Party after the Collateral Trigger Event Date, a supplement to the Collateral Agreement, in the
form specified therein, duly executed and delivered on behalf of such Person, in each case together with the documents of the type referred
to in Section 4.01(c) and, to the extent reasonably requested by the Collateral Agent, opinions of the type referred to in Section
4.01(b));


 


(c)       from
and after the Collateral Trigger Event Date, all outstanding Equity Interests of the Borrower and the Restricted Subsidiaries (other than
any Equity Interests constituting Excluded Assets) owned by or on behalf of any Loan Party shall have been pledged pursuant to the Collateral
Agreement (and the Collateral Agent shall have received certificates or other instruments representing all such Equity Interests (if any),
together with undated stock powers or other instruments of transfer with respect thereto endorsed in blank;


 


(d)       from
and after the Collateral Trigger Event Date, if any Indebtedness for borrowed money of Holdings, the Borrower or any Subsidiary in a principal
amount of $10,000,000 or more is owing by such obligor to any Loan Party and such Indebtedness is evidenced by a promissory note, such
promissory note shall have been pledged pursuant to the Collateral Agreement (and, to the extent required by the Collateral Agreement,
the Collateral Agent shall have received all such promissory notes, together with undated instruments of transfer with respect thereto
endorsed in blank); and


 


(e)       from
and after the Collateral Trigger Event Date, all certificates, agreements, documents and instruments, including Uniform Commercial Code
financing statements, required by the Security Documents, Requirements of Law and reasonably requested by the Collateral Agent to be filed,
delivered, registered or recorded to create the Liens intended to be created by the Security Documents and perfect such Liens to the extent
required by, and with the priority required by, the Security Documents and the other provisions of the term “Collateral and Guarantee
Requirement,” shall have been filed, registered or recorded or delivered to the Collateral Agent for filing, registration or recording.


 


Notwithstanding the foregoing provisions of
this definition or anything in this Agreement or any other Loan Document to the contrary, but without affecting the rights and
benefits afforded to the Collateral Agent and the Secured Parties under any bailee or similar provision of any Intercreditor
Agreement, (a) the foregoing provisions of this definition shall not require the creation or perfection of pledges of or security
interests in, or the obtaining of legal opinions or other deliverables with respect to, particular assets of the Loan Parties or the
provision of Guarantees by any Subsidiary, if, and for so long as and to the extent that the Administrative Agent and the Borrower
reasonably agree in writing that the cost of creating or perfecting such pledges or security interests in such assets, or obtaining
such legal opinions or other deliverables in respect of such assets or providing such Guarantees (taking into account any adverse
Tax consequences to Holdings or its Subsidiaries or their owners (including the imposition of withholding or other material Taxes)),
shall be excessive in relation to the benefits to be obtained by the Lenders therefrom, (b) Liens required to be granted from time
to time pursuant to the term “Collateral and Guarantee Requirement” shall be subject to exceptions and limitations set
forth in the Security Documents as in effect on the Collateral Trigger Event Date, (c) in no event shall control agreements or other
control or similar arrangements be required with respect to deposit accounts, securities accounts, commodities accounts or other
assets specifically requiring perfection by control agreements (other than certificated securities), (d) no perfection actions shall
be required with respect to Vehicles and other assets subject to certificates of title, (e) no perfection actions shall be required
with respect to commercial tort claims with a value less than $10,000,000 individually, and other than the filing of UCC financing
statements no perfection shall be required with respect to promissory notes evidencing debt for borrowed money in a principal amount
of less than $10,000,000 individually, (f) no actions in any non-U.S. jurisdiction or required by the laws of any non-U.S.
jurisdiction shall be required to be taken to create any security interests in assets located or titled outside of the United States
(including any Equity Interests of Foreign Subsidiaries and any foreign Intellectual Property) or to perfect or make enforceable any
security interests in any such assets (it being understood that there shall be no security agreements or pledge agreements governed
under the laws of any non-U.S. jurisdiction), (g) no actions shall be required to perfect a security interest in letter of credit
rights (other than the filing of UCC financing statements), (h) no Loan Party shall be required to deliver or obtain any landlord
lien waivers, estoppel certificates or collateral access agreements or letters, (i) no Loan Party shall be required to deliver or
obtain a mortgage in respect of fee-owned or leased real property, (j) no actions shall be required to enter into any source code
escrow arrangement or register any Intellectual Property and (k) in no event shall the Collateral include any Excluded Assets. The
Collateral Agent may grant extensions of time or waivers for (x) the provision of any Guarantee by any Subsidiary (including
extensions beyond the Effective Date or in connection with Subsidiaries formed or acquired after the Effective Date) and (y) the
creation and perfection of security interests in or the obtaining of legal opinions or other deliverables with respect to particular
assets by any Loan Party (including extensions beyond the Collateral Trigger Event Date or in connection with assets acquired, or
Subsidiaries formed or acquired, after the Collateral Trigger Event Date) where it determines that such action cannot be
accomplished without undue effort or expense by the time or times at which it would otherwise be required to be accomplished by this
Agreement or the Security Documents.


 






     


     


    

 


“Collateral Trigger
Event” means the earliest to occur of (i) termination of the SPAC Transactions in accordance with their terms (after giving
effect to any applicable extension mechanics pursuant thereto), (ii) the consummation of the SPAC Transactions and (iii) December 31,
2021 (or such later date (not to exceed 30 days) as reasonably agreed by the Administrative Agent). The
Collateral Trigger Event Date occurred on December 6, 2021.


 


“Collateral Trigger
Event Date” means the earlier of (x) the date of the occurrence of a Collateral Trigger Event and (y) such other date as the
Borrower designates in a written notice to the Administrative Agent as the “Collateral Trigger Event Date.”


 


“Commitment”
means with respect to any Lender, its Revolving Commitment, its Additional/Replacement Revolving Commitment and Other Revolving Commitment
of any Class or any combination thereof (as the context requires).


 


“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.


 


“Compliance Certificate”
means a certificate of a Financial Officer required to be delivered pursuant to Section 5.01(d).


 


“Consolidated EBITDA”
means, for any period, Consolidated Net Income for such period, plus:


 


(a)       without
duplication and to the extent already deducted (and not added back) in arriving at such Consolidated Net Income, the sum of the following
amounts for such period:


 


(i)         total interest expense and,
to the extent not reflected in such total interest expense, any losses on hedging obligations or other derivative instruments entered
into for the purpose of hedging interest rate risk, net of interest income and gains on such hedging obligations or such derivative instruments,
and bank and letter of credit fees and costs of surety bonds in connection with financing activities, together with items excluded from
the definition of “Consolidated Interest Expense” pursuant to clauses (i) through (xiv) thereof,


 


(ii)        provision for taxes based
on income, profits, payroll (solely on exercise of stock options or vesting of restricted stock units or other equity awards), revenue
or capital, including federal, foreign, state, local and provincial income, franchise excise, value added and similar taxes based on income,
profits, revenue, gross receipts or capital and foreign withholding taxes paid or accrued during such period (including in respect of
repatriated funds) including penalties and interest related to such taxes or arising from any tax examinations and (without duplication)
any payments to a Parent Entity pursuant to Section 6.08(a)(xviii) in respect of taxes,


 






     


     


    

 


(iii)       depreciation and amortization
(including amortization of Capitalized Software Expenditures, customer acquisition costs, conversion costs, contract acquisition costs,
internal labor costs, incentive payments and amortization of deferred financing fees and accelerated and other deferred financing costs,
OID or other capitalized costs),


 


(iv)      other non-cash expenses, non-cash
losses and non-cash charges (other than any accrual in respect of bonuses) (provided, in each case, that if any non-cash charges
represent an accrual or reserve for potential cash items in any future period, (A) such Person may elect not to add back such non-cash
charges in the current period and (B) to the extent such Person elects to add back such non-cash charges in the current period, the cash
payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent, and excluding amortization
of a prepaid cash item that was paid in a prior period),


 


(v)       the amount of any non-controlling
interest consisting of income attributable to non-controlling interests of third parties in any non-wholly-owned subsidiary deducted (and
not added back in such period to Consolidated Net Income) excluding cash distributions in respect thereof,


 


(vi)      (A) the amount of management,
monitoring, consulting, advisory and transaction fees, indemnities and related expenses paid or accrued in such period to (or on behalf
of) the Sponsors or any other Permitted Holder (or any management company on behalf of any of the foregoing) (including any termination
fees payable in connection with the early termination of management and monitoring agreements), (B) the amount of payments made to option,
phantom equity or profits interest holders of Holdings or any of its direct or indirect parent companies in connection with, or as a result
of, any distribution being made to equityholders of such Person or its direct or indirect parent companies, which payments are being made
to compensate such option, phantom equity or profits interest holders as though they were equityholders at the time of, and entitled to
share in, such distribution, including any cash consideration for any repurchase of equity, in each case to the extent permitted in the
Loan Documents and (C) the amount of fees, expenses and indemnities paid or accrued to directors and all general administrative costs
relating to board meetings, including of Holdings or any direct or indirect parent thereof,


 


(vii)      losses or discounts on sales
of receivables and related assets in connection with any Permitted Receivables Financing,


 


(viii)    costs or expenses associated
with, or in anticipation of, or preparation for, the SPAC Transactions and/or a Qualifying IPO,


 


(ix)       any costs or expenses incurred
by Holdings, the Borrower or any Restricted Subsidiary pursuant to any management equity plan or equity option or phantom equity plan
or any other management or employee benefit plan or agreement, any long-term incentive plan, any severance agreement or any equity subscription
or equityholder agreement, to the extent that such costs or expenses are non-cash or otherwise funded with cash proceeds contributed to
the capital of the Borrower or Net Proceeds of an issuance of Equity Interests of Holdings (other than Disqualified Equity Interests),


 


(x)        any net pension or other post-employment
benefit costs representing amortization of unrecognized prior service costs, actuarial losses, including amortization of such amounts
arising in prior periods, amortization of the unrecognized net obligation (and loss or cost) existing at the date of initial application
of FASB Accounting Standards Codification 715, and any other items of a similar nature,


 


(xi)       expenses consisting of internal
software development costs that are expensed but could have been capitalized under alternative accounting policies in accordance with
GAAP,


 






     


     


    

 


(xii)      costs associated with, or
in anticipation of, or preparation for, compliance with the requirements of Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated
in connection therewith and other Public Company Costs,


 


(xiii)     any expenses reimbursed
in cash during such period by non-Affiliate third parties (other than the Borrower or any of its Subsidiaries),


 


(xiv)    any costs, fees, expenses
and charges related to expanding operations into foreign markets; or the reentry/restart of operations previously discontinued in foreign
markets in an aggregate amount not to exceed $3,000,000 in any Test Period, and


 


(xv)      net changes to the reserves
for goods and services tax, value add taxes, lodging taxes or similar taxes for which management believes it is probable that the Borrower
or any other Restricted Subsidiary may be held jointly liable with hosts for collecting and remitting such taxes,


 


plus


 


(b)       without
duplication, the amount of “run rate” cost savings, operating expense reductions, revenue enhancements and synergies (including
revenue synergies) (collectively, “Run Rate Benefits”) related to the Transactions, any Specified Transaction or any
restructuring, cost saving initiative, new contract or other initiative projected by the Borrower in good faith to be realized as a result
of actions that have been taken or initiated (including actions initiated prior to the Effective Date) or are expected to be taken or
initiated (in the good faith determination of the Borrower) before, on or after the Effective Date, including any Run Rate Benefits, expenses
and charges (including restructuring and integration charges) in connection with, or incurred by or on behalf of, any joint venture of
the Borrower or any of the Restricted Subsidiaries (whether accounted for on the financial statements of any such joint venture or the
Borrower), which Run Rate Benefits shall be added to Consolidated EBITDA until fully realized and calculated on a Pro Forma Basis as though
such Run Rate Benefits had been realized on the first day of the relevant period, net of the amount of actual benefits realized from such
actions; provided that (A) such Run Rate Benefits are reasonably quantifiable and factually supportable, (B) no Run Rate Benefits
shall be added pursuant to this clause (b) to the extent duplicative of any expenses or charges relating to such Run Rate Benefits that
are included in clause (a) above (it being understood and agreed that “run rate” shall mean the full recurring benefit that
is associated with any action taken) and (C) the share of any such Run Rate Benefits, expenses and charges with respect to a joint venture
that are to be allocated to the Borrower or any of the Restricted Subsidiaries shall not exceed the total amount thereof for any such
joint venture multiplied by the percentage of income of such venture expected to be included in Consolidated EBITDA for the relevant Test
Period;


 


plus


 


(c)       cash
receipts (or any netting arrangements resulting in reduced cash expenditures) not included in the calculation of Consolidated Net Income
in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated EBITDA pursuant to
paragraph (g) below for any previous period and not added back;


 


plus


 


(d)       without
duplication, the full run rate estimated benefit increase that the Borrower in good faith reasonably believes would have been realized
or achieved as Consolidated EBITDA from new or amended contracts or replacement contracts (any such new, amended or replacement contract,
a “New Contract”) entered into or coming into effect during any period or any volume or price increase that takes effect
under any existing contract or amended or replacement contract during any period, in each case as if such New Contract had been entered
into or come into effect, or such volume or price increase had taken effect, as of the first day, and for the entirety of, such period;
provided that such incremental contract value shall be subject only to certification by a Responsible Officer of the Borrower;


 






     


     


    

 


plus


 


(e)       the
net amount, if any, of the difference between (solely to the extent the amount in the following clause (A) exceeds the amount in the following
clause (B)): (A) the deferred revenue of the Borrower and the Restricted Subsidiaries as of the last day of such period (the “Determination
Date”) and (B) the deferred revenue of the Borrower and the Restricted Subsidiaries as of the date that is 12 months prior to
the Determination Date, in each case, calculated without giving effect to adjustments (including the effects of such adjustments pushed
down to the Borrower and the Restricted Subsidiaries) related to the application of recapitalization accounting or acquisition accounting;


 


plus


 


(f)        other
add backs and adjustments reflected in a quality of earnings report provided by a “big four” accounting firm or a nationally
recognized accounting firm (or any other accounting firm reasonably acceptable to the Administrative Agent) with respect to any acquisition,
any Permitted Acquisition or other Investment (including, for the avoidance of doubt, add backs and adjustments of the same type in future
periods),


 


less


 


(g)       without
duplication and to the extent included in arriving at such Consolidated Net Income, the sum of the following amounts for such period:


 


(i)         non-cash gains (excluding any
non-cash gain to the extent it represents the reversal of an accrual or reserve for a potential cash item that reduced Consolidated Net
Income or Consolidated EBITDA in any prior period),


 


(ii)        the amount of any non-controlling
interest consisting of loss attributable to non-controlling interests of third parties in any non-wholly-owned subsidiary added (and not
deducted in such period from Consolidated Net Income),


 


in each case, as determined on a consolidated
basis for the Borrower and the Restricted Subsidiaries in accordance with GAAP; provided that


 


(I)         there shall be included in
determining Consolidated EBITDA for any period, without duplication, (1) the Acquired EBITDA of any Person, property, business or asset
acquired by the Borrower or any Restricted Subsidiary during such period (other than any Unrestricted Subsidiary) whether such acquisition
occurred before or after the Effective Date to the extent not subsequently sold, transferred or otherwise disposed of (but not including
the Acquired EBITDA of any related Person, property, business or assets to the extent not so acquired) (each such Person, property, business
or asset acquired, including pursuant to a transaction consummated prior to the Effective Date, and not subsequently so disposed of, an
 “Acquired Entity or Business”), and the Acquired EBITDA of any Unrestricted Subsidiary that is converted into a Restricted
Subsidiary during such period (each, a “Converted Restricted Subsidiary”), in each case based on the Acquired EBITDA
of such Pro Forma Entity for such period (including the portion thereof occurring prior to such acquisition or conversion) determined
on a historical Pro Forma Basis and (2) an adjustment in respect of each Acquired Entity or Business equal to the amount of the Pro Forma
Adjustment with respect to such Acquired Entity or Business for such period (including the portion thereof occurring prior to such acquisition),
and


 






     


     


    

 


(II)       there shall be (A)
excluded in determining Consolidated EBITDA for any period the Disposed EBITDA of any Person, property, business or asset (other
than any Unrestricted Subsidiary) sold, transferred or otherwise disposed of, closed or classified as discontinued operations by the
Borrower or any Restricted Subsidiary during such period (but if such operations are classified as discontinued due to the fact that
they are subject to an agreement to dispose of such operations, at the Borrower’s election only, when and to the extent such
operations are actually disposed of) (each such Person, property, business or asset so sold, transferred or otherwise disposed of,
closed or classified, a “Sold Entity or Business”), and the Disposed EBITDA of any Restricted Subsidiary that is
converted into an Unrestricted Subsidiary during such period (each, a “Converted Unrestricted Subsidiary”), in
each case based on the Disposed EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary for such period
(including the portion thereof occurring prior to such sale, transfer, disposition, closure, classification or conversion)
determined on a historical Pro Forma Basis and (B) included in determining Consolidated EBITDA for any period in which a Sold Entity
or Business is disposed, an adjustment equal to the Pro Forma Disposal Adjustment with respect to such Sold Entity or Business
(including the portion thereof occurring prior to such disposal).


 


Notwithstanding the foregoing, the Borrower may,
in its sole discretion, elect to not make any adjustment for any item pursuant to clauses (a) through (f) above if any such
item individually is less than $1,250,000 in any fiscal quarter.


 


“Consolidated First
Lien Debt” means, as of any date of determination, (a) the amount of Consolidated Total Debt (including in respect of the Loans
hereunder) that is secured by a Lien on a material portion of the Collateral on an equal or super priority basis (but without regard to
the control of remedies) with the Liens on the Collateral securing the Secured Obligations minus (b) Available Cash.


 


“Consolidated Interest
Expense” means the sum of cash interest expense (including that attributable to Capitalized Leases), net of cash interest income,
of the Borrower and the Restricted Subsidiaries with respect to all outstanding Indebtedness for borrowed money of the Borrower and the
Restricted Subsidiaries, including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’
acceptance financing and net payments (over payments received), if any, made pursuant to interest rate hedging agreements with respect
to Indebtedness, and excluding, for the avoidance of doubt, (i) amortization of (A) deferred financing costs, debt issuance costs, commissions,
fees and expenses and any other amounts of non-cash interest (including as a result of the effects of acquisition method accounting or
pushdown accounting) and (B) any costs or expenses incurred in connection with any amendment or modification of Indebtedness (whether
or not consummated), (ii) non-cash interest expense attributable to the movement of the mark-to-market valuation of obligations under
hedging agreements or other derivative instruments pursuant to FASB Accounting Standards Codification No. 815-Derivatives and Hedging,
(iii) any one-time cash costs associated with breakage in respect of hedging agreements for interest rates or currency, (iv) commissions,
discounts, yield and other fees and charges (including any interest expense) incurred in connection with any Permitted Receivables Financing,
(v) all non-recurring cash interest expense or “additional interest” for failure to timely comply with registration rights
obligations, (vi) any interest expense attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether
actual, contingent or potential) with respect to any Permitted Acquisition, other Investment or other acquisition, all as calculated on
a consolidated basis in accordance with GAAP, (vii) any payments with respect to make-whole premiums or other breakage costs of any Indebtedness,
including, without limitation, any Indebtedness issued in connection with the Transactions, (viii) penalties and interest relating to
taxes, (ix) accretion or accrual of discounted liabilities, (x) any interest expense attributable to a direct or indirect parent entity
resulting from push down accounting, (xi) any expense resulting from the discounting of Indebtedness in connection with the application
of recapitalization or purchase accounting, (xii) any interest expense or other fees or charges incurred with respect to any Escrowed
Obligations (for the avoidance of doubt, so long as such Escrowed Obligations are held in escrow), (xiii) administrative agency or trustee
fees, (xiv) any expense arising from any bridge, structuring, arrangement, commitment and/or other financing fee (including fees and expenses
associated with the Transactions and annual agency fees), and (xv) any lease, rental or other expense in connection with a Non-Finance
Lease Obligation.


 


“Consolidated Net
Debt” means, as of any date of determination, (a) Consolidated Total Debt minus (b) Available Cash.


 






     


     


    

 


“Consolidated Net
Income” means, for any period, the net income (loss) of the Borrower and the Restricted Subsidiaries for such period determined
on a consolidated basis in accordance with GAAP, excluding, without duplication:


 


(a)       extraordinary,
non-recurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses (including extraordinary losses and
unusual or non-recurring charges or expenses attributable to legal and judgment settlements and any unusual or non-recurring operating
expenses directly attributable to the implementation of cost savings initiatives and any accruals or reserves in respect of any extraordinary,
non-recurring or unusual items), severance, relocation costs, integration and facilities’ or offices’ pre-opening costs, opening
costs, lease termination costs, processor termination or migration costs, closing and/or consolidation costs, start-up costs and other
business optimization and rationalization expenses (including related to new product introductions, the consolidation of technology platforms
and other strategic or cost saving initiatives and any costs or expenses related or attributable to the commencement of a New Project
and including any related employee hiring or retention costs or employee redundancy or termination costs), restructuring charges, accruals
or reserves (including restructuring and integration costs related to acquisitions consummated prior to or after the Effective Date and
adjustments to existing reserves), whether or not classified as restructuring expense on the consolidated financial statements, signing
costs, retention or completion bonuses, other executive recruiting and retention costs, transition costs, costs related to closure/consolidation
of facilities, branches, data centers and/or offices (including, without limitation, costs incurred in respect of leased premises, including
related to build out and the relocation of personnel and equipment), lease breakage costs, internal costs in respect of strategic initiatives
and curtailments or modifications to pension and post-employment employee benefit plans (including any settlement of pension liabilities
and charges resulting from changes in estimates, valuations and judgments thereof),


 


(b)       the
cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies
during such period,


 


(c)       Transaction
Costs (including any charges associated with the rollover, acceleration or payout of Equity Interests (including any restricted stock
units, options or similar equity-linked interests) held by management of the Borrower or any of its direct or indirect subsidiaries or
parents in connection with the Transactions),


 


(d)       the
net income for such period of any Person that is an Unrestricted Subsidiary and any Person that is not a Subsidiary or that is accounted
for by the equity method of accounting; provided that Consolidated Net Income shall be increased by the amount of dividends or
distributions or other payments that are actually paid in cash or Permitted Investments (or, if not paid in cash or Permitted Investments,
but later converted into cash or Permitted Investments, upon such conversion) by such Person to the Borrower or a Restricted Subsidiary
thereof during such period,


 


(e)       any
fees and expenses (including any transaction or retention bonus or similar payment, any earnout, contingent consideration obligation or
purchase price adjustment) incurred during such period, or any amortization thereof for such period, in connection with any acquisition
(including any related bonus expense), Investment, asset disposition, issuance or repayment of debt, issuance of Equity Interests, refinancing
transaction or amendment or other modification of any debt instrument (in each case, including any such transaction consummated prior
to the Effective Date and any such transaction undertaken but not completed and including any fees or legal expenses related to the on-going
administration of any debt instrument) and any charges or non-recurring merger costs incurred during such period as a result of any such
transaction, in each case whether or not successful (including, for the avoidance of doubt, the effects of expensing all transaction-related
expenses in accordance with FASB Accounting Standards Codification 805 and gains or losses associated with FASB Accounting Standards Codification
460),


 


(f)        any
income (loss) for such period attributable to the early extinguishment of Indebtedness, hedging agreements or other derivative instruments,


 


(g)       accruals
and reserves that are established or adjusted as a result of the Transactions in accordance with GAAP (including any adjustment of estimated
payouts on existing earn-outs) or changes as a result of the adoption or modification of accounting policies during such period,


 


(h)       all
Non-Cash Compensation Expenses,


 






     


     


    

 


(i)        any
income (loss) attributable to deferred compensation plans or trusts,


 


(j)         lease
buyout or transfer costs and expenses related to any Permitted Acquisition, other Investment or other acquisition not already covered
in clause (a) or (e),


 


(k)       any
gain (loss) on asset sales, disposals or abandonments (other than asset sales, disposals or abandonments in the ordinary course of business),


 


(l)        any
non-cash gain (loss) attributable to the mark to market movement in the valuation of hedging obligations or other derivative instruments
pursuant to FASB Accounting Standards Codification 815-Derivatives and Hedging or mark to market movement of other financial instruments
pursuant to FASB Accounting Standards Codification 825-Financial Instruments; provided that any cash payments or receipts relating
to transactions realized in a given period shall be taken into account in such period,


 


(m)       any
non-cash gain (loss) related to currency remeasurements of Indebtedness, net loss or gain resulting from hedging agreements for currency
exchange risk and revaluations of intercompany balances (including Indebtedness and gain or loss relating to translation of assets and
liabilities) and other balance sheet items,


 


(n)       any
non-cash expenses, accruals or reserves related to adjustments to historical tax exposures (provided, in each case, that the cash
payment in respect thereof in such future period shall be subtracted from Consolidated Net Income for the period in which such cash payment
was made),


 


(o)       any
impairment charge or asset write-off or write-down (including related to intangible assets (including goodwill), long-lived assets and
investments in debt and equity securities),


 


(p)       solely
for the purpose of calculating the Available Amount, the net income for such period of any Restricted Subsidiary (other than any Guarantor)
shall be excluded to the extent the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of its
net income is not at the date of determination permitted without any prior Governmental Approval (which has not been obtained) or, directly
or indirectly, is otherwise restricted by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order,
statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restriction with respect
to the payment of dividends or similar distributions has been legally waived; provided that Consolidated Net Income of the Borrower
will be increased by the amount of dividends or other distributions or other payments actually paid in cash (or to the extent converted
into cash) or Permitted Investments to the Borrower or a Restricted Subsidiary thereof in respect of such period, to the extent not already
included therein,


 


(q)       any
accruals or obligations accrued related to workers’ compensation programs to the extent that expenses deducted in the calculation
of net income exceed the net amounts paid in cash related to workers’ compensation programs in that period,


 


(r)        any
reserves, accruals or obligations accrued by the Borrower or any of its Subsidiaries for any federal and state employment tax liabilities,
including social security, federal unemployment, state unemployment and state disability taxes deducted in the calculation of net income
during such period, less the amount of such obligations paid in cash with respect to such period, and


 


(s)       earnout
and contingent consideration obligations (including to the extent accounted for as bonuses or otherwise) and adjustments thereof and purchase
price adjustments;


 


provided that the Borrower
may, in its sole discretion, elect to not make any adjustment for any item pursuant to clauses (a) through (s) above if
any such item individually is less than $1,250,000 in any fiscal quarter.


 






     


     


    

 


There shall be excluded
from Consolidated Net Income for any period the effects from applying acquisition method accounting, including applying acquisition
method accounting to inventory, property and equipment, loans and leases, software and other intangible assets and deferred revenue
(including deferred costs related thereto and deferred rent) required or permitted by GAAP and related authoritative pronouncements
(including FASB Accounting Standards Codification 805 and including the effects of such adjustments pushed down to Holdings, the
Borrower and the Restricted Subsidiaries), as a result of the Transactions, any acquisition or Investment consummated prior to the
Effective Date and any acquisition, Permitted Acquisitions or other Investment or the amortization or write-off of any amounts
thereof.


 


In addition, to the extent
not already included in Consolidated Net Income, Consolidated Net Income shall include (i) the amount of proceeds received (or reasonably
expected to be received) or due from business interruption insurance or government support payments (other than loans, to the extent not
forgivable) or reimbursement of expenses and charges that are covered by indemnification, insurance and other reimbursement provisions
in connection with the Transactions, any acquisition or other Investment or any disposition of any asset permitted hereunder or that occurred
prior to the Effective Date (net of any amount so included in any prior period to the extent not so received or reimbursed within a two
year period) and (ii) the amount of any cash tax benefits related to the tax amortization of intangible assets in such period.


 


“Consolidated Total
Assets” means, as of any date of determination, the amount that would be set forth opposite the caption “total assets”
(or any like caption) on the most recent consolidated balance sheet of the Borrower and the Restricted Subsidiaries in accordance with
GAAP.


 


“Consolidated Total
Debt” means, as of any date of determination, the outstanding principal amount of all third party Indebtedness for borrowed
money (including purchase money Indebtedness), unreimbursed drawings under letters of credit, Capital Lease Obligations and third party
Indebtedness obligations evidenced by notes or similar instruments (and excluding, for the avoidance of doubt, Swap Obligations), in each
case of the Borrower and the Restricted Subsidiaries on such date, on a consolidated basis and determined in accordance with GAAP (excluding,
in any event, the effects of any discounting of Indebtedness resulting from the application of acquisition method or pushdown accounting
in connection with the Transactions or any acquisition, Permitted Acquisition or other Investment).


 


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


 


“Converted Restricted
Subsidiary” has the meaning assigned to such term in the definition of the term “Consolidated EBITDA.”


 


“Converted Unrestricted
Subsidiary” has the meaning assigned to such term in the definition of the term “Consolidated EBITDA.”


 


“Convertible Bond
Indebtedness” means unsecured Indebtedness in the form of notes, bonds or debentures having a feature which entitles the holder
thereof to convert or exchange all or a portion of such Indebtedness into or by reference to Equity Interests of a Loan Party or any Parent
Entity (or other securities or property following a merger event or other change of the Equity Interests of a Loan Party or any Parent
Entity).


 


“Convertible Notes”
means the senior secured convertible notes that were issued pursuant to the Note Purchase Agreement.


 


“Covered Entity”
has the meaning assigned to such term in Section 9.21(b).


 


“Covered Party”
has the meaning assigned to such term in Section 9.21(a).


 






     


     


    

 


“Credit
Agreement Refinancing Indebtedness” means Indebtedness issued, incurred or otherwise obtained (including by means of the
extension or renewal of existing Indebtedness) by a Loan Party on or after the Collateral Trigger Event Date in exchange for, or to
extend, renew, replace or refinance, in whole or part, any Class of existing Revolving Loans (or unused Revolving Commitments)
(“Refinanced Debt”); provided that such exchanging, extending, renewing, replacing or refinancing
Indebtedness (a) is in an original aggregate principal amount not greater than the aggregate principal amount of the Refinanced Debt
(including any unused Revolving Commitment at such time) (plus any premium, accrued interest and fees and expenses incurred in
connection with such exchange, extension, renewal, replacement or refinancing), (b) does not mature earlier than the Refinanced Debt
(other than Customary Bridge Loans and except with respect to an amount equal to the Maturity Carveout Amount at such time), (c)
shall not be guaranteed by any entity that is not a Loan Party, (d) in the case of any secured Indebtedness (i) is not secured by
any assets not securing the Secured Obligations and (ii) is subject to the relevant Intercreditor Agreement(s) and (e) has covenants
and events of default (excluding as to subordination, interest rate (including whether such interest is payable in cash or in kind),
interest rate margins, pricing, rate floors, discounts, fees, premiums and prepayment or redemption provisions and other than with
respect to Customary Bridge Loans) that either (I) are not materially more favorable (when taken as a whole) to the lenders or
investors providing such Indebtedness than the terms and conditions of this Agreement (when taken as a whole) are to the Lenders
(except for covenants or other provisions applicable only to periods after the Latest Maturity Date at the time of such
refinancing), (II) are applicable only to periods after the Latest Maturity Date at the time of such refinancing, (III) reflect
market terms and conditions (taken as a whole) at the time of incurrence of such Indebtedness (as determined by the Borrower in good
faith) or (IV) are reasonably satisfactory to the Administrative Agent (provided that, at the Borrower’s election, to
the extent any financial maintenance covenant or other term or provision is added for the benefit of the lenders of any such
Indebtedness that consists of revolving credit facilities, no consent shall be required from the Administrative Agent or the Lenders
to the extent that such term or provision is also added, or the features of such term or provision are provided, for the benefit of
the Lenders of each Revolving Credit Facility) (and, for the avoidance of doubt, such term shall be deemed reasonably satisfactory
to the Administrative Agent).


 


“Cure Amount”
has the meaning assigned to such term in Section 7.02.


 


“Cure Right”
has the meaning assigned to such term in Section 7.02.


 


“Cured Default”
has the meaning assigned to such term in Section 7.01.


 


“Customary Bridge
Loans” means customary bridge loans with a maturity date of no longer than one year; provided that the final maturity
date of any loans, notes, securities or other Indebtedness which are exchanged for or otherwise replace such bridge loans is no earlier
than the Latest Maturity Date at the time such bridge loans are incurred.


 


“Customary Escrow
Provisions” means customary redemption or prepayment terms in connection with escrow arrangements.


 


“Customary Exceptions”
means (a) customary asset sale, insurance and condemnation proceeds events, change-of-control offers or events of default or, if in the
form of loans, excess cash flow payments and customary Indebtedness mandatory prepayment provisions and/or (b) Customary Escrow Provisions.


 


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


 


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


 






     


     


    

 



 


“Defaulting
Lender” means any Lender that has (a) failed to fund any portion of its Loans or participations in Letters of Credit
within one Business Day of the date on which such funding is required hereunder, (b) notified the Borrower, the Administrative
Agent, any Issuing Bank, or any Lender in writing that it does not intend to comply with any of its funding obligations under this
Agreement or has made a public statement or provided any written notification to any Person to the effect that it does not intend to
comply with its funding obligations under this Agreement or generally under other agreements in which it commits to extend credit,
(c) failed, within three (3) Business Days after request by the Administrative Agent (whether acting on its own behalf or at the
reasonable request of the Borrower (it being understood that the Administrative Agent shall comply with any such reasonable
request)) or by any Issuing Bank to confirm that it will comply with the terms of this Agreement relating to its obligations to fund
prospective Loans and participations in then outstanding Letters of Credit, (d) otherwise failed to pay over to the Administrative
Agent, any Issuing Bank or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date
when due, unless the subject of a good faith dispute or subsequently cured, or (e)(i) become or is insolvent or has a parent company
that has become or is insolvent, (ii) become the subject of a bankruptcy or insolvency proceeding or any action or proceeding of the
type described in Section 7.01(h) or (i), or has had a receiver, conservator, trustee, administrator, assignee for the
benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian appointed for it, or
has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or
appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver,
conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or
liquidation of its business or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to,
approval of or acquiescence in any such proceeding or appointment, or (iii) become the subject of a Bail-In Action; provided
that a Lender shall not be deemed to be a Defaulting Lender solely by virtue of the ownership or acquisition of any capital stock in
such Lender or its direct or indirect parent by a Governmental Authority so long as such ownership interest does not result in or
provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or
writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm
any contracts or agreements made with such Lender; provided, further, that a Lender will cease to be a Defaulting
Lender upon written receipt by both the Administrative Agent and Borrower of confirmation that the Lender will comply with its
prospective funding obligations.


 


“Defaulting Lender
Fronting Exposure” means, at any time there is a Defaulting Lender, with respect to any Issuing Bank, such Defaulting Lender’s
Applicable Percentage of the outstanding Letter of Credit obligations with respect to such Issuing Bank other than Letter of Credit obligations
as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or cash collateralized in accordance
with the terms hereof.


 


“Designated Non-Cash
Consideration” means the Fair Market Value of non-cash consideration received by the Borrower or a Subsidiary in connection
with a Disposition pursuant to Section 6.05(k) that is designated as Designated Non-Cash Consideration pursuant to a certificate
of a Responsible Officer of the Borrower, setting forth the basis of such valuation, less the amount of cash or Permitted Investments
received in connection with a subsequent sale of or collection on or other disposition of such Designated Non-Cash Consideration. A particular
item of Designated Non-Cash Consideration will no longer be considered to be outstanding when and to the extent it has been paid, redeemed,
sold or otherwise disposed of or returned in exchange for consideration in the form of cash or Permitted Investments in compliance with
Section 6.05.


 


“Disposed EBITDA”
means, with respect to any Sold Entity or Business or Converted Unrestricted Subsidiary for any period, the amount for such period of
Consolidated EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary (determined as if references to the Borrower
and the Restricted Subsidiaries in the definition of the term “Consolidated EBITDA” (and in the component financial definitions
used therein) were references to such Sold Entity or Business and its subsidiaries or to such Converted Unrestricted Subsidiary and its
subsidiaries), all as determined on a consolidated basis for such Sold Entity or Business or Converted Unrestricted Subsidiary.


 


“Disposition”
has the meaning assigned to such term in Section 6.05.


 


“Disqualified Equity
Interest” means, with respect to any Person, any Equity Interest in such Person that by its terms (or by the terms of any security
into which it is convertible or for which it is exchangeable, either mandatorily or at the option of the holder thereof), or upon the
happening of any event or condition:


 


(a)       matures
or is mandatorily redeemable (other than solely for Equity Interests in such Person or in any Parent Entity that do not constitute Disqualified
Equity Interests and cash in lieu of fractional shares of such Equity Interests), whether pursuant to a sinking fund obligation or otherwise;


 


(b)       is
convertible or exchangeable, either mandatorily or at the option of the holder thereof, for Indebtedness or Equity Interests (other
than solely for Equity Interests in such Person or in any Parent Entity that do not constitute Disqualified Equity Interests and
cash in lieu of fractional shares of such Equity Interests); or


 






     


     


    

 


(c)       is
redeemable (other than solely for Equity Interests in such Person or in any Parent Entity that do not constitute Disqualified Equity Interests
and cash in lieu of fractional shares of such Equity Interests) or is required to be repurchased by such Person or any of its Subsidiaries,
in whole or in part, at the option of the holder thereof;


 


in each case, on or prior to the date 91 days
after the Latest Maturity Date at the time of issuance of such Equity Interests; provided, however, that (i) an Equity Interest
in any Person that would not constitute a Disqualified Equity Interest but for terms thereof giving holders thereof the right to require
such Person to redeem or purchase such Equity Interest upon the occurrence of an “asset sale,” “condemnation event,”
a “change in control” or similar event shall not constitute a Disqualified Equity Interest if any such requirement becomes
operative only after repayment in full of all the Loans and all other Loan Document Obligations that are accrued and payable and the termination
of the Commitments and (ii) if an Equity Interest in any Person is issued pursuant to any plan for the benefit of employees of Holdings
(or any direct or indirect parent thereof), the Borrower or any of the Subsidiaries or by any such plan to such employees, such Equity
Interest shall not constitute a Disqualified Equity Interest solely because it may be required to be repurchased by Holdings (or any direct
or indirect parent company thereof), the Borrower or any of the Subsidiaries in order to satisfy applicable statutory or regulatory obligations
of such Person or as a result of such employee’s termination, death, or disability.


 


“director”
has the meaning assigned to such term in the definition of “Board of Directors.”


 


“Dividing Person”
has the meaning assigned to it in the definition of “Division.”


 


“Division”
means the division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two or more
Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing Person
and pursuant to which the Dividing Person may or may not survive.


 


“Division Successor”
means any Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion of the assets, liabilities and/or
obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person which retains
any of its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor upon the occurrence of such Division.


 


“dollars”
or “$” refers to lawful money of the United States of America.


 


“Dollar Equivalent”
means, at any time, (a) with respect to any amount denominated in dollars, such amount and (b) with respect to any amount denominated
in any currency other than dollars, the equivalent amount thereof in dollars as determined by the Administrative Agent at such time in
accordance with Section 1.07 hereof.


 


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


 


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


 


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


 


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


 






     


     


    

 


“Effective Date”
means October 7, 2021, the date on which the conditions specified
in Section 4.01 arewere
satisfied (or waived in accordance with Section 9.02).


 


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


 


“Eligible Assignee”
means (a) a Lender, (b) an Affiliate of a Lender (other than an Excluded Affiliate), (c) an Approved Fund and (d) any other Person (including,
subject to the requirements of Section 9.04(i), as applicable, Holdings, the Borrower or any of their Affiliates), other than,
in each case, (i) a natural person, (ii) a Defaulting Lender or (iii) any Affiliate of Holdings (other than any Purchasing Borrower Party).


 


“Environmental Laws”
means applicable common law and all applicable treaties, rules, regulations, codes, ordinances, judgments, orders, decrees and other applicable
Requirements of Law, and all applicable injunctions or binding agreements issued, promulgated or entered into by or with any Governmental
Authority, in each instance relating to pollution or the protection of the environment, including with respect to the preservation or
reclamation of natural resources, Hazardous Materials, or to the extent relating to exposure to Hazardous Materials, the protection of
human health or safety.


 


“Environmental Liability”
means any liability, obligation, loss, claim, action, order or cost, contingent or otherwise (including any liability for damages, costs
of medical monitoring, costs of environmental remediation or restoration, administrative oversight costs, consultants’ fees, fines,
penalties and indemnities), of Holdings, the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) any actual
or alleged violation of any Environmental Law or permit, license or approval issued thereunder, (b) the generation, use, handling, transportation,
storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release
of any Hazardous Materials or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed
with respect to any of the foregoing.


 


“Equity Interests”
means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust
or other equity ownership interests in a Person (excluding, for the avoidance of doubt, any debt security that is convertible or exchangeable
into any of the foregoing).


 


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


 


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


 


“ERISA Event”
means (a) any “reportable event,” as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to
a Plan (other than an event for which the 30 day notice period is waived); (b) any failure by any Plan to satisfy the minimum funding
standards (within the meaning of Section 412 or Section 430 of the Code or Section 302 of ERISA) applicable to such Plan, whether or not
waived; (c) the filing pursuant to Section 412 of the Code or Section 302 of ERISA of an application for a waiver of the minimum funding
standard with respect to any Plan; (d) a determination that any Plan is, or is expected to be, in “at-risk” status (as defined
in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code); (e) the incurrence by a Loan Party or any of its ERISA Affiliates of
any liability under Title IV of ERISA with respect to the termination of any Plan; (f) the receipt by a Loan Party or any ERISA Affiliate
from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to
administer any Plan; (g) the incurrence by a Loan Party or any of its ERISA Affiliates of any liability with respect to the withdrawal
or partial withdrawal from any Plan (including any liability under Section 4062(e) of ERISA) or Multiemployer Plan; or (h) the receipt
by a Loan Party or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from a Loan Party or any ERISA Affiliate
of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be,
insolvent, within the meaning of Title IV of ERISA or in endangered or critical status, within the meaning of Section 305 of ERISA.


 






     


     


    

 


“Escrow” has the meaning provided
in the definition of “Indebtedness.”


 


“Escrowed Obligations” has the
meaning provided in the definition of “Indebtedness.”


 


“Escrowed Proceeds”
means the proceeds from the offering of any debt securities or other Indebtedness paid into an escrow account with an escrow agent on
the date of the applicable offering or incurrence pursuant to escrow arrangements that permit the release of amounts on deposit in such
escrow account upon satisfaction of certain conditions or the occurrence of certain events. The term “Escrowed Proceeds” shall
include any interest earned on the amounts held in escrow.


 


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


 


“Euro”
or “€” means the single currency of the European Union as constituted by the Treaty on European Union and as
referred to in the legislative measures of the European Council for the introduction of, changeover to or operation of a single or unified
European currency.


 


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


 


“Event of Default”
has the meaning assigned to such term in Section 7.01.


 


“Exchange Act”
means the United States Securities Exchange Act of 1934, as amended from time to time.


 


“Excluded Accounts”
means (a) payroll, healthcare and other employee wage and benefit accounts, (b) tax accounts, including, without limitation, sales tax
accounts, (c) escrow, defeasance and redemption accounts, (d) fiduciary or trust accounts, (e) disbursement accounts, (f) cash collateral
accounts subject to Liens permitted by Section 6.02 and (g) the funds or other property held in or maintained for such purposes
in any such account described in clauses (a) through (f).


 


“Excluded Affiliates”
means, collectively, any Affiliates of any of the Lead ArrangerArrangers
that are engaged as principals primarily in private equity, mezzanine financing or venture capital.


 






     


     


    




“Excluded
Assets” means (a) any fee-owned real property and any fixtures affixed to any real property, except to the extent a
security interest in such fixture can be perfected by filing of a financing statement (but, for the avoidance of doubt, no filing of
any fixture financing statement shall be required hereunder), (b) all leasehold interests in real property, (c) any governmental
licenses or state or local franchises, charters or authorizations, to the extent a security interest in any such license, franchise,
charter or authorization would be prohibited or restricted thereby (including any legally effective prohibition or restriction, but
excluding any prohibition or restriction that is ineffective under the Uniform Commercial Code of any applicable jurisdiction), (d)
any assets the pledge or grant of a security interest in which is prohibited by applicable law, rule or regulation (including any
legally effective requirement to obtain the consent of any Governmental Authority but excluding any prohibition or restriction that
is ineffective under the Uniform Commercial Code or other applicable law), (e) Equity Interests of (x) Unrestricted Subsidiaries,
(y) Immaterial Subsidiaries (except to the extent a security interest therein can be perfected by filing of a UCC financing
Statement) and (z) not-for-profit Subsidiaries, captive insurance companies and other special purpose subsidiaries, (f) Equity
Interests of (i) any Foreign Subsidiary that is a CFC, in excess of 65% of each class of the Equity Interests of such Foreign
Subsidiary and (ii) any FSHCO, in excess of 65% of each class of the Equity Interests of such FSHCO, (g) any asset if, to the extent
that and for so long as the grant of a Lien thereon to secure the Secured Obligations is prohibited by any Requirements of Law
(other than to the extent that any such prohibition would be rendered ineffective pursuant to the Uniform Commercial Code or any
other applicable Requirements of Law) or would require consent or approval of any Governmental Authority (unless such consent or
approval has been obtained) but excluding any prohibition or restriction that is ineffective under the Uniform Commercial Code of
any applicable jurisdiction, (h) margin stock and, to the extent prohibited by, or creating an enforceable right of termination in
favor of any other party thereto (other than any Loan Party) under the terms of any applicable Organizational Documents, joint
venture agreement or equityholders’ agreement after giving effect to the applicable anti-assignment provisions of the Uniform
Commercial Code of any applicable jurisdiction, Equity Interests in any Person other than the Borrower and wholly-owned Restricted
Subsidiaries, (i) assets to the extent a security interest in such assets would result in material adverse tax consequences to the
Borrower or one of its subsidiaries (or their direct or indirect equity holders) as reasonably determined by the Borrower in
consultation with the Administrative Agent, (j) any intent-to-use trademark application prior to the filing of a “Statement of
Use” or “Amendment to Allege Use” with respect thereto, (k) any lease, license or other agreement or any property
subject thereto (including pursuant to a purchase money security interest or similar arrangement) to the extent that a grant of a
security interest therein would violate or invalidate such lease, license or agreement or purchase money arrangement or create a
breach, default or right of termination in favor of any other party thereto (other than any Loan Party) or otherwise require consent
of any party thereto (other than any Loan Party) unless such consent has been obtained in each case, after giving effect to the
applicable anti-assignment provisions of the Uniform Commercial Code of any applicable jurisdiction or other similar applicable law,
other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the Uniform Commercial Code
of any applicable jurisdiction or other similar applicable law notwithstanding such prohibition, (l) receivables and related assets
(or interests therein) (A) sold to any Receivables Subsidiary or (B) otherwise pledged, factored, transferred or sold in connection
with any Permitted Receivables Financing, (m) commercial tort claims with a value of less than $10,000,000 and letter-of-credit
rights with a value of less than $10,000,000 (except to the extent a security interest therein can be perfected by a UCC filing),
(n) Vehicles and other assets subject to certificates of title, (o) any aircraft, airframes, aircraft engines or helicopters, or any
equipment or other assets constituting a part thereof (except to the extent a security interest therein can be perfected by filing a
UCC financing statement), (p) any and all assets and personal property owned or held by any Subsidiary that is not a Loan Party
(including any Unrestricted Subsidiary), (q) any proceeds from any issuance of Indebtedness permitted to be incurred under Section
6.01 that are paid into an escrow account to be released upon satisfaction of certain conditions or the occurrence of certain
events, including cash or Permitted Investments set aside at the time of the incurrence of such Indebtedness, in each case, to the
extent such proceeds, cash or Permitted Investments prefund the payment of interest or premium or discount on such indebtedness (or
any costs related to the issuance of such indebtedness) and are held in such escrow account or similar arrangement to be applied for
such purpose, (r) Excluded Accounts and (s) any particular assets, including management contracts, acquired by a Loan Party in
connection with or as part of a seller financing arrangement that is permitted under this Agreement pursuant to which a seller
retains a security interest in such assets that is permitted pursuant to Section 6.02(xiii), to the extent and for so long as the
agreements governing such seller financing do not permit any other Liens on such assets. Notwithstanding anything to the contrary
herein, from and after the Collateral Trigger Event Date, so long as any Notes Obligations are outstanding, no assets pledged to
secure the Convertible Notes and the Notes Obligations shall constitute Excluded Assets.


 


Notwithstanding anything contained
herein to the contrary, other goods, chattel paper, investment property, documents of title, instruments, money, intangibles and other
assets shall be deemed to be “Excluded Assets” if the Administrative Agent and the Borrower mutually agree that the cost or
other consequences of obtaining or perfecting a security interest in such goods, chattel paper, investment property, documents of title,
instruments, money, intangibles and other assets is excessive in relation to either the value of such goods, chattel paper, investment
property, documents of title, instruments, money, intangibles and other assets as Collateral or to the practical benefit of the Lenders
of the security afforded thereby.


 


“Excluded
Subsidiary” means any of the following (except as otherwise provided in clause (b) of the definition of “Subsidiary
Loan Party”): (a) any Subsidiary that is not a wholly-owned subsidiary of Holdings, (b) [reserved], (c)
each Unrestricted Subsidiary, (d) each Immaterial Subsidiary, (e) any Subsidiary that is prohibited by (i) applicable
Requirements of Law or (ii) any contractual obligation existing on the Effective Date or on the date any such Subsidiary is acquired
(so long in respect of any such contractual prohibition such prohibition is not incurred in contemplation of such acquisition), in
each case from guaranteeing the Secured Obligations or which would require governmental (including regulatory) consent, approval,
license or authorization (unless such consent, approval, license or authorization has been obtained) to provide a Guarantee (unless
such governmental consent, approval, license or authorization has been obtained), or for which the provision of a Guarantee would
result in a material adverse tax consequence (including as a result of the operation of Section 956 of the Code or any similar law
or regulation in any applicable jurisdiction) to the Borrower or one of its subsidiaries (or their direct or indirect equity
holders) reasonably determined by the Borrower in consultation with the Administrative Agent, (f) any Foreign Subsidiary, (g) any
Domestic Subsidiary of a Subsidiary of Holdings that is a CFC, (h) any FSHCO, (i) any other Subsidiary excused from becoming a Loan
Party pursuant to clause (a) of the last paragraph of the definition of the term “Collateral and Guarantee Requirement,”
(j) each Receivables Subsidiary and (k) any not-for-profit Subsidiaries, captive insurance companies or other special purpose
subsidiaries designated by the Borrower from time to time. For the avoidance of doubt, the Borrower shall not constitute an Excluded
Subsidiary. The Excluded Subsidiaries as of the Effective Date are set forth on Schedule 1.01 hereto. Notwithstanding
anything to the contrary herein, from and after the Collateral Trigger Event Date, so long as any Notes Obligations are outstanding,
no issuer or guarantor of the Convertible Notes shall constitute an Excluded Subsidiary.









     


     


    

 


“Excluded Swap Obligation”
means, with respect to any Guarantor, (a) any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Guarantor
of, or the grant by such Guarantor of a security interest to secure, as applicable, such Swap Obligation (or any Guarantee thereof) is
or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the U.S. Commodity Futures Trading Commission
(or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute
an “eligible contract participant” as defined in the Commodity Exchange Act (determined after giving effect to any applicable
keep well, support, or other agreement for the benefit of such Guarantor and any and all Guarantees of such Guarantor’s Swap Obligations
by other Loan Parties) at the time the Guarantee of such Guarantor, or a grant by such Guarantor of a security interest, becomes effective
with respect to such Swap Obligation or (b) any other Swap Obligation designated as an “Excluded Swap Obligation” of such
Guarantor as specified in any agreement between the relevant Loan Parties and counterparty applicable to such Swap Obligations. If a Swap
Obligation arises under a Master Agreement governing more than one Swap, such exclusion shall apply only to the portion of such Swap Obligation
that is attributable to Swaps for which such Guarantee or security interest is or becomes excluded in accordance with the first sentence
of this definition.


 


“Excluded Taxes”
means any of the following Taxes imposed on or with respect to, or required to be withheld or deducted from a payment to, the Administrative
Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of any Loan Party hereunder or under
any other Loan Document, (a) Taxes imposed on (or measured by) its net income or profits (however denominated), branch profits Taxes,
and franchise Taxes, in each case (i) imposed by a jurisdiction as a result of such recipient being organized or having its principal
office located in or, in the case of any Lender, having its applicable Lending Office located in, such jurisdiction or (ii) that are Other
Connection Taxes, (b) any Tax that is attributable to such Lender’s failure to comply with Section 2.17(e), (c) any U.S.
federal withholding Taxes imposed on amounts payable to or for the account of such recipient with respect to an applicable interest in
a Loan or Commitment pursuant to law in effect on the date on which (i) the applicable recipient acquires such interest in the applicable
Commitment or, if such Lender did not fund the applicable Loan pursuant to a prior Commitment, the date on which such Lender acquires
the applicable interest in such Loan (in each case, other than pursuant to an assignment request by the Borrower under Section 2.19) or
(ii) such recipient changes its lending office, except, in each case, to the extent that such Lender (or its assignor, if any) was entitled,
immediately prior to the time of designation of a new Lending Office (or assignment), to receive additional amounts with respect to such
withholding Tax under Section 2.17(a), (d) any Tax imposed pursuant to FATCA, and (e) any U.S. federal backup withholding tax imposed
under Section 3406 of the Code.


 


“Fair Market Value”
means with respect to any asset or group of assets on any date of determination, the value of the consideration obtainable in a sale of
such asset at such date of determination assuming a sale by a willing seller to a willing purchaser dealing at arm’s length and
arranged in an orderly manner over a reasonable period of time having regard to the nature and characteristics of such asset. Except as
otherwise expressly set forth herein, such value shall be determined in good faith by the Borrower.


 


“Fair Value”
means the amount at which the assets (both tangible and intangible), in their entirety, of the Borrower and its Subsidiaries taken as
a whole would change hands between a willing buyer and a willing seller, within a commercially reasonable period of time, each having
reasonable knowledge of the relevant facts, with neither being under any compulsion to act.


 


“FATCA”
means Sections 1471 through 1474 of the Code as in effect on the date hereofEffective
Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with),
any current or future Treasury regulations promulgated thereunder or official administrative interpretations thereof, any agreements entered
into pursuant to current Section 1471(b)(1) of the Code (or any amended or successor version described above) and any intergovernmental
agreements, treaties or conventions (and related legislation or official guidance) implementing the foregoing.


 






     


     


    

 


“FCPA”
has the meaning assigned to such term in Section 3.18(b).


 


“Federal Funds Effective
Rate” means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such day’s federal
funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on
its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the
federal funds effective rate; provided that if the Federal Funds Rate as so determined would be less than zero, such rate shall
be deemed to be zero for purposes of this Agreement.


 


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


 


“Financial Performance
CovenantCovenants”
means the covenantcovenants
set forth in Section 6.09.


 


“First
Amendment” means that certain Amendment No. 1, dated as of the First Amendment Effective Date, among the Borrower, Holdings, the
Administrative Agent and the Lenders party thereto.


 


“First
Amendment Effective Date” means December 8, 2021.


 


“First
Amendment Reaffirmation Agreement” means the Reaffirmation Agreement, dated as of December 8, 2021, among Holdings, the Borrower,
each of the Subsidiary Loan Parties, the Administrative Agent and the Collateral Agent.


 


“First Lien Intercreditor
Agreement” means an intercreditor agreement substantially in the form of Exhibit E or any other intercreditor agreement
reasonably satisfactory to the Administrative Agent and the Borrower.


 


“Fitch”
means Fitch Ratings, Inc. and any successor to its rating agency business.


 


“Fixed Amounts”
has the meaning assigned to such term in Section 1.05(a).


 


“Fixed Charges”
means, for any period, the sum, without duplication of (a) the Consolidated Interest Expense for such period, plus (b) all scheduled cash
dividend payments (excluding items eliminated in consolidation) on any series of preferred Equity Interests of such Persons made during
such period, plus (c) all scheduled cash dividend payments (excluding items eliminated in consolidation) on any series of Disqualified
Equity Interests of the Borrower or any Restricted Subsidiary during such period.


 


“Foreign Subsidiary”
means any Subsidiary that is organized under the laws of a jurisdiction other than the United States of America, any state thereof or
the District of Columbia.


 


“FSHCO”
means any Domestic Subsidiary of the Borrower that has no material assets other than Equity Interests and, if applicable, Indebtedness
in one or more Foreign Subsidiaries of the Borrower that are CFCs or other FSHCOs.


 


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


 


“GAAP”
means generally accepted accounting principles in the United States of America, as in effect from time to time; provided, however,
that if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate
the effect of any change occurring after the Effective Date in GAAP or in the application thereof on the operation of such provision
(or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for
such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof,
then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have
become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any
other provision contained herein, (a) all terms of an accounting or financial nature used herein shall be construed, and all
computations of amounts and ratios referred to herein shall be made, without giving effect to any election under FASB Accounting
Standards Codification 825-Financial Instruments, or any successor thereto (including pursuant to the FASB Accounting Standards
Codification), to value any Indebtedness of the Borrower or any subsidiary at “fair value,” as defined therein and (b)
the amount of any Indebtedness under GAAP with respect to Capital Lease Obligations shall be determined in accordance with the
definition of “Capital Lease Obligation” and Section 1.04(g).


 






     


     


    

 


“GAAP Revenue”
has the meaning assigned to such term in Section 6.09(a).


 


“General Debt Basket”
has the meaning assigned to such term in Section 6.01(xiv).


 


“General Debt Basket
Reallocated Amount” means any amount then available to be incurred under the General Debt Basket that, at the option of the
Borrower, has been reallocated from the General Debt Basket to the Free and Clear Incremental Amount.


 


“Governmental Approvals”
means all authorizations, consents, approvals, permits, licenses and exemptions of, registrations and filings with, and reports to, Governmental
Authorities.


 


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


 


“Granting Lender”
has the meaning assigned to such term in Section 9.04(e).


 


“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness of any other Person (the “primary obligor”) in any manner,
whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance
or supply funds for the purchase or payment of) such Indebtedness or to purchase (or to advance or supply funds for the purchase of) any
security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such
Indebtedness of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity
of the primary obligor so as to enable the primary obligor to pay such Indebtedness or (d) as an account party in respect of any letter
of credit or letter of guaranty issued to support such Indebtedness; provided that the term Guarantee shall not include endorsements
for collection or deposit in the ordinary course of business or customary and reasonable indemnity obligations in effect on the Effective
Date or entered into in connection with any acquisition or disposition of assets permitted under this Agreement (other than such obligations
with respect to Indebtedness). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount
of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the
maximum reasonably anticipated liability in respect thereof as determined in good faith by a Financial Officer. The term “Guarantee”
as a verb has a corresponding meaning.


 


“Guarantee Agreement”
means the Guarantee Agreement among the Loan Parties and the Administrative Agent, substantially in the form of Exhibit C.


 


“Guarantors”
means collectively, Holdings and the Subsidiary Loan Parties.


 


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


 


“Holdings”
has the meaning provided in the preamble hereto, and shall include any Successor Holdings.


 






     


     


    

 


“IFRS”
means international accounting standards as promulgated by the International Accounting Standards Board.


 


“Immaterial Subsidiary”
means any Subsidiary that is not a Material Subsidiary.


 


“Immediate Family
Members” means with respect to any individual, such individual’s child, stepchild, grandchild or more remote descendant,
parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law
and daughter-in-law (including adoptive relationships) and any trust, partnership or other bona fide estate-planning vehicle the only
beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of the foregoing
individuals or any donor-advised fund of which any such individual is the donor.


 


“Impacted Loans”
has the meaning assigned to such term in Section 2.14(a)(ii).


 


“Incremental Cap” means, as
of any date of determination,


 


(I)       an
amount equal to the sum of (the “Free and Clear Incremental Amount”):


 


(a)       $150,000,000,
plus


 


(b)       the
General Debt Basket Reallocated Amount, plus


 


(c)       the
sum of the aggregate principal amount of (x) voluntary prepayments, repayments, redemptions, repurchases and debt buybacks (in an amount
equal to the principal amount of the Indebtedness subject thereto) of any Incremental Equivalent Debt or any other Indebtedness incurred
under the Free and Clear Incremental Amount (including open market purchases at or below par, payments through Dutch auction procedures
or any “yank-a-bank” provision in the documentation governing such Indebtedness) by Holdings, the Borrower or any of its Subsidiaries
and (y) permanent commitment reductions in respect of the Revolving Credit Facility, any Additional/Replacement Revolving Commitments
or any other revolving credit facility that is incurred under the Free and Clear Incremental Amount, except, in each case under this clause
(c), to the extent funded with proceeds of long-term Indebtedness of the Borrower or the Restricted Subsidiaries (other than (1) any revolving
Indebtedness, (2) any intercompany loans among the Borrower and its Restricted Subsidiaries or (3) Incremental Facilities or Incremental
Equivalent Debt then being incurred in reliance on this clause (c) or clause (d) below)), plus


 


(d)       the
sum of the aggregate principal amount of voluntary prepayments, repayments, redemptions, repurchases and buybacks of, and, in the case
of revolving credit commitments, permanent commitment reductions in respect of (in each case, an amount equal to the principal amount
of the Indebtedness subject thereto), any Credit Agreement Refinancing Indebtedness, Other Revolving Credit Commitment or any Permitted
Refinancing, as applicable, previously applied, directly or indirectly, to the prepayment, repayment, redemption, repurchase, buyback
or permanent commitment reduction, as applicable, of any Indebtedness or revolving credit commitment, as applicable, described in clause
(c) above (including open market purchases at or below par, payments through Dutch auction procedures or any “yank-a-bank”
provision in the documentation governing such Indebtedness) by Holdings, the Borrower or any of its Subsidiaries, except, in each case
under this clause (d), to the extent funded with proceeds of long-term Indebtedness of the Borrower or the Restricted Subsidiaries (other
than (1) any revolving Indebtedness, (2) any intercompany loans among the Borrower and its Restricted Subsidiaries or (3) Incremental
Facilities or Incremental Equivalent Debt then being incurred in reliance on this clause (d) or clause (c) above)), minus


 


(e)       the
aggregate principal amount of all Incremental Facilities and all Incremental Equivalent Debt outstanding at such time that was incurred
in reliance on the foregoing clauses (a) through (d), and


 


(II)       if
the Borrower and its Restricted Subsidiaries on a consolidated basis have positive Consolidated EBITDA for the most recently ended
Test Period, the maximum aggregate principal amount (the “Ratio Incremental Amount”) that can be incurred without
causing the Total Leverage Ratio, after giving effect to the incurrence or establishment, as applicable, of any Incremental
Facilities or Incremental Equivalent Debt (which shall assume that the full amounts of any Incremental Revolving Commitment Increase
and Additional/Replacement Revolving Commitments established at such time are fully drawn) and the use of proceeds thereof, on a Pro
Forma Basis (but without giving effect to any substantially simultaneous incurrence of any Incremental Facility or Incremental
Equivalent Debt made pursuant to the Free and Clear Incremental Amount or under the Revolving Credit Facility in connection
therewith), to exceed 3.00 to 1.00.


 






     


     


    

 


“Incremental Equivalent
Debt” has the meaning assigned to such term in Section 6.01(a)(xxiii).


 


“Incremental Facilities”
has the meaning assigned to such term in Section 2.20(a).


 


“Incremental Facility
Amendment” has the meaning assigned to such term in Section 2.20(e).


 


“Incremental Revolving
Commitment Increase” has the meaning assigned to such term in Section 2.20(a).


 


“Incremental Revolving
Loan” means Revolving Loans made pursuant to Additional/Replacement Revolving Commitments.


 


“Incurrence-Based
Amounts” has the meaning assigned to such term in Section 1.05(a).


 


“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced
by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention
agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price
of property or services (excluding trade accounts or payables, obligations payable in the ordinary course of business and any earn-out
obligation until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and if not paid within
60 days after being due and payable), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing
right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness
secured thereby has been assumed, (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such
Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of
guaranty and (i) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances; provided that
the term “Indebtedness” shall not include (i) deferred or prepaid revenue, (ii) purchase price holdbacks in respect of a portion
of the purchase price of an asset to satisfy warranty or other unperformed obligations of the seller, (iii) any obligations attributable
to the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect
thereto, (iv) Indebtedness of any Parent Entity appearing on the balance sheet of the Borrower solely by reason of push down accounting
under GAAP, (v) accrued expenses and royalties, (vi) asset retirement obligations and other pension related obligations (including pensions
and retiree medical care) that are not overdue by more than 60 days and (vii) Non-Finance Lease Obligations. The Indebtedness of any Person
shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent
such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except
to the extent the terms of such Indebtedness provide that such Person is not liable therefor. The amount of Indebtedness of any Person
for purposes of clause (e) above shall (unless such Indebtedness has been assumed by such Person) be deemed to be equal to the lesser
of (A) the aggregate unpaid amount of such Indebtedness and (B) the Fair Market Value of the property encumbered thereby as determined
by such Person in good faith. For all purposes hereof, the Indebtedness of Holdings, the Borrower and the Restricted Subsidiaries shall
exclude (i) intercompany liabilities arising from their cash management, tax, and accounting operations and intercompany loans, advances
or Indebtedness having a term not exceeding 364 days (inclusive of any rollover or extensions of terms) and made in the ordinary course
of business, (ii) obligations under or in respect of any Permitted Receivables Financing, (iii) obligations, to the extent such obligations
would otherwise constitute Indebtedness, under any agreement that has been defeased or satisfied and discharged pursuant to the terms
of such agreement, (iv) all obligations in connection with seller financing arrangements, including seller notes, entered into in the
ordinary course of business or (v) indebtedness that constitutes “Indebtedness” merely by virtue of a pledge of an Investment
(without any accompanying guaranty) in an Unrestricted Subsidiary.


 






     


     


    

 


Notwithstanding the foregoing,
other than in connection with making an LCT Election, Indebtedness will be deemed not to include obligations (“Escrowed Obligations”)
incurred or otherwise outstanding in advance of, and the proceeds of which are to be applied in connection with, a transaction (including
any repayment, prepayment or redemption as to which a notice thereof has been delivered to the applicable holders thereof), solely to
the extent that the proceeds thereof are and continue to be held in an escrow, trust, collateral or similar account or arrangement (collectively,
an “Escrow”) and are not otherwise made available for any other purpose (it being understood that in any event, any
such proceeds held in such Escrow shall not be deemed to represent Available Cash for purposes of calculating the Total Leverage Ratio);
provided that upon the release of the proceeds of Escrowed Obligations from such Escrow such obligations, to the extent outstanding
after such release, shall constitute Indebtedness that is incurred on such date.


 


“Indemnified Taxes”
means all 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.


 


“Indemnitee”
has the meaning assigned to such term in Section 9.03(b).


 


“Information”
has the meaning assigned to such term in Section 9.12(a).


 


“Initial Default”
has the meaning assigned to such term in Section 7.01.


 


“Intellectual Property”
has the meaning assigned to such term in the Collateral Agreement.


 


“Intercreditor Agreements”
means any First Lien Intercreditor Agreement, any Second Lien Intercreditor Agreement or any other intercreditor agreement reasonably
satisfactory to the Administrative Agent and the Borrower.


 


“Interest Election
Request” means a request by the Borrower in accordance with Section 2.07 and substantially in the form of Exhibit
R or such other form as may be reasonably approved by the Administrative Agent (including any form on an electronic platform or electronic
transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of
the Borrower.


 


“Interest Payment
Date” means (a) with respect to any ABR Loan, the last Business Day of each March, June, September and December and (b) with
respect to any Eurocurrency Loan, the last Business Day of the Interest Period applicable to the Borrowing of which such Loan is a part
and, in the case of a Eurocurrency Borrowing with an Interest Period of more than three months’ duration, each day prior to the
last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period.


 


“Interest Period”
means, with respect to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding
day in the calendar month that is one, three or six months thereafter as selected by the Borrower in its Borrowing Request (or, if agreed
to by each Lender participating therein, twelve months or such other period less than one month thereafter as the Borrower may elect),
provided that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to
the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest
Period shall end on the next preceding Business Day, and (b) any Interest Period that commences on the last Business Day of a calendar
month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on
the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall
be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of
such Borrowing.


 






     


     


    

 


“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or
other acquisition of Equity Interests or Indebtedness or other securities of another Person, (b) a loan, advance or capital
contribution to, Guarantee or assumption of Indebtedness of, or purchase or other acquisition of any other Indebtedness or equity
participation or interest in, another Person, including any partnership or joint venture interest in such other Person (excluding,
in the case of Holdings, the Borrower and its Restricted Subsidiaries, their parent companies and their subsidiaries (i)
intercompany advances arising from their cash management, tax, and accounting operations and (ii) intercompany loans, advances, or
Indebtedness having a term not exceeding 364 days (inclusive of any rollover or extensions of terms) and made in the ordinary course
of business) or (c) the purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all
of the property and assets or business of another Person or assets constituting a business unit, line of business or division of
such Person. The amount, as of any date of determination, of (i) any Investment in the form of a loan or an advance shall be the
principal amount thereof outstanding on such date, minus any cash payments actually received by such investor representing interest
in respect of such Investment (to the extent any such payment to be deducted does not exceed the remaining principal amount of such
Investment and without duplication of amounts increasing the Available Amount or the Available Equity Amount), but without any
adjustment for write-downs or write-offs (including as a result of forgiveness of any portion thereof) with respect to such loan or
advance after the date thereof, (ii) any Investment in the form of a Guarantee shall be equal to the stated or determinable amount
of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable,
the maximum reasonably anticipated liability in respect thereof, as determined in good faith by a Financial Officer, (iii) any
Investment in the form of a transfer of Equity Interests or other non-cash property by the investor to the investee, including any
such transfer in the form of a capital contribution, shall be the Fair Market Value of such Equity Interests or other property as of
the time of the transfer, minus any payments actually received by such investor representing a return of capital of, or dividends or
other distributions in respect of, such Investment (to the extent such payments do not exceed, in the aggregate, the original amount
of such Investment and without duplication of amounts increasing the Available Amount or the Available Equity Amount), but without
any other adjustment for increases or decreases in value of, or write-ups, write-downs or write-offs with respect to, such
Investment after the date of such Investment, and (iv) any Investment (other than any Investment referred to in clause (i), (ii) or
(iii) above) by the specified Person in the form of a purchase or other acquisition for value of any Equity Interests, evidences of
Indebtedness or other securities of any other Person shall be the original cost of such Investment (including any Indebtedness
assumed in connection therewith), plus (A) the cost of all additions thereto and minus (B) the amount of any portion of such
Investment that has been repaid to the investor in cash as a repayment of principal or a return of capital, and of any cash payments
actually received by such investor representing interest, dividends or other distributions in respect of such Investment (to the
extent the amounts referred to in this clause (B) do not, in the aggregate, exceed the original cost of such Investment plus the
costs of additions thereto and without duplication of amounts increasing the Available Amount or the Available Equity Amount), but
without any other adjustment for increases or decreases in value of, or write-ups, write-downs or write-offs with respect to, such
Investment after the date of such Investment. For purposes of Section 6.04, if an Investment involves the acquisition of more
than one Person, the amount of such Investment shall be allocated among the acquired Persons in accordance with GAAP; provided
that pending the final determination of the amounts to be so allocated in accordance with GAAP, such allocation shall be as
reasonably determined by a Financial Officer.


 


“Investor”
means a holder of Equity Interests in Holdings (or any direct or indirect parent thereof).


 


“ISDA CD Definitions”
has the meaning assigned to such term in Section 9.02(h).


 


“ISP98”
means the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice, Inc.
(or such later version thereof as may be in effect at the time of issuance).


 


“Issuing Bank”
means (a) each Person listed on Schedule 2.01(a) and Schedule 2.01(b) with respect to such Person’s Letter of Credit
Commitment and (b) each other Person that shall have become an Issuing Bank hereunder as provided in Section 2.05(k) (other than
any Person that shall have ceased to be an Issuing Bank as provided in Section 2.05(l)), each in its capacity as an issuer of Letters
of Credit hereunder. Each Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of
such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit
issued by such Affiliate and for all purposes of the Loan Documents. Each Issuing Bank may cause Letters of Credit to be issued by unaffiliated
financial institutions and such Letters of Credit shall be treated as issued by such Issuing Bank for all purposes under the Loan Documents.
In the event that there is more than one Issuing Bank at any time, references herein and in the other Loan Documents to the Issuing Bank
shall be deemed to refer to the Issuing Bank in respect of the applicable Letter of Credit or to all Issuing Banks, as the context requires.


 


“BookrunnerJoint
Bookrunners” means JPMCB, Deutsche Bank Securities
Inc. and Goldman Sachs Bank USA.


 






     


     


    

 


“JPMCB”
means JPMorgan Chase Bank, N.A.


 


“Judgment Currency”
has the meaning assigned to such term in Section 9.14(b).


 


“Junior Financing”
means any Material Indebtedness of any Loan Party (other than any permitted intercompany Indebtedness owing to Holdings, the Borrower
or any Restricted Subsidiary) that is contractually subordinated in right of payment to the Loan Document Obligations. For the avoidance
of doubt, Convertible Bond Indebtedness shall not be deemed to be Junior Financing unless such Convertible Bond Indebtedness is expressly
subordinated in right of payment to the Loan Document Obligations.


 


“Latest Maturity
Date” means, at any date of determination, the latest maturity or expiration date applicable to any Loan or Commitment hereunder
at such time, including the latest maturity or expiration date of any Other Revolving Loan or any Other Revolving Commitment, in each
case as extended in accordance with this Agreement from time to time.


 


“LC Disbursement”
means a payment made by an Issuing Bank pursuant to a Letter of Credit.


 


“LC Exposure”
means, at any time, the sum of (a) the aggregate amount of all Letters of Credit that remains available for drawing at such time (including,
without limitation, any and all Letters of Credit for which documents have been presented that have not been honored or dishonored) and
(b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC
Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time. For all purposes
of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder
by reason of the operation of Rule 3.13 or Rule 3.14 of the ISP98, such Letter of Credit shall be deemed to be “outstanding”
in the amount so remaining available to be drawn. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall
be deemed to be the stated amount of such Letter of Credit in effect at such time; provided that with respect to any Letter of
Credit that, by its terms or the terms of any document related thereto, provides for one or more automatic increases in the stated amount
thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect
to all such increases, whether or not such maximum stated amount is in effect at such time.


 


“LCT Election”
has the meaning provided in Section 1.08.


 


“LCT Test Date”
has the meaning provided in Section 1.08.


 


“Lead ArrangerArrangers”
means JPMCB, Deutsche Bank Securities Inc. and Goldman Sachs Bank USA.


 


“Lease Accounting
Transition Time” has the meaning provided in Section 1.04(g).


 


“Lenders”
means the Revolving Lenders and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption, an Incremental
Facility Amendment, a Loan Modification Agreement or a Refinancing Amendment, in each case, other than any such Person that ceases to
be a party hereto pursuant to an Assignment and Assumption. Unless the context otherwise requires, the term “Lenders” includes
each Issuing Bank.


 


“Lender-Related Person”
has the meaning provided in Section 9.03(c).


 


“Lending Office”
means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or
such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent, which office may include
any Affiliate of such Lender or any domestic or foreign branch of such Lender or such Affiliate. Unless the context otherwise requires,
each reference to a Lender shall include its applicable Lending Office.


 






     


     


    

 


“Letter of
Credit” means any letter of credit issued pursuant to this Agreement other than any such letter of credit that shall have
ceased to be a “Letter of Credit” outstanding hereunder pursuant to Section 9.05. A Letter of Credit may be a
commercial letter of credit or a standby letter of credit; provided, however, that (i) no Issuing Bank shall be
required to issue commercial letters of credit and (ii) if any Issuing Bank agrees to issue any commercial letter of credit
hereunder, such commercial letter of credit shall provide solely for cash payment upon presentation of a sight draft.


 


“Letter of Credit
Commitment” means an amount, as of the First Amendment Effective
Date, equal to $16,000,00040,000,000;
provided that, as to any Issuing Bank, such Issuing Bank’s Letter of Credit Commitment shall not exceed the amount set forth
on Schedule 2.01 opposite such Issuing Bank’s name or, in the case of an Issuing Bank that becomes an Issuing Bank after
the First Amendment Effective Date, the amount notified in
writing to the Administrative Agent by the Borrower and such Issuing Bank; provided, further, that the Letter of Credit
Commitment of any Issuing Bank may be increased or decreased if agreed in writing between the Borrower and such Issuing Bank (each acting
in its sole discretion) and notified to the Administrative Agent.


 


“Letter of Credit
Expiration Date” means the day that is three (3) Business Days prior to the Revolving Maturity Date then in effect for the Revolving
Credit Facility.


 


“Liabilities”
means the recorded liabilities (including contingent liabilities that would be recorded in accordance with GAAP) of the Borrower and its
Subsidiaries taken as a whole, as of the Effective Date after giving effect to the consummation of the Transactions, determined in accordance
with GAAP consistently applied.


 


“LIBO Rate”
means:


 


(a)       for
any Interest Period with respect to a Eurocurrency Borrowing, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”)
or a comparable or successor rate established pursuant to Section 2.14, as published on the applicable Bloomberg screen page (or
such other commercially available source providing quotations of LIBOR as may be designated by the Administrative Agent from time to time)
at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for dollar deposits (for
delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; and


 


(b)       for
any interest calculation with respect to an ABR Borrowing on any date, the rate per annum equal to LIBOR, at approximately 11:00 a.m.,
London time determined two London Banking Days prior to such date for dollar deposits with a term of one month commencing that day;


 


provided that to the extent a comparable
or successor rate is established pursuant to Section 2.14, such established rate shall be applied to the applicable Interest Period
in a manner consistent with market practice; provided, further, that to the extent such market practice is not administratively
feasible for the Administrative Agent, such approved rate shall be applied to the applicable Interest Period as otherwise reasonably determined
by the Administrative Agent in consultation with the Borrower.


 


Notwithstanding the foregoing,
with respect to the Revolving Credit Facility, in no event shall the LIBO Rate be deemed to be less than 0.00%.


 


“LIBOR”
has the meaning assigned to such term in the definition of “LIBO Rate.”


 


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


 


“LIBOR Successor
Rate” has the meaning provided in Section 2.14.


 


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


 






     


     


    

 


“Lien”
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest
in, on or of such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention
agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset; provided
that in no event shall an operating lease be deemed to constitute a Lien.


 


“Limited Condition Transaction”
means (a) (i) any Acquisition Transaction or any other acquisition or Investment permitted by this Agreement and (ii) Investments,
the incurrence or issuance of Indebtedness and Liens, repayments, repurchases, redemptions or refinancing of Indebtedness, Restricted
Payments and the designation of any Restricted Subsidiaries or Unrestricted Subsidiaries, in each case, in connection with any of the
transactions described in the foregoing sub-clause (i), (b) any repayment, repurchase, redemption or refinancing of Indebtedness
with respect to which an irrevocable notice of repayment (or similar irrevocable notice, which may be conditional) is required to be delivered
and (c) any dividends or distributions on, or redemptions of, Equity Interests not prohibited by this Agreement declared or requiring
irrevocable notice in advance thereof.


 


“Liquidity”
means, as of any date of determination, (a) Available Cash, plus (b) the amount by which the Commitments exceed
the aggregate Revolving Exposures of all Lenders.


 


“Loan Document Obligations”
means (a) the due and punctual payment by the Borrower of (i) the principal of and interest at the applicable rate or rates provided in
this Agreement (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding,
regardless of whether allowed or allowable in such proceeding) on the Loans including all obligations in respect of the LC Exposure, when
and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise and (ii) all other monetary obligations
of the Borrower under or pursuant to this Agreement and each of the other Loan Documents, including obligations to reimburse LC Disbursements
and pay fees, expense reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed
or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar
proceeding, regardless of whether allowed or allowable in such proceeding), (b) the due and punctual payment and performance of all other
obligations of the Borrower under or pursuant to each of the Loan Documents and (c) the due and punctual payment and performance of all
the obligations of each other Loan Party under or pursuant to this Agreement and each of the other Loan Documents (including interest
and monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless
of whether allowed or allowable in such proceeding).


 


“Loan Documents” means this
Agreement, Amendment No. 1, the First Amendment Reaffirmation Agreement,
any Refinancing Amendment, any Incremental Facility Amendment, any Loan Modification Agreement, the Guarantee Agreement, the Collateral
Agreement and the other Security Documents, the Intercreditor Agreements and, except for purposes of Section 9.02, any promissory
notes delivered pursuant to Section 2.09(e).


 


“Loan Modification Agreement”
means a Loan Modification Agreement, in form reasonably satisfactory to the Administrative Agent, among the Borrower, the Administrative
Agent and one or more Accepting Lenders, effecting one or more Permitted Amendments and such other amendments hereto and to the other
Loan Documents as are contemplated by Section 2.24.


 


“Loan Modification
Offer” has the meaning assigned to such term in Section 2.24(a).


 


“Loan Parties”
means Holdings, the Borrower and the Subsidiary Loan Parties.


 


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


 



     


     


    





 


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


 


“Management Investors”
means the present, future and/or former directors, officers, partners, members and employees of any Parent Entity, Holdings, the Borrower
and/or any of their respective subsidiaries who are (directly or indirectly through one or more investment vehicles) Investors and any
such Persons who become holders of Equity Interests in the Borrower (or any direct or indirect parent thereof).


 


“Master Agreement”
has the meaning assigned to such term in the definition of “Swap Agreement.”


 


“Material Adverse
Effect” means any event, circumstance or condition that has had, or would reasonably be expected to have, a materially adverse
effect on (a) the business or financial condition of the Borrower and the Restricted Subsidiaries, taken as a whole, (b) the ability of
the Borrower and the Guarantors, taken as a whole, to perform their payment obligations under the Loan Documents or (c) the rights and
remedies of the Administrative Agent and the Lenders (taken as a whole) under the Loan Documents.


 


“Material Indebtedness”
means, on any date of determination, any Indebtedness for borrowed money (other than the Loan Document Obligations), Capital Lease Obligations
(other than, for the avoidance of doubt, Non-Finance Lease Obligations), unreimbursed drawings under letters of credit, third party Indebtedness
obligations evidenced by notes or similar instruments or obligations in respect of one or more Swap Agreements, of any one or more of
the Borrower and the Restricted Subsidiaries in an aggregate principal amount exceeding the greater of (a) $30,000,000 and (b) 5.0% of
Consolidated Total Assets as of the last day of the most recently ended Test Period as of such time determined on a Pro Forma Basis; provided
that in no event shall any Permitted Receivables Financing be considered Material Indebtedness for any purpose. For purposes of determining
Material Indebtedness, the “principal amount” of the obligations in respect of any Swap Agreement at any time shall be the
maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Restricted Subsidiary would be required to
pay if such Swap Agreement were terminated at such time.


 


“Material Subsidiary”
means (a) each wholly-owned Restricted Subsidiary that, as of the last day of the fiscal quarter of the Borrower most recently ended for
which financial statements are available, had revenues or total assets for such quarter in excess of 7.5% of the consolidated revenues
or total assets, as applicable, of the Borrower for such quarter or that is designated by the Borrower as a Material Subsidiary and (b)
any group comprising wholly-owned Restricted Subsidiaries that each would not have been a Material Subsidiary under clause (a) but that,
taken together, as of the last day of the fiscal quarter of the Borrower most recently ended for which financial statements are available,
had revenues or total assets for such quarter in excess of 15.0% of the consolidated revenues or total assets, as applicable, of the Borrower
for such quarter and, in each case, as determined by the Borrower in good faith.


 


“Maturity Carveout
Amount” means, at the option of the Borrower (in its sole discretion), Indebtedness incurred with a final maturity date prior
to the earliest maturity date otherwise expressly required under this Agreement with respect to such Indebtedness with respect to such
Indebtedness in an aggregate outstanding principal amount not to exceed the greater (a) $50,000,000 and (b) 7.0% of Consolidated
Total Assets as of the last day of the most recently ended Test Period as of such time determined on a Pro Forma Basis (provided
that, for the avoidance of doubt, any Incremental Facility or Incremental Equivalent Debt incurred under the General Debt Basket Reallocated
Amount (or any Credit Agreement Refinancing Indebtedness, Other Revolving Loan or Permitted Refinancing, as applicable, that directly
or indirectly refinances or replaces such Incremental Facility) shall be permitted under the Maturity Carveout Amount and shall be deemed
not to reduce the Maturity Carveout Amount).


 


“Maximum Rate”
has the meaning assigned to such term in Section 9.17.


 


“Moody’s”
means Moody’s Investors Service, Inc. and any successor to its rating agency business.


 


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


 






    


     


    

 


“Net
Proceeds” means, with respect to any event, (a) the proceeds received in respect of such event in cash or Permitted
Investments, including (i) any cash or Permitted Investments received in respect of any non-cash proceeds, including any cash
payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment
or earn-out (but excluding any interest payments), but only as and when received, (ii) in the case of a casualty, insurance proceeds
that are actually received and (iii) in the case of a condemnation or similar event, condemnation awards and similar payments that
are actually received, minus (b) the sum of (i) all fees and out-of-pocket expenses paid by the Borrower and the Restricted
Subsidiaries in connection with such event (including attorney’s fees, investment banking fees, survey costs, title insurance
premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, underwriting discounts and
commissions, other customary expenses and brokerage, consultant, accountant and other customary fees), (ii) in the case of a
Disposition of an asset (including pursuant to a Sale Leaseback or casualty event or similar proceeding), (A) any funded escrow
established pursuant to the documents evidencing any Disposition to secure any indemnification obligations or adjustments to the
purchase price associated with any such sale, transfer or disposition; provided that the amount of any subsequent reduction
of such escrow (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Proceeds
occurring on the date of such reduction solely to the extent that the Borrower and/or any Restricted Subsidiaries receives cash in
an amount equal to the amount of such reduction, (B) the amount of all payments that are permitted hereunder and are made by the
Borrower and the Restricted Subsidiaries as a result of such event to repay Indebtedness (other than the Loans and any Indebtedness
that is secured by a Lien on the Collateral ranking equal in priority to the Lien securing the Secured Obligations (or, prior to the
Collateral Trigger Event Date, the Lien that would secure the Secured Obligations if the Collateral Agreement were effective at such
time) (but without regard to the control of remedies)) secured by such asset or otherwise subject to mandatory prepayment as a
result of such event, (C) the pro rata portion of net cash proceeds thereof (calculated without regard to this clause (C))
attributable to minority interests and not available for distribution to or for the account of the Borrower and the Restricted
Subsidiaries as a result thereof and (D) the amount of any liabilities directly associated with such asset and retained by the
Borrower or the Restricted Subsidiaries and (iii) the amount of all taxes paid (or reasonably estimated to be payable, and including
for this purpose any tax distributions to be made in connection with such event), including any withholding taxes estimated to be
payable in connection with the repatriation of such Net Proceeds from a Foreign Subsidiary, and the amount of any reserves
established by the Borrower and the Restricted Subsidiaries to fund contingent liabilities reasonably estimated to be payable, in
each case, in respect of such event, provided that any reduction at any time in the amount of any such reserves (other than
as a result of payments made in respect thereof) shall be deemed to constitute the receipt by the Borrower at such time of Net
Proceeds in the amount of such reduction.


 


“New Contracts”
has the meaning assigned to such term in the definition of “Consolidated EBITDA.”


 


“New Project”
means (a) each facility which is either a new facility, branch, data center or office or an expansion, relocation, remodeling or substantial
modernization of an existing facility, branch, data center or office owned by the Borrower or the Subsidiaries which in fact commences
operations and (b) each creation (in one or a series of related transactions) of a business unit to the extent such business unit commences
operations or each expansion (in one or a series of related transactions) of business into a new market.


 


“Non-Accepting Lender”
has the meaning assigned to such term in Section 2.24(c).


 


“Non-Cash Compensation
Expense” means any non-cash expenses and costs that result from the issuance of stock-based awards, partnership interest-based
awards and similar incentive based compensation awards or arrangements.


 


“Non-Consenting Lender”
has the meaning assigned to such term in Section 9.02(c).


 


“Non-Finance Lease
Obligation” means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee
that, in conformity with GAAP (for the avoidance of doubt, subject to Section 1.04(g)), is not and is not required to be accounted
for as a capital lease or finance lease on the balance sheet of that Person. For the avoidance of doubt, a straight-line or operating
lease shall be considered a Non-Finance Lease Obligation.


 


“Not Otherwise Applied”
means, with reference to the Available Amount or the Available Equity Amount, as applicable, that was not previously applied pursuant
to Section 6.04(xiv), Section 6.08(a)(viii) or Section 6.08(b)(iv).


 






    


     


    

 


“Note Obligations”
has the meaning assigned to such term in Note Purchase Agreement.


 


“Note Purchase Agreement”
means that certain Note Purchase Agreement dated as of May 21, 2020 by and between Vacasa Holdings LLC, the persons listed on Schedule
A thereto as “Purchasers,” the Notes Collateral Agent and Wilmington Savings Fund Society, FSB as the administrative agent,
as such agreement may be amended, restated, supplemented or otherwise modified from time to time.


 


“Notes Collateral
Agent” means Wilmington Savings Fund Society, FSB, as collateral agent under the Note Purchase Agreement.


 


“Notice of Loan Prepayment”
means a notice of prepayment with respect to a Loan, which shall be substantially in the form of Exhibit S or such other form as
may be reasonably approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system
as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer.


 


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


 


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


 


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


 


“OFAC”
has the meaning assigned to such term in Section 3.18(c).


 


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


 


“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 Letter of Credit, or sold or assigned an interest in any Loan, Letter of Credit or Loan Document).


 


“Other Loans”
means one or more Classes of Loans that result from a Refinancing Amendment or a Loan Modification Agreement.


 


“Other Revolving
Commitments” means one or more Classes of revolving credit commitments hereunder or extended Revolving Commitments that result
from a Refinancing Amendment or a Loan Modification Agreement.


 


“Other Revolving
Loans” means the Revolving Loans made pursuant to any Other Revolving Commitment or a Loan Modification Agreement.


 






    


     


    

 


“Other Taxes”
means all present or future recording, filing, stamp, documentary, intangible transfer, sales, property or similar Taxes arising from
any payment made under any Loan Document or from the execution, delivery, performance, enforcement or registration of, from the receipt
or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection
Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19).


 


“Overnight Bank Funding
Rate” means, for any day, the rate comprised of both overnight federal funds and overnight eurocurrency borrowings by U.S.-managed
banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the NYFRB’s
Website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.


 


“Parent”
means Vacasa, Inc.


 


“Parent Entity”
means Parent and any other Person that is a direct or indirect parent of Holdings.


 


“Participant”
has the meaning assigned to such term in Section 9.04(c)(i).


 


“Participant Register”
has the meaning assigned to such term in Section 9.04(c)(iii).


 


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


 


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


 


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


 


“Permitted Acquisition”
means an Acquisition Transaction; provided that (a) with respect to each such Acquisition Transaction, all actions required to
be taken with respect to any such newly created or acquired Subsidiary (including each subsidiary thereof) or assets in order to satisfy
the requirements set forth in clauses (a), (b), (c) and (d) of the definition of the term “Collateral and Guarantee Requirement”
to the extent applicable shall have been taken or arrangements for the taking of such actions within the timeframes required by Section
5.11 shall have been made (unless such newly created or acquired Subsidiary is designated as an Unrestricted Subsidiary pursuant to
Section 5.15 or is otherwise an Excluded Subsidiary) and (b) after giving effect to any such purchase or other acquisition, no
Event of Default under clause (a), (b), (h) or (i) of Section 7.01 shall have occurred and be continuing.


 


“Permitted Amendment”
means an amendment to this Agreement and, if applicable, the other Loan Documents, effected in connection with a Loan Modification Offer
pursuant to Section 2.24, applicable to all, or any portion of, the Loans and/or Commitments of any Class of the Accepting Lenders
and, providing for (a) an extension of a maturity date and/or (b) a change in the Applicable Rate or other pricing terms (including
any “MFN” provisions) with respect to the Loans and/or Commitments of the Accepting Lenders and/or (c) a change in the
fees payable to, or the inclusion of new fees to be payable to, the Accepting Lenders and/or (d) a change to any prepayment provisions
with respect to the Loans of such Accepting Lenders that are less favorable to such Accepting Lenders than to the Non-Accepting Lenders
with respect to such applicable Loans and/or (e) call protection with respect to the Loans and/or commitments of the Accepting Lenders
(including any “soft call” protection) and/or (f) additional covenants or other provisions applicable only to periods after
the Latest Maturity Date at the time of such Loan Modification Offer (it being understood that to the extent that any financial maintenance
covenant and any related equity cure or any other covenant is added for the benefit of any such Loans and/or Commitments, no consent shall
be required by the Administrative Agent or any of the Lenders if such financial maintenance covenant and any related equity cure or other
covenant is either (i) also added for the benefit of any corresponding Loans remaining outstanding after the issuance or incurrence of
such Loans and/or Commitments or (ii) only applicable after the Latest Maturity Date at the time of such Loan Modification Offer).


 


“Permitted Asset
Swap” means the concurrent purchase and sale or exchange of Related Business Assets or a combination of Related Business Assets
and cash or Permitted Investments between Holdings, the Borrower or a Restricted Subsidiary and another Person.


 






    


     


    

 


“Permitted Encumbrances”
means:


 


(a)       Liens
for taxes, assessments or other governmental charges that are not overdue for a period of more than 60 days or that are being contested
in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books
of the applicable Person in accordance with GAAP;


 


(b)       Liens
imposed by law, such as carriers’, warehousemen’s, mechanics’, landlords’, materialmen’s, repairmen’s
or construction contractors’ Liens and other similar Liens (including contractual landlord liens) arising in the ordinary course
of business that secure amounts not overdue for a period of more than 60 days or, if more than 60 days overdue, are unfiled and no other
action has been taken to enforce such Liens or that are being contested in good faith and by appropriate proceedings diligently conducted,
if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;


 


(c)       Liens
incurred or deposits made in the ordinary course of business (i) in connection with workers’ compensation, unemployment insurance
and other social security legislation and (ii) securing liability for reimbursement or indemnification obligations of (including obligations
in respect of letters of credit or bank guarantees or similar instruments for the benefit of) insurance carriers providing property, casualty
or liability insurance to Holdings, the Borrower or any Restricted Subsidiary or otherwise supporting the payment of items set forth in
the foregoing clause (i);


 


(d)       Liens
incurred or deposits made to secure the performance of bids, trade contracts, governmental contracts and leases, statutory obligations,
surety, stay, customs and appeal bonds, performance bonds, bankers acceptance facilities and other obligations of a like nature (including
those to secure health, safety and environmental obligations) and obligations in respect of letters of credit, bank guarantees or similar
instruments that have been posted to support the same, incurred in the ordinary course of business or consistent with past practices;


 


(e)       easements,
encumbrances, rights-of-way, reservations, restrictions, restrictive covenants, servitudes, sewers, electric lines, drains, telegraph
and telephone and cable television lines, gas and oil pipelines and other similar purposes building codes, encroachments, protrusions,
zoning restrictions, and other similar encumbrances and minor title defects or other irregularities in title and survey exceptions affecting
real property that, in the aggregate, do not in any case materially interfere with the ordinary conduct of the business of the Borrower
and the Restricted Subsidiaries, taken as a whole;


 


(f)       Liens
securing, or otherwise arising from, judgments not constituting an Event of Default under Section 7.01(j);


 


(g)       Liens
on goods the purchase price of which is financed by a documentary letter of credit issued for the account of the Borrower or any of its
Subsidiaries or Liens on bills of lading, drafts or other documents of title arising by operation of law or pursuant to the standard terms
of agreements relating to letters of credit, bank guarantees and other similar instruments, provided that such Lien secures only
the obligations of the Borrower or such Subsidiaries in respect of such letter of credit to the extent such obligations are permitted
by Section 6.01;


 


(h)       rights
of setoff, banker’s liens, netting agreements and other Liens arising by operation of law or by the terms of documents of banks
or other financial institutions in relation to the maintenance of administration of deposit accounts, securities accounts, cash management
arrangements or in connection with the issuance of letters of credit, bank guarantees or other similar instruments; and


 


(i)       Liens
arising from precautionary Uniform Commercial Code financing statements or similar filings, or Liens in respect of operating leases entered
into by the Borrower or any of its Subsidiaries.


 






    


     


    

 


“Permitted First
Priority Refinancing Debt” means any secured Indebtedness incurred by the Borrower or any Loan Party on or after the Collateral
Trigger Event Date in the form of one or more series of senior secured notes or loans; provided that (a) such Indebtedness is secured
by a Lien on the Collateral ranking equal in priority (but without regard to control of remedies) with the Lien on the Collateral securing
the Secured Obligations and is not secured by any property or assets of Holdings, the Borrower or any Subsidiary other than the Collateral,
(b) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness in respect of Loans (including portions of Classes of Loans
or Other Loans), (c) such Indebtedness (other than Customary Bridge Loans) does not have mandatory redemption features (other than Customary
Exceptions) that could result in redemptions of such Indebtedness prior to the maturity of the Refinanced Debt (it being understood that
the Borrower and the Loan Parties shall be permitted to make any AHYDO “catch up” payments, if applicable) and (d) a Senior
Representative acting on behalf of the holders of such Indebtedness shall have become party to a First Lien Intercreditor Agreement and,
if applicable, a Second Lien Intercreditor Agreement. Permitted First Priority Refinancing Debt will include any Registered Equivalent
Notes issued in exchange therefor.


 


“Permitted Holder”
means any of (a) any Sponsor, (b) any of the Management Investors and their Permitted Transferees, and (c) any group of which the Persons
described in clauses (a) and/or (b) are members and any other member of such group; provided that the Persons described in clauses
(a) and (b), without giving effect to the existence of such group or any other group, collectively own, directly or indirectly, Voting
Equity Interests in such Person representing a majority of the aggregate votes entitled to vote for the election of directors of such
Person.


 


“Permitted Investments”
means any of the following, to the extent owned by Holdings, the Borrower or any Restricted Subsidiary:


 


(a)       dollars,
euro, pounds, Australian dollars, Swiss Francs, Canadian dollars, Yuan or such other currencies held by it from time to time in the ordinary
course of business;


 


(b)       readily
marketable obligations issued or directly and fully guaranteed or insured by the government or any agency or instrumentality of (i) the
United States, (ii) the United Kingdom or (iii) any member nation of the European Union rated A-2 (or the equivalent thereof) or better
by S&P or P-2 (or the equivalent thereof) or better by Moody’s, having average maturities of not more than 24 months from the
date of acquisition thereof; provided that the full faith and credit of the United States, the United Kingdom or such member nation
of the European Union is pledged in support thereof;


 


(c)       time
deposits or demand deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i) is
a Lender or (ii) has combined capital and surplus of at least (x) $250,000,000 in the case of U.S. banks and (y) $100,000,000 (or the
Dollar Equivalent as of the date of determination) in the case of non-U.S. banks (any such bank meeting the requirements of clause (i)
or (ii) above being an “Approved Bank”), in each case with average maturities of not more than 12 months from the date
of acquisition thereof;


 


(d)       commercial
paper and variable or fixed rate notes issued by an Approved Bank (or by the parent company thereof) or any variable or fixed rate note
issued by, or guaranteed by, a corporation rated A-2 (or the equivalent thereof) or better by S&P or P-2 (or the equivalent thereof)
or better by Moody’s, in each case with average maturities of not more than 24 months from the date of acquisition thereof;


 


(e)       repurchase
agreements entered into by any Person with an Approved Bank, a bank or trust company (including any of the Lenders) or recognized securities
dealer, in each case, having capital and surplus in excess of (i) $250,000,000 in the case of U.S. banks and (ii) $100,000,000 (or the
Dollar Equivalent as of the date of determination) in the case of non-U.S. banks, in each case, for direct obligations issued by or fully
guaranteed or insured by the government or any agency or instrumentality of (i) the United States, (ii) the United Kingdom or (iii) any
member nation of the European Union rated A-2 (or the equivalent thereof) or better by S&P and P-2 (or the equivalent thereof) or
better by Moody’s, in which such Person shall have a perfected first priority security interest (subject to no other Liens) and
having, on the date of purchase thereof, a Fair Market Value of at least 100% of the amount of the repurchase obligations;


 






    


     


    

 


(f)       marketable
short-term money market and similar highly liquid funds either (i) having assets in excess of (x) $250,000,000 in the case of U.S. banks
or other U.S. financial institutions and (y) $100,000,000 (or the Dollar Equivalent as of the date of determination) in the case of non-U.S.
banks or other non-U.S. financial institutions or (ii) having a rating of at least A-2 or P-2 from either S&P or Moody’s (or,
if at any time neither S&P nor Moody’s shall be rating such obligations, an equivalent rating from another nationally recognized
rating service);


 


(g)       securities
with average maturities of 24 months or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory
of the United States, or by any political subdivision or taxing authority of any such state, commonwealth or territory having an investment
grade rating from either S&P or Moody’s (or the equivalent thereof);


 


(h)       investments
with average maturities of 24 months or less from the date of acquisition in mutual funds rated A (or the equivalent thereof) or better
by S&P or A2 (or the equivalent thereof) or better by Moody’s;


 


(i)       instruments
equivalent to those referred to in clauses (a) through (h) above denominated in Euro or any other foreign currency comparable in credit
quality and tenor to those referred to above and customarily used by corporations for cash management purposes in any jurisdiction outside
the United States to the extent reasonably required in connection with any business conducted by any Subsidiary organized in such jurisdiction;


 


(j)       investments,
classified in accordance with GAAP as current assets, in money market investment programs that are registered under the Investment Company
Act of 1940 or that are administered by financial institutions having capital of at least $250,000,000, and, in either case, the portfolios
of which are limited such that substantially all of such investments are of the character, quality and maturity described in clauses (a)
through (i) of this definition;


 


(k)       with
respect to any Foreign Subsidiary: (i) obligations of the national government of the country in which such Foreign Subsidiary is organized
or maintains its chief executive office and principal place of business, provided such country is the United Kingdom, India, China,
Australia, a member nation of the European Union whose legal tender is the British Pound Sterling or the Euro or a member of the Organization
for Economic Cooperation and Development, in each case maturing within one year after the date of investment therein, (ii) certificates
of deposit of, bankers acceptances of, or time deposits with, any commercial bank which is organized and existing under the laws of the
country in which such Foreign Subsidiary is organized or doing business, provided such country is the United Kingdom, India, China,
Australia, a member state of the European Union or a member of the Organization for Economic Cooperation and Development, and whose short-term
commercial paper rating from S&P is at least “A-2” or the equivalent thereof or from Moody’s is at least “P-2”
or the equivalent thereof (any such bank being an “Approved Foreign Bank”), and in each case with maturities of not
more than 24 months from the date of acquisition and (iii) the equivalent of demand deposit accounts which are maintained with an Approved
Foreign Bank; and


 


(l)       investment
funds investing substantially all of their assets in securities of the types described in clauses (a) through (k) above.


 


“Permitted
Receivables Financing” means receivables securitizations or other receivables financings (including any factoring program)
that are non-recourse to Holdings, the Borrower and the Restricted Subsidiaries (except for (a) recourse to any Foreign Subsidiaries
that own the assets underlying such financing (or have sold such assets in connection with such financing), (b) any customary
limited recourse or, to the extent applicable only to Foreign Subsidiaries, recourse that is customary in the relevant local market,
(c) any performance undertaking or to the extent applicable only to Foreign Subsidiaries, any Guarantee that is customary in the
relevant local market and (d) any unsecured parent Guarantee by Holdings, the Borrower or any Restricted Subsidiary that is a parent
company of the relevant Restricted Subsidiary that is party thereto and, in each case, reasonable extensions thereof); provided
that, with respect to Permitted Receivables Financings incurred in the form of a factoring program, the outstanding amount of such
Permitted Receivables Financing for the purposes of this definition shall be deemed to be equal to the Permitted Receivables Net
Investment for the last Test Period.


 






    


     


    

 


“Permitted Receivables
Net Investment” means the aggregate cash amount paid by the purchasers under any Permitted Receivables Financing in the form
of a factoring program in connection with their purchase of accounts receivable and customary related assets or interests therein, as
the same may be reduced from time to time by collections with respect to such accounts receivable and related assets or otherwise in accordance
with the terms of such Permitted Receivables Financing (but excluding any such collections used to make payments of commissions, discounts,
yield and other fees and charges incurred in connection with any Permitted Receivables Financing in the form of a factoring program which
are payable to any Person other than the Borrower or a Restricted Subsidiary).


 


“Permitted Refinancing”
means, with respect to any Person, any modification, refinancing, refunding, renewal or extension of all or any portion of Indebtedness
of such Person; provided that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal
amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed or extended except by an amount
equal to unpaid accrued interest and premium (including tender premium) thereon plus other amounts paid, and fees and expenses incurred
(including upfront fees and original issue discount), in connection with such modification, refinancing, refunding, renewal or extension
and by an amount equal to any existing commitments unutilized thereunder to the extent that the portion of any existing and unutilized
commitment being refinanced was permitted to be drawn under Section 6.01 and Section 6.02 of this Agreement immediately
prior to such refinancing (other than by reference to a Permitted Refinancing) and such drawing shall be deemed to have been made, (b)
other than with respect to a Permitted Refinancing (i) incurred pursuant to the Maturity Carveout Amount in respect of Incremental Equivalent
Debt or (ii) in respect of Indebtedness incurred pursuant to clauses (ii)(A), (v), (vii), (xxvii) and (xxix) of Section 6.01(a),
the Indebtedness resulting from such modification, refinancing, refunding, renewal or extension has a final maturity date equal to or
later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life
to Maturity of, the Indebtedness being modified, refinanced, refunded, renewed or extended (other than Customary Bridge Loans), (c) if
the Indebtedness being modified, refinanced, refunded, renewed or extended is subordinated in right of payment to the Loan Document Obligations,
Indebtedness resulting from such modification, refinancing, refunding, renewal or extension is subordinated in right of payment to the
Loan Document Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness
being modified, refinanced, refunded, renewed or extended, (d) if the Indebtedness being modified, refinanced, refunded, renewed or extended
constitutes Junior Financing, the terms and conditions (excluding as to subordination, interest rate (including whether such interest
is payable in cash or in kind), interest rate margins, pricing, rate floors, fees, discounts, premiums and prepayment or redemption provisions)
of Indebtedness resulting from such modification, refinancing, refunding, renewal or extension, taken as a whole, either (I) are not materially
more favorable to the investors providing such Indebtedness than the terms and conditions (when taken as a whole) of the Indebtedness
being modified, refinanced, refunded, renewed or extended (except for covenants or other provisions applicable to periods after the Latest
Maturity Date at the time such Indebtedness is incurred) (it being understood that, to the extent that any financial maintenance covenant
or any other covenant is added for the benefit of any such Permitted Refinancing, the terms shall not be considered materially more favorable
if such financial maintenance covenant or other covenant is either (A) also added for the benefit of any corresponding Commitments and
Loans remaining outstanding after the issuance or incurrence of such Permitted Refinancing or (B) only applicable after the Latest Maturity
Date at the time of such refinancing) or (II) reflect market terms and conditions (taken as a whole) at the time such Indebtedness is
incurred (as determined by the Borrower in good faith); provided that a certificate of a Responsible Officer delivered to the Administrative
Agent at least five (5) Business Days prior to such modification, refinancing, refunding, renewal or extension, together with a reasonably
detailed description of the material terms and conditions of such resulting Indebtedness or drafts of the documentation relating thereto,
stating that the Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirement, shall be conclusive
evidence that such terms and conditions satisfy the foregoing requirement, and (e) the primary obligor in respect of, and/or the Persons
(if any) that Guarantee, the Indebtedness resulting from such modification, refinancing, refunding, renewal or extension are the primary
obligor in respect of, and/or Persons (if any) that Guaranteed, the Indebtedness being modified, refinanced, refunded, renewed or extended.
For the avoidance of doubt, it is understood that a Permitted Refinancing may constitute a portion of an issuance of Indebtedness in excess
of the amount of such Permitted Refinancing; provided that such excess amount is otherwise permitted to be incurred under Section
6.01. For the avoidance of doubt, it is understood and agreed that a Permitted Refinancing includes successive Permitted Refinancings
of the same Indebtedness.


 






    


     


    

 


“Permitted Second
Priority Refinancing Debt” means any secured Indebtedness incurred by the Borrower or any Loan Party on or after the Collateral
Trigger Event Date in the form of one or more series of junior lien secured notes or junior lien secured loans; provided that (i)
such Indebtedness is secured by a Lien on the Collateral ranking junior in priority to the Lien on the Collateral securing the Secured
Obligations and is not secured by any property or assets of the Borrower or any Restricted Subsidiary other than the Collateral, (ii)
such Indebtedness constitutes Credit Agreement Refinancing Indebtedness in respect of Loans (including portions of Classes of Loans or
Other Loans), (iii) such Indebtedness (other than Customary Bridge Loans) does not have mandatory redemption features (other than Customary
Exceptions) that could result in redemptions of such Indebtedness prior to the maturity of the Refinanced Debt (it being understood that
the Borrower and Loan Parties shall be permitted to make any AHYDO “catch up” payments, if applicable) and (iv) a Senior Representative
acting on behalf of the holders of such Indebtedness shall have become party to a Second Lien Intercreditor Agreement. Permitted Second
Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.


 


“Permitted Transferees”
means, with respect to any Person that is a natural person (and any Permitted Transferee of such Person), (a) such Person’s Immediate
Family Members, including his or her spouse, ex-spouse, children, step-children and their respective lineal descendants and (b) without
duplication with any of the foregoing, such Person’s heirs, legatees, executors and/or administrators upon the death of such Person
and any other Person who was an Affiliate of such Person upon the death of such Person and who, upon such death, directly or indirectly
owned Equity Interests in Holdings.


 


“Permitted Unsecured
Refinancing Debt” means unsecured Indebtedness incurred by the Borrower or any Loan Party on or after the Collateral Trigger
Event Date in the form of one or more series of senior unsecured notes or loans; provided that (i) such Indebtedness constitutes
Credit Agreement Refinancing Indebtedness in respect of Loans (including portions of Classes of Loans or Other Loans), (ii) such Indebtedness
(other than Customary Bridge Loans) does not have mandatory redemption features (other than Customary Exceptions) that could result in
redemptions of such Indebtedness prior to the maturity of the Refinanced Debt (it being understood that the Borrower and the Restricted
Subsidiaries shall be permitted to make any AHYDO “catch up” payments, if applicable) and (iii) such Indebtedness is not secured
by any Lien on any property or assets of the Borrower or any Restricted Subsidiary. Permitted Unsecured Refinancing Debt will include
any Registered Equivalent Notes issued in exchange therefor.


 


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


 


“Plan”
means any “employee pension benefit plan” as defined in Section 3(2) of ERISA (other than a Multiemployer Plan) that is subject
to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which a Loan Party or any
ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as
defined in Section 3(5) of ERISA.


 


“Platform”
has the meaning assigned to such term in Section 5.01.


 


“Post-Transaction
Period” means, with respect to any Specified Transaction, the period beginning on the date on which such Specified Transaction
is consummated and ending on the last day of the eighth full consecutive fiscal quarter of the Borrower immediately following the date
on which such Specified Transaction is consummated.


 


“Present Fair Saleable
Value” means the amount that could be obtained by an independent willing seller from an independent willing buyer if the assets
of the Borrower and its Subsidiaries taken as a whole are sold with reasonable promptness in an arm’s-length transaction under present
conditions for the sale of comparable business enterprises insofar as such conditions can be reasonably evaluated.


 


“primary obligor”
has the meaning assigned to such term in the definition of “Guarantee.”


 


“Prime Rate”
means the rate of interest per annum publicly announced from time to time by the Administrative Agent as its “prime rate”;
each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.


 






    


     


    

 


“Pro Forma Adjustment”
means, for any Test Period, any adjustment to Consolidated EBITDA made in accordance with clause (b) of the definition of that term.


 


“Pro Forma Basis,”
 “Pro Forma Compliance” and “Pro Forma Effect” means, with respect to compliance with any test, financial
ratio or covenant (including, without limitation, any Incurrence-Based Amount or any Fixed Amount) hereunder required by the terms of
this Agreement to be made on a Pro Forma Basis, that (a) to the extent applicable, the Pro Forma Adjustment shall have been made and (b)
all Specified Transactions and the following transactions in connection therewith that have been made during the applicable period of
measurement or subsequent to such period and prior to or simultaneously with the event for which the calculation is made shall be deemed
to have occurred as of the first day of the applicable period of measurement in such test, financial ratio or covenant: (i) income statement
items (whether positive or negative) attributable to the property or Person subject to such Specified Transaction, (A) in the case of
a Disposition of Equity Interests in a Restricted Subsidiary such that such entity is no longer a Restricted Subsidiary or any division,
business unit, line of business or product line of the Borrower or any of the Restricted Subsidiaries, shall be excluded, and (B) in the
case of an acquisition, a Permitted Acquisition or an Investment described in the definition of “Specified Transaction,” shall
be included, (ii) any retirement or repayment of Indebtedness, (iii) any Indebtedness incurred or assumed by the Borrower or any of the
Restricted Subsidiaries in connection therewith (but without giving effect to any concurrent incurrence of any Indebtedness pursuant to
any Fixed Amount or Consolidated EBITDA grower basket or under any Revolving Credit Facility) and if such Indebtedness has a floating
or formula rate, shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing
the rate that is or would be in effect with respect to such Indebtedness as at the relevant date of determination and (iv) Available Cash
shall be calculated on the date of the consummation of the Specified Transaction after giving pro forma effect to such Specified Transaction
(other than, for the avoidance of doubt, the cash proceeds of any Indebtedness the incurrence of which is a Specified Transaction or that
is incurred to finance such Specified Transaction); provided that, without limiting the application of the Pro Forma Adjustment
pursuant to clause (a) above, the foregoing pro forma adjustments may be applied to any such test, financial ratio or covenant solely
to the extent that such adjustments are consistent with the definition of “Consolidated EBITDA” (and subject to the provisions
set forth in clause (b) thereof) and give effect to events (including Run Rate Benefits) that are (i) (x) directly attributable to such
transaction, (y) expected to have a continuing impact on the Borrower or any of the Restricted Subsidiaries and (z) factually supportable
or (ii) otherwise consistent with the definition of “Pro Forma Adjustment.”


 


“Pro Forma Disposal
Adjustment” means, for any four-quarter period that includes all or a portion of a fiscal quarter included in any Post-Transaction
Period with respect to any Sold Entity or Business, the pro forma increase or decrease in Consolidated EBITDA projected by the Borrower
in good faith as a result of contractual arrangements between the Borrower or any Restricted Subsidiary entered into with such Sold Entity
or Business at the time of its disposal or within the Post-Transaction Period and which represent an increase or decrease in Consolidated
EBITDA which is incremental to the Disposed EBITDA of such Sold Entity or Business for the most recent Test Period prior to its disposal.


 


“Pro Forma Entity”
means any Acquired Entity or Business or any Converted Restricted Subsidiary.


 


“Proposed Change”
has the meaning assigned to such term in Section 9.02(c).


 


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


 


“Public Company Costs”
means costs relating to compliance with the provisions of the Securities Act of 1933, as amended, and the Exchange Act (and any similar
Requirement of Law under any other applicable jurisdiction), as applicable to companies with equity or debt securities held by the public,
the rules of national securities exchange companies with listed equity or debt securities, directors’ or managers’ and employees’
compensation, fees and expense reimbursement, costs relating to investor relations, shareholder meetings and reports to shareholders or
debtholders, directors’ and officers’ insurance and other executive costs, legal and other professional fees, listing fees
and other costs associated with being a public company.


 


“Public Lender”
has the meaning assigned to such term in Section 5.01.


 






    


     


    

 


“Purchasing Borrower
Party” means Holdings or any subsidiary of Holdings.


 


“QFC Credit Support”
has the meaning assigned to such term in Section 9.21.


 


“Qualified Equity
Interests” means Equity Interests in the Borrower, Holdings or any parent of Holdings other than, in each case, Disqualified
Equity Interests.


 


“Qualifying IPO”
means,


 


(a)        the
issuance by Holdings or any Parent Entity of its common Equity Interests in an underwritten primary public offering, other than a public
offering pursuant to a registration statement on Form S-8 (or any successor form) pursuant to an effective registration statement filed
with the SEC in accordance with the Securities Act (whether alone or in connection with a secondary public offering), or


 


(b)        any
transaction or series of related transactions following consummation of which Holdings or any Parent Entity is either subject to the periodic
reporting obligations of the Exchange Act as a result of its Equity Interests being registered or has a class or series of Equity Interests
publicly traded on a recognized securities exchange, in each case, if following such transaction or series of transactions, any class
or series of Equity Interests of such Person is listed on a national securities exchange.


 


“Receivables Subsidiary”
means any Special Purpose Entity established in connection with a Permitted Receivables Financing and any other Subsidiary (other than
any Loan Party) involved in a Permitted Receivables Financing which is not permitted by the terms of such Permitted Receivables Financing
to guarantee the Loan Document Obligations or provide Collateral.


 


“Refinanced Debt”
has the meaning assigned to such term in the definition of “Credit Agreement Refinancing Indebtedness.”


 


“Refinancing Amendment”
means an amendment to this Agreement executed by each of (a) the Borrower and Holdings, (b) the Administrative Agent and (c) each Additional
Revolving Lender and Lender that agrees to provide all or any portion of the Credit Agreement Refinancing Indebtedness being incurred
pursuant thereto, in accordance with Section 2.21.


 


“Register”
has the meaning assigned to such term in Section 9.04(b)(iv).


 


“Registered Equivalent
Notes” means, with respect to any notes originally issued in a Rule 144A or other private placement transaction under the Securities
Act of 1933, substantially identical notes (having substantially the same Guarantees) issued in a dollar-for-dollar exchange therefor
pursuant to an exchange offer registered with the SEC.


 


“Related Business
Assets” means assets (other than cash or Permitted Investments) used or useful in a Similar Business (which may consist of securities
of a Person, including the Equity Interests of any Subsidiary (other than the Borrower)).


 


“Related Parties”
means, with respect to any specified Person, such Person’s Affiliates and the partners, directors, officers, employees, trustees,
agents, controlling persons, advisors, attorneys and other representatives of such Person and of each of such Person’s Affiliates
and successors and permitted assigns.


 


“Release”
means any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching or migration
into the environment (including ambient air, surface water, groundwater, land surface or subsurface strata) and including the environment
within any building or other structure.


 


“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York for the purpose of recommending a
benchmark rate to replace LIBOR in loan agreements similar to this Agreement.


 






    


     


    

 


“Removal Effective
Date” has the meaning assigned to such term in Article VIII.


 


“Required Additional
Debt Terms” means with respect to any Indebtedness, (a) except with respect to Customary Bridge Loans and except with respect
to an amount equal to the Maturity Carveout Amount at such time, such Indebtedness does not mature earlier than the Latest Maturity Date,
(b) such Indebtedness (other than Customary Bridge Loans) does not have mandatory redemption features (other than Customary Exceptions)
that could result in redemptions of such Indebtedness prior to the Latest Maturity Date (it being understood that Holdings, the Borrower
and the Restricted Subsidiaries shall be permitted to make any AHYDO “catch up” payments, if applicable), (c) such Indebtedness
that is secured (i) is not secured by any assets not securing the Secured Obligations and (ii) is subject to the relevant Intercreditor
Agreement(s), (d) such Indebtedness is not guaranteed by any entity that is not a Loan Party and (e) the terms and conditions of such
Indebtedness (excluding interest rate (including whether such interest is payable in cash or in kind), pricing, interest rate margins,
rate floors, discounts, fees, premiums and prepayment or redemption provisions) either (I) are not materially more favorable (when taken
as a whole) to the lenders or investors providing such Indebtedness than the terms and conditions of this Agreement (when taken as a whole)
are to the Lenders (it being understood that, to the extent that any financial maintenance covenant or any other covenant is added for
the benefit of any Indebtedness, no consent shall be required by the Administrative Agent or any of the Lenders if such financial maintenance
covenant or other covenant is either (i) also added for the benefit of any corresponding Loans remaining outstanding after the issuance
or incurrence of any such Indebtedness in connection therewith or (ii) only applicable after the Latest Maturity Date at such time), (II)
include covenants or other provisions applicable only to periods after the Latest Maturity Date at such time or (III) reflect market terms
and conditions (taken as a whole) at the time of incurrence of such Indebtedness (as determined by the Borrower in good faith); provided
that a certificate of a Responsible Officer delivered to the Administrative Agent at least five (5) Business Days prior to the incurrence
of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such resulting Indebtedness
or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions
satisfy the foregoing requirement, shall be conclusive evidence that such terms and conditions satisfy the foregoing requirement.


 


“Required Class Lenders”
has the meaning assigned to such term in Section 9.02(b).


 


“Required Lenders”
means, at any time, Revolving Lenders having Revolving Exposures and unused Revolving Commitments representing more than 50.0% of the
aggregate Revolving Exposures and unused Revolving Commitments at such time; provided that (a) the Revolving Exposures and unused
Revolving Commitments of the Borrower or any Affiliate thereof and (b) whenever there are one or more Defaulting Lenders, the total outstanding
Revolving Exposures of, and the unused Revolving Commitments of, each Defaulting Lender, shall, in each case of clauses (a) and (b), be
excluded for purposes of making a determination of Required Lenders.


 


“Requirements of
Law” means, with respect to any Person, any statutes, laws, treaties, rules, regulations, official administrative pronouncements,
orders, decrees, writs, injunctions or determinations of any arbitrator or court or other Governmental Authority, in each case applicable
to or binding upon such Person or any of its property or to which such Person or any of its property is subject.


 


“Resignation Effective
Date” has the meaning assigned to such term in Article VIII.


 


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


 


“Responsible
Officer” means the chief executive officer, chief financial officer, president, vice president, general counsel, treasurer
or assistant treasurer or other similar officer, manager or a director of a Loan Party and with respect to certain limited liability
companies, partnerships or other Loan Parties that do not have officers, any director, manager, sole member, managing member or
general partner thereof, and as to any document delivered on the Effective Date or thereafter pursuant to paragraph (I) or (II)(a)
of the definition of the term “Collateral and Guarantee Requirement,” any secretary or assistant secretary of any Loan
Party and, solely for purposes of notices given pursuant to Article II, any other officer of the applicable Loan Party so
designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer or employee of the
applicable Loan Party designated pursuant to an agreement between the applicable Loan Party and the Administrative Agent. Any
document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been
authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer
shall be conclusively presumed to have acted on behalf of such Loan Party.


 






    


     


    

 


“Restricted Debt
Payment” has the meaning assigned to such term in Section 6.08(b).


 


“Restricted Payment”
means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Borrower
or any Restricted Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit,
on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Equity Interests in the Borrower or
any Restricted Subsidiary or any option, warrant or other right to acquire any such Equity Interests. For the avoidance of doubt, any
payment, prepayment, redemptions or conversion (in each case including any interest and make-whole payment) of Convertible Bond Indebtedness,
including the Convertible Notes, shall not be deemed to be “Restricted Payment.”


 


“Restricted Subsidiary”
means any Subsidiary other than an Unrestricted Subsidiary.


 


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


 


“Revolving Commitment”
means, with respect to each Lender, the commitment, if any, of such Lender to make Revolving Loans and to acquire participations in Letters
of Credit hereunder, expressed as an amount representing the maximum possible aggregate amount of such Lender’s Revolving Exposure
hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08 and (b) reduced or increased
from time to time pursuant to (i) assignments by or to such Lender pursuant to an Assignment and Assumption or (ii) a Refinancing
Amendment, Incremental Facility Amendment or a Loan Modification Agreement. The initial amount of each Lender’s Revolving Commitment
as of the First Amendment Effective Date is set forth on
Schedule 2.011
to the First Amendment opposite such Lender’s name, or in the Assignment and Assumption, Incremental Facility Amendment,
Loan Modification Agreement or Refinancing Amendment pursuant to which such Lender shall have assumed its Revolving Commitment, as the
case may be. The initial aggregate amount of the Lenders’ Revolving Commitments as of the First
Amendment Effective Date is $55,000,000105,000,000.


 


“Revolving Credit
Facility” means the Revolving Commitments and the provisions herein related to the Revolving Loans and Letters of Credit.


 


“Revolving Exposure”
means, with respect to any Revolving Lender at any time, the sum of the outstanding principal amount of such Revolving Lender’s
Revolving Loans and its LC Exposure at such time.


 


“Revolving Lender”
means a Lender with a Revolving Commitment or, if the Revolving Commitments have terminated or expired, a Lender with Revolving Exposure.


 


“Revolving Loan”
means a Loan made pursuant to Section 2.01.


 


“Revolving Maturity
Date” means October 7, 2026 (or, with respect to any Revolving Lender that has extended its Revolving Commitment pursuant to
a Permitted Amendment, the extended maturity date set forth in any such Loan Modification Agreement).


 


“Run Rate Benefits”
has the meaning assigned to such term in clause (b) of the definition of “Consolidated EBITDA.”


 


“S&P”
means S&P Global Ratings and any successor to its rating agency business.


 






    


     


    

 


“Sale
Leaseback” means any transaction or series of related transactions pursuant to which the Borrower or any Restricted
Subsidiary (a) sells, transfers or otherwise disposes of any property, real or personal, whether now owned or hereafter
acquired, and (b) as part of such transaction, thereafter rents or leases such property or other property that it intends to
use for substantially the same purpose or purposes as the property being sold, transferred or disposed of.


 


“Sanctions”
means economic sanctions administered or enforced by the United States Government (including without limitation, sanctions enforced by
OFAC), the United Nations Security Council, the European Union or Her Majesty’s Treasury.


 


“Scheduled Unavailability
Date” has the meaning assigned to such term in Section 2.14(b)(ii).


 


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


 


“Second Lien Intercreditor
Agreement” means the First Lien/Second Lien Intercreditor Agreement substantially in the form of Exhibit F or any other
intercreditor agreement reasonably satisfactory to the Administrative Agent and the Borrower.


 


“Secured Cash Management
Obligations” means the due and punctual payment and performance of all obligations of Holdings, the Borrower and the Restricted
Subsidiaries in respect of any overdraft, reimbursement and related liabilities arising from treasury, depository, cash pooling arrangements
and cash management services, corporate credit and purchasing cards and related programs, letters of credit or any automated clearing
house transfers of funds (collectively, “Cash Management Services”) provided to Holdings, the Borrower or any Subsidiary
(whether absolute or contingent and howsoever and whenever created, arising, evidenced or acquired (including all renewals, extensions
and modifications thereof and substitutions therefor)) that are (a) owed to the Administrative Agent or any of its Affiliates, (b) owed
on the Effective Date to a Person that is a Lender or an Affiliate of a Lender as of the Effective Date, (c) owed to a Person that is
an Agent, a Lender or an Affiliate of an Agent or Lender at the time such obligations are incurred or (d) owed to any other Person identified
by the Borrower to the Administrative Agent; it being understood that each such provider of such Cash Management Services to Holdings,
the Borrower or any Subsidiary shall be deemed (i) to appoint the Administrative Agent and the Collateral Agent as its agents under the
applicable Loan Documents and (ii) to agree to be bound by the provisions of Article VIII, Section 9.03, Section 9.09
and any applicable Intercreditor Agreement as if it were a Lender; provided that the aggregate face amount of letters of credit
issued and outstanding constituting Cash Management Services shall not at any time exceed $5,000,000.


 


“Secured Obligations”
means (i) prior to the Collateral Trigger Event Date, the Loan Document Obligations and (ii) from and after the Collateral Trigger Event
Date, (a) the Loan Document Obligations, (b) the Secured Cash Management Obligations and (c) the Secured Swap Obligations (excluding,
with respect to any Loan Party, Excluded Swap Obligations of such Loan Party).


 


“Secured Parties”
means (i) prior to the Collateral Trigger Event Date, (a) each Lender and Issuing Bank, (b) the Administrative Agent and (c) the permitted
successors and assigns of each of the foregoing and (ii) from and after the Collateral Trigger Event Date, (a) each Lender and Issuing
Bank, (b) the Administrative Agent and the Collateral Agent, (c) each Person to whom any Secured Cash Management Obligations are owed,
(d) each counterparty to any Swap Agreement the obligations under which constitute Secured Swap Obligations and (e) the permitted successors
and assigns of each of the foregoing.


 


“Secured Swap Obligations”
means all obligations of Holdings, the Borrower and the Restricted Subsidiaries under each Swap Agreement that (a) is with a counterparty
that is the Administrative Agent or any of its Affiliates, (b) is in effect on the Effective Date with a counterparty that is a Lender,
an Agent or an Affiliate of a Lender or an Agent as of the Effective Date, (c) is entered into after the Effective Date with any counterparty
that is a Lender, an Agent or an Affiliate of a Lender or an Agent at the time such Swap Agreement is entered into or (d) is entered into
with any other Person specified by the Borrower to the Administrative Agent in writing from time to time, in each case, to the extent
designated in writing as a Secured Swap Obligation by the Borrower to the Administrative Agent; it being understood that each such provider
of such Secured Swap Obligations to Holdings, the Borrower or any Subsidiary shall be deemed (i) to appoint the Administrative Agent and
the Collateral Agent as its agents under the applicable Loan Documents and (ii) to agree to be bound by the provisions of Article VIII,
Section 9.03, Section 9.09 and any applicable Intercreditor Agreement as if it were a Lender.


 






    


     


    

 


“Security Documents”
means the Collateral Agreement and each other security agreement or pledge agreement executed and delivered pursuant to the Collateral
and Guarantee Requirement, Section 5.11 or Section 5.12 to secure any of the Secured Obligations.


 


“Senior Representative”
means, with respect to any series of Permitted First Priority Refinancing Debt, Permitted Second Priority Refinancing Debt or other Indebtedness,
the trustee, administrative agent, collateral agent, security agent or similar agent under the indenture or agreement pursuant to which
such Indebtedness is issued, incurred or otherwise obtained, as the case may be, and each of their successors in such capacities.


 


“Significant Subsidiary”
means any Restricted Subsidiary that, or any group of Restricted Subsidiaries that, taken together, as of the last day of the fiscal quarter
of the Borrower most recently ended for which financial statements are available, had revenues or total assets for such quarter in excess
of 10.0% of the consolidated revenues or total assets, as applicable, of the Borrower for such quarter.


 


“Similar Business”
means any business conducted or proposed to be conducted by Holdings, the Borrower and the Restricted Subsidiaries on the Effective Date
or any business that is similar, reasonably related, synergistic, incidental, or ancillary thereto.


 


“SOFR”
means, with respect to any day, the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as
the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York’s website (or any successor
source) and, in each case, that has been selected or recommended by the Relevant Governmental Body.


 


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


 


“Sold Entity or Business”
has the meaning assigned to such term in the definition of “Consolidated EBITDA.”


 


“Solvent”
means (a) the Fair Value of the assets of the Borrower and its Subsidiaries on a consolidated basis taken as a whole exceeds their Liabilities,
(b) the Present Fair Saleable Value of the assets of the Borrower and its Subsidiaries on a consolidated basis taken as a whole exceeds
their Liabilities, (c) the Borrower and its Subsidiaries on a consolidated basis taken as a whole after consummation of the Transactions
is a going concern and has sufficient capital to reasonably ensure that it will continue to be a going concern for the period from the
date hereofEffective
Date through the Latest Maturity Date taking into account the nature of, and the needs and anticipated needs for capital
of, the particular business or businesses conducted or to be conducted by the Borrower and its Subsidiaries on a consolidated basis as
reflected in the projected financial statements and in light of the anticipated credit capacity and (d) for the period from the date
hereofEffective Date through the Latest
Maturity Date, the Borrower and its Subsidiaries on a consolidated basis taken as a whole will have sufficient assets and cash flow to
pay their Liabilities as those liabilities mature or (in the case of contingent Liabilities) otherwise become payable, in light of business
conducted or anticipated to be conducted by the Borrower and its Subsidiaries as reflected in the projected financial statements and in
light of the anticipated credit capacity.


 


“SPAC Transactions”
means any transaction or series of transactions, including without limitation, such transactions contemplated by the Business Combination
Agreement, by and among TPG Pace Solutions Corp., Holdings, Vacasa, Inc., Turnkey Vacations, Inc. and the other parties thereto, as amended
from time to time, that results in the direct or indirect acquisition of Holdings (or any parent or subsidiary thereof) by, or a merger
or other combination with or investment from, a publicly traded special purpose acquisition company or similar third party (in each case,
including any parent or subsidiary thereof), irrespective of the voting power of the resulting entity held by the shareholders of Holdings
preceding such transaction or series of transactions.


 


“Special Purpose
Entity” means a direct or indirect subsidiary of Holdings, whose organizational documents contain restrictions on its purpose
and activities and impose requirements intended to preserve its separateness from Holdings and/or one or more Subsidiaries of Holdings.


 






    


     


    

 



 


 


“Specified Transaction”
means, with respect to any period, any acquisition, any Investment (including any Permitted Acquisition), Disposition, incurrence or repayment
of Indebtedness, Restricted Payment, subsidiary designation, New Project or other event that by the terms of the Loan Documents requires
 “Pro Forma Compliance” with a test or covenant hereunder or requires such test or covenant to be calculated on a “Pro
Forma Basis.”


 


“Sponsors”
means (x) prior to the consummation of the SPAC Transactions, (a) Turnkey Vacations, Inc., (b) Mossytree Inc., (c) collectively Series
1 of SLP Venice Aggregator, L.P. and Series 2 of SLP Venice Aggregator, L.P., together with their Affiliates and any funds, partnerships
or other co-investment vehicles managed, advised or controlled by any of the foregoing or any of their respective Affiliates, (d) collectively
RW Vacasa AIV LP, Riverwood Capital Partners II (Parallel-B) L.P., RCP III Vacasa AIV L.P., Riverwood Capital Partners III (Parallel-B)
L.P., and RCP III (A) Vacasa AIV L.P., together with their Affiliates and any funds, partnerships or other co-investment vehicles managed,
advised or controlled by any of the foregoing or any of their respective Affiliates, and (e) collectively LEGP I VCS, LLC, LEGP II VCS,
LLC, LEGP II VCS Splitter, L.P., LEVEL EQUITY OPPORTUNITIES FUND 2015, L.P., LEOF 2015 SPLITTER (VCS), L.P., LEVEL EQUITY OPPORTUNITIES
FUND 2018, L.P., LEOF 2018 SPLITTER (VCS), L.P., and Level Equity - VCS Investors, LLC, together with their Affiliates and any funds,
partnerships or other co-investment vehicles managed, advised or controlled by any of the foregoing or any of their respective Affiliates
and (y) after the consummation of the SPAC Transactions, (a) Vacasa, Inc., (b) Mossytree Inc., (c) collectively Series 1 of SLP Venice
Aggregator, L.P. and Series 2 of SLP Venice Aggregator, L.P., together with their Affiliates and any funds, partnerships or other co-investment
vehicles managed, advised or controlled by any of the foregoing or any of their respective Affiliates, (d) collectively RW Vacasa AIV
LP, Riverwood Capital Partners II (Parallel-B) L.P., RCP III Vacasa AIV L.P., Riverwood Capital Partners III (Parallel-B) L.P., and RCP
III (A) Vacasa AIV L.P., together with their Affiliates and any funds, partnerships or other co-investment vehicles managed, advised or
controlled by any of the foregoing or any of their respective Affiliates, and (e) collectively LEGP I VCS, LLC, LEGP II VCS, LLC, LEVEL
EQUITY OPPORTUNITIES FUND 2015, L.P., LEVEL EQUITY OPPORTUNITIES FUND 2018, L.P., and Level Equity - VCS Investors, LLC, together with
their Affiliates and any funds, partnerships or other co-investment vehicles managed, advised or controlled by any of the foregoing or
any of their respective Affiliates.


 


“SPV” has
the meaning assigned to such term in Section 9.04(f).


 


“Starter Basket”
has the meaning assigned to such term in the definition of “Available Amount.”


 


“Statutory Reserve
Rate” means, with respect to any currency, a fraction (expressed as a decimal), the numerator of which is the number one and
the denominator of which is the number one minus the aggregate of the maximum reserve, liquid asset or similar percentages (including
any marginal, special, emergency or supplemental reserves) expressed as a decimal established by any Governmental Authority of the United
States or of the jurisdiction of such currency or any jurisdiction in which Loans in such currency are made to which banks in such jurisdiction
are subject for any category of deposits or liabilities customarily used to fund loans in such currency or by reference to which interest
rates applicable to Loans in such currency are determined. Such reserve, liquid asset or similar percentages shall include those imposed
pursuant to Regulation D of the Board of Governors, and, if any Lender is required to comply with the requirements of The Bank of England
and/or the Prudential Regulation Authority (or any authority that replaces any of the functions thereof), the requirements of the European
Central Bank. Eurocurrency Loans shall be deemed to be subject to such reserve, liquid asset or similar requirements without benefit of
or credit for proration, exemptions or offsets that may be available from time to time to any Lender under Regulation D or any other applicable
law, rule or regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any
reserve percentage.


 


“subsidiary”
means, with respect to any Person (the “parent”) at any date any corporation, limited liability company, partnership,
association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50%
of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date,
owned, controlled or held.


 


“Subsidiary”
means any subsidiary of the Borrower.


 






     


     


    

 


“Subsidiary
Loan Party” means (a) each Subsidiary of the Borrower that is a party to the Guarantee Agreement and (b) any other
Restricted Subsidiary that may be designated by the Borrower (by way of delivering to the Collateral Agent a supplement to the
Collateral Agreement and a supplement to the Guarantee Agreement, in each case, duly executed by such Subsidiary) in its sole
discretion from time to time to be a guarantor in respect of the Secured Obligations, whereupon such Subsidiary shall be obligated
to comply with the other requirements of Section 5.11 as if it were newly acquired and not an Excluded Subsidiary, in each
case unless it ceases to be a Subsidiary Loan Party in accordance with this Agreement.


 


“Successor Borrower”
has the meaning assigned to such term in Section 6.03(iv).


 


“Successor Holdings”
means, if Holdings merges, amalgamates or consolidates with any other Person, either (A) Holdings, if Holdings shall be the continuing
or surviving Person, or (B) if the Person formed by or surviving any such merger, amalgamation or consolidation is not Holdings or is
a Person into which Holdings has been liquidated, such other Person so long as (1) the Successor Holdings shall expressly assume all the
obligations of Holdings under this Agreement and the other Loan Documents to which Holdings is a party pursuant to a supplement hereto
or thereto in form and substance reasonably satisfactory to the Administrative Agent, (2) each Loan Party other than Holdings unless it
is the other party to such merger, amalgamation or consolidation, shall have reaffirmed, pursuant to an agreement in form and substance
reasonably satisfactory to the Administrative Agent, that its Guarantee of and grant of any Liens as security for the Secured Obligations
shall apply to the Successor Holdings’ obligations under this Agreement, (3) the Successor Holdings shall, immediately following
such merger, amalgamation or consolidation, directly or indirectly own all Subsidiaries owned by Holdings immediately prior to such transaction,
(4) Holdings shall have delivered to the Administrative Agent a certificate of a Responsible Officer and an opinion of counsel, each stating
that such merger, amalgamation or consolidation complies with this Agreement; provided that if the foregoing requirements are satisfied,
the Successor Holdings will succeed to, and be substituted for, Holdings under this Agreement and the other Loan Documents; provided,
further, that Holdings agrees to use commercially reasonable efforts to provide any documentation and other information about the
Successor Holdings as shall have been reasonably requested in writing by any the Lender through the Administrative Agent that such Lender
shall have reasonably determined is required by regulatory authorities under applicable “know your customer” and anti-money
laundering rules and regulations, including Title III of the USA Patriot Act and the Beneficial Ownership Regulation.


 


“Supported QFC”
has the meaning assigned to such term in Section 9.21.


 


“Swap”
means any agreement, contract, or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity
Exchange Act.


 


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


 


“Swap Obligation”
means, with respect to any Person, any obligation to pay or perform under any Swap.


 


“Tax Distribution
Amount” has the meaning assigned to such term in the Limited Liability Company Agreement of Holdings, as filed with the Securities
and Exchange Commission on August 12, 2021; provided that for purposes of determining the Tax Distribution Amount with respect
to Parent for purposes of this Agreement, any obligation of Parent to make any payment under the Tax Receivable Agreement shall not take
into account any Early Termination Payment (as defined in the Tax Receivable Agreement) and shall not take into account any other payment
under the Tax Receivable Agreement that is calculated by applying the Valuation Assumptions (as defined in the Tax Receivable Agreement)).


 






     


     


    

 


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


 


“Tax Receivable Agreement”
means the form of Tax Receivable Agreement, as filed with the Securities and Exchange Commission on August 12, 2021.


 


“Term SOFR”
means the forward-looking term rate for any period that is approximately (as reasonably determined by the Administrative Agent) as long
as any of the Interest Period options set forth in the definition of “Interest Period,” that is based on SOFR and that has
been selected or recommended by the Relevant Governmental Body, in each case as published on an information service as selected by the
Administrative Agent from time to time in its reasonable discretion.


 


“Termination Date”
means the date on which (a) all Commitments shall have been terminated, (b) all Loan Document Obligations (other than in respect of contingent
indemnification and contingent expense reimbursement claims not then due) have been paid in full and (c) all Letters of Credit (other
than those that have been 100% Cash Collateralized or backstopped, or with respect to which other arrangements reasonably satisfactory
to the applicable Issuing Bank have been made) have been cancelled or have expired (without any drawing having been made thereunder that
has not been rejected or honored) and all amounts drawn or paid thereunder have been reimbursed in full.


 


“Test Period”
means, at any date of determination (a) for any determination under this Agreement (other than any determination of compliance with the
Financial Performance CovenantCovenants),
the most recently completed four consecutive fiscal quarters of the Borrower ending on or prior to such date for which financial statements
are internally available and (b) for any determination of compliance with the Financial Performance CovenantCovenants,
the most recently completed four consecutive fiscal quarters of the Borrower ending on or prior to such date for which financial statements
have been (or were required to have been) delivered pursuant to Section 5.01(a) or 5.01(b); provided that, prior
to the first date after the Effective Date on which financial statements are internally available or have been delivered pursuant to Section
5.01(a) or 5.01(b), as applicable, the Test Period in effect shall be the period of four consecutive fiscal quarters of the
Borrower ended June 30, 2021.


 


“Testing Threshold”
has the meaning assigned to such term in Section 6.09(a).


 


“Total Leverage Ratio”
means, on any date, the ratio of (a) Consolidated Net Debt as of such date to (b) Consolidated EBITDA for the Test Period as of such date.


 


“Transactions”
means, collectively, (a) the SPAC Transactions, (b) the effectiveness of this Agreement and the transactions contemplated by this Agreement,
(c) the consummation of any other transactions in connection with the foregoing and (d) the payment of the fees and expenses incurred
in connection with any of the foregoing (including the Transaction Costs).


 


“Transaction Costs”
means any fees or expenses incurred or paid by the Sponsors, the Management Investors, Holdings, the Borrower or any Subsidiary in connection
with the Transactions, this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby.


 


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


 


“UCC”
or “Uniform Commercial Code” means the Uniform Commercial Code as in effect from time to time in the State of New
York; provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection
or priority of the Collateral Agent’s security interest in any item or portion of the Collateral is governed by the Uniform
Commercial Code as in effect in a U.S. jurisdiction other than the State of New York, the term “UCC” shall mean the
Uniform Commercial Code as in effect, at such time, in such other jurisdiction for purposes of the provisions hereof relating to
such perfection or priority and for purposes of definitions relating to such provisions.


 






     


     


    

 


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


 


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


 


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


 


“Unrestricted Subsidiary”
means (a) any Subsidiary (other than the Borrower) designated by the Borrower as an Unrestricted Subsidiary pursuant to Section 5.15
subsequent to the Effective Date and (b) any Subsidiary of any such Unrestricted Subsidiary.


 


“USA Patriot Act”
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as
amended from time to time.


 


“U.S. Bankruptcy
Code” means Title 11 of the United State Code, as amended, or any similar federal or state law for the relief of debtors.


 


“U.S. Special Resolution
Regimes” has the meaning assigned to such term in Section 9.21.


 


“U.S. Tax Compliance
Certificate” has the meaning assigned to such term in Section 2.17(e).


 


“Vehicles”
means all railcars, cars, trucks, trailers, construction and earth moving equipment and other vehicles, in each case, covered by a certificate
of title law of any state and all tires and other appurtenances to any of the foregoing.


 


“Voting Equity Interests”
means Equity Interests that are entitled to vote generally for the election of directors to the Board of Directors of the issuer thereof.
Shares of preferred stock that have the right to elect one or more directors to the Board of Directors of the issuer thereof only upon
the occurrence of a breach or default by such issuer thereunder shall not be considered Voting Equity Interests as long as the directors
that may be elected to the Board of Directors of the issuer upon the occurrence of such a breach or default represent a minority of the
aggregate voting power of all directors of Board of Directors of the issuer. The percentage of Voting Equity Interests of any issuer thereof
beneficially owned by a Person shall be determined by reference to the percentage of the aggregate voting power of all Voting Equity Interests
of such issuer that are represented by the Voting Equity Interests beneficially owned by such Person.


 


“Weighted Average
Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing: (a) the sum
of the products obtained by multiplying (i) the amount of each then remaining scheduled installment, sinking fund, serial maturity or
other required scheduled payments of principal, including payment at final scheduled maturity, in respect thereof, by (ii) the number
of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding
principal amount of such Indebtedness; provided that, for purposes of determining the Weighted Average Life to Maturity of any
Indebtedness that is being modified, refinanced, refunded, renewed, replaced or extended (the “Applicable Indebtedness”),
the effects of any prepayments or amortization made on such Applicable Indebtedness prior to the date of the applicable modification,
refinancing, refunding, renewal, replacement or extension shall be disregarded.


 


“wholly-owned
subsidiary” means, with respect to any Person at any date, a subsidiary of such Person of which securities or other
ownership interests representing 100% of the Equity Interests (other than (a) directors’ qualifying shares and (b) nominal
shares issued to foreign nationals or other Persons to the extent required by applicable Requirements of Law) are, as of such date,
owned, controlled or held by such Person or one or more wholly-owned subsidiaries of such Person or by such Person and one or more
wholly-owned subsidiaries of such Person.


 






     


     


    

 


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


 


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


 


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


 


Section 1.03           Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the
context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
 “includes” and “including” are by way of example and shall be deemed to be followed by the phrase “without
limitation.” The word “or” is not exclusive. The word “will” shall be construed to have the same meaning
and effect as the word “shall.” In the computation of periods of time from a specified date to a later specified date, the
word “from” means “from and including”; the words “to” and “until” each mean “to
but excluding”; and the word “through” means “to and including”. Unless the context requires otherwise,
(a) any definition of or reference to any agreement (including this Agreement and the other Loan Documents), instrument or other document
herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, amended and restated,
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 (subject to any restrictions
on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded
to any or all functions thereof, (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, (e) the words “asset” and “property” shall be construed to have the same meaning and effect
and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and
(f) references to any law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or
interpreting such law.


 


Section 1.04           Accounting
Terms; GAAP; Certain Calculations.


 


(a)          All
accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including
financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
with GAAP.


 


(b)          Notwithstanding
anything to the contrary herein, for purposes of determining compliance with any test or utilization of any basket contained in this
Agreement (including, without limitation, any Incurrence-Based Amount and any Fixed Amount), Consolidated EBITDA, Consolidated Total
Assets, the Total Leverage Ratio, as applicable, shall be calculated on a Pro Forma Basis to give effect to the Transactions and all
Specified Transactions that have been made during the applicable period of measurement or subsequent to such period and prior to or concurrently
with the event for which the calculation is made and to the extent the proceeds of any new Indebtedness are to be used to repay other
Indebtedness (including by repurchase, redemption, retirement, extinguishment, defeasance, discharge or pursuant to escrow or similar
arrangements) no later than 60 days following the incurrence of such new Indebtedness, the Borrower shall be permitted to give Pro Forma
Effect to such repayment of Indebtedness; provided that, notwithstanding the foregoing, for purposes of determining actual compliance
with the Financial Performance CovenantCovenants
(but not any other provision of this Agreement that requires compliance with such covenant) any Specified Transaction
that occurred subsequent to such period shall not be given pro forma effect.


 






     


     


    

 


(c)          Where
reference is made to “the Borrower and the Restricted Subsidiaries on a consolidated basis” or similar language, such consolidation
shall not include any Subsidiaries of the Borrower other than the Restricted Subsidiaries.


 


(d)          In the event that the Borrower elects to prepare its financial statements in accordance with IFRS and such election results in
a change in the method of calculation of financial covenants, standards or terms (collectively, the “Accounting Changes”)
in this Agreement, the Borrower and the Administrative Agent agree to enter into good faith negotiations in order to amend such provisions
of this Agreement (including the levels applicable herein to any computation of the Total Leverage Ratio) so as to reflect equitably the
Accounting Changes with the desired result that the criteria for evaluating the Borrower’s financial condition shall be substantially
the same after such change as if such change had not been made. Until such time as such an amendment shall have been executed and delivered
by the Borrower, the Administrative Agent and the Required Lenders, all financial covenants, standards and terms in this Agreement shall
continue to be calculated or construed in accordance with GAAP (as determined in good faith by a Responsible Officer of the Borrower)
(it being agreed that the reconciliation between GAAP and IFRS used in such determination shall be made available to Lenders) as if such
change had not occurred.


 


(e)          For purposes of determining the permissibility of any action, change, transaction or event that requires a calculation of any financial
ratio or test (including, without limitation, Section 6.09, any Total Leverage Ratio test, the amount of Consolidated EBITDA and/or
Consolidated Total Assets), such financial ratio or test shall be calculated at the time such action is taken (subject to Section 1.08),
such change is made, such transaction is consummated or such event occurs, as the case may be, and no Default or Event of Default shall
be deemed to have occurred solely as a result of a change in such financial ratio or test occurring after the time such action is taken,
such change is made, such transaction is consummated or such event occurs, as the case may be.


 


(f)           Each
Lender and the Administrative Agent hereby acknowledges and agrees that the Borrower and its Subsidiaries may be required to restate
historical financial statements as the result of the implementation of changes in GAAP or IFRS, or the respective interpretation or application
thereof, and that such restatements will not, solely as a result of compliance with such change in GAAP or IFRS (or such interpretation
or application), result in a Default or an Event of Default under the Loan Documents.


 


(g)          Notwithstanding
anything in this Agreement to the contrary (i) until such time as financial statements of the Borrower (or any applicable Parent Entity)
filed with the SEC are required to reflect lease categorization in accordance with ASC 842 (Leases) (the “Lease Accounting
Transition Time”), the determination of whether a lease is a Capitalized Lease or a Non-Finance Lease shall, for all purposes
under this Agreement and the other Loan Documents, be made without giving effect to ASC 842 (Leases) and (ii) from and after the
Lease Accounting Transition Time, the determination of whether a lease is a Capitalized Lease or a Non-Finance Lease shall, for all purposes
under this Agreement and the other Loan Documents, be made giving effect to ASC 842 (Leases); provided that, other than
for purposes of financial statements delivered pursuant to Section 5.01, the Borrower may, with respect to any Test Period ending
after the Lease Accounting Transition Time, elect, by notifying the Administrative Agent in writing prior to or concurrently with the
delivery of a Compliance Certificate for such Test Period pursuant to Section 5.01(d), to determine whether a lease is a Capitalized
Lease or a Non-Finance Lease without giving effect to ASC 842 (Leases).


 


Section 1.05           Certain Calculations and Tests.


 


(a)          Notwithstanding
anything to the contrary herein, with respect to any amounts incurred or transactions entered into (or consummated) in reliance on a
provision of this Agreement (including, without limitation, Revolving Loans and, to the extent established or incurred under the Free
and Clear Incremental Amount, Incremental Facilities and Incremental Equivalent Debt) that does not require compliance with a financial
ratio or test (including, without limitation, Section 6.09 and/or any Total Leverage Ratio test) (any such amounts, the “Fixed
Amounts”) substantially concurrently with any amounts incurred or transactions entered into (or consummated) in reliance on
a provision of this Agreement that requires compliance with a financial ratio or test (including, without limitation, Section 6.09
and/or any Total Leverage Ratio test) (any such amounts, the “Incurrence-Based Amounts”), it is understood and
agreed that the Fixed Amounts shall be disregarded in the calculation of the financial ratio or test applicable to the Incurrence-Based
Amounts in connection with such substantially concurrent incurrence. Notwithstanding anything to the contrary in this Section 1.05,
cash proceeds of any simultaneous incurrence of Indebtedness shall be disregarded in calculating the amount of Available Cash for purposes
of determining whether Indebtedness is permitted to be incurred.


 






     


     


    

 


(b)         For
the avoidance of doubt, in connection with the incurrence of any Indebtedness under Section 2.20, the definition of “Required
Lenders” shall be calculated on a Pro Forma Basis in accordance with this Section 1.04, Section 2.20 and the definition
of “Incremental Cap”; provided that any waiver, amendment or modification obtained on such basis (i) will not become
operative until substantially contemporaneously with the incurrence of such Indebtedness, (ii) is not required in order to avoid a covenant
Default and (iii) does not affect the rights or duties under this Agreement of Lenders holding Loans or Commitments of any then outstanding
Class but not the Lenders in respect of such Indebtedness to be incurred.


 


(c)          Any
reference herein or in any other Loan Document to the ranking of Liens shall be determined without regard to control of remedies.


 


(d)          For
all purposes of this Agreement and the calculations subject hereto, at the Borrower’s election, the acquisition of any Person,
property, business or assets (and any pro forma events to occur in connection therewith, including the assumption or incurrence of any
Indebtedness or Liens and any Run Rate Benefits) shall be deemed to have “occurred” and been “consummated” upon
the Borrower or any Subsidiary entering into a binding definitive agreement or letter of intent with respect thereto, and such deemed
occurrence shall continue until such transaction is actually consummated or is abandoned or such definitive agreement or letter of intent
is otherwise terminated.


 


Section 1.06           Effectuation of Transactions. All references herein to Holdings, the Borrower and their subsidiaries shall be deemed
to be references to such Persons, and all the representations and warranties of Holdings, the Borrower and the other Loan Parties contained
in this Agreement and the other Loan Documents shall be deemed made, in each case, after giving effect to the Transactions to occur on
the Effective Date, unless the context otherwise requires.


 


Section 1.07           Currency
Translation; Rates.


 


(a)          Notwithstanding
anything herein to the contrary, for purposes of any determination under Article V, Article VI (other than Section 6.09)
or Article VII or any determination under any other provision of this Agreement expressly requiring the use of a current exchange rate,
all amounts incurred, outstanding or proposed to be incurred or outstanding in currencies other than dollars shall be translated into
dollars in accordance with Section 1.07 (rounded to the nearest currency unit, with 0.5 or more of a currency unit being rounded
upward); provided, however, that for purposes of determining compliance with Article VI with respect to the amount
of any Indebtedness, Investment, Disposition, Restricted Payment or prepayment of Indebtedness in a currency other than dollars, no Default
or Event of Default shall be deemed to have occurred solely as a result of changes in rates of exchange occurring after the time such
Indebtedness is incurred, or such Investment, Disposition, Restricted Payment or prepayment of Indebtedness is made; provided
that, for the avoidance of doubt, the foregoing provisions of this Section 1.07 shall otherwise apply to such Sections, including
with respect to determining whether any Indebtedness may be incurred or any Investment, Disposition, Restricted Payment or prepayment
of Indebtedness made at any time under such Sections. For purposes of any determination of Consolidated Total Debt, amounts in currencies
other than dollars shall be translated into dollars at the currency exchange rates used in preparing the most recently delivered financial
statements pursuant to Section 5.01(a) or (b) and shall give effect to any Swap Agreement relating to such Indebtedness
in effect on the date of determination relating to any such currencies. Each provision of this Agreement shall be subject to such reasonable
changes of construction as the Administrative Agent may from time to time specify with the Borrower’s consent (such consent not
to be unreasonably withheld) to appropriately reflect a change in currency of any country and any relevant market conventions or practices
relating to such change in currency.


 






     


     


    

 


(b)         The
Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect
to the administration, submission or any other matter related to the rates in the definition of “LIBO Rate” or with respect
to any rate that is an alternative or replacement for or successor to any of such rate (including, without limitation, any LIBOR Successor
Rate) or the effect of any of the foregoing, or of any LIBOR Successor Rate Conforming Changes.


 


 


Section 1.08           Limited
Condition Transactions.


 


Notwithstanding anything in
this Agreement or any other Loan Document to the contrary, for purposes of:


 


(i)     determining
compliance with any provision of this Agreement (other than Section 6.09)
which requires the calculation of the Total Leverage Ratio;


 


(ii)    determining
the accuracy of representations and warranties and/or whether a Default or Event of Default (or any subset of Defaults or Events of Default)
has occurred, is continuing or would result from an action; or


 


(iii)   testing availability under baskets set forth in this Agreement (including any baskets based on, or measured as, a percentage
of Consolidated EBITDA or Consolidated Total Assets or by reference to the Available Amount or the Available Equity Amount) (including
the incurrence of any Incremental Facility);


 


in each case, in connection with a Limited Condition
Transaction, at the option of the Borrower (the Borrower’s election to exercise such option in connection with any Limited Condition
Transaction, an “LCT Election”), with such LCT Election to be made on or prior to (a) in the case of any Limited Condition
Transaction described in clause (a) of the definition of “Limited Condition Transaction,” the date of execution of, at
the option of the Borrower, the definitive agreement or a letter of intent related to such Limited Condition Transaction, or (b) with
respect to any Limited Condition Transaction described in clause (b) or (c) of the definition of “Limited Condition Transaction,”
the date of delivery of irrevocable notice with respect thereto (provided that, in each case, the Borrower may subsequently elect
to rescind such LCT Election), and the date of determination of whether any such Limited Condition Transaction (including any Specified
Transaction or other action in connection therewith) is permitted hereunder shall be deemed to be the date the definitive agreement or
a letter of intent for such Limited Condition Transaction are entered into or the date of delivery of irrevocable notice with respect
to such Limited Condition Transaction, as applicable (the “LCT Test Date”), and if, after giving Pro Forma Effect to
the Limited Condition Transaction, the Specified Transactions and the other transactions to be entered into in connection therewith (including
any incurrence of Indebtedness or Liens and the use of proceeds thereof) as if they had occurred at the beginning of the most recent Test
Period ending prior to the LCT Test Date, the Borrower could have taken such action on the relevant LCT Test Date in compliance with such
ratio or basket, such ratio or basket shall be deemed to have been complied with; provided that, if financial statements for one
or more subsequent fiscal quarters or fiscal years, as applicable, shall have become available prior to the consummation of the applicable
Limited Condition Transaction, the Borrower may elect, in its sole discretion, to re-determine availability under any applicable ratio,
test or basket for purposes of clause (i) and (iii) above on the basis of such financial statements, in which case such date of redetermination
shall thereafter be deemed to be the applicable LCT Test Date with respect to such ratio, test or basket for purposes of clause (i) and
(iii) above.


 


For the avoidance of
doubt, if the Borrower has made an LCT Election and (x) any of the ratios or baskets for which compliance was determined or tested
as of the LCT Test Date (including with respect to the incurrence of Indebtedness) are not satisfied as a result of fluctuations in
any such ratio or basket, including due to fluctuations in Consolidated EBITDA of the Borrower or the Person subject to such Limited
Condition Transaction, at or prior to the consummation of the relevant transaction or action, such baskets or ratios will not be
deemed to have been unsatisfied as a result of such fluctuations; provided, however, if any ratios or baskets improve
as a result of such fluctuations, such improved ratios or baskets may be utilized and (y) such ratios and other provisions need not
be tested again at the time of consummation of such Limited Condition Transaction or related Specified Transactions. If the Borrower
has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio or
basket availability with respect to any other Specified Transaction on or following the relevant LCT Test Date and prior to the
earlier of (i) the date on which such Limited Condition Transaction is consummated or (ii) the date that the definitive agreement,
letter of intent or notice, as applicable, for such Limited Condition Transaction is terminated or expires without consummation of
such Limited Condition Transaction, any such ratio or basket shall be calculated on a pro forma basis assuming such Limited
Condition Transaction and other transactions in connection therewith (including any incurrence of Indebtedness or Liens and the use
of proceeds thereof) have been consummated.


 






     


     


    

 


Section 1.09           Cashless Rollovers. Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document,
to the extent that any Lender extends the maturity date of, or replaces, renews or refinances, any of its then-existing Loans with Incremental
Revolving Loans, Other Revolving Loans, or loans incurred under a new credit facility, in each case, to the extent such extension, replacement,
renewal or refinancing is effected by means of a “cashless roll” by such Lender pursuant to settlement mechanisms approved
by the Borrower, the Administrative Agent and such Lender, such extension, replacement, renewal or refinancing shall be deemed to comply
with any requirement hereunder or any other Loan Document that such payment be made “in dollars,” “in immediately available
funds,” “in cash” or any other similar requirement.


 


Section 1.10           Letter
of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated
amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that,
by its terms or the terms of any other document, agreement and instrument entered into by applicable Issuing Bank and the Borrower (or
any Subsidiary) or in favor of such Issuing Bank and relating to such Letter of Credit, provides for one or more automatic increases
in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit
after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.


 


Section 1.11           Times
of Day; Timing of Performance. Unless otherwise specified, all references herein to times of day shall be references to Eastern time
(daylight or standard, as applicable). When the payment of any obligation or the performance of any covenant, duty or obligation is stated
to be due or performance required on a day which is not a Business Day, the date of such payment (other than as described in the definition
of “Interest Period” and in Section 2.18(a)) or performance shall extend to the immediately succeeding Business Day.


 


Section 1.12           [Reserved].


 


Section 1.13           Compliance
with Certain Sections. In the event that any Indebtedness, Lien, Restricted Payment, Restricted Debt Payment, Investment, Disposition
or Affiliate transaction, as applicable, meets the criteria of more than one of the categories of transactions or items then permitted
pursuant to any clause or subsection of Article V, Article VI, Article II or the definition of “Incremental
Cap,” the Borrower, in its sole discretion, may, from time to time, divide, classify and/or reclassify such transaction or item
(or portion thereof) among any combination of one or more categories and will be required to include the amount and type of such transaction
(or portion thereof) only in any one category at any time; provided that the reclassification described in this sentence shall
be deemed to have occurred automatically with respect to any such transaction or item incurred or made pursuant to a Fixed Amount (including
the Free and Clear Incremental Amount) that later would be permitted on a Pro Forma Basis to be incurred or made pursuant to an Incurrence-Based
Amount (including the Ratio Incremental Amount). It is understood and agreed that any Indebtedness, Lien, Restricted Payment, Restricted
Debt Payment, Investment, Disposition and/or Affiliate transaction need not be permitted solely by reference to one category of permitted
Indebtedness, Lien, Restricted Payment, Restricted Debt Payment, Investment, Disposition and/or Affiliate transaction under Article
V, Article VI, Article II or the definition of “Incremental Cap,” respectively, but may instead be permitted
in part under any combination thereof.


 


Section 1.14           SPAC
Transactions and Qualifying IPO.(a) Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document,
the parties hereto agree that in no event shall this Agreement, or any other Loan Document or any provision thereof be interpreted to
prohibit the SPAC Transactions or any Qualifying IPO, and the consummation of the SPAC Transactions or a Qualifying IPO will not, on
its own, result in a breach or default under this Agreement or any other Loan Documents.


 






     


     


    

 


Article II


 


THE CREDITS


 


Section 2.01           Commitments.
Subject to the terms and conditions set forth herein, each Revolving Lender agrees to make Revolving Loans to the Borrower denominated
in dollars from time to time during the Revolving Availability Period in an aggregate principal amount which will not result in such
Lender’s Revolving Exposure exceeding such Lender’s Revolving Commitment. The Borrower may borrow, prepay and reborrow Revolving
Loans.


 


Section 2.02           Loans
and Borrowings.


 


(a)          Each Loan shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by the Lenders ratably in accordance
with their respective Commitments of the applicable Class. The failure of any Lender to make any Loan required to be made by it shall
not relieve any other Lender of its obligations hereunder, provided that the Commitments of the Lenders are several and, other
than as expressly provided herein with respect to a Defaulting Lender, no Lender shall be responsible for any other Lender’s failure
to make Loans as required hereby.


 


(b)          Subject
to Section 2.14, each Revolving Loan Borrowing denominated in dollars shall be comprised entirely of ABR Loans or Eurocurrency
Loans, in each case, as the Borrower may request in accordance herewith. Each Lender at its option may make any Loan by causing any domestic
or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the
obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.


 


(c)          At
the commencement of each Interest Period for any Eurocurrency Borrowing, such Borrowing shall be in an aggregate amount that is an integral
multiple of the Borrowing Multiple and not less than the Borrowing Minimum; provided that a Eurocurrency Borrowing that results
from a continuation of an outstanding Eurocurrency Borrowing may be in an aggregate amount that is equal to such outstanding Borrowing.
At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of the Borrowing
Multiple and not less than the Borrowing Minimum. Borrowings of more than one Type and Class may be outstanding at the same time; provided
that there shall not at any time be more than a total of twelve (12) Eurocurrency Borrowings; provided, further, that
an additional three Borrowings in respect of each Class of Incremental Revolving Loans may be outstanding at the same time (or, in the
case of either of the foregoing limits, such greater number as may be reasonably acceptable to the Administrative Agent).


 


Section 2.03           Requests
for Borrowings. To request a Revolving Loan Borrowing, the Borrower shall notify the Administrative Agent of such request, which
notice may be given by (A) telephone or (B) a Borrowing Request; provided that any telephone notice must be confirmed promptly
by delivery to the Administrative Agent of a Borrowing Request. Each such notice must be received by the Administrative Agent (a) in
the case of a Eurocurrency Borrowing, not later than 2:00 p.m., New York City time, three (3) Business Days before the date of the proposed
Borrowing (or, in the case of any Eurocurrency Borrowing to be made on the Effective Date, such shorter period of time as may be agreed
to by the Administrative Agent) or (b) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of
the proposed Borrowing; provided that any such notice of an ABR Revolving Loan Borrowing to finance the reimbursement of an LC
Disbursement as contemplated by Section 2.05(f) may be given no later than 2:00 p.m., New York City time, on the date of the proposed
Borrowing. Each such Borrowing Request shall be irrevocable and shall be delivered by hand delivery, facsimile or other electronic transmission
(or, if requested by telephone, promptly confirmed in writing by hand delivery, facsimile or other electronic transmission) to the Administrative
Agent and shall be signed by the Borrower. Each such Borrowing Request shall specify the following information:


 


(i)      whether
the requested Borrowing is to be a Revolving Loan Borrowing or a Borrowing of any other Class (specifying the Class thereof);


 


(ii)      the
aggregate amount of such Borrowing;


 






     


     


    

 


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


 


(iv)     whether
such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;


 


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


 


(vi)     the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the
requirements of Section 2.06 or, in the case of any ABR Revolving Loan Borrowing requested to finance the reimbursement of an LC
Disbursement as provided in Section 2.05(f), the identity of the Issuing Bank that made such LC Disbursement; and


 


(vii)    that, as of the date of such Borrowing, the conditions set forth in Section 4.02(a) and Section 4.02(b) are
satisfied.


 


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


 


Section 2.04           [Reserved].


 


Section 2.05           
Letters of Credit.


 


(a)          General.
Subject to the terms and conditions set forth herein (including Section 2.22), each Issuing Bank agrees, in reliance upon the
agreement of the Revolving Lenders set forth in this Section 2.05, to issue Letters of Credit denominated in dollars for the Borrower’s
own account (or for the account of any Subsidiary so long as the Borrower and such Subsidiary are co-applicants in respect of such Letter
of Credit), in a form reasonably acceptable to the Administrative Agent and the applicable Issuing Bank, which shall reflect the standard
policies and procedures of such Issuing Bank, at any time and from time to time during the period from the Effective Date until the Letter
of Credit Expiration Date. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions
of any form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, any
Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. Subject to the terms and conditions
hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the
foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired (without any drawing having been made thereunder
that has not been rejected or honored) or that have been drawn upon and reimbursed.


 


(b)          Issuance,
Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or
extension of an outstanding Letter of Credit), the Borrower shall deliver in writing by hand delivery or facsimile (or transmit by
electronic communication, if arrangements for doing so have been approved by the recipient) to the applicable Issuing Bank and the
Administrative Agent (at least three (3) Business Days before the requested date of issuance, amendment, renewal or extension or
such shorter period as the applicable Issuing Bank and the Administrative Agent may agree) a notice requesting the issuance of a
Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance,
amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall
comply with paragraph (d) of this Section 2.05), the currency and amount of such Letter of Credit, the name and address of
the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit.
If requested by the applicable Issuing Bank, the Borrower also shall submit a letter of credit or bank guarantee application on such
Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued,
amended, renewed or extended by an Issuing Bank only if (and upon issuance, amendment, renewal or extension of any Letter of Credit
the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension,
(i) the aggregate Revolving Exposures shall not exceed the aggregate Revolving Commitments, (ii) the aggregate LC Exposure shall not
exceed the aggregate Letter of Credit Commitments and (iii) the LC Exposure of such Issuing Bank shall not exceed the Letter of
Credit Commitments of such Issuing Bank. No Issuing Bank shall be under any obligation to issue (or amend) any Letter of Credit if
(i) any order, judgment or decree of any Governmental Authority or arbitrator shall enjoin or restrain such Issuing Bank from
issuing (or amending) the Letter of Credit, or any law applicable to such Issuing Bank any directive (whether or not having the
force of law) from any Governmental Authority with jurisdiction over such Issuing Bank shall prohibit the issuance (or amendment) of
letters of credit generally or the Letter of Credit in particular or shall impose upon such Issuing Bank with respect to the Letter
of Credit any restriction, reserve or capital requirement (for which such Issuing Bank is not otherwise compensated hereunder) not
in effect on the Effective Date, or shall impose upon such Issuing Bank any unreimbursed loss, cost or expense which was not
applicable on the Effective Date and which such Issuing Bank in good faith deems material to it, (ii) except as otherwise agreed by
such Issuing Bank, the Letter of Credit is in an initial stated amount less than $100,000 or (iii) any Lender is at that time a
Defaulting Lender, if after giving effect to Section 2.22(a)(iv), any Defaulting Lender Fronting Exposure remains
outstanding, unless such Issuing Bank has entered into arrangements, including the delivery of Cash Collateral, reasonably
satisfactory to such Issuing Bank with the Borrower or such Lender to eliminate such Issuing Bank’s Defaulting Lender Fronting
Exposure arising from either the Letter of Credit then proposed to be issued (or amended) or such Letter of Credit and all other LC
Exposure as to which such Issuing Bank has Defaulting Lender Fronting Exposure. Notwithstanding the foregoing, no Issuing Bank shall
be required to issue a commercial or trade Letter of Credit unless reasonably agreed between such Issuing Bank and the Borrower.


 






     


     


    

 


(c)           Notice. Each Issuing Bank agrees that it shall not permit any issuance, amendment, renewal or extension of a Letter of Credit
to occur unless it shall have given to the Administrative Agent any written notice thereof required under paragraph (m) of this Section
and each Issuing Bank hereby agrees to give such notice.


 


(d)          Expiration Date. Unless cash collateralized or backstopped pursuant to arrangements reasonably acceptable to the applicable
Issuing Bank, each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date that is one year
after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal
or extension) and (ii) the Letter of Credit Expiration Date; provided that if such expiry date is not a Business Day, such Letter
of Credit shall expire at or prior to close of business on the next succeeding Business Day; provided, however, that any
Letter of Credit may, upon the request of the Borrower, include a provision whereby such Letter of Credit shall be extended automatically
for additional consecutive periods of one year or less (but not beyond the Letter of Credit Expiration Date) unless the applicable Issuing
Bank notifies the beneficiary thereof within the time period specified in such Letter of Credit or, if no such time period is specified,
at least 30 days prior to the then-applicable expiration date, that such Letter of Credit will not be renewed.


 


(e)         
Participations.


 


(i)       By
the issuance of a Letter of Credit or an amendment to a Letter of Credit increasing the amount thereof, and without any further action
on the part of the Issuing Bank that is the issuer thereof or the Lenders, such Issuing Bank hereby grants to each Revolving Lender,
and each Revolving Lender hereby irrevocably and unconditionally acquires from such Issuing Bank without recourse or warranty (regardless
of whether the conditions set forth in Section 4.02 shall have been satisfied), a participation in such Letter of Credit equal
to such Revolving Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In
consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative
Agent, for the account of such Issuing Bank, such Revolving Lender’s Applicable Percentage of each LC Disbursement made by such
Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (f) of this Section 2.05, or of any reimbursement
payment required to be refunded to the Borrower for any reason. Each Revolving Lender acknowledges and agrees that its obligation to
acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected
by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance
of a Default or any reduction or termination of the Revolving Commitments, and that each such payment shall be made without any offset,
abatement, withholding or reduction whatsoever.


 






     


     


    

 


(ii)      At
any time after an Issuing Bank has made a payment under any Letter of Credit and has received from any Revolving Lender such Lender’s
Applicable Percentage of the applicable LC Disbursement in respect of such payment in accordance with Section 2.05(e)(i), if the
Administrative Agent receives for the account of such Issuing Bank any payment in respect of the related unreimbursed amount of the applicable
LC Disbursement or interest thereon (whether directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto
by the Administrative Agent), the Administrative Agent will distribute to such Lender its Applicable Percentage thereof in the same funds
as those received by the Administrative Agent.


 


(iii)     If
any payment received by the Administrative Agent for the account of the applicable Issuing Bank pursuant to Section 2.05(e)(i)
is required to be returned under any of the circumstances described in Section 9.08 (including pursuant to any settlement entered
into by the Issuing Bank in its discretion), each Revolving Lender shall pay to the Administrative Agent for the account of the applicable
Issuing Bank its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand
to the date such amount is returned by such Lender, at a rate per annum equal to the Federal Funds Effective Rate from time to time in
effect. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of
this Agreement.


 


(f)          
Reimbursement. If an Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse
such LC Disbursement by paying to the Issuing Bank through the Administrative Agent, with notice of such payment given to the Issuing
Bank, an amount equal to such LC Disbursement not later than 4:00 p.m., New York City time, on the Business Day immediately following
the day that the Borrower receives notice of such LC Disbursement; provided that, if such LC Disbursement is not less than the
Borrowing Minimum, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03
that such payment be financed with an ABR Revolving Loan Borrowing in an equivalent amount and, to the extent so financed, the Borrower’s
obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Loan Borrowing. If the Borrower fails
to make such payment when due, the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement, the payment
then due from the Borrower in respect thereof and such Revolving Lender’s Applicable Percentage thereof. Promptly following receipt
of such notice, each Revolving Lender shall pay to the Administrative Agent in dollars its Applicable Percentage of the payment then due
from the Borrower, and in the same manner as provided in Section 2.06 with respect to Loans made by such Lender (and Section
2.06 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders pursuant to this paragraph), and the Administrative
Agent shall promptly remit to the applicable Issuing Bank the amounts so received by it from the Revolving Lenders. Promptly following
receipt by the Administrative Agent of any payment from or on behalf of the Borrower pursuant to this paragraph, the Administrative Agent
shall distribute such payment to the applicable Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this
paragraph to reimburse such Issuing Bank, then to such Revolving Lenders and such Issuing Bank as their interests may appear. Any payment
made by a Revolving Lender pursuant to this paragraph to reimburse any Issuing Bank for any LC Disbursement (other than the funding of
ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse
such LC Disbursement.


 


(g)          Obligations
Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (f) of this Section 2.05
and the obligations of the Revolving Lenders as provided in paragraph (e) of this Section 2.05 is absolute, unconditional and
irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever
and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement or any of the other Loan Documents,
or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent
or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by an Issuing Bank under
a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, (iv)
the occurrence of any Default or Event of Default, (v) the existence of any claim, counterclaim, setoff, defense or other right that
the Borrower may have at any time against any beneficiary, the Issuing Bank or any other person, (vi) any waiver by an Issuing Bank of
any requirement that exists for such Issuing Bank’s protection and not the protection of the Borrower or any waiver by an Issuing
Bank which does not in fact materially prejudice the Borrower, (vii) any payment made by an Issuing Bank in respect of an otherwise complying
item presented after the date specified as the expiration date of, or the date by which documents must be received under such Letter
of Credit if presentation after such date is authorized by the UCC, the ISP or the UCP, as applicable, or (viii) any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section 2.05, constitute
a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder. None of the Administrative
Agent, the Lenders, the Issuing Banks or any of their Affiliates shall have any liability or responsibility by reason of or in connection
with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of
the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery
of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing
thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing
Banks; provided that the foregoing shall not be construed to excuse any Issuing Bank from liability to the Borrower to the extent
of any direct damages (as opposed to consequential, exemplary or punitive damages, claims in respect of which are hereby waived by the
Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by such Issuing Bank’s failure to
exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The
parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of an Issuing Bank (as determined
by a court of competent jurisdiction in a final, non-appealable judgment), such Issuing Bank shall be deemed to have exercised care in
each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect
to documents presented that appear on their face to be in substantial compliance with the terms of a Letter of Credit, an Issuing Bank
may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless
of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict
compliance with the terms of such Letter of Credit, and any such acceptance or refusal shall be deemed not to constitute gross negligence
or willful misconduct.


 






     


     


    

 


(h)          Disbursement
Procedures. The applicable Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent
a demand for payment under a Letter of Credit. Such Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone
(confirmed by hand delivery, facsimile or electronic communication) (if arrangements for doing so have been approved by the applicable
Issuing Bank) of such demand for payment and whether such Issuing Bank has made an LC Disbursement thereunder; provided that any
failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse such Issuing Bank and the
Revolving Lenders with respect to any such LC Disbursement in accordance with paragraph (f) of this Section.


 


(i)           Interim
Interest. If an Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full
on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such
LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable
to ABR Revolving Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph
(f) of this Section 2.05, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be paid to
the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment
by any Revolving Lender pursuant to paragraph (f) of this Section 2.05 to reimburse such Issuing Bank shall be for the account
of such Lender to the extent of such payment and shall be payable within two Business Days of demand or, if no demand has been made,
within two Business Days of the date on which the Borrower reimburses the applicable LC Disbursement in full. If any Revolving Lender
shall not have made its Applicable Percentage of such LC Disbursement available to the Administrative Agent as provided in clause (f)
above, such Revolving Lender shall agree to pay interest on such amount, for each day from and including the date such amount is required
to be paid at a rate determined by the Administrative Agent in accordance with banking industry rules or practices on interbank compensation.


 


(j)           Cash
Collateralization. If any Event of Default under clause (a), (b), (h) or (i) of Section 7.01
shall occur and be continuing, on the Business Day on which the Borrower receives notice from the Administrative Agent or the
Required Lenders (or, if the maturity of the Loans has been accelerated, Revolving Lenders with LC Exposure representing more than
50.0% of the aggregate LC Exposure of all Revolving Lenders) demanding the deposit of Cash Collateral pursuant to this paragraph,
the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit
of the Issuing Banks and the Revolving Lenders, an amount of cash in dollars equal to the Dollar Equivalent of the portions of the
LC Exposure attributable to Letters of Credit, as of such date plus any accrued and unpaid interest thereon; provided that
the obligation to deposit such Cash Collateral shall become effective immediately, and such deposit shall become immediately due and
payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower
described in clause (h) or (i) of Section 7.01. The Borrower also shall deposit Cash Collateral pursuant to
this paragraph as and to the extent required by Section 2.11(b). Each such deposit shall be held by the Administrative Agent
as collateral for the payment and performance of the obligations of the Borrower under this Agreement. At any time that there shall
exist a Defaulting Lender, if any Defaulting Lender Fronting Exposure remains outstanding (after giving effect to Section
2.22(a)(iv)), then promptly upon the request of the Administrative Agent, any Issuing Bank, the Borrower shall deliver to the
Administrative Agent Cash Collateral in an amount sufficient to cover such Defaulting Lender Fronting Exposure (after giving effect
to any Cash Collateral provided by the Defaulting Lender). The Administrative Agent shall have exclusive dominion and control,
including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits,
which investments shall be made at the option and sole discretion of the Administrative Agent in Permitted Investments and at the
Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall
accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Banks for
LC Disbursements for which they have not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of
the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated
(but subject to the consent of Revolving Lenders with LC Exposure representing more than 50.0% of the aggregate LC Exposure of all
the Revolving Lenders), be applied to satisfy other obligations of the Borrower under this Agreement in accordance with the terms of
the Loan Documents. If the Borrower is required to provide an amount of Cash Collateral hereunder as a result of the occurrence of
an Event of Default or the existence of a Defaulting Lender, such amount (to the extent not applied as aforesaid) shall be returned
to the Borrower within three (3) Business Days after all Events of Default have been cured or waived or after the termination of
Defaulting Lender status, as applicable. If the Borrower is required to provide an amount of Cash Collateral hereunder pursuant to Section
2.11(b), such amount (to the extent not applied as aforesaid) shall be returned to the Borrower as and to the extent that, after
giving effect to such return, the Borrower would remain in compliance with Section 2.11(b) and no Event of Default shall have
occurred and be continuing.


 






     


     


    

 


(k)          Designation
of Additional Issuing Banks. The Borrower may, at any time and from time to time, designate as additional Issuing Banks one or more
Revolving Lenders that agree to serve in such capacity as provided below. The acceptance by a Revolving Lender of an appointment as an
Issuing Bank hereunder shall be evidenced by an agreement, which shall be in form and substance reasonably satisfactory to the Administrative
Agent and the Borrower, executed by the Borrower, the Administrative Agent and such designated Revolving Lender and, from and after the
effective date of such agreement, (i) such Revolving Lender shall have all the rights and obligations of an Issuing Bank under this Agreement
and (ii) references herein to the term “Issuing Bank” shall be deemed to include such Revolving Lender in its capacity as
an issuer of Letters of Credit hereunder.


 


(l)           Termination
of an Issuing Bank.


 


(i)          The
Borrower may terminate the appointment of any Issuing Bank as an “Issuing Bank” hereunder by providing a written notice thereof
to such Issuing Bank, with a copy to the Administrative Agent. Any such termination shall become effective upon the earlier of (x) such
Issuing Bank’s acknowledging receipt of such notice and (y) the fifth Business Day following the date of the delivery thereof;
provided that no such termination shall become effective until and unless the LC Exposure attributable to Letters of Credit issued
by such Issuing Bank (or its Affiliates) shall have been reduced to zero. At the time any such termination shall become effective, the
Borrower shall pay all unpaid fees accrued for the account of the terminated Issuing Bank pursuant to Section 2.12(a). Notwithstanding
the effectiveness of any such termination, the terminated Issuing Bank shall remain a party hereto and shall continue to have all the
rights of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such termination, but shall not
issue any additional Letters of Credit.


 


(ii)          Subject
to the appointment and acceptance of a successor Issuing Bank, any Issuing Bank may resign as an Issuing Bank at any time upon 30
days’ prior written notice to the Administrative Agent, the Borrower and the Lenders. In the event of any such resignation as
an Issuing Bank, the Borrower shall be entitled to appoint from among the Lenders a successor Issuing Bank hereunder.
Notwithstanding the effectiveness of any such resignation, any former Issuing Bank shall remain a party hereto and shall continue to
have all the rights of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such
termination, but shall not issue any additional Letters of Credit. Upon the appointment of a successor Issuing Bank, (x) such
successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Issuing Bank as
the case may be, and (y) the successor Issuing Bank shall issue letters of credit in substitution for the Letters of Credit, if any,
outstanding on behalf such resigning Issuing Bank at the time of such succession or make other arrangements satisfactory to the
applicable Issuing Bank to effectively assume the obligations of such Issuing Bank with respect to such Letters of Credit.


 



     


     


    





 


(m)               
Issuing Bank Reports to the Administrative Agent. Unless otherwise agreed by the Administrative Agent, each Issuing Bank
shall, in addition to its notification obligations set forth elsewhere in this Section, report in writing to the Administrative Agent
(i) periodic activity (for such period or recurrent periods as shall be reasonably requested by the Administrative Agent) in respect of
Letters of Credit issued by such Issuing Bank, including all issuances, extensions, amendments and renewals, all expirations and cancellations
and all disbursements and reimbursements, (ii) within five (5) Business Days following the time that such Issuing Bank issues, amends,
renews or extends any Letter of Credit, the date of such issuance, amendment, renewal or extension, and the face amount of the Letters
of Credit issued, amended, renewed or extended by it and outstanding after giving effect to such issuance, amendment, renewal or extension
(and whether the amounts thereof shall have changed), (iii) on each Business Day on which such Issuing Bank makes any LC Disbursement,
the date and amount of such LC Disbursement, (iv) on any Business Day on which the Borrower fails to reimburse an LC Disbursement required
to be reimbursed to such Issuing Bank on such day, the date of such failure and amount of such LC Disbursement and (v) on any other Business
Day, such other information as the Administrative Agent shall reasonably request as to the Letters of Credit issued by such Issuing Bank.


 


(n)                
Applicability of ISP and UCP. Unless otherwise expressly agreed by the applicable Issuing Bank and the Borrower when a Letter
of Credit is issued, (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the Uniform Customs
and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance, shall
apply to each commercial Letter of Credit. Notwithstanding the foregoing, no Issuing Bank shall be responsible to the Borrower for, and
no Issuing Bank’s rights and remedies against the Borrower shall be impaired by, any action or inaction of such Issuing Bank required
or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement,
including the law or any order of a jurisdiction where such Issuing Bank or the beneficiary is located, the practice stated in the ISP
or UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers
Association for Finance and Trade – International Financial Services Association (BAFT-IFSA), or the Institute of International
Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.


 


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


  


Section 2.06               Funding
of Borrowings.


 


(a)                 
Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available
funds in dollars by 2:00 p.m., New York City time, to the Applicable Account of the Administrative Agent most-recently designated by it
for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly crediting
the amounts so received, in like funds, to an account of the Borrower designated by the Borrower in the applicable Borrowing Request;
provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.05(f)
shall be remitted by the Administrative Agent to the applicable Issuing Bank or, to the extent that Revolving Lenders have made payments
pursuant to Section 2.05(f) to reimburse such Issuing Bank, then to such Lenders and such Issuing Bank as their interests may appear.


 






     


     


    

 


(b)                 Unless
the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will
not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that
such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance on such
assumption and in its sole discretion, make available to the Borrower a corresponding amount. In such event, if a Lender has not in
fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender agrees to pay to
the Administrative Agent an amount equal to such share on demand of the Administrative Agent. If such Lender does not pay such
corresponding amount forthwith upon demand of the Administrative Agent therefor, the Administrative Agent shall promptly notify the
Borrower, and the Borrower agrees to pay such corresponding amount to the Administrative Agent forthwith on demand. The
Administrative Agent shall also be entitled to recover from such Lender or the Borrower interest on such corresponding amount, for
each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the
Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by
the Administrative Agent in accordance with banking industry rules on interbank compensation, or (ii) in the case of the Borrower,
the interest rate applicable to such Borrowing in accordance with Section 2.13. If such Lender pays such amount to the
Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.


 


(c)                
The obligations of the Lenders hereunder to make Revolving Loans, to fund participations in Letters of Credit and to make payments
pursuant to Section 9.03(d) are several and not joint. The failure of any Lender to make any Loan, to fund any such participation
or to make any payment under Section 9.03(d) on any date required hereunder shall not relieve any other Lender of its corresponding
obligation to do so on such date, and, other than as expressly provided herein with respect to a Defaulting Lender, no Lender shall be
responsible for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under Section
9.03(d).


 


Section 2.07               Interest Elections.


 


(a)                 
Each Revolving Loan Borrowing initially shall be of the Type specified in the applicable Borrowing Request or designated by Section
2.03 and, in the case of a Eurocurrency Borrowing, shall have an initial Interest Period as specified in such Borrowing Request or
designated by Section 2.03. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such
Borrowing and, in the case of a Eurocurrency Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower
may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated
ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered
a separate Borrowing.


 


(b)                
To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone
(or, at the option of Borrower, in writing) by the time that a Borrowing Request would be required under Section 2.03 if the Borrower
were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such request
may be given by (1) telephone or (2) an Interest Election Request.


 


(c)                
Each such request shall be irrevocable and each telephonic request shall be confirmed promptly by hand delivery, facsimile or other
electronic transmission to the Administrative Agent of a written Interest Election Request signed by a Responsible Officer of the Borrower.


 


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


 


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


 


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


 






     


     


    

 


(iii)             whether
the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; and


 


(iv)            if
the resulting Borrowing is to be a Eurocurrency Borrowing, the Interest Period to be applicable thereto after giving effect to such election,
which shall be a period contemplated by the definition of the term “Interest Period.”


 


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


 


(e)                 
Promptly following receipt of an Interest Election Request in accordance with this Section, the Administrative Agent shall advise
each Lender of the applicable Class of the details thereof and of such Lender’s portion of each resulting Borrowing.


 


(f)                 
If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing prior to the end of
the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period,
the Borrower shall be deemed to have selected an Interest Period of one month’s duration.


 


Section 2.08               Termination
and Reduction of Commitments.


 


(a)                
Unless previously terminated, the Revolving Commitments shall terminate at 11:59 p.m., New York City time, on the Revolving
Maturity Date.


 


(b)                
The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each
reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000
and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of
the Revolving Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments.
The Borrower may terminate the Commitments of any Defaulting Lender on a non-pro rata basis upon notice to the Administrative Agent.


 


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


 


Section 2.09               Repayment
of Loans; Evidence of Debt.


 


(a)                
The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid
principal amount of each Revolving Loan of such Lender on the Revolving Maturity Date.


 


(b)                
Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower
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.


 


(c)                  The
Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type
thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and
payable from the Borrower 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.


 






     


     


    

 


(d)                
The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence
of the existence and amounts of the obligations recorded therein, provided that the failure of any Lender or the Administrative
Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to pay any amounts
due hereunder in accordance with the terms of this Agreement. In the event of any inconsistency between the entries made pursuant to paragraphs
(b) and (c) of this Section, the accounts maintained by the Administrative Agent pursuant to paragraph (c) of this Section shall control.


 


(e)                
Any Lender may request through the Administrative Agent that Loans of any Class made by it be evidenced by a promissory note. In
such event, the Borrower shall execute and deliver to such Lender a promissory note payable to such Lender or its registered assigns and
in a form provided by the Administrative Agent and approved by the Borrower.


 


Section 2.10               [Reserved].


 


Section 2.11               Prepayment
of Loans.


 


(a)                
The Borrower shall have the right at any time and from time to time to prepay any Borrowing of any Class in whole or in part, without
premium or penalty.


 


(b)                
In the event and on each occasion that the aggregate Revolving Exposures exceed the aggregate Revolving Commitments, the Borrower
shall prepay Revolving Loan Borrowings (or, if no such Borrowings are outstanding, deposit Cash Collateral in an account with the Administrative
Agent pursuant to Section 2.05(j)) in an aggregate amount necessary to eliminate such excess.


 


(c)                 
Prior to any optional or mandatory prepayment of Borrowings hereunder, the Borrower shall select the Borrowing or Borrowings of
any Class to be prepaid and shall specify such selection in the notice of such prepayment pursuant to Section 2.11(d). In the absence
of a designation by the Borrower as of the Type of Borrowing of any Class, the Administrative Agent shall make such designation in its
reasonable discretion with a view, but no obligation, to minimize breakage costs owing under Section 2.16.


 


(d)                
The Borrower shall notify the Administrative Agent of any prepayment hereunder by telephone or delivering a Notice of Loan Prepayment;
provided that, unless otherwise agreed by the Administrative Agent, such notice must be received (i) in the case of prepayment
of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three (3) Business Days before the date of prepayment or (ii)
in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of
prepayment; provided, further, that each telephonic notice shall be confirmed promptly by hand delivery, facsimile or other
electronic transmission to the Administrative Agent of a written Notice of Loan Prepayment signed by a Responsible Officer of the Borrower.
Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof
to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment; provided
that a notice of optional prepayment may state that such notice is conditional upon the effectiveness of other credit facilities or the
receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which
case such notice of prepayment may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified date
of prepayment) if such condition is not satisfied. Promptly following receipt of any such notice, the Administrative Agent shall advise
the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case
of an advance of a Borrowing of the same Type as provided in Section 2.02, except as necessary to apply fully the required amount
of a mandatory prepayment. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments
shall be accompanied by accrued interest to the extent required by Section 2.13. At the Borrower’s election in connection
with any prepayment pursuant to this Section 2.11, such prepayment shall not be applied to any Revolving Loan of a Defaulting Lender
and shall be allocated ratably among the relevant non-Defaulting Lenders.


 






     


     


    

 


Section 2.12               Fees.


 


(a)                
The Borrower agrees to pay to the Administrative Agent in dollars for the account of each Revolving Lender a commitment fee, which
shall accrue at the rate of 0.25% per annum on the actual daily unused amount of the Revolving Commitment of such Lender during the period
from and including the Effective Date to but excluding the date on which the Revolving Commitments terminate. Beginning with October 15,
2021, accrued commitment fees shall be payable in arrears on the 15th of January, April, July and October of each year and on the date
on which the Revolving Commitments terminate, commencing on the first such date to occur after the date
hereofEffective Date. All commitment
fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first
day but excluding the last day). For purposes of computing commitment fees, a Revolving Commitment of a Lender shall be deemed to be used
to the extent of the outstanding Revolving Loans and LC Exposure of such Lender. For
the avoidance of doubt the foregoing commitment fee shall be calculated based on $55,000,000 of total Revolving Commitments from the Effective
Date to, but excluding, the First Amendment Effective Date.


 


(b)                
The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender (other than any Defaulting Lender)
a participation fee with respect to its participations in Letters of Credit, which shall accrue at the Applicable Rate, in each case,
used to determine the interest rate applicable to Eurocurrency Revolving Loans, on the daily amount of such Revolving Lender’s LC
Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements), during the period from and including the Effective
Date to but excluding the later of the date on which such Revolving Lender’s Revolving Commitment terminates and the date on which
such Revolving Lender ceases to have any LC Exposure. In addition, the Borrower agrees to pay to the Administrative Agent for the account
of each Issuing Bank, a fronting fee in respect of each Letter of Credit issued by such Issuing Bank to the Borrower for the period from
the date of issuance of such Letter of Credit through the expiration date of such Letter of Credit (or if terminated on an earlier date
to the termination date of such Letter of Credit), computed at a rate equal to 0.125% per annum or such other percentage per annum to
be agreed upon between the Borrower and such Issuing Bank of the daily outstanding amount of such Letter of Credit, as well as such Issuing
Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings
thereunder. Participation fees and fronting fees accrued through and including the last day of March, June, September and December of
each year shall be payable on the 15th of January, April, July and October of each year, commencing on October 15, 2021; provided
that all such fees shall be payable on the date on which the Revolving Commitments terminate and any such fees accruing after the date
on which the Revolving Commitments terminate shall be payable on demand until the expiration or cancellation of all outstanding Letters
of Credit. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the
actual number of days elapsed.


 


(c)                 
All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution,
in the case of commitment fees and participation fees, to the Revolving Lenders entitled thereto. Fees paid hereunder shall not be refundable
under any circumstances.


 


(d)               
The Borrower agrees to pay to the Administrative Agent, for its own account, an agency fee payable in the amount and at the times
separately agreed upon between the Borrower and the Administrative Agent.


 


(e)                
The Borrower agrees to pay the Lenders, for their own account, the upfront fees in the amount and at the times separately agreed
upon between the Borrower and the Lenders.


 


(f)                 
Notwithstanding the foregoing, and subject to Section 2.22, the Borrower shall not be obligated to pay any amounts to any
Defaulting Lender pursuant to this Section 2.12; provided that such amounts shall be payable to any non-Defaulting Lender
which assumes the obligations of a Defaulting Lender pursuant to Section 2.22(a)(iv).


 


Section 2.13               Interest.


 


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


 






     


     


    

 


(b)                
 The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect
for such Borrowing plus the Applicable Rate


 


(c)                
Notwithstanding the foregoing, if any interest on any Loan or any fee or other amount payable by the Borrower hereunder (other
than principal) is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of
Default under clauses (a), (b), (h) or (i) of Section 7.01 and following the request of the Required
Lenders such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to 2.00% per annum plus the
rate applicable to ABR Revolving Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant
to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender; provided, further,
that no amounts shall accrue pursuant to this Section 2.13(c) on any overdue amount, reimbursement obligation in respect of any
LC Disbursement or other amount payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender; provided, further,
that such amounts shall be payable to any non-Defaulting Lender which assumes the obligations of a Defaulting Lender pursuant to Section
2.22(a)(iv).


 


(d)                
Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the
Revolving Commitments, provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand,
(ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the
Revolving Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment
or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor,
accrued interest on such Loan shall be payable on the effective date of such conversion.


 


(e)                
All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) shall be made
on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall
be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than
if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue
on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid
on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination by the Administrative
Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.


 


Section 2.14                Alternate
Rate of Interest.


 


(a)                
Other than as set forth in clause (b) below, if, at least two Business Days prior to the commencement of any Interest Period
for a Eurocurrency Borrowing:


 


      (i)         the Administrative
Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining
the LIBO Rate for such Interest Period; or


 


      (ii)        the
Administrative Agent is advised by the Required Lenders that the LIBO Rate for such Interest Period or payment period, as applicable,
will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included
in such Borrowing for such Interest Period or payment period, as applicable (in each case with respect to the applicable Loans impacted
by this clause (b) or clause (a) above, “Impacted Loans”),


 


the Administrative Agent shall give notice thereof
to the Borrower and the Lenders by telephone or facsimile as promptly as practicable thereafter and, until the Administrative Agent notifies
the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (x) any Interest Election Request that
requests the conversion of any affected Borrowing to, or continuation of any affected Borrowing as, a Eurocurrency Borrowing shall be
ineffective and (y) if any Borrowing Request requests a Eurocurrency Borrowing then such Borrowing shall be made as an ABR Borrowing and
the utilization of the LIBO Rate component in determining the Alternate Base Rate shall be suspended; provided, however,
that, in each case, the Borrower may revoke any such Borrowing Request that is pending when such notice is received.


 






     


     


    

 


Notwithstanding the foregoing, if the Administrative
Agent has made the determination described in clause (i) of this Section 2.14(a) and/or is advised by the Required Lenders of their
determination in accordance with clause (ii) of this Section 2.14(a) and the Borrower shall so request, the Administrative Agent,
the Required Lenders and the Borrower shall negotiate in good faith to amend the definition of “LIBO Rate,” and other applicable
provisions to preserve the original intent thereof in light of such change; provided that, until so amended, such Impacted Loans
will be handled as otherwise provided pursuant to the terms of this Section 2.14; provided, further, that any amended
definition of “LIBO Rate” shall provide that in no event shall such amended LIBO Rate be less than 0.50% for purposes of this
Agreement.


 


(b)                
Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines
(which determination shall be conclusive absent manifest error), or the Borrower notifies the Administrative Agent that the Borrower has
determined, that:


 


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


 


(ii)              the
administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public
statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made available, or used for determining
the interest rate of loans; provided that, at the time of such statement, there is no successor administrator that is satisfactory
to the Administrative Agent and the Borrower that will continue to provide LIBOR after such specific date (such specific date, the “Scheduled
Unavailability Date”), or


 


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


 


then, reasonably promptly after
such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable, the Administrative
Agent and the Borrower may amend this Agreement in accordance with this Section 2.14 to replace LIBOR with one or more alternate
benchmark rates, which may be one or more SOFR-Based Rates, giving due consideration to any evolving or then existing convention for similar
dollar denominated syndicated credit facilities for such alternate benchmark rates (any such proposed rate, a “LIBOR Successor
Rate”) and, in each case, including any mathematical or other adjustments to any such benchmark or any method for calculating
such adjustment, giving due consideration to any evolving or then existing convention for similar dollar denominated syndicated credit
facilities for such benchmarks and with appropriate adjustments (x) to preserve the pricing in effect at the time of selection of such
LIBOR Successor Rate and (y) for the duration and time for determination of the LIBOR Successor Rate in relation to any applicable Interest
Period, which adjustment or method for calculating such adjustment shall be published on an information service as selected by the Administrative
Agent from time to time in its reasonable discretion (in consultation with the Borrower) and may be periodically updated (the “Adjustment,”
and any such amendment shall become effective at 5:00 p.m. (New York time) on the fifth Business Day after the Administrative Agent shall
have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Required Lenders
have delivered to the Administrative Agent written notice that such Required Lenders in the case of an amendment to replace LIBOR with
any alternate benchmark rate other than one or more SOFR-Based Rates, object to such amendment on the basis that such benchmark rate is
not a prevailing or evolving reference rate for similar dollar denominated syndicated credit facilities; provided that, for the
avoidance of doubt, the Required Lenders shall not be entitled to object to any SOFR-Based Rate contained in any such amendment. No replacement
of LIBOR with a LIBOR Successor Rate will occur prior to the date that is 90 days prior to the applicable Scheduled Unavailability Date.
At the Borrower’s request, the Administrative Agent and the Borrower shall use commercially reasonable efforts to satisfy any applicable
guidance of the Internal Revenue Service in a manner that is not adverse to the Lenders that is intended to prevent any implementation
of a LIBOR Successor Rate from resulting in a deemed exchange of any Loan under this Agreement for purposes of Treasury Regulations Section
1.1001-3.


 






     


     


    

 


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


 


Notwithstanding anything else
herein, any definition of “LIBOR Successor Rate” shall provide that in no event shall such LIBOR Successor Rate be less than
0.00% for purposes of this Agreement.


 


In connection with the implementation
of a LIBOR Successor Rate, the Administrative Agent and the Borrower will have the right to make LIBOR Successor Rate Conforming Changes
from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such
LIBOR Successor Rate Conforming Changes will become effective without any further action or consent of any other party to this Agreement;
provided that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing
such LIBOR Successor Rate Conforming Changes to the Lenders reasonably promptly after such amendment becomes effective. 


 


Section 2.15               Increased Costs.


 


(a)                 
If any Change in Law shall:


 


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


 


(ii)              impose on any Lender or any Issuing Bank or the London interbank market any other condition, cost or expense (other than
with respect to Taxes) affecting this Agreement or Eurocurrency Loans made by such Lender or any Letter of Credit or participation therein;
or


 


(iii)             subject
any Lender to any Taxes (other than Indemnified Taxes, Other Taxes or Excluded Taxes) on its loans, letters of credit, commitments, or
other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;


 


and the result of any of the foregoing shall be
to increase the actual cost to such Lender of making or maintaining any Eurocurrency Loan (or of maintaining its obligation to make any
such Loan) or to increase the actual cost to such Lender or Issuing Bank of participating in, issuing or maintaining any Letter of Credit
(or of maintaining its obligation to participate in or issue any Letter of Credit) or to reduce the amount of any sum received or receivable
by such Lender or Issuing Bank hereunder (whether of principal, interest or otherwise), then, from time to time upon request of such Lender
or Issuing Bank, the Borrower will pay to such Lender or Issuing Bank, as the case may be, such additional amount or amounts as will compensate
such Lender or Issuing Bank, as the case may be, for such increased costs actually incurred or reduction actually suffered, provided
that to the extent any such costs or reductions are incurred by any Lender as a result of any requests, rules, guidelines or directives
enacted or promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and Basel III after the Effective Date,
then such Lender shall be compensated pursuant to this Section 2.15(a) only to the extent such Lender certifies that it is imposing
such charges on similarly situated borrowers under the other syndicated credit facilities that such Lender is a lender under.


 






     


     


    

 


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


 


(c)              
    A certificate of a Lender or an Issuing Bank setting forth the amount or amounts necessary to compensate such
Lender or Issuing Bank or its holding company in reasonable detail, as the case may be, as specified in paragraph (a) or (b) of this
Section delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or Issuing Bank, as
the case may be, the amount shown as due on any such certificate within 15 Business Days after receipt thereof.


 


(d)                
Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section shall not constitute
a waiver of such Lender’s or Issuing Bank’s right to demand such compensation, provided that the Borrower shall not
be required to compensate a Lender or Issuing Bank pursuant to this Section 2.15 for any increased costs incurred or reductions
suffered more than 180 days prior to the date that such Lender or Issuing Bank, as the case may be, notifies the Borrower of the Change
in Law giving rise to such increased costs or reductions and of such Lender’s or Issuing Bank’s intention to claim compensation
therefor; provided, further, that, if the Change in Law giving rise to such increased costs or reductions is retroactive,
then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.


 


Section 2.16               Break
Funding Payments. In the event of (a) the payment of any principal of any Eurocurrency Loan other than on the last day of an Interest
Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan other than on the
last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Revolving Loan on the
date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(d)
and is revoked in accordance therewith) or (d) the assignment of any Eurocurrency Loan other than on the last day of the Interest Period
applicable thereto as a result of a request by the Borrower pursuant to Section 2.19 or Section 9.02(c), then, in any such
event, the Borrower shall, after receipt of a written request by any Lender affected by any such event (which request shall set forth
in reasonable detail the basis for requesting such amount), compensate each Lender for the actual loss, cost and expense attributable
to such event (which, for the avoidance of doubt, shall not include any margin or spread). For purposes of calculating amounts payable
by the Borrower to the Lenders under this Section 2.16, each Lender shall be deemed to have funded each Eurocurrency Loan made
by it at the Adjusted LIBO Rate (determined without giving effect to any interest rate “floor”) for such Loan by a matching
deposit or other borrowing for a comparable amount and for a comparable period whether or not such Eurocurrency Loan was in fact so funded.
A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section delivered
to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate
within 15 Business Days after receipt of such demand.


 


Section 2.17               Taxes.


 


(a)                  All
payments by or on account of any obligation of any Loan Party under any Loan Document shall be made free and clear of and without
deduction for any Taxes, except as required by applicable Requirements of Law. If any applicable withholding agent shall be required
by applicable Requirements of Law to withhold or deduct any Taxes with respect to any such payments, then (i) the applicable
withholding agent shall make such withholdings or deductions, (ii) the applicable withholding agent shall timely pay the full amount
withheld or deducted to the relevant Governmental Authority in accordance with applicable Requirements of Law and (iii) if the Tax
in question is an Indemnified Tax or Other Tax, the amount payable by the applicable Loan Party shall be increased as necessary so
that after all required deductions have been made (including deductions applicable to additional amounts payable under this Section
2.17) the applicable Lender (or, in the case of a payment received by the Administrative Agent for its own account, the
Administrative Agent) receives an amount equal to the sum it would have received had no such deductions of Indemnified Taxes or
Other Taxes been made.


 






     


     


    

 


(b)                
Without limiting the provisions of paragraph (a) above, the Borrower shall timely pay any Other Taxes to the relevant Governmental
Authority in accordance with Requirements of Law.


 


(c)                 
Without duplication of amounts compensated for by paragraph (a) or (b), the Borrower shall indemnify the Administrative Agent and
each Lender, within 30 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid or payable
by the Administrative Agent or such Lender, as the case may be (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable
to amounts payable under this Section 2.17) and any reasonable expenses arising therefrom or with respect thereto, whether or not
such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate
setting forth in reasonable detail the basis and calculation of the amount of such payment or liability delivered to the Borrower by a
Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.


 


(d)                
As soon as practicable after any payment of Taxes by a Loan Party to a Governmental Authority pursuant to this Section 2.17,
the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority
evidencing such payment (if the applicable Governmental Authority makes such receipts readily available to the Borrower), a copy of the
return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.


 


(e)                 
Each Lender shall deliver to the Borrower and the Administrative Agent at the time or times reasonably requested by the Borrower
or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Requirements of Law and such
other documentation reasonably requested by the Borrower or the Administrative Agent (i) as will permit such payments to be made without,
or at a reduced rate of, withholding or (ii) as will enable the Borrower or the Administrative Agent to determine whether or not such
Lender is subject to withholding or information reporting requirements. Each Lender shall, whenever a lapse of time or change in circumstances
renders such documentation obsolete, expired or inaccurate in any respect, deliver promptly to the Borrower and the Administrative Agent
updated or other appropriate documentation (including any new documentation reasonably requested by the Borrower or the Administrative
Agent) or promptly notify the Borrower and the Administrative Agent in writing of its legal ineligibility to do so. In addition, any Lender,
at the time or times reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed
by applicable Requirements of Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the
Administrative Agent to determine whether such Lender is subject to backup withholding or information reporting requirements.


 


Without limiting the foregoing:


 


(1)           Each Lender that is a “United States person” within the meaning of Section 7701(a)(30) of the Code shall deliver
to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time
thereafter upon the request of the Borrower or the Administrative Agent) two properly completed and duly signed original copies of Internal
Revenue Service Form W-9 (or any successor form) certifying that such Lender is exempt from U.S. federal backup withholding.


 


(2)           Each Lender that is not a “United States person” within the meaning of Section 7701(a)(30) of the Code shall,
to the extent it is legally eligible to do so, deliver to the Borrower and the Administrative Agent on or before the date on which it
becomes a party to this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent) whichever
of the following is applicable:


 


(A)             two properly completed and duly signed original copies of IRS Form W-8BEN or W-8BEN-E (or any successor forms) claiming
eligibility for the benefits of an income tax treaty as to which the United States is a party,


 






     


     


    

 


(B)              two
properly completed and duly signed original copies of IRS Form W-8ECI (or any successor forms),


 


(C)              in the case of a Lender claiming the benefits of the exemption for portfolio interest under Section 871(h) or Section 881(c)
of the Code, (x) a certificate substantially in the form of Exhibit P-1 to the effect that such Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning
of Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C)
of the Code and that no payment under any Loan Document is effectively connected with such Lender’s conduct of a trade or business
in the United States (a “U.S. Tax Compliance Certificate”) and (y) two properly completed and duly signed
original copies of IRS Form W-8BEN or IRS Form W-8BEN-E (or any successor forms),


 


(D)              to
the extent a Lender is not the beneficial owner, two properly completed and duly signed original copies of IRS Form W-8IMY (or any successor
forms) , accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-9 (or any successor forms),
a U.S. Tax Compliance Certificate substantially in the form of Exhibit P-2 or Exhibit P-3, or other certification documents
from each beneficial owner, as applicable; provided that if the Lender is a partnership (and not a participating Lender and one
or more direct or indirect partners of such Lender are claiming the portfolio interest exemption, such Lender may provide a U.S. Tax
Compliance Certificate substantially in the form of Exhibit P-4 on behalf of such direct or indirect partner(s), or


 


(E)              any
Lender shall, to the extent it is legally eligible to do so, deliver to the Borrower and the Administrative Agent on or before the date
on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower
or the Administrative Agent), two properly completed and duly signed original copies of any other form prescribed by applicable Requirements
of Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, together with such supplementary documentation
as may be prescribed by applicable Requirements of Law to permit the Borrower or the Administrative Agent to determine the withholding
or deduction required to be made.


 


(3)          
If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding tax imposed by FATCA
if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b)
or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed
by Requirements of Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed
by applicable Requirements of Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to
comply with their obligations under FATCA, to determine whether such Lender has or has not complied with such Lender’s obligations
under FATCA and, if necessary, to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this
clause (3), “FATCA” shall include any amendments made to FATCA after the date hereofEffective
Date.


 


Notwithstanding any other provisions of this clause (e), a Lender shall
not be required to deliver any form or other documentation that such Lender is not legally eligible to deliver.


 






     


     


    

 


(f)                  If
the Borrower determines in good faith that a reasonable basis exists for claiming a refund of any Indemnified Taxes or Other Taxes
for which indemnification has been provided under this Section 2.17,the Administrative Agent or the relevant Lender, as
applicable, shall use commercially reasonable efforts to cooperate with the Borrower in pursuing a claim for refund of such Taxes if
so requested by the Borrower; provided that (a) the Administrative Agent or such Lender determines in its reasonable
discretion that it would not be subject to any unreimbursed third party cost or expense or otherwise be prejudiced by cooperating in
such challenge, (b) the Borrower pays all related expenses of the Administrative Agent or such Lender, as applicable and (c) the
Borrower indemnifies the Administrative Agent or such Lender, as applicable, for any liabilities or other costs incurred by such
party in connection with such challenge. If the Administrative Agent or a Lender receives a refund of any Indemnified Taxes or Other
Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant
to this Section 2.17, it shall promptly pay over such refund to the Borrower (but only to the extent of indemnity payments
made, or additional amounts paid, by the Borrower under this Section 2.17 with respect to the Indemnified Taxes or Other
Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of the Administrative Agent or such Lender
and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided
that the Borrower, upon the request of the Administrative Agent or such Lender, shall promptly repay the amount paid over to the
Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent
or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority.
The Administrative Agent or such Lender, as the case may be, shall, at the Borrower’s request, provide the Borrower with a
copy of any notice of assessment or other evidence of the requirement to repay such refund received from the relevant taxing
authority (provided that the Administrative Agent or such Lender may delete any information therein that the Administrative
Agent or such Lender deems confidential). Notwithstanding anything to the contrary, this Section 2.17(f) shall not be
construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other information relating to
Taxes which it deems confidential) to any Loan Party or any other Person.


 


(g)                
Each Lender hereby authorizes the Administrative Agent to deliver to the Loan Parties and to any successor Administrative Agent
any documentation provided by such Lender to the Administrative Agent pursuant to Section 2.17(e).


 


(h)                
The Administrative Agent, and any successor or supplemental Administrative Agent, shall deliver to the Borrower, on or before the
date on which it becomes a party to this Agreement, either (i) a properly completed and duly executed original copy of IRS Form W-9 certifying
that it is not subject to U.S. federal backup withholding, or (ii) a properly completed and duly executed original copy of IRS Form W-8IMY
evidencing the Administrative Agent’s agreement to be treated as a United States person for U.S. federal withholding tax purposes
and assuming primary responsibility for U.S. federal income tax withholding with respect to payments received by the Administrative Agent
as an intermediary under any Loan Document. Notwithstanding anything to the contrary in this Section 2.17(h), the Administrative
Agent shall not be required to deliver any documentation that the Administrative Agent is not legally eligible to deliver as a result
of any Change in Law after the date hereofEffective
Date.


 


(i)                 
The agreements in this Section 2.17 shall survive resignation or replacement of the Administrative Agent or any transfer
of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge
of all Obligations under any Loan Document.


 


(j)                  
For purposes of this Section 2.17, the term “Lender” shall include any Issuing Bank.


 


Section 2.18               Payments
Generally; Pro Rata Treatment; Sharing of Setoffs.


 


(a)                 The
Borrower shall make each payment required to be made by it under any Loan Document (whether of principal, interest, fees, or
reimbursement of LC Disbursement or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to
the time expressly required hereunder or under such other Loan Document for such payment (or, if no such time is expressly required,
prior to 2:00 p.m., New York City time), on the date when due, in immediately available funds, free and clear of and without
setoff, recoupment, defense or counterclaim. Any amounts received after such time on any date may, in the discretion of the
Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest
thereon. All such payments shall be made to such account as may be specified by the Administrative Agent, except payments to be made
directly to any Issuing Bank shall be made as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17
and 9.03 shall be made directly to the Persons entitled thereto and payments pursuant to other Loan Documents shall be made
to the Persons specified therein. The Administrative Agent shall distribute any such payments received by it for the account of any
other Person to the appropriate recipient promptly following receipt thereof. If any payment (other than payments on the
Eurocurrency Loans) under any Loan Document shall be due on a day that is not a Business Day, the date for payment shall be extended
to the next succeeding Business Day. If any payment on a Eurocurrency Loan becomes due and payable on a day other than a Business
Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to
extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business
Day. In the case of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then
applicable rate for the period of such extension. All payments or prepayments of any Loan shall be made in the currency in which
such Loan is denominated, all reimbursements of any LC Disbursements shall be made in dollars, all payments of accrued interest
payable on a Loan or LC Disbursement shall be made in dollars, and all other payments under each Loan Document shall be made in
dollars.


 






     


     


    

 


(b)                 
If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all applicable amounts
of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment
of applicable interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the applicable amounts
of interest and fees then due to such parties, and (ii) second, towards payment of applicable principal and unreimbursed LC Disbursements
then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements
then due to such parties.


 


(c)                 
If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal
of or interest on any of its Loans of a given Class or participations in LC Disbursements resulting in such Lender receiving payment of
a greater proportion of the aggregate amount of its Loans of such Class or participations in LC Disbursements and accrued interest thereon
than the proportion received by any other Lender with outstanding Loans of the same Class or participations in LC Disbursements, then
the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans of such Class or participations
in LC Disbursements of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably
in accordance with the aggregate amount of principal of and accrued interest on their respective Loans of such Class or participations
in LC Disbursements; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise
thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest
and (ii) the provisions of this paragraph shall not be construed to apply to (A) any payment made by the Borrower pursuant to and in accordance
with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (B) any
payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in
LC Disbursements to any assignee or participant (including a Purchasing Borrower Party) or (C) any disproportionate payment obtained by
a Lender of any Class as a result of the extension by Lenders of the maturity date or expiration date of some but not all Loans or Commitments
of that Class or any increase in the Applicable Rate in respect of Loans of Lenders that have consented to any such extension. The Borrower
consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of the Borrower, as applicable, in the amount of such participation. For purposes of
clause (c) of the definition of “Excluded Taxes,” a Lender that acquires a participation pursuant to this Section 2.18(c)
shall be treated as having acquired such participation on the earlier date(s) on which such Lender acquired the applicable interest(s)
in the Commitment(s) or Loan(s) (as applicable) to which such participation relates.


 


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


 


(e)                  If
any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(e), Section 2.05(f), Section
2.06(a), Section 2.06(b), Section 2.06(c), Section 2.18(d) or Section 9.03(d), then the
Administrative Agent may, in its discretion and in the order determined by the Administrative Agent (notwithstanding any contrary
provision hereof), (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy
such Lender’s obligations under such Section until all such unsatisfied obligations are fully paid and/or (ii) hold any such
amounts in a segregated account as Cash Collateral for, and to be applied to, any future funding obligations of such Lender under
any such Section.


 






     


     


    

 


(f)                 
If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing
provisions of this Article II, and such funds are not made available to the Borrower by the Administrative Agent because the conditions
to the applicable Borrowing set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative
Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.


 


 


Section 2.19               Mitigation
Obligations; Replacement of Lenders.


 


(a)                 
Each Lender may make any Loans or each Issuing Bank may issue Letters of Credit to the Borrower through any Lending Office, provided
that the exercise of this option shall not affect the obligation of the Borrower to repay the Loans or Letters of Credit in accordance
with the terms of this Agreement. If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay
any additional amount to, or otherwise indemnify, any Lender or any Governmental Authority for the account of any Lender pursuant to Section
2.17 or any event that gives rise to the operation of Section 2.23, then such Lender shall use reasonable efforts to designate
a different Lending Office for funding or booking its Loans hereunder or its participation in any Letter of Credit affected by such event,
or to assign and delegate its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the judgment
of such Lender, such designation or assignment and delegation (i) would eliminate or reduce amounts payable pursuant to Section 2.15
or Section 2.17 or mitigate the applicability of Section 2.23, as the case may be, and (ii) would not subject such Lender
to any unreimbursed cost or expense reasonably deemed by such Lender to be material and would not be inconsistent with the internal policies
of, or otherwise be disadvantageous in any material economic, legal or regulatory respect to, such Lender.


 


(b)                 
If (i) any Lender requests compensation under Section 2.15 or gives notice under Section 2.23, (ii) the Borrower
is required to pay any additional amount to any Lender or to any Governmental Authority for the account of any Lender pursuant to Section
2.17, or (iii) any Lender becomes or is a Defaulting Lender, then Borrower may, at its sole expense and effort, upon notice to such
Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the
restrictions contained in Section 9.04), all its interests, rights and obligations under this Agreement and the other Loan Documents
to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment
and delegation), provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent and each
Issuing Bank to the extent such consent would be required under Section 9.04(b) for an assignment of Loans or Commitments, as applicable,
which consents, in each case, shall not unreasonably be withheld or delayed, (B) such Lender shall have received payment of an amount
equal to the outstanding principal of its Loans and unreimbursed participations in LC Disbursements, accrued but unpaid interest thereon,
accrued but unpaid fees and all other amounts payable to it hereunder from the assignee (to the extent of such outstanding principal and
accrued interest and fees) or the Borrower (in the case of all other amounts), (C) the Borrower or such assignee shall have paid (unless
waived) to the Administrative Agent the processing and recordation fee specified in Section 9.04(b)(ii) and (D) in the case of
any such assignment resulting from a claim for compensation under Section 2.15, payment required to be made pursuant to Section
2.17 or a notice given under Section 2.23, such assignment will result in a material reduction in such compensation or payments.
A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or
otherwise (including as a result of any action taken by such Lender under paragraph (a) above), the circumstances entitling the Borrower
to require such assignment and delegation cease to apply. Each party hereto agrees that an assignment required pursuant to this paragraph
may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee and that
the Lender required to make such assignment need not be a party thereto.


 






     


     


    

 


Section 2.20               Incremental Credit Extension.


 


(a)                 The
Borrower or any Subsidiary Loan Party may at any time and from time to time after the Collateral Trigger Event Date, subject to the
terms and conditions set forth herein, by notice to the Administrative Agent request (i) one or more increases in the amount of the
Revolving Commitments of any Class (each such increase, an “Incremental Revolving Commitment Increase”) or (ii)
one or more additional Classes of Revolving Commitments (the “Additional/Replacement Revolving Commitments,” and,
together with the Incremental Revolving Commitment Increases, the “Incremental Facilities”); provided
that, subject to Section 1.08, after giving effect to the effectiveness of any Incremental Facility Amendment referred to
below and at the time that any such Incremental Revolving Commitment Increase or Additional/Replacement Revolving Commitment is made
or effected, no Event of Default (or, in the case of the incurrence or provision of any Incremental Facility in connection with an
Acquisition Transaction or other Investment not prohibited by the terms of this Agreement, no Event of Default under clause
(a), (b), (h) or (i) of Section 7.01) shall have occurred and be continuing or would result
therefrom. Notwithstanding anything to the contrary herein, the sum of (i) the aggregate principal amount of the Incremental
Facilities, and (ii) the aggregate outstanding principal amount of Incremental Equivalent Debt shall not at the time of incurrence
of any such Incremental Facilities or Incremental Equivalent Debt (and after giving effect to such incurrence) exceed the
Incremental Cap at such time (calculated in a manner consistent with the definition of “Incremental Cap”).


 


(b)               
The Incremental Revolving Commitment Increase shall be treated the same as the Class of Revolving Commitments being increased (including
with respect to maturity date thereof) and shall be considered to be part of the Class of Revolving Credit Facility being increased (it
being understood that, if required to consummate an Incremental Revolving Commitment Increase, the pricing, interest rate margins, rate
floors and undrawn commitment fees on the Class of Revolving Commitments being increased may be increased and additional upfront or similar
fees may be payable to the lenders providing the Incremental Revolving Commitment Increase (without any requirement to pay such fees to
any existing Revolving Lenders)).


 


(c)                
The Additional/Replacement Revolving Commitments (i) shall rank equal in right of payment with the Revolving Loans, shall be secured
only by a Lien on the Collateral securing the Secured Obligations and shall be guaranteed only by the Loan Parties, (ii) except with respect
to Additional/Replacement Revolving Commitments incurred pursuant to the Maturity Carveout Amount, shall not mature earlier than the Revolving
Maturity Date and shall require no mandatory commitment reduction prior to the Revolving Maturity Date, (iii) shall have interest rates
(including through fixed interest rates), interest margins, rate floors, upfront fees, undrawn commitment fees, funding discounts, original
issue discounts, prepayment terms and premiums and commitment reduction and termination terms as determined by the borrower and the lenders
providing such commitments, (iv) shall contain borrowing, repayment and termination of Commitment procedures as determined by the borrower
and the lenders providing such commitments, (v) may include provisions relating to letters of credit, as applicable, issued thereunder,
which issuances shall be on terms substantially similar (except for the overall size of such subfacilities, the fees payable in connection
therewith and the identity of the letter of credit issuer, as applicable, which shall be determined by the Borrower, the lenders providing
such commitments and the applicable letter of credit issuers and borrowing, repayment and termination of commitment procedures with respect
thereto, in each case which shall be specified in the applicable Incremental Facility Amendment) to the terms relating to the Letters
of Credit with respect to the applicable Class of Revolving Commitments or otherwise reasonably acceptable to the Administrative Agent,
(vi) shall not be subject to any amortization and (vii) may otherwise have terms and conditions different from those of the Revolving
Credit Facility (including currency denomination); provided that (x) except with respect to matters contemplated by clauses (i),
(ii), (iii), (iv), (v) and (vi) above, any differences shall be reasonably satisfactory to the Administrative Agent (except for covenants
and other provisions applicable only to the periods after the Latest Maturity Date) and (y) the documentation governing any Additional/Replacement
Revolving Commitments may include a financial maintenance covenant or related equity cure so long as the Administrative Agent shall have
been given prompt written notice thereof and this Agreement is amended to include such financial maintenance covenant or related equity
cure for the benefit of each facility (provided, further, however, that, if the applicable new financial maintenance
covenant is a “springing” financial maintenance covenant for the benefit of such revolving credit facility or such covenant
is only applicable to, or for the benefit of, a revolving credit facility, such financial maintenance covenant shall be automatically
included in this Agreement only for the benefit of each revolving credit facility hereunder).


 


(d)                
Each notice from Holdings or the Borrower pursuant to this Section 2.20 shall set forth the requested amount of the relevant
Incremental Revolving Commitment Increases or Additional/Replacement Revolving Commitments.


 






     


     


    

 



 


(e)          Commitments
in respect of Incremental Revolving Commitment Increases and Additional/Replacement Revolving Commitments shall become Commitments
(or in the case of an Incremental Revolving Commitment Increase to be provided by an existing Lender with a Revolving Commitment, an
increase in such Lender’s applicable Revolving Commitment) under this Agreement pursuant to an amendment (an
 “Incremental Facility Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by
the Borrower and any applicable Subsidiary Loan Party, each Lender agreeing to provide such Commitment (provided that no
Lender shall be obligated to provide any loans or commitments under any Incremental Facility unless it so agrees), if any, each
Additional Revolving Lender, if any, the Administrative Agent (such consent not to be unreasonably withheld or delayed) and, in the
case of Incremental Revolving Commitment Increases, each Issuing Bank (in each case, such consent not to be unreasonably withheld or
delayed). Loans under Incremental Revolving Commitment Increases and Additional/Replacement Revolving Commitments shall be a
 “Loan” for all purposes of this Agreement and the other Loan Documents. The Incremental Facility Amendment may, without
the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary,
appropriate or advisable, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section
2.20 (including, in connection with an Incremental Revolving Commitment Increase, to reallocate Revolving Exposure on a pro rata
basis among the relevant Revolving Lenders). The effectiveness of any Incremental Facility Amendment and the occurrence of any
credit event (including the making of a Loan and the issuance, increase in the amount, or extension of a letter of credit
thereunder) pursuant to such Incremental Facility Amendment may be subject to the satisfaction of such additional conditions as the
parties thereto shall agree. Holdings, the Borrower and any Restricted Subsidiary may use the proceeds, if any, of the Incremental
Revolving Commitment Increases and Additional/Replacement Revolving Commitments for any purpose not prohibited by this
Agreement.


 


(f)          
Notwithstanding anything to the contrary, this Section 2.20 shall supersede any provisions in Section 2.18 or Section
9.02 to the contrary.


 


Section 2.21      
Refinancing Amendments.


 


(a)         
At any time on or after the Collateral Trigger Event Date, the Borrower may obtain, from any Lender or any Additional Revolving
Lender, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Revolving Loans (or unused Revolving Commitments)
under this Agreement (which will be deemed to include any then outstanding Other Revolving Loans, Other Revolving Commitments, Incremental
Revolving Loans and Additional/Replacement Revolving Commitments), in the form of Other Revolving Loans or Other Revolving Commitments,
as the case may be, in each case pursuant to a Refinancing Amendment; provided that the Net Proceeds, if any, of such Credit Agreement
Refinancing Indebtedness shall be applied, substantially concurrently with the incurrence thereof, to the reduction of Revolving Commitments
being so refinanced; provided, further, that, without limitation, the terms and conditions applicable to such Credit Agreement
Refinancing Indebtedness may provide for any additional or different financial or other covenants or other provisions that are agreed
between the Borrower and the Lenders thereof and applicable only during periods after the Latest Maturity Date that is in effect on the
date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained. Each Class of Credit Agreement Refinancing Indebtedness
incurred under this Section 2.21 shall be in an aggregate principal amount that is (x) not less than $5,000,000 and (y) an
integral multiple of $1,000,000 in excess thereof (in each case unless the Borrower and the Administrative Agent otherwise agree). Any
Refinancing Amendment may provide for the issuance of Letters of Credit for the account of the Borrower, pursuant to any Other Revolving
Commitments established thereby, on terms substantially equivalent to the terms applicable to Letters of Credit under the Revolving Commitments.
The Administrative Agent shall promptly notify each applicable Lender as to the effectiveness of each Refinancing Amendment. Each of the
parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the
extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred
pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Other Revolving Loans and/or
Other Revolving Commitments). Any Refinancing Amendment may, without the consent of any other Lenders, effect such amendments to this
Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the
Borrower, to effect the provisions of this Section 2.21. In addition, if so provided in the relevant Refinancing Amendment and
with the consent of each Issuing Bank, participations in Letters of Credit expiring on or after the Revolving Maturity Date shall be reallocated
from Lenders holding Revolving Commitments to Lenders holding extended revolving commitments in accordance with the terms of such Refinancing
Amendment; provided, however, that such participation interests shall, upon receipt thereof by the relevant Lenders holding
Revolving Commitments, be deemed to be participation interests in respect of such Revolving Commitments and the terms of such participation
interests (including, without limitation, the commission applicable thereto) shall be adjusted accordingly.


 






     


     


    

 


(b)         
 Notwithstanding anything to the contrary, this Section 2.21 shall supersede any provisions in Section 2.18 or Section
9.02 to the contrary.


 


Section 2.22      
Defaulting Lenders.


 


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


 


(i)     
Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent
with respect to this Agreement shall be restricted as set forth in Section 9.02.


 


(ii)     
Reallocation of Payments. Subject to the last sentence of Section 2.11(d), any payment of principal, interest,
fees or other amounts received by the Administrative Agent for the account of that Defaulting Lender (whether voluntary or mandatory,
at maturity, pursuant to Article VII or otherwise, and including any amounts made available to the Administrative Agent by that
Defaulting Lender pursuant to Section 9.08), shall be applied at such time or times as may be determined by the Administrative
Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder; second,
to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to each Issuing Bank hereunder; third, as the
Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which that Defaulting
Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fourth,
if so determined by the Administrative Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order
to satisfy obligations of that Defaulting Lender to fund Loans under this Agreement; fifth, to the payment of any amounts owing
to the Lenders or the Issuing Banks as a result of any judgment of a court of competent jurisdiction obtained by any Lender or such Issuing
Bank against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; sixth,
so long as no Default or Event of Default exists, to the payment of any amounts owing to any Loan Party as a result of any judgment of
a court of competent jurisdiction obtained by any Loan Party against that Defaulting Lender as a result of that Defaulting Lender’s
breach of its obligations under this Agreement; and seventh, to that Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; provided that if such payment is a payment of the principal amount of any Loans or LC Disbursements and such Lender
is a Defaulting Lender under clause (a) of the definition thereof, such payment shall be applied solely to pay the relevant Loans of,
and LC Disbursements owed to, the relevant non-Defaulting Lenders on a pro rata basis prior to being applied pursuant to Section 2.05(j)
or this Section 2.22(a)(ii). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied
(or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to Section 2.05(j) shall be deemed paid
to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.


 


(iii)    
Certain Fees. That Defaulting Lender (x) shall not be entitled to receive or accrue any commitment fee pursuant to
Section 2.12(a) for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any
such fee that otherwise would have been required to have been paid to that Defaulting Lender) and (y) shall be limited in its right to
receive Letter of Credit fees as provided in Section 2.12(b).


 


(iv)   
Reallocation of Applicable Percentages to Reduce Fronting Exposure. During any period in which there is a Defaulting
Lender, for purposes of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund participations
in Letters of Credit pursuant to Section 2.05, the “Applicable Percentage” of each non-Defaulting Lender shall be computed
without giving effect to the Revolving Commitment of that Defaulting Lender; provided that the aggregate obligation of each non-Defaulting
Lender to acquire, refinance or fund participations in Letters of Credit shall not exceed the positive difference, if any, of (1) the
Revolving Commitment of that non-Defaulting Lender minus (2) the aggregate principal amount of the Revolving Loans of that Lender.


 






     


     


    

 


(b)         Defaulting
Lender Cure. If the Borrower, the Administrative Agent, and each Issuing Bank agree in writing in their sole discretion that a
Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto,
whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include
arrangements with respect to any Cash Collateral), such Lender will, to the extent applicable, purchase that portion of outstanding
Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans
and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their
Applicable Percentages (without giving effect to Section 2.22(a)(iv)), whereupon that Lender will cease to be a Defaulting
Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf
of Holdings or the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the
extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a
waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.


 


Section 2.23      
Illegality. If any Lender determines that any law has made it unlawful, or that any Governmental Authority has asserted
that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference
to the Adjusted LIBO Rate, or to determine or charge interest rates based upon the Adjusted LIBO Rate, then, on notice thereof by such
Lender to the Borrower through the Administrative Agent, any obligation of such Lender to make or continue Eurocurrency Loans or to convert
ABR Loans to Eurocurrency Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrower that the circumstances
giving rise to such determination no longer exist. Upon receipt of such notice, (x) the Borrower shall, upon three (3) Business Days’
notice from such Lender (with a copy to the Administrative Agent), in the case of Eurocurrency Loans, prepay or, if applicable in the
case of Eurocurrency Loans, convert all Eurocurrency Loans of such Lender to ABR Loans either on the last day of the Interest Period therefor,
if such Lender may lawfully continue to maintain such Eurocurrency Loans to such day, or immediately, if such Lender may not lawfully
continue to maintain such Eurocurrency Loans and (y) if such notice asserts the illegality of such Lender determining or charging interest
rates based upon the Adjusted LIBO Rate, the Administrative Agent shall, during the period of such suspension, compute the Alternate Base
Rate applicable to such Lender without reference to the Adjusted LIBO Rate component thereof until the Administrative Agent is advised
in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Adjusted LIBO
Rate. Each Lender agrees to notify the Administrative Agent and the Borrower in writing promptly upon becoming aware that it is no longer
illegal for such Lender to determine or charge interest rates based upon the Adjusted LIBO Rate. Upon any such prepayment or conversion,
the Borrower shall also pay accrued interest on the amount so prepaid or converted.


 


Section 2.24      
Loan Modification Offers.


 


(a)         
At any time after the Collateral Trigger Event Date, the Borrower may on one or more occasions, by written notice to the Administrative
Agent, make one or more offers (each, a “Loan Modification Offer”) to all the Lenders of one or more Classes (each
Class subject to such a Loan Modification Offer, an “Affected Class”) to effect one or more Permitted Amendments relating
to such Affected Class pursuant to procedures reasonably specified by the Administrative Agent and reasonably acceptable to the Borrower
(including mechanics to permit conversions, cashless rollovers and exchanges by Lenders and other repayments and reborrowings of Loans
of Accepting Lenders or Non-Accepting Lenders replaced in accordance with this Section 2.24). Such notice shall set forth (i) the
terms and conditions of the requested Permitted Amendment and (ii) the date on which such Permitted Amendment is requested to become
effective. Permitted Amendments shall become effective only with respect to the Loans and Commitments of the Lenders of the Affected Class
that accept the applicable Loan Modification Offer (such Lenders, the “Accepting Lenders”) and, in the case of any
Accepting Lender, only with respect to such Lender’s Loans and Commitments of such Affected Class as to which such Lender’s
acceptance has been made.


 


(b)         A
Permitted Amendment shall be effected pursuant to a Loan Modification Agreement executed and delivered by Holdings, the Borrower,
each applicable Accepting Lender and the Administrative Agent; provided that no Permitted Amendment shall become effective
unless Holdings and the Borrower shall have delivered to the Administrative Agent such legal opinions, board resolutions,
secretary’s certificates, officer’s certificates and other documents as shall be reasonably requested by the
Administrative Agent in connection therewith. The Administrative Agent shall promptly notify each Lender as to the effectiveness of
each Loan Modification Agreement. Each Loan Modification Agreement may, without the consent of any Lender other than the applicable
Accepting Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the
opinion of the Administrative Agent, to give effect to the provisions of this Section 2.24, including any amendments
necessary to treat the applicable Loans and/or Commitments of the Accepting Lenders as a new or the same “Class” of
loans and/or commitments hereunder and in connection with a Permitted Amendment related to Revolving Loans and/or Revolving
Commitments, to reallocate, if applicable, Revolving Exposure on a pro rata basis among the relevant Revolving Lenders.


 






     


     


    

 


(c)         
If, in connection with any proposed Loan Modification Offer, any Lender declines to consent to such Loan Modification Offer on
the terms and by the deadline set forth in such Loan Modification Offer (each such Lender, a “Non-Accepting Lender”)
then the Borrower may, on notice to the Administrative Agent and the Non-Accepting Lender, replace such Non-Accepting Lender in whole
or in part by causing such Lender to (and such Lender shall be obligated to) assign and delegate, without recourse (in accordance with
and subject to the restrictions contained in Section 9.04) all or any part of its interests, rights and obligations under this
Agreement in respect of the Loans and Commitments of the Affected Class to one or more Eligible Assignees (which Eligible Assignee may
be another Lender, if a Lender accepts such assignment); provided that neither the Administrative Agent nor any Lender shall have
any obligation to the Borrower to find a replacement Lender; provided, further, that (a) the applicable assignee shall have
agreed to provide Loans and/or Commitments on the terms set forth in the applicable Permitted Amendment, (b) such Non-Accepting Lender
shall have received payment of an amount equal to the outstanding principal of the Loans of the Affected Class assigned by it pursuant
to this Section 2.24(c), accrued interest thereon, accrued fees and all other amounts payable to it hereunder from the Eligible
Assignee (to the extent of such outstanding principal and accrued interest and fees) and (c) unless waived, the Borrower or such Eligible
Assignee shall have paid to the Administrative Agent the processing and recordation fee specified in Section 9.04(b).


 


(d)        
No rollover, conversion or exchange (or other repayment or termination) of Loans or Commitments pursuant to any Loan Modification
Agreement in accordance with this Section 2.24 shall constitute a voluntary or mandatory payment or prepayment for purposes of
this Agreement.


 


(e)         
Notwithstanding anything to the contrary, this Section 2.24 shall supersede any provisions in Section 2.18 or Section
9.02 to the contrary.


 


 


Article III



REPRESENTATIONS AND WARRANTIES


 


The Borrower (and with respect
to Sections 3.01 through 3.03, Holdings) represents and warrants to the Lenders that:


 


Section 3.01      
Organization; Powers. Holdings, the Borrower and each Restricted Subsidiary is (a) duly organized, validly existing
and in good standing (to the extent such concept exists in the relevant jurisdictions) under the laws of the jurisdiction of its organization,
(b) has the corporate or other organizational power and authority to carry on its business as now conducted and to execute, deliver and
perform its obligations under each Loan Document to which it is a party and, (c) is qualified to do business in, and is in good standing
in, every jurisdiction where such qualification is required, except in the case of clause (a) (other than with respect to any Loan Party),
clause (b) (other than with respect to Holdings and the Borrower) and clause (c), where the failure to do so, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect.


 


Section 3.02      
Authorization; Enforceability. This Agreement has been duly authorized, executed and delivered by Holdings and the
Borrower and constitutes, and each other Loan Document to which any Loan Party is to be a party, when executed and delivered by such Loan
Party, will constitute, a legal, valid and binding obligation of Holdings, the Borrower or such Loan Party, as the case may be, enforceable
against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity
or at law.


 






     


     


    

 


Section 3.03      
Governmental Approvals; No Conflicts. The execution, delivery and performance by any Loan Party of this Agreement
or any other Loan Document (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental
Authority, except such as have been obtained or made and are in full force and effect and except filings necessary to perfect Liens created
under the Loan Documents, (b) will not violate (i) the Organizational Documents of any Loan Party, or (ii) any Requirements of Law applicable
to any Loan Party, (c) will not violate or result in a default under any indenture or other agreement or instrument evidencing Material
Indebtedness binding upon Holdings, the Borrower or any other Restricted Subsidiary or their respective assets, or give rise to a right
thereunder to require any payment, repurchase or redemption to be made by Holdings, the Borrower or any Restricted Subsidiary, or give
rise to a right of, or result in, termination, cancellation or acceleration of any obligation thereunder, and (d) will not result in
the creation or imposition of any Lien on any asset of Holdings, the Borrower or any Restricted Subsidiary, except Liens created under
the Loan Documents, except (in the case of each of clauses (a), (b)(ii) and (c)) to the extent that the failure to obtain or make such
consent, approval, registration, filing or action, or such violation, default or right as the case may be, individually or in the aggregate,
could not reasonably be expected to have a Material Adverse Effect.


 


Section 3.04      
Financial Condition; No Material Adverse Effect.


 


(a)         
The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby,
except as otherwise expressly indicated therein, including the notes thereto, and (ii) fairly present in all material respects the financial
condition of the Borrower and its consolidated subsidiaries as of the respective dates thereof and the consolidated results of their operations
for the respective periods then ended in accordance with GAAP consistently applied during the periods referred to therein, except as otherwise
expressly indicated therein, including the notes thereto.


 


(b)         
Since the Effective Date, there has been no Material Adverse Effect.


 


Section 3.05      
Properties.The Borrower and each Restricted Subsidiary has good and valid title to, or valid leasehold interests
in, all its real and personal property material to its business, if any (excluding, for the avoidance of doubt, Intellectual Property,
which is the subject of Section 3.13), (i) free and clear of all Liens except for Liens permitted by Section 6.02 and (ii)
except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or as proposed
to be conducted or to utilize such properties for their intended purposes, in each case, except as could not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect.


 


Section 3.06      
Litigation and Environmental Matters.


 


(a)         
There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge
of the Borrower, threatened in writing against or affecting the Borrower or any Restricted Subsidiary that could reasonably be expected,
individually or in the aggregate, to result in a Material Adverse Effect.


 


(b)         
Except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in
a Material Adverse Effect, none of the Borrower or any Restricted Subsidiary (i) has failed to comply with any Environmental Law or to
obtain, maintain or comply with any permit, governmental license or other approval required under any Environmental Law, (ii) has, to
the knowledge of the Borrower, become subject to any Environmental Liability, (iii) has received written notice of any Environmental
Liability or (iv) has, to the knowledge of the Borrower, any basis to reasonably expect that the Borrower or any Restricted Subsidiary
will become subject to any Environmental Liability. The representations and warranties contained in this Section 3.06(b) are the sole
and exclusive representations and warranties of this Agreement with respect to environmental matters, including matters related to Environmental
Law or Environmental Liability.


 


Section 3.07                  
Compliance with Laws and Agreements. The Borrower and each Restricted Subsidiary is in compliance with (a) all Requirements
of Law applicable to it or its property and (c) all indentures and other agreements and instruments evidencing Material Indebtedness binding
upon it or its property, except, in each case, where the failure to do so, individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect.


 






     


     


    

 


Section 3.08      
Investment Company Status. None of the Borrower or any other Loan Party is required to be registered as an “investment
company” under the Investment Company Act of 1940, as amended from time to time.


 


Section 3.09     
Taxes. Except as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect, the Borrower and each Restricted Subsidiary (a) have timely filed or caused to be filed all Tax returns required to have been
filed and (b) have paid or caused to be paid all Taxes required to have been paid (whether or not shown on a Tax return) including in
their capacity as tax withholding agents, except any Taxes (i) that are not overdue by more than 30 days or (ii) that are being contested
in good faith by appropriate proceedings, provided that the Borrower or such Restricted Subsidiary, as the case may be, has set
aside on its books adequate reserves therefor in accordance with GAAP.


 


Section 3.10      
ERISA.


 


(a)         
Except as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each Plan
is in compliance with the applicable provisions of ERISA, the Code and other federal or state laws.


 


(b)        
Except as could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, (i) no ERISA
Event has occurred during the five year period prior to the date on which this representation is made or deemed made or is reasonably
expected to occur, (ii) neither any Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under
Title IV of ERISA with respect to any Plan (other than premiums due and not delinquent under Section 4007 of ERISA), (iii) neither any
Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with
the giving of notice under Section 4219 of ERISA, would result in such liability) under Section 4201 or 4243 of ERISA with respect to
a Multiemployer Plan and (iv) neither any Loan Party nor any ERISA Affiliate has engaged in a transaction that could be subject to Section
4069 or 4212(c) of ERISA.


 


Section 3.11      
Disclosure. As of the Effective Date, none of the reports, financial statements, certificates or other written information
furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the negotiation of any Loan Document
or delivered thereunder (as modified or supplemented by other information so furnished) when taken as a whole contains any material misstatement
of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not materially misleading, provided that, with respect to projected financial information, the Borrower represents only
that such information was prepared in good faith based upon assumptions believed by them to be reasonable at the time delivered and, if
such projected financial information was delivered prior to the Effective Date, as of the Effective Date, it being understood that any
such projected financial information may vary from actual results and such variations could be material.


 


Section 3.12      
Subsidiaries. As of the Effective Date, Schedule 3.12 sets forth the name of, and the ownership interest of
the Borrower and each Subsidiary in, each Subsidiary.


 


Section 3.13      
Intellectual Property; Licenses, Etc. Except as, individually or in the aggregate, could not reasonably be expected
to have a Material Adverse Effect, the Borrower and each Restricted Subsidiary owns, licenses or possesses the right to use, all of the
rights to Intellectual Property that are reasonably necessary for the operation of its business as currently conducted, and without conflict
with the Intellectual Property rights of any other Person. Neither the Borrower nor any Restricted Subsidiary, in the operation of their
businesses as currently conducted, infringes upon any Intellectual Property rights held by any other Person except for such infringements,
individually or in the aggregate, which could not reasonably be expected to have a Material Adverse Effect. No claim or litigation regarding
any of the Intellectual Property owned by the Borrower or any of the Restricted Subsidiaries is pending or, to the knowledge of the Borrower,
threatened in writing against the Borrower or any Restricted Subsidiary, which, individually or in the aggregate, could reasonably be
expected to have a Material Adverse Effect.


 


Section 3.14     
Solvency. On the Effective Date, immediately after the consummation of the Transactions to occur on the Effective
Date, the Borrower and its Subsidiaries are, on a consolidated basis, Solvent.


 






     


     


    

 


Section 3.15      
[Reserved].


 


Section 3.16      
Federal Reserve Regulations. None of the Borrower or any Restricted Subsidiary is engaged or will engage, principally
or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U of the
Board of Governors), or extending credit for the purpose of purchasing or carrying margin stock. No part of the proceeds of the Loans
will be used, directly or indirectly, for any purpose that entails a violation (including on the part of any Lender) of the provisions
of Regulations U or X of the Board of Governors.


 


Section 3.17      
Use of Proceeds. The Borrower will use the proceeds of Revolving Loans made on and after the Effective Date for working
capital and general corporate purposes (including any purpose not prohibited by this Agreement).


 


Section 3.18      
PATRIOT Act, OFAC and FCPA.


 


(a)         
The Borrower and the Restricted Subsidiaries will not, directly or, to the knowledge of the Borrower, indirectly, use the proceeds
of the Loans or Letters of Credit, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner
or other Person, for the purpose of funding (i) any activities of or business with any Person, or in any country or territory, that, at
the time of such funding, is the subject of Sanctions, or (ii) any other transaction that will result in a violation by any Person (including
any Person participating in the transaction, whether as underwriter, advisor, investor, lender or otherwise) of Sanctions.


 


(b)         
The Borrower and the Restricted Subsidiaries will not use the proceeds of the Loans or Letters of Credit directly, or, to the knowledge
of the Borrower, indirectly, (i) in violation of the USA Patriot Act or (ii) for any payments to any governmental official or employee,
political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order
to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act
of 1977, as amended (the “FCPA”).


 


(c)         
Except as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, to the knowledge
of the Borrower, none of the Borrower or the Restricted Subsidiaries has, in the past three years, committed a violation of applicable
regulations of the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), Title
III of the USA Patriot Act or the FCPA.


 


(d)         
Except as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, none of the
Borrower, the Restricted Subsidiaries or, to the knowledge of the Borrower, any director, officer, employee or agent of any Loan Party
or other Restricted Subsidiary, in each case, is an individual or entity currently on OFAC’s list of Specially Designated Nationals
and Blocked Persons, nor is the Borrower or any Restricted Subsidiary located, organized or resident in a country or territory that is
the subject of Sanctions.


 


Article IV



CONDITIONS


 


Section 4.01       
Effective Date. The obligations of the Lenders to make Loans and each Issuing Bank to issue Letters of Credit hereunder
shall not become effective until the date on which each of the following conditions shall be satisfied (or waived in accordance with Section
9.02):


 


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


 


(b)       The
Administrative Agent shall have received a written opinion (addressed to the Administrative Agent and the Lenders and dated the
Effective Date) of each of (i) Latham & Watkins LLP, counsel for the Loan Parties and (ii) Gordon Rees Scully Mansukhani, LLP,
special Alabama, Florida, Hawaii, North Carolina, South Carolina and Tennessee counsel to the Loan Parties. The Borrower hereby
requests such counsel to deliver such opinion.


 






     


     


    

 


(c)       The Administrative
Agent shall have received a certificate of each Loan Party, dated the Effective Date, substantially in the form of Exhibit G
with appropriate insertions, executed by any Responsible Officer of such Loan Party, and including or attaching the documents referred
to in paragraph (d) of this Section.


 


(d)       The Administrative
Agent shall have received a copy of (i) each Organizational Document of each Loan Party certified, to the extent applicable, as of a recent
date by the applicable Governmental Authority, (ii) signature and incumbency certificates of the Responsible Officers of each Loan Party
executing the Loan Documents to which it is a party, (iii) resolutions of the Board of Directors and/or similar governing bodies of each
Loan Party approving and authorizing the execution, delivery and performance of Loan Documents to which it is a party, certified as of
the Effective Date by its secretary, an assistant secretary or a Responsible Officer as being in full force and effect without modification
or amendment, and (iv) a good standing certificate (to the extent such concept exists) from the applicable Governmental Authority of each
Loan Party’s jurisdiction of incorporation, organization or formation.


 


(e)       The Administrative
Agent shall have received, or substantially simultaneously with the initial Borrowing on the Effective Date shall receive, all fees and
other amounts previously agreed in writing by the Lead Arranger and the BookrunnerJPMCB
and the Borrower to be due and payable on or prior to the Effective Date, including, to the extent invoiced at least three (3) Business
Days prior to the Effective Date (except as otherwise reasonably agreed by the Borrower), reimbursement or payment of all reasonable and
documented out-of-pocket expenses (including reasonable fees, charges and disbursements of counsel) required to be reimbursed or paid
by any Loan Party under any Loan Document.


 


(f)        The Administrative
Agent shall have received a counterpart to the Guarantee Agreement signed on behalf of each Guarantor.


 


(g)       There
shall not have been a Material Adverse Effect which has occurred since December 31, 2020.


 


(h)       The Administrative
Agent shall have received a certificate, dated the Effective Date and signed by Responsible Officer of the Borrower, confirming compliance
with the conditions set forth in clause (g) of this Section 4.01 and Sections 4.02(a) and (b).


 


(i)        The
Lead Arranger and the BookrunnerJPMCB
shall have received the Audited Financial Statements.


 


(j)        [Reserved].


 


(k)       The Administrative
Agent shall have received a certificate from a chief financial officer of the Borrower certifying that the Borrower and its Subsidiaries
on a consolidated basis after giving effect to the Transactions are Solvent.


 


(l)        The Administrative
Agent and the BookrunnerJPMCB
shall have received all documentation at least three (3) Business Days prior to the Effective Date and other information about the Loan
Parties that shall have been reasonably requested in writing at least 10 Business Days prior to the Effective Date and that the Administrative
Agent or the BookrunnerJPMCB
have reasonably determined is required by United States regulatory authorities under applicable “know your customer” and anti-money
laundering rules and regulations, including without limitation Title III of the USA Patriot Act.


 


(n)       To
the extent the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, the Borrower
shall deliver to each Lender that so requests (which request is made through the Administrative Agent), a Beneficial Ownership
Certification in relation to the Borrower; provided that the Administrative Agent has provided the Borrower a list of each
such Lender and its electronic delivery requirements at least five (5) Business Days prior to the Effective Date (it being agreed
that, upon the execution and delivery by such Lender of its signature page to this Agreement, the condition set forth in this clause
shall be deemed to be satisfied with respect to such Lender).


 






     


     


    

 


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


 


Section 4.02       
Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of each Issuing
Bank to issue, amend, renew, increase or extend any Letter of Credit, in each case other than in connection with any Incremental Facility,
Loan Modification Offer or Permitted Amendment, is subject to receipt of the request therefor in accordance herewith and to the satisfaction
of the following conditions:


 


(a)       The representations
and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects on and as of the
date of such Borrowing or the date of issuance, amendment, renewal, increase or extension of such Letter of Credit, as the case may be;
provided that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true
and correct in all material respects as of such earlier date; provided, further, that any representation and warranty that
is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct in all
respects (giving effect to any such qualifications) on the date of such credit extension or on such earlier date, as the case may be.


 


(b)      At the
time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal, increase or extension of such Letter
of Credit, as the case may be, no Default or Event of Default shall have occurred and be continuing or would result therefrom.


 


To the extent this Section
4.02 is applicable, each Borrowing (provided that a conversion or a continuation of a Borrowing shall not constitute a “Borrowing”
for purposes of this Section) and each issuance, amendment, renewal, increase or extension of a Letter of Credit shall be deemed to constitute
a representation and warranty by the Borrower on the date thereof as to the matters specified in clauses (a) and (b) of this Section.


 


Article V



AFFIRMATIVE COVENANTS


 


Until the Termination Date
shall have occurred, the Borrower covenants and agrees with the Lenders that:


 


Section 5.01      
Financial Statements and Other Information. The Borrower will furnish to the Administrative Agent, on behalf of each
Lender, the following:


 


(a)          beginning
with the fiscal year ending December 31, 2021 and thereafter, on or before the date that is (x) 150 days after the end of each such
fiscal year of the Borrower that ends prior to the date of consummation of the SPAC Transactions or a Qualifying IPO or (y) 90 days
after the end of each such fiscal year of the Borrower that ends on or after the date of consummation of the SPAC Transactions or a
Qualifying IPO (in each case, or on or before such later date on which such financial statements are permitted to be filed with the
SEC), an audited consolidated balance sheet and audited consolidated statements of operations, cash flows and changes in
members’ or stockholders’ equity of the Borrower as of the end of and for such year, and related notes thereto, setting
forth, beginning with the fiscal year ending December 31, 2022, in each case in comparative form the figures for the previous fiscal
year, all reported on by Grant Thornton, RSM Global, Deloitte & Touche LLP, PwC, KPMG or other independent public accountants of
recognized national standing (without a “going concern” or like qualification or exception and without any qualification
or exception as to the scope of such audit (other than any exception or explanatory paragraph, but not a qualification, with respect
to, or resulting from, (A) an upcoming maturity date of any Indebtedness, (B) the activities, operations, financial results, assets
or liabilities of any Unrestricted Subsidiaries, (C) any actual or potential inability to satisfy a financial maintenance covenant
in any period, (D) a change in accounting principles or practices reflecting a change in GAAP and required or approved by such
independent public accountants and/or (E) an “emphasis of matter” paragraph)) to the effect that such consolidated
financial statements present fairly in all material respects the financial position and results of operations and cash flows of the
Borrower and its Subsidiaries as of the end of and for such year on a consolidated basis in accordance with GAAP;


 






     


     


    

 


(b)         
commencing with the financial statements for the fiscal quarter ending September 30, 2021, on or before the date that is (x) 60
days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower which such fiscal quarter ends prior
to the date of consummation of the SPAC Transactions or a Qualifying IPO or (y) 45 days after the end of each of the first three fiscal
quarters of each fiscal year of the Borrower which such fiscal quarter ends on or after to the date of consummation of the SPAC Transactions
or a Qualifying IPO (in each case, or on or before such later date on which such financial statements are permitted to be filed with the
SEC), an unaudited consolidated balance sheet and unaudited consolidated statements of operations and cash flows of the Borrower as of
the end of and for such fiscal quarter (except in the case of cash flows) and the then elapsed portion of the fiscal year and, commencing
with the financial statements for the fiscal quarter ending September 30, 2022, setting forth in each case in comparative form the figures
for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified
by a Financial Officer as presenting fairly in all material respects the financial position and results of operations and cash flows of
the Borrower and the Subsidiaries as of the end of and for such fiscal quarter (except in the case of cash flows) and such portion of
the fiscal year on a consolidated basis in accordance with GAAP, subject to normal year-end audit adjustments and the absence of footnotes;


 


(c)         
simultaneously with the delivery of each set of consolidated financial statements referred to in clauses (a) and (b) above, the
related consolidating financial information reflecting adjustments, if any, necessary to eliminate the accounts of Unrestricted Subsidiaries
(if any) from such consolidated financial statements;


 


(d)         
not later than five days after the delivery of financial statements under clause (a) or (b) above, a certificate of a Financial
Officer certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action
taken or proposed to be taken with respect thereto;


 


(e)
prior to the consummation of a Qualifying IPO or the SPAC Transactions, on or prior to the date financial statements are required to be
delivered pursuant to Section 5.01(a), a consolidated budget for the following fiscal year in
form and substance consistent with the budget customarily prepared by management of the Borrower for its internal use;


 


(e)         
[reserved];


 


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


 


(g)        
promptly following any request therefor, such other information regarding the operations, business affairs and financial condition
of the Borrower or any Restricted Subsidiary, or compliance with the terms of any Loan Document, as the Administrative Agent on its own
behalf or on behalf of any Lender may reasonably request in writing.


 






     


     


    

 


Notwithstanding the
foregoing, the obligations in clauses (a) and (b) of this Section 5.01 may be satisfied with respect to financial information
of the Borrower and its Subsidiaries by furnishing (A) the Form 10-K or 10-Q (or the equivalent), as applicable, in lieu of the
financial statements set forth in clauses (a) and (b) of this Section 5.01, of Holdings (or a parent company thereof) filed
with the SEC or with a similar regulatory authority in a foreign jurisdiction or (B) the applicable financial statements of Holdings
(or any direct or indirect parent of Holdings); provided that to the extent such information relates to a parent of the
Borrower, such information is accompanied by summary narrative information (which need not be audited) describing in reasonable
detail the differences between the information relating to such parent, on the one hand, and the information relating to the
Borrower and its Subsidiaries on a stand-alone basis, on the other hand, and to the extent such information is in lieu of
information required to be provided under Section 5.01(a), such materials are accompanied by a report and opinion of Grant
Thornton, RSM Global, Deloitte & Touche LLP, PwC, KPMG or any other independent registered public accounting firm of nationally
recognized standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall
not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the
scope of such audit (other than an exception or explanatory paragraph, but not a qualification, with respect to, or resulting from,
(i) an upcoming maturity date of any Indebtedness, (ii) the activities, operations, financial results, assets or liabilities of any
Unrestricted Subsidiaries, (iii) any actual or potential inability to satisfy a financial maintenance covenant in any period, (iv) a
change in accounting principles or practices reflecting a change in GAAP and required or approved by such independent public
accountants and/or (v) an “emphasis of matter” paragraph).


 


Documents required to be delivered
pursuant to Section 5.01(a) or (b) (to the extent any such documents are included in materials otherwise filed with the
SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the earlier of the date (A) on which
the Borrower posts such documents, or provides a link thereto on the Borrower’s or one of its Affiliates’ website on the Internet
or at www.sec.gov or (B) on which such documents are posted on the Borrower’s behalf on Syndtrak, IntraLinks/IntraAgency or another
website, if any, to which each Lender and the Administrative Agent has access (whether a commercial, third-party website or whether sponsored
by the Administrative Agent); provided that: (i) the Borrower shall deliver such documents to the Administrative Agent upon its
reasonable request until a written notice to cease delivering such documents is given by the Administrative Agent and (ii) the Borrower
shall, upon the reasonable request of the Administrative Agent, provide to the Administrative Agent by electronic mail electronic versions
(i.e., soft copies) of such documents. The Administrative Agent shall have no obligation to request the delivery of or maintain
paper copies of the documents referred to above, and each Lender shall be solely responsible for timely accessing posted documents and
maintaining its copies of such documents.


 


The Borrower hereby acknowledges
that (a) the Administrative Agent, the Lead ArrangerArrangers
and/or the Joint BookrunnerBookrunners
will make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower
Materials”) by posting Borrower Materials on IntraLinks or another similar electronic system (the “Platform”)
and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public
information with respect to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged
in investment and other market-related activities with respect to such Persons’ securities. The Borrower hereby agrees that it will,
upon the Administrative Agent’s reasonable request, use commercially reasonable efforts to identify that portion of Borrower Materials
that may be distributed to the Public Lenders and that (i) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC”
which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (ii) by marking
Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Lead ArrangerArrangers,
the Bookrunner,Joint
Bookrunners and the Lenders to treat such Borrower Materials as not containing any material non-public information (although
it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United States federal and state securities
laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set
forth in Section 9.12); (iii) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion
of the Platform designated “Public Side Information”; and (iv) the Administrative Agent, the Lead ArrangerArrangers
and the BookrunnerJoint
Bookrunners shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable
only for posting on a portion of the Platform not designated “Public Side Information.” Other than as set forth in the immediately
preceding sentence, the Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC”; provided that
any financial statements delivered pursuant to Section 5.01(a) or (b) will be deemed “PUBLIC.”


 


Section 5.02                  
Notices of Material Events. As soon as reasonably practicable after any Responsible Officer of the Borrower obtains
actual knowledge thereof, the Borrower will furnish to the Administrative Agent (for distribution to each Lender through the Administrative
Agent) written notice of the following:


 






     


     


    

 


(a)       the occurrence
of any Default;


 


(b)       the filing
or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or, to the knowledge of
a Financial Officer or another executive officer of the Borrower, affecting Holdings, the Borrower or any Subsidiary or the receipt of
a written notice of an Environmental Liability, in each case, that could reasonably be expected to result in a Material Adverse Effect;
and


 


(c)       the
occurrence of an ERISA Event, in each case, that could reasonably be expected to result in a Material Adverse Effect.


 


Each notice delivered under this Section 5.02
shall be accompanied by a written statement of a Responsible Officer of the Borrower setting forth the details of the event or development
requiring such notice and any action taken or proposed to be taken with respect thereto.


 


Section 5.03      
Information Regarding Collateral.


 


(a)         
From and after the Collateral Trigger Event Date, the Borrower will furnish to the Collateral Agent promptly (and in any event
within 60 days or such longer period as reasonably agreed to by the Collateral Agent) written notice of any change (i) in any Loan Party’s
legal name (as set forth in its certificate of organization or like document) or (ii) in the jurisdiction of incorporation or organization
of any Loan Party or in the form of its organization.


 


(b)        
Not later than five days after delivery of financial statements pursuant to Section 5.01(a) (commencing with the first such
day following the Collateral Trigger Event Date), the Borrower shall deliver to the Administrative Agent a certificate executed by a Responsible
Officer of the Borrower setting forth the information required pursuant to Schedules I through IV of the Collateral Agreement or confirming
that there has been no change in such information since the EffectiveCollateral
Trigger Event Date or the date of the most recent certificate delivered pursuant to this Section.


 


Section 5.04       
Existence; Conduct of Business. The Borrower will, and will cause each Restricted Subsidiary to, do or cause to be
done all things necessary to obtain, preserve, renew and keep in full force and effect its legal existence and the rights, governmental
licenses, permits, privileges, franchises and Intellectual Property material to the conduct of its business, in each case (other than
with respect to the preservation of the existence of the Borrower), except to the extent that the failure to do so could not reasonably
be expected to have a Material Adverse Effect, provided that the foregoing shall not prohibit any merger, consolidation, liquidation
or dissolution permitted under Section 6.03 or any Disposition permitted by Section 6.05.


 


Section 5.05      
Payment of Taxes, Etc. The Borrower will, and will cause each Restricted Subsidiary to, pay its obligations in respect
of Taxes before the same shall become delinquent or in default, except where (i) the failure to make payment could not reasonably be expected,
individually or in the aggregate, to result in a Material Adverse Effect or (ii) such Taxes are being contested in good faith by appropriate
proceedings, provided that the Borrower or such Restricted Subsidiary, as the case may be, has set aside on its books adequate
reserves therefor in accordance with GAAP.


 


Section 5.06      
Maintenance of Properties. The Borrower will, and will cause each Restricted Subsidiary to, keep and maintain all
property material to the conduct of its business in good working order and condition (ordinary wear and tear excepted), except where the
failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.


 


Section 5.07       Insurance.
The Borrower will, and will cause each Restricted Subsidiary to, maintain, with insurance companies that the Borrower believes (in
the good faith judgment of the management of the Borrower) are financially sound and responsible at the time the relevant coverage
is placed or renewed, insurance in at least such amounts (after giving effect to any self-insurance which and the Borrower believes
(in the good faith judgment of management of the Borrower) is reasonable and prudent in light of the size and nature of its
business) and against at least such risks (and with such risk retentions) as the Borrower believes (in the good faith judgment of
the management of the Borrower) are reasonable and prudent in light of the size and nature of its business; and will furnish to the
Lenders, upon written request from the Administrative Agent, information presented in reasonable detail as to the insurance so
carried. Not later than 60 days after the Collateral Trigger Event Date (or such later date as the Collateral Agent may agree in its
reasonable discretion), each such policy of insurance maintained by a Loan Party shall (i) name the Collateral Agent, on behalf of
the Secured Parties, as an additional insured thereunder as its interests may appear and (ii) in the case of each casualty insurance
policy, contain a loss payable/mortgagee clause or endorsement that names Collateral Agent, on behalf of the Secured Parties, as the
lender’s loss payee/mortgagee thereunder.


 






     


     


    

 


Section 5.08      
Books and Records; Inspection and Audit Rights. The Borrower will, and will cause each Restricted Subsidiary to,
maintain proper books of record and account in which entries that are full, true and correct in all material respects and are in conformity
with GAAP (or applicable local standards) shall be made of all material financial transactions and matters involving the assets and business
of the Borrower or the Restricted Subsidiaries, as the case may be. The Borrower will, and will cause each Restricted Subsidiary to, permit
any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties,
to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent
accountants, all at such reasonable times and as often as reasonably requested; provided that, excluding any such visits and inspections
during the continuation of an Event of Default, only the Administrative Agent on behalf of the Lenders may exercise visitation and inspection
rights of the Administrative Agent and the Lenders under this Section 5.08 and the Administrative Agent shall not exercise such
rights more often than one time during any calendar year absent the existence of an Event of Default and only one such visitation and
inspection shall be at the reasonable expense of the Borrower; provided, further, that (a) when an Event of Default exists,
the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing
at the expense of the Borrower at any time during normal business hours and upon reasonable advance notice and (b) the Administrative
Agent and the Lenders shall give the Borrower the opportunity to participate in any discussions with the Borrower’s independent
public accountants.


 


Section 5.09     
Compliance with Laws. The Borrower will, and will cause each Restricted Subsidiary to, comply with all Requirements
of Law (including ERISA, Environmental Laws, USA Patriot Act, OFAC and FCPA) with respect to it or its property, except where the failure
to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.


 


Section 5.10      
Use of Proceeds and Letters of Credit. The Borrower and its subsidiaries will use the proceeds of (i) Revolving Loans
drawn after the Effective Date and Letters of Credit for working capital and general corporate purposes (including Permitted Acquisitions,
Restricted Payments and any other purpose not prohibited by this Agreement) and (ii) any Credit Agreement Refinancing Indebtedness applied
to the Loans in accordance with the terms of this Agreement.


 


Section 5.11      
Additional Subsidiaries. If any additional Restricted Subsidiary is formed or acquired after the Effective Date (including,
without limitation, upon the formation of any Restricted Subsidiary that is a Division Successor) or ceases to be an Excluded Subsidiary,
the Borrower will, within 90 days after such newly formed or acquired Restricted Subsidiary is formed or acquired (unless such Restricted
Subsidiary is an Excluded Subsidiary), notify the Collateral Agent thereof, and will and will cause such Restricted Subsidiary and the
other Loan Parties to take all actions (if any) required to satisfy the Collateral and Guarantee Requirement with respect to such Restricted
Subsidiary and with respect to any Equity Interest in or Indebtedness of such Restricted Subsidiary owned by or on behalf of any Loan
Party within 90 days after such notice (or such longer period as the Collateral Agent shall reasonably agree).


 


Notwithstanding anything to the contrary herein,
from and after the Collateral Trigger Event Date (but subject to the time limitations set forth above in this Section 5.11), so long as
any Notes Obligations are outstanding, the Borrower shall ensure that at all times each Subsidiary that is an issuer or a guarantor of
the Convertible Notes is also a Loan Party.


 


Section 5.12      Further
Assurances. The Borrower will, and will cause each Loan Party to, execute any and all further documents, financing statements,
agreements and instruments, and take all such further actions (including the filing and recording of financing statements, fixture
filings, mortgages, deeds of trust and other documents), that may be required under any applicable law and that the Collateral Agent
or the Required Lenders may reasonably request, to cause the Collateral and Guarantee Requirement to be and remain satisfied, all at
the expense of the Loan Parties. In the event that any asset is an Excluded Asset pursuant to clause (s) of the definition of such
term or a Lien in an asset is released pursuant to Section 9.15 in connection with a seller financing arrangement, upon the
termination of such seller financing arrangement or, if the restrictions that caused such asset to be an Excluded Asset or the Lien
in such asset to be released is no longer in effect, such asset shall automatically constitute “Collateral” subject to
the security interest under the Collateral Agreement and the Borrower shall promptly notify the Administrative Agent and take such
actions as the Administrative Agent may reasonably request to cause such assets to be, or confirm that such asset is, subject to a
Lien in favor of the Collateral Agent pursuant to the Collateral Agreement.


 






     


     


    

 


Section 5.13      
[Reserved].


 


Section 5.14      
[Reserved].


 


Section 5.15     
Designation of Subsidiaries. The Borrower may at any time after the Effective Date designate any Restricted Subsidiary
of the Borrower as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; provided that immediately
before and after such designation on a Pro Forma Basis as of the end of the most recent Test Period, no Event of Default under clauses
(a), (b), (h) or (i) of Section 7.01 shall have occurred and be continuing. The designation of any Subsidiary
as an Unrestricted Subsidiary after the Effective Date shall constitute an Investment by the Borrower therein at the date of designation
in an amount equal to the Fair Market Value of the Borrower’s or its Subsidiary’s (as applicable) investment therein. The
designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (i) the incurrence at the time of designation of
any Investment, Indebtedness or Liens of such Subsidiary existing at such time and (ii) a return on any Investment by the Borrower or
the applicable Subsidiary in Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to the Fair Market Value
at the date of such designation of the Borrower’s or its Subsidiary’s (as applicable) Investment in such Subsidiary.


 


Section 5.16       
Change in Business. The Borrower and the Restricted Subsidiaries, taken as a whole, will not fundamentally and substantively
alter the character of their business, taken as a whole, from the business conducted by them on the Effective Date and other business
activities which are extensions thereof or otherwise incidental, complementary, reasonably related or ancillary to any of the foregoing.


 


Section 5.17      
Changes in Fiscal Periods. The Borrower shall not make any change in its fiscal year; provided, however,
that the Borrower may, upon written notice to the Administrative Agent, change its fiscal year to any other fiscal year reasonably acceptable
to the Administrative Agent, in which case, the Borrower and the Administrative Agent will, and are hereby authorized by the Lenders to,
make any adjustments to this Agreement that are necessary to reflect such change in fiscal year (which adjustments may include, among
other things, adjustments to financial reporting requirements to account for such changes, including without limitation, the impact on
year over year comparison reporting and stub period reporting obligations.


 


Section 5.18     
Security. On the Collateral Trigger Event Date the Borrower shall, and shall cause each other Loan Party to, (i)
take all actions required to satisfy the Collateral and Guarantee Requirement with respect to such Loan Party, (ii) deliver to the Administrative
Agent a completed Information Certificate (as defined in the Collateral Agreement) dated the Collateral Trigger Event Date and signed
by a Responsible Officer of each Loan Party, together with all attachments contemplated thereby and the results of a search of the Uniform
Commercial Code (or equivalent) filings, intellectual property lien searches, and tax and judgment lien searches made with respect to
the Loan Parties in the jurisdictions contemplated by such Information Certificate and copies of the financing statements (or similar
documents) disclosed by such search and evidence reasonably satisfactory to the Administrative Agent that the Liens indicated by such
financing statements (or similar documents) are permitted by Section 6.02 and (iii) to the extent any Convertible Notes are
outstanding on the Collateral Trigger Event Date (on a pro forma basis after giving effect to consummation of the SPAC Transactions consummated
on such date, if applicable), deliver to the Collateral Agent a First Lien Intercreditor Agreement duly executed and delivered by the
Notes Collateral Agent and the Loan Parties. On the Collateral Trigger Event Date the Borrower shall deliver written notice of the occurrence
thereof to the Administrative Agent together. For the avoidance of doubt,
(x) all of the foregoing actions were taken on December 6, 2021 and (y) all Convertible Notes were converted, redeemed, repaid or otherwise
satisfied and discharged, and all guarantees of the Convertible Notes and Liens securing the obligations in respect of the Convertible
Notes were released and terminated, on such date.


 






     


     


    

 


Section 5.19      
Transactions with Affiliates. The Borrower will not, and will not permit any Restricted Subsidiary to, sell, lease
or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage
in any other transactions with, any of its Affiliates, except:


 


(i)          
(A) transactions with Holdings, the Borrower or any Restricted Subsidiary and (B) transactions involving aggregate payments
or consideration of less than the greater of $6,500,000 and 1.0% of Consolidated Total Assets as of the last day of the most recently
ended Test Period as of such time determined on a Pro Forma Basis;


 


(ii)        
on terms substantially as favorable to the Borrower or such Restricted Subsidiary as would be obtainable by such Person
at the time in a comparable arm’s-length transaction with a Person other than an Affiliate;


 


(iii)       
the Transactions and the payment of fees and expenses related to the Transactions;


 


(iv)       
issuances of Equity Interests of Holdings or the Borrower to the extent otherwise permitted by this Agreement;


 


(v)       
employment and severance arrangements (including salary or guaranteed payments and bonuses) between the Borrower and the
Restricted Subsidiaries and their respective officers, managers, employees and other service providers in the ordinary course of business
or otherwise in connection with the Transactions (including loans and advances pursuant to Sections 6.04(ii) and 6.04(xvi));


 


(vi)        
payments by Holdings (and any direct or indirect parent thereof), the Borrower and the Restricted Subsidiaries pursuant
to tax sharing agreements among Holdings (and any such parent thereof), the Borrower and the Restricted Subsidiaries to the extent attributable
to the ownership or operation of the Borrower and the Restricted Subsidiaries, to the extent payments are permitted by Section 6.08;


 


(vii)      
the payment of customary fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, directors, officers,
managers, employees and other service providers of Holdings (or any direct or indirect parent company thereof), the Borrower and the Restricted
Subsidiaries in the ordinary course of business to the extent attributable to the ownership or operation of Holdings, the Borrower and
the Restricted Subsidiaries;


 


(viii)     
transactions pursuant to any agreement or arrangement in effect as of the Effective Date and set forth on Schedule 5.19,
or any amendment, modification, supplement or replacement thereto (so long as any such amendment, modification, supplement or replacement
is not disadvantageous in any material respect to the Lenders when taken as a whole as compared to the applicable agreement or arrangement
as in effect on the Effective Date as determined by the Borrower in good faith);


 


(ix)        
Restricted Payments permitted under Section 6.08;


 


(x)        
customary payments by Holdings, the Borrower and any of the Restricted Subsidiaries made for any financial advisory, consulting,
financing, underwriting or placement services or in respect of other investment banking activities (including in connection with acquisitions,
divestitures or financings) and any subsequent transaction or exit fee, which payments are approved by the majority of the members of
the Board of Directors or a majority of the disinterested members of the Board of Directors of such Person in good faith;


 


(xi)       
the issuance or transfer of Equity Interests (other than Disqualified Equity Interests) of Holdings (or any direct or indirect
parent thereof) to any Permitted Holder or to any former, current or future director, manager, officer, employee, consultant or other
service provider (or any Affiliate of any of the foregoing) of Holdings, the Borrower, any of the Subsidiaries or any direct or indirect
parent thereof;


 






     


     


    

 



 


(xii)              
 the payment of consulting, advisory and other fees (including transaction fees), indemnities and expenses (plus any unpaid
consulting, advisory and other fees (including transaction fees), indemnities and expenses thereunder accrued in any prior year);


 


(xiii)              
Affiliate repurchases of the Loans and/or Commitments to the extent permitted hereunder, and the holding of such Loans and
the payments and other related transactions in respect thereof;


 


(xiv)              
transactions in connection with any Permitted Receivables Financing;


 


(xv)              
transactions with any Similar Business otherwise permitted under this Agreement, loans, advances and other transactions
between or among Holdings, the Borrower, any Restricted Subsidiary or any joint venture (regardless of the form of legal entity) after
the initial formation of, and investment in, such joint venture in which the Borrower or any Subsidiary has invested (and which Subsidiary
or joint venture would not be an Affiliate of the Borrower but for the Borrower’s or a Subsidiary’s ownership of Equity Interests
in such joint venture or Subsidiary) to the extent permitted under Article VI;


 


(xvi)              
the existence and performance of agreements and transactions with any Unrestricted Subsidiary that were entered into prior
to the designation of a Restricted Subsidiary as such Unrestricted Subsidiary to the extent that the transaction was permitted at the
time that it was entered into with such Restricted Subsidiary and transactions entered into by an Unrestricted Subsidiary with an Affiliate
prior to the redesignation of any such Unrestricted Subsidiary as a Restricted Subsidiary; provided that such transaction was not
entered into in contemplation of such designation or redesignation, as applicable; and


 


(xvii)              
transactions undertaken pursuant to membership in a purchasing consortium.


 


 


Article VI



NEGATIVE COVENANTS


 


Until the Termination Date
shall have occurred, the Borrower covenants and agrees with the Lenders that:


 


Section 6.01                  
Indebtedness; Certain Equity Securities.


 


(a)                
The Borrower will not, and will not permit any Restricted Subsidiary to, create, incur, assume or permit to exist any Indebtedness,
except:


 


(i)             
Indebtedness of the Borrower and any of the Restricted Subsidiaries under the Loan Documents (including any Indebtedness
incurred pursuant to Section 2.20, 2.21 or 2.24);


 


(ii)              
Indebtedness (A) outstanding on the Effective Date; provided that any such Indebtedness in excess of $10,000,000
individually shall only be permitted if set forth on Schedule 6.01, and any Permitted Refinancing thereof, (B) that is intercompany
Indebtedness among the Borrower and/or the Restricted Subsidiaries outstanding on the Effective Date and any Permitted Refinancing thereof
and (C) in respect of the Note Obligations;


 


(iii)              
Guarantees by the Borrower and the Restricted Subsidiaries in respect of Indebtedness of the Borrower or any Restricted
Subsidiary otherwise permitted hereunder; provided that (A) such Guarantee is otherwise permitted by Section 6.04, (B) no
Guarantee by any Restricted Subsidiary of any Junior Financing shall be permitted unless such Restricted Subsidiary shall have also provided
a Guarantee of the Loan Document Obligations pursuant to the Guarantee Agreement and (C) if the Indebtedness being Guaranteed is subordinated
to the Loan Document Obligations, such Guarantee shall be subordinated to the Guarantee of the Loan Document Obligations on terms at least
as favorable to the Lenders as those contained in the subordination of such Indebtedness;


 






     


     


    

 





(iv)              
 Indebtedness of the Borrower or of any Restricted Subsidiary owing to any Restricted Subsidiary, the Borrower or Holdings
to the extent permitted by Section 6.04; provided that all such Indebtedness of any Loan Party owing to any Restricted Subsidiary
that is not a Loan Party shall be subordinated to the Loan Document Obligations (to the extent any such Indebtedness is outstanding at
any time after the date that is 30 days after the Effective Date or such later date as the Administrative Agent may reasonably agree)
(but only to the extent permitted by applicable law and not giving rise to material adverse Tax consequences) on terms (A) at least as
favorable to the Lenders as those set forth in the form of intercompany note attached as Exhibit H or (B) otherwise reasonably
satisfactory to the Administrative Agent;


 


(v)             
(A) Indebtedness (including Capital Lease Obligations) of the Borrower or any of the Restricted Subsidiaries financing the
acquisition, construction, repair, replacement or improvement of fixed or capital assets (whether through the direct purchase of property
or any Person owning such property); provided that such Indebtedness is incurred concurrently with or within 270 days after the
applicable acquisition, construction, repair, replacement or improvement; provided, further, that, at the time of any such
incurrence of Indebtedness and after giving Pro Forma Effect thereto and the use of the proceeds thereof, the aggregate principal amount
of Indebtedness that is outstanding in reliance on this subclause (A) shall not exceed the greater of $35,000,000 and 5.0% of Consolidated
Total Assets as of the last day of the most recently ended Test Period as of such time determined on a Pro Forma Basis, and (B) any Permitted
Refinancing of any Indebtedness set forth in the immediately preceding subclause (A);


 


(vi)              
Indebtedness in respect of Swap Agreements (other than Swap Agreements entered into for speculative purposes);


 


(vii)              
(A) (1) Indebtedness of any Person that becomes a Restricted Subsidiary (or of any Person not previously a Restricted Subsidiary
that is merged or consolidated with or into the Borrower or a Restricted Subsidiary) after the Effective Date as a result of any acquisition,
Permitted Acquisition or other Investment (and any guarantee of such Indebtedness by a Subsidiary of such Person), (2) Indebtedness of
any Person that is assumed by the Borrower or any Restricted Subsidiary in connection with an acquisition of assets by the Borrower or
such Restricted Subsidiary in any acquisition, Permitted Acquisition or other Investment and (3) any guarantee of Indebtedness described
in the foregoing clauses (1) and (2) by any Person that so becomes a Restricted Subsidiary, that is the survivor of a merger or consolidation
with such Person or that is a Subsidiary of such Person; provided that such Indebtedness (or guarantee thereof) is not incurred
in contemplation of such acquisition, Permitted Acquisition or other Investment and (B) any Permitted Refinancing of Indebtedness incurred
pursuant to the foregoing subclause (A);


 


(viii)              
Indebtedness in respect of Permitted Receivables Financings;


 


(ix)              
Indebtedness representing deferred compensation to employees and other service providers of the Borrower and the Restricted
Subsidiaries incurred in the ordinary course of business;


 


(x)             
Indebtedness consisting of unsecured promissory notes issued by the Borrower or any Restricted Subsidiary to current or
former officers, directors and employees or their respective estates, spouses or former spouses to finance the purchase or redemption
of Equity Interests of Holdings (or any direct or indirect parent thereof) permitted by Section 6.08(a);


 


(xi)              
Indebtedness constituting indemnification obligations or obligations in respect of purchase price or other similar adjustments
(including “earn out” or similar obligations and mark to market adjustments with respect to the foregoing) incurred in connection
with the Transactions or any acquisition, any Permitted Acquisition, any other Investment or any Disposition, in each case permitted under
this Agreement;


 


(xii)              
Indebtedness consisting of obligations under deferred compensation or other similar arrangements incurred in connection
with the Transactions or any acquisition, Permitted Acquisition or other Investment permitted hereunder;


 






     


     


    

 





(xiii)              
 Cash Management Obligations and other Indebtedness in respect of netting services, overdraft protections and similar arrangements
and Indebtedness arising from the honoring of a bank or other financial institution of a check, draft or similar instrument drawn against
insufficient funds (including Indebtedness owed on a short term basis of no longer than 30 days to banks and other financial institutions
incurred in the ordinary course of business of Holdings, the Borrower and their Restricted Subsidiaries with such banks or financial institutions
that arises in connection with ordinary banking arrangements to manage cash balances of Holdings, the Borrower and their Restricted Subsidiaries);


 


(xiv)              
Indebtedness of the Borrower and the Restricted Subsidiaries; provided that at the time of the incurrence thereof
and after giving Pro Forma Effect thereto, the aggregate principal amount of Indebtedness outstanding in reliance on this clause (xiv)
shall not exceed (x) the greater of $50,000,000 and 7.0% of Consolidated Total Assets as of the last day of the most recently ended Test
Period as of such time determined on a Pro Forma Basis (this clause (x), the “General Debt Basket”), minus (y) the
General Debt Basket Reallocated Amount (if any);


 


(xv)              
Indebtedness consisting of (A) the financing of insurance premiums or (B) take-or-pay obligations contained in supply arrangements,
in each case in the ordinary course of business;


 


(xvi)              
Indebtedness incurred by the Borrower or any of the Restricted Subsidiaries in respect of letters of credit, bank guarantees,
bankers’ acceptances or similar instruments issued or created, or related to obligations or liabilities incurred, in the ordinary
course of business, including in respect of workers’ compensation claims, health, disability or other employee benefits or property,
casualty or liability insurance or self-insurance or other reimbursement-type obligations regarding workers’ compensation claims;


 


(xvii)              
obligations in respect of performance, bid, appeal and surety bonds and performance, bankers’ acceptance facilities
and completion guarantees and similar obligations provided by the Borrower or any of the Restricted Subsidiaries or obligations in respect
of letters of credit, bank guarantees or similar instruments related thereto, in each case in the ordinary course of business or consistent
with past practice;


 


(xviii)              
Indebtedness of the Borrower and the Restricted Subsidiaries consisting of guarantees of the obligations of any Person,
including joint ventures, of which the Borrower or any Restricted Subsidiary owns any Equity Interest; provided that at the time
of the incurrence thereof and after giving Pro Forma Effect thereto, the aggregate principal amount of Indebtedness outstanding in reliance
on this clause (xviii) shall not exceed the greater of $20,000,000 and 3.0% of Consolidated Total Assets as of the last day of the most
recently ended Test Period as of such time determined on a Pro Forma Basis;


 


(xix)              
Indebtedness of the Borrower or any of the Restricted Subsidiaries incurred on or after the Collateral Trigger Event Date;
provided that (x) after giving effect to the incurrence of such Indebtedness (and any acquisition, Permitted Acquisition or other
permitted Investment consummated in connection therewith) on a Pro Forma Basis, the Total Leverage Ratio is equal to or less than 3.00
to 1.00 and the Borrower and its Restricted Subsidiaries on a consolidated basis have positive Consolidated EBITDA for the most recently
ended Test Period, and (y) such Indebtedness complies with the Required Additional Debt Terms;


 


(xx)              
Indebtedness supported by a letter of credit issued pursuant to this Agreement or any other letter of credit, bank guarantee
or similar instrument permitted by this Section 6.01(a), in a principal amount not to exceed the greater of $20,000,000 and 3.0%
of Consolidated Total Assets as of the last day of the most recently ended Test Period as of such time determined on a Pro Forma Basis;


 


(xxi)              
Permitted Unsecured Refinancing Debt and any Permitted Refinancing thereof;


 


(xxii)              
Permitted First Priority Refinancing Debt and Permitted Second Priority Refinancing Debt, and, in each case, any Permitted
Refinancing thereof;


 






     


     


    

 





(xxiii)              
 (A) Indebtedness of the Borrower or any Subsidiary Loan Party incurred on or after the Collateral Trigger Event Date in
lieu of Incremental Facilities (such Indebtedness incurred under this clause (xxiii), “Incremental Equivalent Debt”)
consisting of secured or unsecured loans, bonds, notes or debentures provided that (x) the aggregate principal amount of Incremental
Equivalent Debt incurred pursuant to this clause (xxiii), together with the aggregate outstanding principal amount of Incremental Facilities
at such time, shall not exceed the Incremental Cap at the time of incurrence of such Incremental Equivalent Debt and (y) such Indebtedness
complies with the Required Additional Debt Terms (provided that, except as set forth in this subclause (y) or sub-clause (x) above,
for the avoidance of doubt, the terms and conditions applicable to Incremental Facilities set forth in Section 2.20 shall not apply
with respect to Incremental Equivalent Debt) and (B) any Permitted Refinancing of Indebtedness incurred pursuant to the foregoing clause
(A);


 


(xxiv)             
(A) Indebtedness in an aggregate principal amount, measured at the time of incurrence and after giving Pro Forma Effect
thereto and the use of the proceeds thereof, not to exceed 200% of the aggregate amount of direct or indirect equity investments in cash
or Permitted Investments in the form of common Equity Interests or Qualified Equity Interests (excluding, for the avoidance of doubt,
any Cure Amounts) received by the Borrower, Holdings or any Parent Entity (to the extent contributed to the Borrower in the form of common
Equity Interests or Qualified Equity Interests) after the Effective Date to the extent not included within the Available Equity Amount
or applied to increase any other basket hereunder and (B) any Permitted Refinancing of Indebtedness incurred pursuant to the foregoing
clause (A);


 


(xxv)              
Indebtedness of any Restricted Subsidiary that is not a Loan Party; provided that the aggregate principal amount
of Indebtedness of which the primary obligor or a guarantor is a Restricted Subsidiary that is not a Loan Party outstanding in reliance
on this clause (xxv) shall not exceed, at the time of incurrence thereof and after giving Pro Forma Effect thereto, the greater of $20,000,000
and 3.0% of Consolidated Total Assets as of the last day of the most recently ended Test Period as of such time determined on a Pro Forma
Basis;


 


(xxvi)             
(A) Indebtedness of the Borrower or any Restricted Subsidiary incurred on or after the Collateral Trigger Event Date to
finance an acquisition, a Permitted Acquisition or other Investment (or assumed in connection therewith) provided that (x) such
Indebtedness is not incurred in contemplation of such Person becoming a Restricted Subsidiary, such Indebtedness is non-recourse to (and
is not assumed by any of) the Borrower, or any Restricted Subsidiary (other than any Subsidiary of such Person that is a Subsidiary on
the date such Person becomes a Restricted Subsidiary after the Effective Date) and is either (1) unsecured or (2) secured only by the
assets of such acquired Restricted Subsidiary or such acquired assets, and (y) such Indebtedness complies with the Required Additional
Debt Terms and (B) any Permitted Refinancing of Indebtedness incurred pursuant to the foregoing clause (A);


 


(xxvii)              
Indebtedness in the form of Capital Lease Obligations arising out of any Sale Leaseback and any Permitted Refinancing thereof;


 


(xxviii)              
following consummation of the SPAC Transactions or a Qualifying IPO, unsecured
Indebtedness in the form of convertible notes in a principal amount not to exceed $500,000,000 outstanding at any time; provided
that such Indebtedness such Indebtedness complies with the Required Additional Debt Terms;


 


(xxix)             
(A) Indebtedness of the Borrower or any Restricted Subsidiary in an aggregate amount at the time of incurrence thereof and
after giving Pro Forma Effect thereto not to exceed the Available RP Capacity Amount and (B) any Permitted Refinancing of Indebtedness
incurred pursuant to the foregoing clause (A);


 


(xxx)              
unfunded pension fund and other employee benefit plan obligations and liabilities to the extent that they are permitted
to remain unfunded under applicable law; and


 


(xxxi)             
all premiums (if any), interest (including post-petition interest and interest paid in kind), fees, expenses, charges and
additional or contingent interest on obligations described in clauses (i) through (xxx) above.


 






     


     


    

 





Accrual of interest or dividends,
the accretion of accreted value, the accretion or amortization of original issue discount and the payment of interest or dividends in
the form of additional Indebtedness or Disqualified Equity Interests will not be deemed to be an incurrence of Indebtedness or Disqualified
Equity Interests for purposes of this covenant.


 


Section 6.02                  
Liens. The Borrower will not, and will not permit any Restricted Subsidiary to, create, incur, assume or permit to
exist any Lien on any Collateral securing Indebtedness, except:


 


(i)             
Liens created under the Loan Documents;


 


(ii)              
Permitted Encumbrances;


 


(iii)              
(A) Liens existing on the Collateral Trigger Event Date; provided that any Lien securing Indebtedness or other obligations
in excess of $10,000,000 individually shall only be permitted if set forth on Schedule 6.02 to be delivered on the Collateral Trigger
Event Date, and any modifications, replacements, renewals or extensions thereof; provided that (x) such modified, replacement,
renewal or extension Lien does not extend to any additional property other than (i) after-acquired property that is affixed or incorporated
into the property covered by such Lien and (ii) proceeds and products thereof, and (y) the obligations secured or benefited by such modified,
replacement, renewal or extension Lien are permitted by Section 6.01 and (B) Liens in respect of the Note Obligations; provided
that such Liens shall not extend to any assets other than Collateral and from and after the Collateral Trigger Event Date the Liens in
respect of the Notes Obligations shall be subject to a First Lien Intercreditor Agreement;


 


(iv)              
Liens securing Indebtedness permitted under Section 6.01(a)(v) or (xxvii); provided that (A) such Liens
attach concurrently with or within 270 days after the acquisition, repair, replacement, construction or improvement (as applicable) of
the property subject to such Liens, (B) such Liens do not at any time encumber any property other than the property financed by such Indebtedness,
except for accessions to such property and the proceeds and the products thereof, and any lease of such property (including accessions
thereto) and the proceeds and products thereof and (C) with respect to Capital Lease Obligations, such Liens do not at any time extend
to or cover any assets (except for accessions to or proceeds of such assets) other than the assets subject to such Capital Lease Obligations;
provided, further, that individual financings of equipment provided by one lender may be cross collateralized to other financings
of equipment provided by such lender;


 


(v)             
leases, licenses, subleases, sublicenses or covenants not to sue granted to others (whether or not on an exclusive or non-exclusive
basis) that are entered into in the ordinary course of business or that do not (A) interfere in any material respect with the business
of the Borrower and the Restricted Subsidiaries, taken as a whole or (B) secure any Indebtedness;


 


(vi)              
Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection
with the importation of goods;


 


(vii)              
Liens (A) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of
collection and (B) in favor of a banking institution arising as a matter of law encumbering deposits (including the right of setoff) and
that are within the general parameters customary in the banking industry;


 


(viii)              
Liens (A) on cash advances or escrow deposits in favor of the seller of any property to be acquired in an Investment permitted
pursuant to Section 6.04 to be applied against the purchase price for such Investment or otherwise in connection with any escrow
arrangements with respect to any such Investment or any Disposition permitted under Section 6.05 (including any letter of intent
or purchase agreement with respect to such Investment or Disposition) or (B) consisting of an agreement to dispose of any property in
a Disposition permitted under Section 6.05, in each case, solely to the extent such Investment or Disposition, as the case may
be, would have been permitted on the date of the creation of such Lien;


 






     


     


    

 





(ix)              
 Liens on property of any Restricted Subsidiary that is not a Loan Party, which Liens secure Indebtedness or other obligations
of such Restricted Subsidiary or another Restricted Subsidiary that is not a Loan Party, in each case in the case of Indebtedness permitted
under Section 6.01(a);


 


(x)             
Liens granted by a Restricted Subsidiary that is not a Loan Party in favor of any Loan Party, Liens granted by a Restricted
Subsidiary that is not a Loan Party in favor of any Restricted Subsidiary that is not a Loan Party and Liens granted by a Loan Party in
favor of any other Loan Party;


 


(xi)              
Liens existing on property at the time of its acquisition or existing on the property of any Person at the time such Person
becomes a Restricted Subsidiary (including by the designation of an Unrestricted Subsidiary as a Restricted Subsidiary), in each case
after the Effective Date; provided that (A) such Lien was not created in contemplation of such acquisition or such Person becoming
a Restricted Subsidiary and (B) such Lien does not extend to or cover any other assets or property (other than, with respect to such Person,
any replacements of such property or assets and additions and accessions, proceeds and products thereto, after-acquired property subject
to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted
hereunder that require or include, pursuant to their terms at such time, a pledge of after-acquired property of such Person, and the
proceeds and the products thereof and customary security deposits in respect thereof and in the case of multiple financings of equipment
provided by any lender, other equipment financed by such lender, it being understood that such requirement shall not be permitted to apply
to any property to which such requirement would not have applied but for such acquisition);


 


(xii)              
any interest or title of a lessor under leases (other than leases constituting Capital Lease Obligations) entered into by
the Borrower or any of the Restricted Subsidiaries in the ordinary course of business;


 


(xiii)              
Liens arising out of conditional sale, title retention, consignment, seller financing arrangements or similar arrangements
for sale or purchase of assets by the Borrower or any of the Restricted Subsidiaries in the ordinary course of business; provided
that solely in the case of the seller financing arrangements, the amount of Indebtedness secured by any such Lien shall not exceed the
purchase price paid or received (as applicable) by the Borrower or any of its Restricted Subsidiaries for the subject assets;


 


(xiv)              
Liens deemed to exist in connection with Investments in repurchase agreements permitted under clause (e) of the definition
of the term “Permitted Investments”;


 


(xv)              
Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading
accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;


 


(xvi)              
Liens that are contractual rights of setoff (A) relating to the establishment of depository relations with banks not given
in connection with the incurrence of Indebtedness, (B) relating to pooled deposit or sweep accounts to permit satisfaction of overdraft
or similar obligations incurred in the ordinary course of business of the Borrower and the Restricted Subsidiaries or (C) relating to
purchase orders and other agreements entered into with customers of the Borrower or any Restricted Subsidiary in the ordinary course of
business;


 


(xvii)              
ground leases in respect of real property on which facilities owned or leased by the Borrower or any of the Restricted Subsidiaries
are located;


 


(xviii)              
Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;


 


(xix)               Liens
on the Collateral (A) securing Permitted First Priority Refinancing Debt, (B) securing Permitted Second Priority Refinancing Debt,
(C) securing Incremental Equivalent Debt and (D) securing Indebtedness permitted pursuant to Section 6.01(a)(xxvi); provided
that (x) in the case of clause (B), except in the case of Indebtedness secured solely by assets of a Person that does not constitute
a Loan Party, such Liens do not secure Consolidated First Lien Debt and (y) in the case of clauses (B), (C) and (D), if such Liens
are consensual Liens that are secured by the Collateral, such Indebtedness shall be subject to a First Lien Intercreditor Agreement
and/or a Second Lien Intercreditor Agreement, as applicable;


 






     


     


    

 


(xx)              
other Liens; provided that at the time of incurrence of the obligations secured thereby (after giving Pro Forma Effect
to any such obligations) the aggregate outstanding face amount of obligations secured by Liens existing in reliance on this clause (xx)
shall not exceed the greater of $75,000,000 and 10.0% of Consolidated Total Assets as of the last day of the most recently ended Test
Period as of such time determined on a Pro Forma Basis;


 


(xxi)              
Liens on cash and Permitted Investments used to satisfy or discharge Indebtedness; provided such satisfaction or
discharge is permitted hereunder;


 


(xxii)              
Liens on receivables and related assets incurred in connection with Permitted Receivables Financings;


 


(xxiii)              
(A) receipt of progress payments and advances from customers in the ordinary course of business to the extent the same creates
a Lien on the related inventory and proceeds thereof and (B) Liens on specific items of inventory or other goods and proceeds of any Person
securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to
facilitate the purchase, shipment, or storage of such inventory or other goods in the ordinary course of business;


 


(xxiv)             
Liens on cash or Permitted Investments securing Swap Agreements in the ordinary course of business in accordance with applicable
Requirements of Law;


 


(xxv)              
Liens on equipment of the Borrower or any Restricted Subsidiary granted in the ordinary course of business to the Borrower’s
or such Restricted Subsidiary’s client at which such equipment is located;


 


(xxvi)             
security given to a public utility or any municipality or governmental authority when required by such utility or authority
in connection with the operations of such Person in the ordinary course of business;


 


(xxvii)              
Liens on Escrowed Proceeds for the benefit of the related holders of Escrowed Obligations (or the underwriters, trustee,
escrow agent or arrangers thereof) or on cash set aside at the time of the incurrence of any Escrowed Obligations to be used to pay accrued
interest thereon and any redemption premiums and other amounts thereon;


 


(xxviii)              
 (A) Liens on Equity Interests in joint ventures; provided that any such Lien is in favor of a creditor of such
joint venture and such creditor is not an Affiliate of any partner to such joint venture and (B) purchase options, call, and similar
rights of, and restrictions for the benefit of, a third party with respect to Equity Interests held by Holdings, the Borrower or any Restricted
Subsidiary in joint ventures;


 


(xxix)             
Liens securing (A) Indebtedness permitted pursuant to Section 6.01(a)(vii), Section 6.01(a)(xxiv) or
Section 6.01(a)(xxix) and (B) any Permitted Refinancing of any of the foregoing; provided that if such Liens are consensual
Liens that are secured by the Collateral, such Indebtedness shall be subject to a First Lien Intercreditor Agreement and/or a Second Lien
Intercreditor Agreement, as applicable;


 


(xxx)              
grants of software, technology and other Intellectual Property licenses; and


 


(xxxi)              other
Liens on assets securing Indebtedness; provided that, at the time of incurrence thereof and after giving Pro Forma Effect
thereto and the use of the proceeds thereof, the aggregate amount of Indebtedness then outstanding and secured thereby shall not
exceed an amount such that the Total Leverage Ratio does not exceed 3.00 to 1.00 and the Borrower and its Restricted Subsidiaries on
a consolidated basis have positive Consolidated EBITDA for the most recently ended Test Period; provided that if such Liens
are consensual Liens and such Indebtedness is secured by the Collateral, such Indebtedness shall be subject to a First Lien
Intercreditor Agreement and/or a Second Lien Intercreditor Agreement, as applicable.


 






     


     


    

 


Notwithstanding anything to the contrary in this
Agreement, prior to the Collateral Trigger Event Date no Loan Party or any other Restricted Subsidiary shall create, incur, assume or
permit to exist any Lien securing Indebtedness on any asset of the Loan Parties (other than Excluded Assets) which Lien was incurred pursuant
to Section 6.02(xix), (xx), (xxix) (solely as it relates to Liens securing (A) Indebtedness permitted pursuant
to Section 6.01(a)(xxiv) or Section 6.01(a)(xxix) and (B) any Permitted Refinancing thereof) or (xxxi).


 


Section 6.03                  
Fundamental Changes. The Borrower will not, and will not permit any Restricted Subsidiary to, merge into or consolidate
or amalgamate with any other Person, or permit any other Person to merge into or consolidate with it, or liquidate or dissolve (including,
in each case, pursuant to a Division), except that:


 


(i)             
any Restricted Subsidiary may merge, consolidate or amalgamate with (x) the Borrower; provided that the Borrower
shall be the continuing or surviving Person or (y) any one or more other Restricted Subsidiaries; provided that when any Subsidiary
Loan Party is merging, consolidating or amalgamating with another Restricted Subsidiary either (A) the continuing or surviving Person
shall be a Subsidiary Loan Party or (B) if the continuing or surviving Person is not a Subsidiary Loan Party, the acquisition of such
Subsidiary Loan Party by such surviving Restricted Subsidiary is permitted under Section 6.04;


 


(ii)              
any Restricted Subsidiary may liquidate or dissolve or change its legal form or undertake similar transactions if the Borrower
determines in good faith that such action is in the best interests of the Borrower and the Restricted Subsidiaries and is not materially
disadvantageous to the Lenders;


 


(iii)              
any Restricted Subsidiary may make a Disposition of all or substantially all of its assets (upon voluntary liquidation or
otherwise) to the Borrower or another Restricted Subsidiary; provided that if the transferor in such a transaction is a Loan Party,
then either (A) the transferee must be a Loan Party, (B) to the extent constituting an Investment, such Investment must be an Investment
in a Restricted Subsidiary that is not a Loan Party permitted by Section 6.04 or (C) to the extent constituting a Disposition to
a Restricted Subsidiary that is not a Loan Party, such Disposition is for Fair Market Value and any promissory note or other non-cash
consideration received in respect thereof is an Investment in a Restricted Subsidiary that is not a Loan Party permitted by Section
6.04;


 


(iv)               the
Borrower may merge, amalgamate or consolidate with any other Person; provided that (A) the Borrower shall be the continuing
or surviving Person or (B) if the Person formed by or surviving any such merger, amalgamation or consolidation is not the Borrower
(any such Person, the “Successor Borrower”), (1) the Successor Borrower shall be an entity organized or existing
under the laws of the United States, any state thereof or the District of Columbia, (2) the Successor Borrower shall expressly
assume all the obligations of the Borrower under this Agreement and the other Loan Documents to which the Borrower is a party
pursuant to a supplement hereto or thereto in form and substance reasonably satisfactory to the Administrative Agent, (3) each Loan
Party other than the Borrower, unless it is the other party to such merger or consolidation, amalgamation or consolidation, shall
have reaffirmed, pursuant to an agreement in form and substance reasonably satisfactory to the Administrative Agent, that its
Guarantee of, and grant of any Liens as security for, the Secured Obligations shall apply to the Successor Borrower’s
obligations under this Agreement and (4) the Borrower shall have delivered to the Administrative Agent a certificate of a
Responsible Officer and an opinion of counsel, each stating that such merger, amalgamation or consolidation complies with this
Agreement; provided, further, that (x) if such Person is not a Loan Party, no Event of Default exists after giving
effect to such merger, amalgamation or consolidation and (y) if the foregoing requirements are satisfied, the Successor Borrower
will succeed to, and be substituted for, the Borrower under this Agreement and the other Loan Documents; provided, further,
that the Borrower agrees to use commercially reasonable efforts to provide any documentation and other information about such
Successor Borrower as shall have been reasonably requested in writing by any Lender through the Administrative Agent that such
Lender shall have reasonably determined is required by regulatory authorities under applicable “know your customer” and
anti-money laundering rules and regulations, including Title III of the USA Patriot Act and the Beneficial Ownership Regulation;


 






     


     


    

 


(v)             
any Restricted Subsidiary may merge, consolidate or amalgamate with any other Person in order to effect an Investment permitted
pursuant to Section 6.04; provided that the continuing or surviving Person shall be a Restricted Subsidiary, which together
with each of the Restricted Subsidiaries, shall have complied with the requirements of Sections 5.11 and 5.12; and


 


(vi)              
any Restricted Subsidiary may effect a merger, dissolution, liquidation consolidation or amalgamation to effect a Disposition
permitted pursuant to Section 6.05.


 


Section 6.04                  
Investments, Loans, Advances, Guarantees and Acquisitions. The Borrower will not, and will not permit any Restricted
Subsidiary to, make or hold any Investment, except:


 


(i)             
Permitted Investments at the time such Permitted Investment is made;


 


(ii)              
loans or advances to officers, directors and employees and other service providers of the Borrower and the Restricted Subsidiaries
(i) for reasonable and customary business-related travel, entertainment, relocation and analogous ordinary business purposes, (ii) in
connection with such Person’s purchase of Equity Interests in Holdings (or any direct or indirect parent thereof) (provided
that the amount of such loans and advances made in cash to such Person shall be contributed to the Borrower in cash as common equity or
Qualified Equity Interests), (iii) advances for legal expenses relating to claims for which the Borrower or any Restricted Subsidiary
may provide legal support and/or indemnification under any governance document, and/or any applicable indemnification agreement entered
into with an officer or director and (iv) for purposes not described in the foregoing clauses (i) and (ii); provided that
at the time of incurrence thereof and after giving Pro Forma Effect thereto, the aggregate principal amount outstanding in reliance on
this clause (iii) shall not exceed the greater of $6,500,000 and 1.0% of Consolidated Total Assets as of the last day of the most recently
ended Test Period as of such time determined on a Pro Forma Basis;


 


(iii)              
Investments by the Borrower or any Restricted Subsidiary in the Borrower or any Restricted Subsidiary;


 


(iv)              
Investments consisting of prepayments to suppliers in the ordinary course of business;


 


(v)             
Investments consisting of extensions of trade credit in the ordinary course of business;


 


(vi)              
Investments (i) existing or contemplated on the Effective Date and set forth on Schedule 6.04(vi) and any modification,
replacement, renewal, reinvestment or extension thereof and (ii) Investments existing on the date
hereofEffective Date by the Borrower
or any Restricted Subsidiary in Holdings, the Borrower or any Restricted Subsidiary and any modification, renewal or extension thereof;
provided that the amount of the original Investment is not increased except by the terms of such Investment to the extent as set
forth on Schedule 6.04(vi) or as otherwise permitted by this Section 6.04;


 


(vii)              
Investments in Swap Agreements permitted under Section 6.01;


 


(viii)              
promissory notes and other non-cash consideration received in connection with any Disposition permitted by Section 6.05;


 


(ix)              
Permitted Acquisitions;


 


(x)             
the Transactions;


 


(xi)              
Investments in the ordinary course of business consisting of endorsements for collection or deposit and customary trade
arrangements with customers consistent with past practices;


 






     


     


    

 





(xii)              
 Investments (including debt obligations and Equity Interests) received in connection with the bankruptcy or reorganization
of suppliers and customers, from financially troubled account debtors or in settlement of delinquent obligations of, or other disputes
with, customers and suppliers or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to
any secured Investment;


 


(xiii)              
loans and advances to Holdings (or any direct or indirect parent thereof) in lieu of, and not in excess of the amount of
(after giving effect to any other loans, advances or Restricted Payments in respect thereof), Restricted Payments to the extent permitted
to be made to Holdings (or such parent) in accordance with Section 6.08(a);


 


(xiv)              
other Investments and other acquisitions (w) so long as, at the time any such Investment or other acquisition is made, the
aggregate outstanding amount of all Investments made in reliance on this clause (xiv)(w) together with the aggregate amount of all consideration
paid in connection with all other Investments and acquisitions made in reliance on this clause (xiv)(w) (A)
prior to the consummation of the SPAC Transactions, shall not exceed the greater of $75,000,000 and 11.0% of Consolidated Total Assets
as of the last day of the most recently ended Test Period as of such time determined on a Pro Forma Basis and (B) after the consummation
of the SPAC Transactions, the amount in clause (A) will increase and shall not exceed the greater of $100,000,000
and 14.0% of Consolidated Total Assets as of the last day of the most recently ended Test Period as of such time determined on a Pro Forma
Basis, (x) in an amount not to exceed the Available Amount that is Not Otherwise Applied as in effect immediately prior to the time of
making of such Investment, (y) in an amount not to exceed the Available Equity Amount that is Not Otherwise Applied as in effect immediately
prior to the time of making of such Investment and (z) in an amount not to exceed the Available RP Capacity Amount as in effect immediately
prior to the time of making of such Investment;


 


(xv)              
[reserved];


 


(xvi)              
advances of payroll payments to employees and other service providers in the ordinary course of business;


 


(xvii)              
Investments and other acquisitions to the extent that payment for such Investments is made with Qualified Equity Interests
(excluding Cure Amounts) of Holdings (or any direct or indirect parent thereof); provided that (x) such amounts used pursuant to
this clause (xvii) shall not increase the Available Equity Amount or be applied to increase any other basket hereunder and (y) any amounts
used for such an Investment or other acquisition that are not Qualified Equity Interests of Holdings (or any direct or indirect parent
thereof) shall otherwise be permitted pursuant to this Section 6.04;


 


(xviii)              
Investments of a Subsidiary acquired after the Effective Date or of a Person merged or consolidated with any Subsidiary
in accordance with this Section 6.04 and Section 6.03 after the Effective Date to the extent that such Investments were
not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence on the date of such
acquisition, merger or consolidation;


 


(xix)              
non-cash Investments in connection with tax planning and reorganization activities; provided that after giving effect
to any such activities, the security interests of the Lenders in the Collateral, taken as a whole, would not be materially impaired;


 


(xx)              
Investments consisting of Liens, Indebtedness, fundamental changes, Dispositions, Restricted Payments and prepayments, purchases
and redemptions of Indebtedness permitted under Section 6.01, 6.02, 6.03, 6.05 and 6.08, respectively,
in each case, other than by reference to this Section 6.04(xx);


 


(xxi)               following
the consummation of the SPAC Transactions, additional Investments; provided that either (A) the Liquidity
is equal to or greater than $250,000,000 or (B) the Total Leverage Ratio is less than or equal to 5.00 to 1.00, in either case after
giving effect to such Investment on a Pro Forma Basis;


 






     


     


    

 


(xxii)              
contributions to a “rabbi” trust for the benefit of employees, directors, consultants, independent contractors
or other service providers or other grantor trust subject to claims of creditors in the case of a bankruptcy of the Borrower;


 


(xxiii)              
to the extent that they constitute Investments, purchases and acquisitions of inventory, supplies, materials or equipment
or purchases, acquisitions, licenses or leases of other assets, Intellectual Property, or other rights, in each case in the ordinary course
of business;


 


(xxiv)             
Investments by an Unrestricted Subsidiary entered into prior to the day such Unrestricted Subsidiary is redesignated as
a Restricted Subsidiary pursuant to the definition of “Unrestricted Subsidiary”;


 


(xxv)              
any Investment in a Similar Business; provided that at the time any such Investment is made, the aggregate outstanding
amount of all Investments made in reliance on this clause (xxv) together with the aggregate amount of all consideration paid in connection
with all other Investments made in reliance on this clause (xxv), shall not exceed the greater of (A) $72,000,000 and (B) 10.0% of Consolidated
Total Assets as of the last day of the most recently ended Test Period as of such time determined on a Pro Forma Basis;


 


(xxvi)             
Investments in Unrestricted Subsidiaries and any Person of which the Borrower or any Restricted Subsidiary owns any Equity
Interest; provided that at the time any such Investment is made, the aggregate outstanding amount of all Investments made in reliance
on this clause (xxvi) together with the aggregate amount of all consideration paid in connection with all other Investments made
in reliance on this clause (xxvi), shall not exceed the greater of (A) $65,000,000 and (B) 9.0% of Consolidated Total Assets as of the
last day of the most recently ended Test Period as of such time determined on a Pro Forma Basis;


 


(xxvii)              
Investments in Subsidiaries in the form of receivables and related assets required in connection with a Permitted Receivables
Financing (including the contribution or lending of cash and cash equivalents to Subsidiaries to finance the purchase of such assets from
Holdings, the Borrower or other Restricted Subsidiaries or to otherwise fund required reserves);


 


(xxviii)              
Investments by a captive insurance subsidiary in accordance with any investment policy or any insurance statutes or regulations
applicable to it;


 


(xxix)             
Investments in connection with the Transactions;


 


(xxx)              
 guarantees by the Borrower or any of the Restricted Subsidiaries of leases (other than Capitalized Leases), contracts or
of other obligations of the Borrower or any Restricted Subsidiary that do not constitute Indebtedness, in each case entered into in the
ordinary course of business; and


 


(xxxi)             
to the extent constituting an Investment, advances in respect of transfer pricing and cost-sharing arrangements (i.e.,
 “cost-plus” arrangements) that are in the ordinary course of business.


 






     


     


    

 


Section 6.05                   Asset
Sales. The Borrower will not, and will not permit any Restricted Subsidiary to, sell, transfer, lease, license or otherwise
dispose of any asset (in one transaction or in a series of related transactions and whether effected pursuant to a Division or
otherwise), including any Equity Interest owned by it, nor will the Borrower permit any Restricted Subsidiary to issue any
additional Equity Interest in such Restricted Subsidiary (other than issuing directors’ qualifying shares, nominal shares
issued to foreign nationals or other Persons to the extent required by applicable Requirements of Law and other than issuing Equity
Interests to Holdings, the Borrower or a Restricted Subsidiary in compliance with Section 6.04(iii)) (each, a
 “Disposition”), except:


 


(a)                
Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business and
Dispositions of property no longer used or useful, or economically practicable to maintain, in the conduct of the business of the Borrower
and the Restricted Subsidiaries (including allowing any Intellectual Property (and any related registration or application) that is no
longer used or useful, or economically practicable to maintain, to lapse or go abandoned or be invalidated);


 


(b)               
Dispositions of inventory and other assets in the ordinary course of business;


 


(c)                
Dispositions of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement
property, (ii) an amount equal to the Net Proceeds of such Disposition are promptly applied to the purchase price of such replacement property
or (iii) such Disposition qualifies for non-recognition treatment under Section 1031 of the Code, or any comparable or successor
provision for like-kind property (and any boot thereon) and for use in a Similar Business;


 


(d)               
Dispositions of property to the Borrower or a Restricted Subsidiary; provided that if the transferor in such a transaction
is a Loan Party, then either (i) the transferee must be a Loan Party, (ii) to the extent constituting an Investment, such Investment must
be an Investment in a Restricted Subsidiary that is not a Loan Party permitted by Section 6.04 or (iii) to the extent constituting
a Disposition to a Restricted Subsidiary that is not a Loan Party, such Disposition is for Fair Market Value and any promissory note or
other non-cash consideration received in respect thereof is an Investment in a Restricted Subsidiary that is not a Loan Party permitted
by Section 6.04;


 


(e)                
Dispositions permitted by Section 6.03, Investments permitted by Section 6.04, Restricted Payments and prepayments,
purchases and redemptions of Indebtedness permitted by Section 6.08, and Liens permitted by Section 6.02, in each case,
other than by reference to this Section 6.05(e);


 


(f)                 
any issuance, sale or pledge of Equity Interests in, or Indebtedness, or other securities of, an Unrestricted Subsidiary;


 


(g)               
Dispositions of Permitted Investments;


 


(h)               
Dispositions of (A) accounts receivable in connection with the collection or compromise thereof (including sales to factors or
other third parties) and (B) receivables and related assets pursuant to any Permitted Receivables Financing;


 


(i)                 
leases, subleases, service agreements, covenants not to sue, licenses or sublicenses (including agreements involving the provision
of software under an open source license, in copy or as a service, and related data and services), in each case that do not materially
interfere with the business of the Borrower and the Restricted Subsidiaries, taken as a whole;


 


(j)                 
transfers of property subject to Casualty Events upon receipt of the Net Proceeds of such Casualty Event;


 






     


     


    

 


(k)                other
Dispositions; provided that (i) such Disposition is made for Fair Market Value and (ii) except in the case of a Permitted
Asset Swap, with respect to any Disposition pursuant to this clause (k) for a purchase price in excess of the greater of (x)
$10,000,000 and (y) 1.5% of Consolidated Total Assets as of the last day of the most recently ended Test Period as of such time
determined on a Pro Forma Basis for any transaction or series of related transactions, the Borrower or a Restricted Subsidiary shall
receive not less than (I) 75% of such consideration in the form of cash or Permitted Investments for all transactions permitted
pursuant to this clause (k) since the Effective Date or (II) 50% of such consideration for any individual transaction or series of
related transactions in the form of cash or Permitted Investments; provided, however, that for the purposes of this
clause (ii), (A) the greater of the principal amount and carrying value of any liabilities (as reflected on the most recent
balance sheet of the Borrower (or a Parent Entity) provided hereunder or in the footnotes thereto), or if incurred, accrued or
increased subsequent to the date of such balance sheet, such liabilities that would have been reflected on the balance sheet of the
Borrower (or a Parent Entity) or in the footnotes thereto if such incurrence, accrual or increase had taken place on or prior to the
date of such balance sheet, as determined in good faith by the Borrower, of the Borrower or such Restricted Subsidiary, other than
liabilities that are by their terms subordinated in right of payment to the Loan Document Obligations, that are assumed by the
transferee of any such assets (or are otherwise extinguished in connection with the transactions relating to such Disposition)
pursuant to a written agreement which releases the Borrower or such Restricted Subsidiary from such liabilities, (B) any securities
received by the Borrower or such Restricted Subsidiary from such transferee that are converted by the Borrower or such Restricted
Subsidiary into cash or Permitted Investments (to the extent of the cash or Permitted Investments received) within 180 days
following the closing of the applicable Disposition, shall be deemed to be cash, (C) the amount of Indebtedness, other than
liabilities that are by their terms subordinated to the Loan Document Obligations or any intercompany debt owed to the Borrower or
any Restricted Subsidiary, that is of any Person that is no longer a Restricted Subsidiary as a result of such Disposition, to the
extent that the Borrower and all Restricted Subsidiaries have been validly released from any guarantee of payment of such
Indebtedness in connection with such Disposition, (D) the amount of consideration consisting of Indebtedness of any Loan Party
(other than Junior Financing) received after the Effective Date from Persons who are not the Borrower or any Restricted Subsidiary
and (E) any Designated Non-Cash Consideration received by the Borrower or such Restricted Subsidiary in respect of such Disposition
having an aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration received pursuant to this
clause (k) that is at that time outstanding, not in excess (at the time of receipt of such Designated Non-Cash Consideration)
of the greater of (x) $20,000,000 and (y) 3.0% of Consolidated Total Assets as of the last day of the most recently ended Test
Period as of such time determined on a Pro Forma Basis, with the Fair Market Value of each item of Designated Non-Cash Consideration
being measured at the time received and without giving effect to subsequent changes in value, shall be deemed to be cash;


 


(l)                 
Dispositions of Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between,
the joint venture parties set forth in joint venture arrangements and similar binding arrangements;


 


(m)              
Dispositions of any assets (including Equity Interests) (A) acquired in connection with any Permitted Acquisition or other Investment
permitted hereunder, which assets are not used or useful to the core or principal business of the Borrower and the Restricted Subsidiaries
or (B) made to obtain the approval of any applicable antitrust authority in connection with a Permitted Acquisition;


 


(n)               
transfers of condemned property as a result of the exercise of “eminent domain” or other similar powers to the respective
Governmental Authority or agency that has condemned the same (whether by deed in lieu of condemnation or otherwise), and transfers of
property arising from foreclosure or similar action or that have been subject to a casualty to the respective insurer of such real property
as part of an insurance settlement;


 


(o)               
Dispositions by a captive insurance subsidiary of Investments;


 


(p)               
Dispositions of property for Fair Market Value not otherwise permitted under this Section 6.05 having an aggregate purchase
price not to exceed the greater of (A) $20,000,000 and (B) 3.0% of Consolidated Total Assets as of the last day of the most recently ended
Test Period as of such time determined on a Pro Forma Basis;


 


(q)               
the sale or discount (with or without recourse) (including by way of assignment or participation) of other receivables (including,
without limitation, trade and lease receivables) and related assets in connection with a Permitted Receivables Financing; and


 


(r)                 
the unwinding of any Swap Obligations or Cash Management Obligations.


 


Section 6.06                  
[Reserved].


 






     


     


    

 


Section 6.07                  
Negative Pledge. The Borrower will not, and will not permit any Restricted Subsidiary to, enter into any agreement,
instrument, deed or lease that prohibits or limits the ability of any Loan Party to create, incur, assume or suffer to exist any Lien
upon any of their respective properties or revenues, whether now owned or hereafter acquired for the benefit of the Secured Parties with
respect to the Secured Obligations or under the Loan Documents; provided that the foregoing shall not apply to restrictions and
conditions imposed by:


 


(a)                 
(i) Requirements
of Law, (ii) any Loan Document, (iii) [reserved], (iv) any documentation governing Incremental Equivalent Debt, (v) any documentation
governing Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt or Permitted Second Priority Refinancing Debt,
(vi) any documentation governing Indebtedness incurred pursuant to Sections 6.01(a)(v), 6.01(a)(viii) or 6.01(a)(xxvii)
and (vii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i)
through (vi) above; provided that with respect to Indebtedness (A) referred to in clauses (iv) and (v) above, such restrictions
shall be no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or, in the case of Junior
Financing, are market terms at the time of issuance and (B) referred to clause (v) above, such restrictions shall not expand the scope
in any material respect of any such restriction or condition contained in the Indebtedness being refinanced;


 


(b)                 
customary
restrictions and conditions existing on the Effective Date and any extension, renewal, amendment, modification or replacement thereof,
except to the extent any such amendment, modification or replacement expands the scope of any such restriction or condition;


 


(c)                 
restrictions
and conditions contained in agreements relating to the sale of a Subsidiary or any assets pending such sale; provided that such
restrictions and conditions apply only to the Subsidiary or assets that is or are to be sold and such sale is permitted hereunder;


 


(d)                 
customary
provisions in leases, service agreements, licenses, sublicenses, covenants not to sue and other contracts restricting the assignment thereof;


 


(e)                 
restrictions
imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the
property securing such Indebtedness;


 


(f)                 
any restrictions
or conditions set forth in any agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or
amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation
of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower
or any other Restricted Subsidiary;


 


(g)                 
restrictions
or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by a Restricted Subsidiary that
is not a Loan Party to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions
and conditions in the Loan Documents or are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary
and its Subsidiaries;


 


(h)                 
restrictions
on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions
on cash or deposits constituting Permitted Encumbrances);


 


(i)                 
restrictions
set forth on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the extent any
such amendment, modification or replacement expands the scope of any such restriction or condition;


 


(j)                 
customary
provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.02 and
applicable solely to such joint venture; and


 






     


     


    

 





(k)                 
customary
net worth provisions contained in real property leases entered into by Subsidiaries, so long as the Borrower has determined in good faith
that such net worth provisions could not reasonably be expected to impair the ability of the Borrower and its Subsidiaries to meet their
ongoing obligations.


 


Section 6.08                  
Restricted Payments; Certain Payments of Indebtedness.


 


(a)                
The Borrower will not, and will not permit any Restricted Subsidiary to, pay or make, directly or indirectly, any Restricted Payment,
except:


 


(i)             
each Restricted Subsidiary may make Restricted Payments to the Borrower or any other Restricted Subsidiary; provided
that in the case of any such Restricted Payment by a Restricted Subsidiary that is not a wholly-owned Subsidiary of the Borrower, such
Restricted Payment is made to the Borrower, any Restricted Subsidiary and to each other owner of Equity Interests of such Restricted Subsidiary
based on their relative ownership interests of the relevant class of Equity Interests;


 


(ii)              
Restricted Payments to satisfy appraisal or other dissenters’ rights, pursuant to or in connection with a consolidation,
amalgamation, merger, transfer of assets or acquisition that complies with Section 6.03 or Section 6.04;


 


(iii)              
the Borrower may declare and make dividend payments or other distributions payable solely in the Equity Interests of the
Borrower;


 


(iv)              
[reserved];


 


(v)             
repurchases of Equity Interests in the Borrower (or Restricted Payments by the Borrower to allow repurchases of Equity Interests
in Holdings or any direct or indirect parent of Holdings, including, for the avoidance of doubt, Vacasa, Inc.),
or any Restricted Subsidiary deemed to occur upon exercise of equity options or warrants or other incentive interests if such Equity Interests
represent a portion of the exercise price of such equity options or warrants or other incentive interests;


 


(vi)               Restricted
Payments to Holdings which Holdings may use to redeem, acquire, retire or repurchase its Equity Interests (or any options, warrants,
restricted stock units or stock appreciation rights or other equity-linked interests issued with respect to any of such Equity
Interests) (or to make Restricted Payments to allow any of Holdings’ direct or indirect parent companies, including, for the
avoidance of doubt, Vacasa, Inc. to so redeem, retire, acquire or repurchase their Equity Interests or other such interests) held by
current or former officers, managers, consultants, directors and employees and other service providers (or their respective
Affiliates, spouses, former spouses, other Permitted Transferees, successors, executors, administrators, heirs, legatees or
distributees) of Holdings (or any direct or indirect parent thereof), the Borrower and the Restricted Subsidiaries, upon the death,
disability, retirement or termination of employment or engagement of any such Person or otherwise in accordance with any equity
option or equity appreciation rights plan, any management, director and/or employee equity ownership or incentive plan, equity
subscription plan, profits interest, employment termination agreement or any other employment or service agreements with any
director, officer or consultant or partnership or equity holders’ agreement; provided that, except with respect to
non-discretionary repurchases, the aggregate amount of Restricted Payments permitted by this clause (vi) after the Effective Date,
together with the aggregate amount of loans and advances to Holdings (or any direct or indirect parent thereof) made pursuant to Section
6.04(xiii) in lieu thereof, shall not, in any fiscal year of the Borrower, exceed the sum of (a) $15,000,000 (net of any
proceeds from the reissuance or resale of such Equity Interests to another Person received by Holdings, the Borrower or any
Restricted Subsidiary), (b) the amount equal to the cash proceeds of key man life insurance policies received by Holdings, the
Borrower or the Restricted Subsidiaries after the Effective Date, and (c) the cash proceeds from the sale of Equity Interests (other
than Disqualified Equity Interests) of Holdings (to the extent contributed to Holdings in the form of common Equity Interests or
Qualified Equity Interests) and, to the extent contributed to Holdings, the cash proceeds from the sale of Equity Interests of any
direct or indirect Parent Entity or management investment vehicle, in each case to any future, present or former employees,
directors, managers or consultants of Holdings, any of its Subsidiaries or any direct or indirect Parent Entity or management
investment vehicle that occurs after the Effective Date, to the extent the cash proceeds from the sale of such Equity Interests are
contributed to Holdings in the form of common Equity Interests or Qualified Equity Interests and are not Cure Amounts and have not
otherwise been applied to the payment of Restricted Payments by virtue of the Available Equity Amount or are otherwise applied to
increase any other basket hereunder; provided that any unused portion of the preceding basket calculated pursuant to clauses
(a) and (b) above for any fiscal year may be carried forward to succeeding fiscal years; provided, further, that any
Indebtedness incurred or Investments or payments made in reliance upon the Available RP Capacity Amount utilizing the unused amounts
available pursuant to this Section 6.08(a)(vi) shall reduce the amounts available pursuant to this Section
6.08(a)(vi);


 






     


     


    

 






 


(vii)              
the Borrower and the Restricted Subsidiaries may make Restricted Payments to Holdings and any Parent Entity:


 


(A)      the proceeds
of which shall be used by Holdings to pay (or to make Restricted Payments to allow any direct or indirect parent of Holdings to pay) (1)
its operating expenses incurred in the ordinary course of business and other corporate overhead costs and expenses (including administrative,
legal, accounting, tax reporting and similar expenses payable to third parties) that are reasonable and customary and incurred in the
ordinary course of business, (2) any reasonable and customary indemnification claims made by directors or officers of Holdings (or any
parent thereof) attributable to the ownership or operations of Holdings, the Borrower and the Restricted Subsidiaries, (3) fees and expenses
(x) due and payable by any of Holdings, the Borrower and the Restricted Subsidiaries and (y) otherwise not prohibited to be paid by Holdings,
the Borrower and the Restricted Subsidiaries under this Agreement and (4) payments that would otherwise be permitted to be paid directly
by Holdings, the Borrower or the Restricted Subsidiaries pursuant to Section 5.19(iii) or (x);


 


(B)      the proceeds
of which shall be used by Holdings to pay (or to make Restricted Payments to allow any direct or indirect parent of Holdings to pay) franchise
and similar Taxes, and other fees and expenses, required to maintain its organizational existence;


 


(C)      the proceeds
of which shall be used by Holdings (or any other direct or indirect parent thereof) to make Restricted Payments of the type permitted
by Section 6.08(a)(vi) or Section 6.08(a)(xi);


 


(D)      to finance
any Investment permitted to be made pursuant to Section 6.04 other than Section 6.04(xiii); provided that (1) such
Restricted Payment shall be made substantially concurrently with the closing of such Investment and (2) Holdings or any Parent Entity
shall, immediately following the closing thereof, cause (x) all property acquired (whether assets or Equity Interests but not including
any loans or advances made pursuant to Section 6.04(ii)) to be contributed to the Borrower or the Restricted Subsidiaries or (y)
the Person formed or acquired to merge into or consolidate with the Borrower or any of the Restricted Subsidiaries to the extent such
merger, amalgamation or consolidation is permitted by Section 6.03) in order to consummate such Investment, in each case in accordance
with the requirements of Sections 5.11 and 5.12;


 


(E)      the proceeds
of which shall be used to pay customary salary, bonus and other benefits payable to officers, employees and other service providers of
Holdings or any direct or indirect parent company of Holdings to the extent such salaries, bonuses and other benefits are attributable
to the ownership or operation of Holdings, the Borrower and the Restricted Subsidiaries; and


 


(F)      the proceeds
of which shall be used by Holdings to pay (or to make Restricted Payments to allow any direct or indirect parent thereof to pay) fees
and expenses related to any equity offering, debt offering or other non-ordinary course transaction not prohibited by this Agreement (whether
or not such offering or other transaction is successful);


 






    


     


    

 


(viii)              
 Restricted Payments (including Restricted Payments to Holdings, the proceeds of which may be utilized by Holdings to make
additional Restricted Payments or by Holdings to make any payments in respect of any Indebtedness of Holdings) (A) following
the consummation of the SPAC Transactions in an aggregate amount not to exceed, at the time of making any such Restricted
Payment and when taken together with the aggregate amount of loans and advances to Holdings (or any direct or indirect parent thereof)
made pursuant to Section 6.04(xiii) in lieu of Restricted Payments permitted by this clause (viii), the greater of $25,000,000
and 4.0% of Consolidated Total Assets as of the last day of the most recently ended Test Period as of such time determined on a Pro Forma
Basis, plus (B) the Available Amount that is Not Otherwise Applied (provided that, with respect to any Restricted Payment made
in reliance on clause (b) of the definition of “Available Amount” pursuant to this clause (B), no Event of Default under Section
7.01(a), (b), (h) or (i) shall be continuing or would result therefrom) plus (C) the Available Equity Amount
that is Not Otherwise Applied; provided that any Indebtedness incurred or Investments made in reliance upon the Available RP Capacity
Amount utilizing the unused amounts available pursuant to this Section 6.08(a)(viii) shall reduce the amounts available pursuant
to this Section 6.08(a)(viii);


 


(ix)              
redemptions in whole or in part of any of its Equity Interests for another class of its Equity Interests or with proceeds
from substantially concurrent equity contributions or issuances of new Equity Interests; provided that such new Equity Interests
contain terms and provisions at least as advantageous to the Lenders in all respects material to their interests as those contained in
the Equity Interests redeemed thereby;


 


(x)             
(a) payments made or expected to be made in respect of withholding or similar Taxes payable by any future, present or former
employee, director, manager, consultant or other service provider and any repurchases of Equity Interests in consideration of such payments
including deemed repurchases, in each case, in connection with the exercise of equity options and the vesting of restricted equity and
restricted equity units and (b) payments or other adjustments to outstanding Equity Interests in accordance with any management equity
plan, equity option plan or any other similar employee benefit plan, agreement or arrangement in connection with any Restricted Payment;


 


(xi)              
the Borrower or any Restricted Subsidiary may (a) pay cash in lieu of fractional Equity Interests in connection with any
dividend, split or combination thereof or any acquisition, any Permitted Acquisition or other similar Investment and (b) honor any conversion
request by a holder of convertible Indebtedness and make cash payments in lieu of fractional shares in connection with any such conversion
and may make payments on convertible Indebtedness in accordance with its terms;


 


(xii)              
Restricted Payments in an annual amount not to exceed the sum of (a) 6.0% of the net cash proceeds received by or contributed
to the Borrower from the SPAC Transactions or a Qualifying IPO and any follow-on offerings plus (b) 7.0% of the market capitalization
of Parent on the date of the declaration of a Restricted Payment in reliance on this clause (xii); provided that any Indebtedness
incurred or Investments or payments made in reliance upon the Available RP Capacity Amount utilizing the unused amounts available pursuant
to this Section 6.08(a)(xii) shall reduce the amounts available pursuant to this Section 6.08(a)(xii);


 


(xiii)              
payments made or expected to be made by Holdings, the Borrower or any Restricted Subsidiary in respect of withholding or
similar taxes payable upon exercise of Equity Interests by any future, present or former employee, director, officer, manager, consultant
or other service provider (or their respective controlled Affiliates, Immediate Family Members or Permitted Transferees) and any repurchases
of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise
price of such options or warrants or required withholding or similar taxes;


 


(xiv)              
following the consummation of the SPAC Transactions, additional
Restricted Payments; provided that either (A) the Liquidity is equal to or greater than $350,000,000 or (B) the Total Leverage
Ratio is less than or equal to 4.00 to 1.00, in either case after giving effect to such Restricted Payment on a Pro Forma Basis;


 






    


     


    

 


(xv)              
[reserved];


 


(xvi)              
 the distribution, by dividend or otherwise, of shares of Equity Interests of, or Indebtedness owed to Holdings, the Borrower
or a Restricted Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries the primary assets of which are Permitted
Investments (except to the extent that such Permitted Investments constitute the proceeds of any sale of the assets or equity of any Unrestricted
Subsidiary));


 


(xvii)              
[reserved]; and


 


(xviii)              
the Borrower may make Restricted Payments in cash to Holdings or any direct or indirect equity holder of Holdings in amounts,
as reasonably determined by the Borrower in good faith, sufficient to permit Holdings (or any successor to Holdings) to make pro rata
distributions to its equity holders (based on their percentage interests in Holdings) in amounts that will permit each such equity holder
of Holdings to receive an amount equal to its Tax Distribution Amount (determined solely by reference to tax items of Holdings that are
attributable to the Borrower and its Subsidiaries).


 


(b)               
The Borrower will not, and will not permit any Restricted Subsidiary to, make or pay, directly or indirectly, any payment or other
distribution (whether in cash, securities or other property) of principal of or interest on any Junior Financing, or any payment or other
distribution (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, prepayment, defeasance, acquisition, cancellation or termination of any Junior Financing more than one year prior
to the scheduled maturity date thereof (any such payment, a “Restricted Debt Payment”), except:


 


(i)             
payment of regularly scheduled interest and principal payments as, in the form of payment and when due in respect of any
Indebtedness, other than payments in respect of any Junior Financing prohibited by the subordination provisions thereof;


 


(ii)              
refinancings of Junior Financing Indebtedness with proceeds of, or in exchange for, other Junior Financing Indebtedness
permitted to be incurred under Section 6.01;


 


(iii)              
the conversion of any Junior Financing to Equity Interests (other than Disqualified Equity Interests) of Holdings or any
of its direct or indirect parent companies;


 


(iv)              
Restricted Debt Payments in an aggregate amount not to exceed the sum of (A) an amount at the time of making any such Restricted
Debt Payment and when taken together with the aggregate amount of loans and advances to Holdings (or any direct or indirect parent thereof)
made pursuant to Section 6.04(xiii) in lieu of Restricted Debt Payments permitted by this clause (iv) and any other Restricted
Debt Payments made utilizing this subclause (A), the greater of $15,000,000 and 2.0% of Consolidated Total Assets as of the last day of
the most recently ended Test Period as of such time determined on a Pro Forma Basis plus (B) the Available Amount (provided that
with respect to any Restricted Debt Payments made out of amounts under clause (b) of the definition of “Available Amount”
pursuant to this clause (B), no Event of Default under Section 7.01(a), (b), (h) or (i) shall have occurred
or be continuing or would result therefrom) that is Not Otherwise Applied plus (C) the Available Equity Amount that is Not Otherwise Applied
plus (D) the Available RP Capacity Amount; and


 


(v)             
Restricted Debt Payments (including prior to their scheduled maturity); provided that after giving effect to such
Restricted Debt Payment on a Pro Forma Basis, the Total Leverage Ratio is less than or equal to 4.00 to 1.00.


 






    


     


    

 


(c)                
The Borrower will not, and will not permit any Restricted Subsidiary to, amend or modify any documentation governing any Junior
Financing, if the effect of such amendment or modification (when taken as a whole) is materially adverse to the Lenders, other than in
connection with (i) a Permitted Refinancing of any such Junior Financing or (ii) in a manner expressly permitted by, or that does not
contravene, the applicable intercreditor or subordination terms or agreement(s) governing the relationship between the Lenders, on the
one hand, and the lenders or purchasers of the applicable Junior Financing, on the other hand.


 


Notwithstanding anything herein
to the contrary, the foregoing provisions of this Section 6.08 will not prohibit the payment of any Restricted Payment or Restricted
Debt Payment within 60 days after the date of declaration thereof or the giving of such irrevocable notice, as applicable, if at the date
of declaration or the giving of such notice such payment would have complied with the provisions of this Agreement.


 


Section 6.09                  
Financial Covenant.


 


(a)     Commencing
with the Test Period ending on the last day of the second full fiscal quarter ended after the First
Amendment Effective Date, if on the last day of any Test Period the aggregate outstanding principal amount of Revolving
Loans and Letters of Credit (but excluding (i) undrawn amounts under any Letters of Credit in an aggregate face amount of up to $8,000,00020,000,000
and (ii) Letters of Credit that have been Cash Collateralized) exceeds (or exceeded) 35.00% of the then outstanding Revolving
Commitments in effect on such date (the “Testing Threshold”), the Borrower shall not permit as of the last day of
any Test Period the consolidated revenue (calculated in accordance with GAAP, the “GAAP Revenue”) of the Borrower
and its Restricted Subsidiaries for the Test Period ended on such day to be less than 60.0% of the projected revenue set forth in Schedule
6.09 for such period. To the extent required to be tested with respect to any Test Period pursuant to the preceding sentence, compliance
with this Section 6.09(a) shall be tested on the date
that the Compliance Certificate for the applicable Test Period is required to be delivered pursuant to Section 5.01(d) and
not prior to such date.


 


(b)      Commencing
with the Test Period ending on the last day of the second full fiscal quarter ended after the First Amendment Effective Date, the borrower
shall not permit Liquidity to be less than $15,000,000 as of the last day of any Test Period. 


 


Article VII



EVENTS OF DEFAULT


 


Section 7.01                  
Events of Default. If any of the following events (any such event, an “Event of Default”) shall
occur:


 


(a)      any Loan
Party shall fail to pay any principal of any Loan when and as the same shall become due and payable and in the currency required hereunder,
whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;


 


(b)      any Loan
Party shall fail to pay any interest on any Loan, any reimbursement obligation in respect of any LC Disbursement or any fee or any other
amount (other than an amount referred to in paragraph (a) of this Section) payable under any Loan Document, when and as the same shall
become due and payable, and such failure shall continue unremedied for a period of five (5) Business Days;


 






    


     


    

 


(c)      any representation
or warranty made or deemed made by or on behalf of Holdings, the Borrower or any of the Restricted Subsidiaries in or in connection with
any Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, financial statement or
other document furnished pursuant to or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder,
shall prove to have been incorrect in any material respect when made or deemed made, and such incorrect representation or warranty (if
curable, including by a restatement of any relevant financial statements) shall remain incorrect for a period of 30 days after notice
thereof from the Administrative Agent to the Borrower;


 


(d)      Holdings,
the Borrower or any of the Restricted Subsidiaries shall fail to observe or perform any covenant, condition or agreement contained
in Sections 5.02(a), 5.04 (with respect to the existence of Holdings or the Borrower), Section 5.18 or in Article
VI; provided that subsequent delivery of a notice of Default shall cure such Event of Default for failure to provide
notice, unless a Responsible Officer of the Borrower had actual knowledge that such Default or Event of Default had occurred and was
continuing and reasonably should have known in the course of his or her duties that the failure to provide such notice would
constitute an Event of Default; provided, further, that any Event of Default under Section 6.09 is subject to
cure as provided in Section 7.02 and an Event of Default with respect to such Section shall not occur until the expiration of
the 15th Business Day subsequent to the date on which the financial statements with respect to the applicable fiscal quarter (or the
fiscal year ended on the last day of such fiscal quarter) are required to be delivered pursuant to Section 5.01(a) or Section
5.01(b), as applicable;


 


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


 


(f)     Holdings,
the Borrower or any of the Restricted Subsidiaries shall fail to make any payment (whether of principal or interest and regardless of
amount) in respect of any Material Indebtedness, when and as the same shall become due and payable (after giving effect to any applicable
grace period); provided, further, that this clause (f) shall not apply to any breach or default that is (I) remedied by
Holdings, the Borrower or the applicable Restricted Subsidiary or (II) waived (including in the form of amendment) by the required holders
of the applicable item of Indebtedness, in the case of (I) and (II), prior to the acceleration of Loans pursuant to this Section 7.01;


 


(g)      any event
or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits
(with all applicable grace periods having expired) the holder or holders of any Material Indebtedness or any trustee or agent on its or
their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof,
prior to its scheduled maturity, provided that this paragraph (g) shall not apply to (i) secured Indebtedness that becomes due
as a result of the sale, transfer or other disposition (including as a result of a casualty or condemnation event) of the property or
assets securing such Indebtedness (to the extent such sale, transfer or other disposition is not prohibited under this Agreement), (ii)
termination events or similar events occurring under any Swap Agreement that constitutes Material Indebtedness (it being understood that
paragraph (f) of this Section will apply to any failure to make any payment required as a result of any such termination or similar event)
or (iii) any breach or default that is (I) remedied by Holdings, the Borrower or the applicable Restricted Subsidiary or (II) waived (including
in the form of amendment) by the required holders of the applicable item of Indebtedness, in either case, prior to the acceleration of
Loans pursuant to this Article VII;


 


(h)      an involuntary
proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, court protection, reorganization or other
relief in respect of Holdings, the Borrower or any Significant Subsidiary or its debts, or of a material part of its assets, under any
Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a
receiver, trustee, custodian, examiner, sequestrator, conservator or similar official for Holdings, the Borrower or any Significant Subsidiary
or for a material part of its assets, and, in any such case, such proceeding or petition shall continue undismissed or unstayed for 60 days
or an order or decree approving or ordering any of the foregoing shall be entered;


 






    


     


    

 


(i)      Holdings,
the Borrower or any Significant Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, court
protection, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now
or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition
described in paragraph (h) of this Section, (iii) apply for or consent to the appointment of a receiver, trustee, examiner, custodian,
sequestrator, conservator or similar official for Holdings, the Borrower or any Significant Subsidiary or for a material part of its assets,
(iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding or (v) make a general
assignment for the benefit of creditors;


 


(j)      one or
more enforceable judgments for the payment of money in an aggregate amount in excess of the greater of (a) $30,000,000 and (b) 5.0% of
Consolidated Total Assets for the most recently ended Test Period as of such time determined on a Pro Forma Basis (to the extent not covered
by insurance or indemnities as to which the applicable insurance company or third party has not denied its obligation) shall


 


be rendered against Holdings, the Borrower,
any of the Restricted Subsidiaries or any combination thereof and the same shall remain undischarged for a period of 60 consecutive days
during which execution shall not be effectively stayed, or any judgment creditor shall legally attach or levy upon assets of such Loan
Party that are material to the businesses and operations of Holdings, the Borrower and the Restricted Subsidiaries, taken as a whole,
to enforce any such judgment;


 


(k)     (i) an
ERISA Event occurs that has resulted or would reasonably be expected to result in liability of any Loan Party under Title IV of ERISA
in an aggregate amount that would reasonably be expected to result in a Material Adverse Effect, or (ii) any Loan Party or any ERISA Affiliate
fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its Withdrawal Liability
under Section 4201 of ERISA under a Multiemployer Plan that has resulted or would reasonably be expected to result in liability of any
Loan Party in an aggregate amount that would reasonably be expected to result in a Material Adverse Effect;


 


(l)     to the
extent unremedied for a period of 10 Business Days (in respect of a default under clause (x) only), any Lien purported to be created under
any Security Document (x) shall cease to be, or (y) shall be asserted by any Loan Party not to be, a valid and perfected Lien on any material
portion of the Collateral, except (i) as a result of the sale or other disposition of the applicable Collateral to a Person that is not
a Loan Party in a transaction permitted under the Loan Documents, (ii) as a result of the Collateral Agent’s failure to (A) maintain
possession of any stock certificates, promissory notes or other instruments delivered to it under the Security Documents or (B) file Uniform
Commercial Code continuation statements, (ii) as a result of acts or omissions of the Collateral Agent, the Administrative Agent or any
Lender;


 


(m)     any material
provision of any Loan Document or any Guarantee of the Loan Document Obligations shall for any reason be asserted by any Loan Party not
to be a legal, valid and binding obligation of any Loan Party thereto other than as expressly permitted hereunder or thereunder;


 


(n)      any Guarantees
of the Loan Document Obligations by Holdings, the Borrower or any Subsidiary Loan Party pursuant to the Guarantee Agreement shall cease
to be in full force and effect (in each case, other than in accordance with the terms of the Loan Documents); or


 






    


     


    

 


(o)      a Change
in Control shall occur;


 


then, and in every such event (other than an
event with respect to the Borrower described in paragraph (h) or (i) of this Article), and at any time thereafter during the
continuance of such event, the Administrative Agent may, and at the request of the Required Lenders, shall, by notice to the
Borrower, take any or all of the following actions, at the same or different times: (i) terminate the applicable Commitments, and
thereupon the Commitments shall terminate immediately, (ii) declare the applicable Loans then outstanding to be due and payable in
whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and
payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all
fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately and (iii) require backstop
arrangements with respect to LC Exposure or the deposit of Cash Collateral in respect of LC Exposure as provided in Section
2.05(j), in each case, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the
Borrower; and in case of any event with respect to the Borrower described in paragraph (h) or (i) of this Article, the Commitments
shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees
and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the Borrower; provided that, the Administrative Agent
and the Required Lenders shall not exercise the remedies set forth in clauses (i) through (iii) above with respect to an Event of
Default if the initial event, failure or transaction giving rise to such Event of Default has either been publicly announced or
notified to the Administrative Agent and the Lenders in writing in any periodic or special report, including the Compliance
Certificates, and two years shall have passed from the date of such announcement or notification without any acceleration or other
enforcement action being taken by the Administrative Agent or the requisite Lenders hereunder with respect to such event, failure or
transaction; provided, further, that such two year limitation shall not apply if (i) the Administrative Agent has
commenced any remedial action in respect of any such Event of Default or (ii) the Borrower or any Guarantor has actual knowledge of
such Event of Default and has not notified the Administrative Agent thereof.


 


Notwithstanding anything in
this Agreement to the contrary, each Lender and the Administrative Agent hereby acknowledge and agree that (x) a restatement of historical
financial statements shall not result in a Default hereunder (whether pursuant to Section 7.01(c) as it relates to a representation
made with respect to such financial statements (including any interim unaudited financial statements) or pursuant to Section 7.01(d)
as it relates to delivery requirements for financial statements pursuant to Section 5.01) to the extent that such restatement does
not reveal any material adverse difference in the financial condition, results of operations or cash flows of the Borrower and its Restricted
Subsidiaries in the previously reported information from actual results reflected in such restatement for any relevant prior period and
(y) no Event of Default or breach of any representation or warranty in Article III or any covenant in Article V or VI
shall constitute a Default or Event of Default if such Event of Default or breach of such representation or warranty in Article III
or such covenant in Article V or VI would not have occurred but for a fluctuation (or other adverse change) in currency
exchange rates.


 






    


     


    

 


Notwithstanding anything to
the contrary in this Agreement, with respect to any Default or Event of Default, the words “exists,” “is continuing”
or similar expressions with respect thereto shall mean that the Default or Event of Default has occurred and has not yet been cured or
waived. If any Default or Event of Default occurs due to (i) the failure by any Loan Party to take any action by a specified time, such
Default or Event of Default shall be deemed to have been cured at the time, if any, that the applicable Loan Party takes such action or
(ii) the taking of any action by any Loan Party that is not then permitted by the terms of this Agreement or any other Loan Document,
such Default or Event of Default shall be deemed to be cured on the earlier to occur of (x) the date on which such action would be permitted
at such time to be taken under this Agreement and the other Loan Documents and (y) the date on which such action is unwound or otherwise
modified to the extent necessary for such revised action to be permitted at such time by this Agreement and the other Loan Documents.
If any Default or Event of Default occurs that is subsequently cured (a “Cured Default”), any other Default or Event
of Default resulting from the making or deemed making of any representation or warranty by any Loan Party or the taking of any action
by any Loan Party or any Subsidiary of any Loan Party, in each case which subsequent Default or Event of Default would not have arisen
had the Cured Default not occurred, shall be deemed to be cured automatically upon, and simultaneous with, the cure of the Cured Default. 
Notwithstanding anything to the contrary in this Section 7.01, an Event of Default (the “Initial Default”) may
not be cured pursuant to this Section 7.01:


 


(i)                       
if the taking of any action by any Loan Party or Subsidiary of a Loan Party that is not permitted during, and as a result
of, the continuance of such Initial Default directly results in the cure of such Initial Default and the applicable Loan Party or Subsidiary
had actual knowledge at the time of taking any such action that the Initial Default had occurred and was continuing;


 


(ii)                       
in the case of an Event of Default under Section 7.01(m) that directly results in material impairment of the
rights and remedies of the Lenders, Collateral Agent and Administrative Agent under the Loan Documents and that is incapable of being
cured;


 


(iii)                       
in the case of an Event of Default under Section 7.01(e) arising due to the failure to perform or observe Section
5.07 that directly results in a material adverse effect on the ability of the Borrower and the other Loan Parties (taken as a whole) to
perform their respective payment obligations under any Loan Document to which the Borrower or any of the other Loan Parties is a party;
or


 


(iv)                       
in the case of an Initial Default for which (i) the Borrower failed to give notice to the Administrative Agent and the Lenders
of such Initial Default in accordance with Section 5.02(a) of this Agreement and (ii) the Borrower had actual knowledge of such
failure to give such notice and reasonably should have known in the course of his or her duties that the failure to provide such notice
would constitute an Event of Default.


 


Notwithstanding anything herein
to the contrary, the cure provisions in the immediately preceding paragraph do not apply to any Event of Default arising from the failure
to perform or observe Section 5.02(a) (which instead is governed by Section 7.01(d)).


 


Section 7.02                  
Right to Cure. Notwithstanding anything to the contrary contained in Section 7.01, in the event that the
Borrower and its Restricted Subsidiaries fail to comply with the requirements of theany
Financial Performance Covenant as of the last day of any fiscal quarter of the Borrower, at any time after the beginning
of such fiscal quarter until the expiration of the 15th Business Day following the date on which the financial statements
with respect to such fiscal quarter (or the fiscal year ended on the last day of such fiscal quarter) are required to be delivered pursuant
to Section 5.01(a) or Section 5.01(b), as applicable, Holdings or any Parent Entity shall have the right to issue Equity
Interests for cash or otherwise receive cash contributions to the capital of Holdings or any Parent Entity as cash common equity or other
Equity Interests in a form reasonably acceptable to the Administrative Agent (which Holdings or such Parent Entity shall contribute through
its Subsidiaries of which the Borrower is a Subsidiary to the Borrower as cash common equity) (collectively, the “Cure Right”),
and upon the receipt by the Borrower of the Net Proceeds of such issuance that are Not Otherwise Applied (the “Cure Amount”)
pursuant to the exercise by the Borrower of such Cure Right the applicable
Financial Performance Covenant shall be recalculated giving effect to the following pro forma adjustment:


 






    


     


    

 


(a)      (x)
the applicable GAAP Revenue shall be increased with respect to such applicable fiscal quarter and any four fiscal quarter
period that contains such fiscal quarter, solely for the purpose of measuring the Financial Performance Covenant set
forth in Section 6.09(a) and not for any other purpose under this Agreement, by an amount equal to the Cure Amount and/or (y) Available
Cash of the Borrower and its Restricted Subsidiaries shall be increased with respect to such applicable fiscal quarter and any four fiscal
quarter period that contains such fiscal quarter, solely for the purpose of measuring the Financial Performance Covenant set forth in
Section 6.09(b) and not for any other purpose under this Agreement, by an amount equal to the Cure Amount;


 


(b)      if, after
giving effect to the foregoing pro forma adjustment, the Borrower and its Restricted Subsidiaries shall then be in compliance with the
requirements of the applicable Financial Performance Covenant,
the Borrower and its Restricted Subsidiaries shall be deemed to have satisfied the requirements of the applicable
Financial Performance Covenant as of the relevant date of determination with the same effect as though there had been no
failure to comply therewith at such date, and the applicable breach or default of the applicable
Financial Performance Covenant that had occurred shall be deemed cured for the purposes of this Agreement; and


 


(c)     notwithstanding
anything herein to the contrary, (i) in each four consecutive fiscal quarter period of the Borrower there shall be at least two fiscal
quarters in which the Cure Right is not exercised, (ii) during the term of this Agreement, the Cure Right shall not be exercised more
than five times, (iii) the Cure Amount shall be no greater than the amount required for purposes of complying with the applicable
Financial Performance Covenant and any amounts in excess thereof shall not be deemed to be a Cure Amount, (iv) there shall
be no pro forma reduction in Indebtedness (by netting or otherwise) with the proceeds of the Cure Amount for determining compliance with
the applicable Financial Performance Covenant for the fiscal
quarter for which such Cure Amount is deemed applied, except to the extent that such proceeds are actually applied to repay Indebtedness
and (v) the Lenders shall not be required to make a Loan or issue, amend, renew or extend any Letter of Credit unless and until the Borrower
has received the Cure Amount required to cause the Borrower and the Restricted Subsidiaries to be in compliance with the applicable
Financial Performance Covenant. Notwithstanding any other provision in this Agreement to the contrary, the Cure Amount
received pursuant to any exercise of the Cure Right shall be disregarded for purposes of determining the Available Amount, the Available
Equity Amount, any financial ratio-based conditions or tests, or any available basket under Article VI of this Agreement.


 


Section 7.03                  
Application of Proceeds.


 


(a)       Subject
to any applicable Intercreditor Agreement, upon the exercise of remedies provided for in Section 7.01 any amounts received on account
of the Secured Obligations shall be applied by the Administrative Agent as follows:


 


FIRST, to the
payment of all costs, expenses and fees incurred by the Administrative Agent and the Collateral Agent in connection with this
Agreement, any other Loan Document or any of the Secured Obligations, including all court costs and the fees and expenses of its
agents and legal counsel, the repayment of all advances made by the Administrative Agent or the Collateral Agent hereunder or under
any other Loan Document on behalf of any Loan Party and any other costs or expenses incurred in connection with the exercise of any
right or remedy hereunder or under any other Loan Document;


 


SECOND, to the payment
in full of the Secured Obligations and to cash collateralize Letters of Credit (the amounts so applied to be distributed among the Secured
Parties pro rata in accordance with the amounts of the Secured Obligations owed to them on the date of any such distribution); and


 


THIRD, to the Loan
Parties, their successors and assigns, or as a court of competent jurisdiction may otherwise direct.


 






    


     


    

 


(b)       The
Administrative Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance
with this Agreement. Upon any sale of Collateral by the Administrative Agent (including pursuant to a power of sale granted by statute
or under a judicial proceeding), the receipt of the Administrative Agent or of the officer making the sale shall be a sufficient discharge
to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application
of any part of the purchase money paid over to the Administrative Agent or such officer or be answerable in any way for the misapplication
thereof.


 


 


(c)       Notwithstanding
the foregoing, Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received from such Guarantor or
its assets, but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation to Secured
Obligations otherwise set forth in Section 4.02 of the Collateral Agreement and/or the similar provisions in the other Security Documents.


 


 


Article VIII



THE ADMINISTRATIVE AGENT AND COLLATERAL AGENT


 


Each of the Lenders and the
Issuing Banks hereby irrevocably appoint JPMCB to serve as Administrative Agent and Collateral Agent under the Loan Documents,
and authorize the Administrative Agent and Collateral Agent to take such actions and to exercise such powers as are delegated to the Administrative
Agent and Collateral Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto.
The provisions of this Article are solely for the benefit of the Administrative Agent, the Collateral Agent, the Lenders and the Issuing
Banks, and none of Holdings, the Borrower or any other Loan Party shall have any rights as a third party beneficiary of any such provisions.


 


The Person serving as the
Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender or an Issuing Bank as any other Lender
or Issuing Bank and may exercise the same as though it were not the Administrative Agent, and such Person and its Affiliates may accept
deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business
with Holdings, the Borrower or any other Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder
and without any duty to account therefor to the Lenders.


 


TheNone
of the Administrative Agent, the Bookrunner andJoint
Bookrunners or the Lead ArrangerArrangers,
as applicable, shall not have any duties or obligations except those
expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent, the BookrunnerJoint
Bookrunners and the Lead ArrangerArrangers,
as applicable, (a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and
is continuing, (b) shall not have any duty to take any discretionary action or to exercise any discretionary power, except
discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is required to exercise
as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for
herein or in the other Loan Documents); provided that the Administrative Agent shall not be required to take any action that,
in its opinion, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law, and (c)
shall not have any duty or responsibility to disclose, and shall not be liable for the failure to disclose, to any Lender or any
Issuing Bank, any credit or other information concerning the business, prospects, operations, property, financial and other
condition or creditworthiness of any of the Loan Parties or any of their Affiliates, that is communicated to, obtained or in the
possession of, the Administrative Agent, the BookrunnerJoint
Bookrunners, the Lead ArrangerArrangers or
any of their Related Parties in any capacity, except for notices, reports and other documents expressly required to be furnished to
the Lenders by the Administrative Agent herein. None of the Administrative Agent, the BookrunnerJoint
Bookrunners or the Lead ArrangerArrangers shall
be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number
or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith to be necessary,
under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct. The
Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the
Administrative Agent by Holdings, the Borrower, a Lender or an Issuing Bank. None of the Administrative Agent, the BookrunnerJoint
Bookrunners or the Lead ArrangerArrangers shall
be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in
connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in
connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth
in any Loan Document or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of any Loan
Document or any other agreement, instrument or document, (v) the value or the sufficiency of any Collateral or creation, perfection
or priority of any Lien purported to be created by the Security Documents or (vi) the satisfaction of any condition set forth in Article
IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the
Administrative Agent or satisfaction of any condition that expressly refers to the matters described therein being acceptable or
satisfactory to the Administrative Agent. Notwithstanding anything herein to the contrary, the Administrative Agent shall not have
any liability arising from any confirmation of the Revolving Exposure or the component amounts thereof.


 






    


     


    

 


The Administrative Agent shall
be entitled to rely, and shall not incur any liability for relying, upon any notice, request, certificate, consent, statement, instrument,
document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it
to be genuine and to have been signed, sent or otherwise authenticated by the proper Person (including, if applicable, a Responsible Officer
or Financial Officer of such Person). The Administrative Agent also may rely, and shall not incur any liability for relying, upon any
statement made to it orally or by telephone and believed by it to be made by the proper Person (including, if applicable, a Financial
Officer or a Responsible Officer of such Person). The Administrative Agent may consult with legal counsel (who may be counsel for the
Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in
accordance with the advice of any such counsel, accountants or experts.


 


The Administrative Agent may
perform any of and all its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one
or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any of and all their
duties and exercise their rights and powers through their respective Related Parties. The exculpatory provisions of this Article shall
apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective
activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.


 


Subject to the appointment
and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign upon 30 days’
notice to the Lenders, the Issuing Banks and the Borrower. If the Administrative Agent becomes a Defaulting Lender and is not performing
its role hereunder as Administrative Agent, the Administrative Agent may be removed as the Administrative Agent hereunder at the request
of the Borrower and the Required Lenders. Upon receipt of any such notice of resignation or upon such removal, the Required Lenders shall
have the right, with the Borrower’s consent (unless an Event of Default under Section 7.01(a), (b), (h) or
(i) has occurred and is continuing), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate
of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall
have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring
Administrative Agent may (but shall not be obligated to) on behalf of the Lenders and the Issuing Banks, appoint a successor Administrative
Agent, which shall be an Approved Bank with an office in New York, New York, or an Affiliate of any such Approved Bank (the date upon
which the retiring Administrative Agent is replaced, the “Resignation Effective Date”).


 


If the Person serving as Administrative
Agent is a Defaulting Lender, the Required Lenders and the Borrower may, to the extent permitted by applicable law, by notice in writing
to such Person remove such Person as Administrative Agent and, with the consent of the Borrower, appoint a successor. If no such successor
shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (the “Removal Effective
Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.


 






    


     


    

 


With effect from the Resignation
Effective Date or the Removal Effective Date (as applicable) (1) the retiring or removed Administrative Agent shall be discharged from
its duties and obligations hereunder and under the other Loan Documents (except (i) that in the case of any collateral security held by
the Administrative Agent on behalf of the Lenders under any of the Loan Documents, the retiring or removed Administrative Agent shall
continue to hold such collateral security until such time as a successor Administrative Agent is appointed and (ii) with respect to any
outstanding payment obligations) and (2) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative
Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be
made by or through a temporary Administrative Agent to be agreed by the Borrower and the Required Lenders, until such time, if any, as
the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment
as Administrative Agent (including a temporary Administrative Agent) hereunder, such successor shall succeed to and become vested with
all of the rights, powers, privileges and duties of the retiring (or removed) Administrative Agent (other than any rights to indemnity
payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal Effective
Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder
and under the other Loan Documents as set forth in this Section. The fees payable by the Borrower to a successor Administrative Agent
shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring
or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article
and Section 9.04 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and
their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative
Agent was acting as Administrative Agent.


 


Each Lender and each
Issuing Bank expressly acknowledges that none of the Administrative Agent, the Lead ArrangerArrangers or
the BookrunnerJoint
Bookrunners has made any representation or warranty to it, and that no act by the Administrative Agent, the Lead Arranger
or the BookrunnerArrangers
or the Joint Bookrunners hereafter taken, including any consent to, and acceptance of, any assignment or review of
the affairs of any Loan Party of any Affiliate thereof, shall be deemed to constitute any representation or warranty by the
Administrative Agent, the Lead ArrangerArrangers or
the BookrunnerJoint
Bookrunners to any Lender or any Issuing Bank as to any matter, including whether the Administrative Agent, the Lead ArrangerArrangers or
the BookrunnerJoint
Bookrunners have disclosed material information in their (or their Related Parties’) possession. Each Lender
and each Issuing Bank represents to the Administrative Agent, the Lead ArrangerArrangers and
the BookrunnerJoint
Bookrunners that it has, independently and without reliance upon the Administrative Agent, the Lead ArrangerArrangers,
the BookrunnerJoint
Bookrunners, any other Lender or any Issuing Bank, or any of the Related Parties of any of the foregoing, and based
on such documents and information as it has deemed appropriate, made its own credit analysis of, appraisal of, and investigation
into, the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties and
their Subsidiaries, and all applicable bank or other regulatory laws relating to the transactions contemplated hereby, and made its
own decision to enter into this Agreement and to extend credit to the Borrower hereunder. Each Lender and each Issuing Bank also
acknowledges that it will, independently and without reliance upon the Administrative Agent, the Lead ArrangerArrangers,
the BookrunnerJoint
Bookrunners, any other Lender or any Issuing Bank, or any of the Related Parties of any of the foregoing, and based
on such documents and information as it shall from time to time deem appropriate, continue to make its own credit analysis,
appraisals and decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related
agreement or any document furnished hereunder or thereunder, and to make such investigations as it deems necessary to inform itself
as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties. Each
Lender and each Issuing Bank represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending
facility and (ii) it is engaged in making, acquiring or holding commercial loans in the ordinary course and is entering into this
Agreement as a Lender or Issuing Bank for the purpose of making, acquiring or holding commercial loans and providing other
facilities set forth herein as may be applicable to such Lender or Issuing Bank, and not for the purpose of purchasing, acquiring or
holding any other type of financial instrument, and each Lender and each Issuing Bank agrees not to assert a claim in contravention
of the foregoing. Each Lender and each Issuing Bank represents and warrants that it is sophisticated with respect to decisions to
make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or
such Issuing Bank, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such
commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or
providing such other facilities.


 






    


     


    

 


Each Lender, by delivering
its signature page to this Agreement and funding its Loans on the Effective Date, or delivering its signature page to the
First Amendment, an Assignment and Assumption, Incremental Facility Amendment, Refinancing Amendment or Loan Modification
Agreement pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and
approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative
Agent or the Lenders on the Effective Date.


 


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


 


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


 


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


 


Each party’s
obligations, agreements and waivers under this Article VIII shall survive the resignation or replacement of the
Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments
and/or the repayment, satisfaction or discharge of all Secured Obligations (or any portion thereof) under any Loan Document.
Notwithstanding anything to the contrary herein or in any other Loan Document, this Article VIII will not create any
additional Secured Obligations or otherwise increase or alter such Secured Obligations.


 






    


     


    

 


No Lender shall have any right
individually to realize upon any of the Collateral or to enforce any Guarantee of the Secured Obligations, it being understood and agreed
that all powers, rights and remedies under the Loan Documents may be exercised solely by the Administrative Agent and/or the Collateral
Agent on behalf of the Secured Parties in accordance with the terms thereof. In the event of a foreclosure by the Collateral Agent on
any of the Collateral pursuant to a public or private sale or other disposition, the Administrative Agent, the Collateral Agent or any
Lender may be the purchaser or licensor of any or all of such Collateral at any such sale or other disposition, and the Administrative
Agent or the Collateral Agent, as agent for and representative of the Lenders (but not any Lender or Lenders in its or their respective
individual capacities unless the Required Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and
making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply
any of the Secured Obligations as a credit on account of the purchase price for any Collateral payable by the Administrative Agent or
the Collateral Agent on behalf of the Lenders at such sale or other disposition. Each Lender, whether or not a party hereto, will be deemed,
by its acceptance of the benefits of the Collateral and of the Guarantees of the Secured Obligations, to have agreed to the foregoing
provisions.


 


Notwithstanding anything herein
to the contrary, neithernone
of the Lead Arranger nor the BookrunnerArrangers
or the Joint Bookrunners shall have any duties or obligations under this Agreement or any other Loan Document (except in
its capacity, as applicable, as a Lender or an Issuing Bank), but all such Persons shall have the benefit of the indemnities provided
for hereunder, including under Section 9.03, fully as if named as an indemnitee or indemnified person therein and irrespective
of whether the indemnified losses, claims, damages, liabilities and/or related expenses arise out of, in connection with or as a result
of matters arising prior to, on or after the effective date of any Loan Document.


 


To the extent required by
any applicable Requirements of Law, the Administrative Agent may withhold from any payment to any Lender an amount equivalent to any applicable
withholding Tax. Without limiting or expanding the provisions of Section 2.17, each Lender shall indemnify the Administrative Agent
against, and shall make payable in respect thereof within 30 days after demand therefor, all Taxes and all related losses, claims,
liabilities and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent) incurred by or asserted
against the Administrative Agent by the U.S. Internal Revenue Service or any other Governmental Authority as a result of the failure of
the Administrative Agent to properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including, without
limitation, because the appropriate documentation was not delivered or not properly executed, or because such Lender failed to notify
the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of, withholding tax ineffective),
whether or not such Tax was correctly or legally imposed or asserted. A certificate as to the amount of such payment or liability delivered
to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative
Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement, any other Loan Document or otherwise
against any amount due to the Administrative Agent under this paragraph. The agreements in this paragraph shall survive the resignation
and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction
or discharge of all other obligations under any Loan Document. For the avoidance of doubt, the term “Lender” in this Article
VIII shall include any Issuing Bank.


 


Each Lender party to this
Agreement hereby appoints the Administrative Agent and Collateral Agent to act as its agent under and in connection with the relevant
Security Documents.


 


All provisions of this Article
VIII applicable to the Administrative Agent shall apply to the Collateral Agent and the Collateral Agent shall be entitled to all
the benefits and indemnities applicable to the Administrative Agent under this Agreement.


 






    


     


    

 


Article IX







MISCELLANEOUS


 


Section 9.01                  
Notices. Except in the case of notices and other communications expressly permitted to be given by telephone, all
notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service,
mailed by certified or registered mail or sent by fax, e-mail or other electronic transmission, as follows:


 


(a)          If to any Loan Party, to:


 


c/o Vacasa Holdings LLC


830 NW 13th Ave.


Portland, OR 97209


Attention: Neema Hodjat


Email: ####


 


With copies to:


 


Silver Lake Partners


2775 Sand Hill Road


Suite 100


Menlo Park, CA 94025


Attention: Mary Conrad


Email: ####


 


Latham & Watkins LLP


1271 Avenue of the Americas


New York, NY 10020


Attention: Joshua A. Tinkelman


Email: ####


 


(b)          If to the Administrative Agent,
to:


 


JPMorgan Chase Bank,
N.A.


Middle Market Servicing


10 South Dearborn,
Floor L2


Chicago, IL, 60603-2300


Attention: August
Dunn


Tel: 312-385-7048


Fax No: 312-385-7045


Emails: ####               


 


With copy to:


 


               JPMorgan Chase Bank, N.A.


Middle Market Technology
and Disruptive Commerce Banking


237 Park Avenue, 6th
Floor


New York, NY 10017


Attention: Ted Karsos


Email: ####


 






    


     


    

 


(c)           If to
the Administrative Agent, solely with respect to Borrowing Requests, Interest Election Requests and Notices of Loan Prepayments, to:


 


JPMorgan Chase Bank,
N.A.


Middle Market Servicing


10 South Dearborn,
Floor L2


Chicago, IL, 60603-2300


Tel: 312-385-7048


Fax No: 312-385-7045


Emails: ####





 


(d)          If to
any Issuing Bank, to it at its address (or fax number or email address) most recently specified by it in a notice delivered to the Administrative
Agent, Holdings, and the Borrower (or, in the absence of any such notice, to the address (or fax number or email address) set forth in
the Administrative Questionnaire of the Lender that is serving as such Issuing Bank or is an Affiliate thereof); and


 


(e)          If to
any other Lender, to it at its address (or fax number or email address) set forth in its Administrative Questionnaire.


 


Notices and other communications
sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices and other communications sent by fax or other electronic transmission shall be deemed to have been given when sent (except that,
if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next
business day for the recipient).


 


The Borrower may change its
address, email or facsimile number for notices and other communications hereunder by notice to the Administrative Agent, the Administrative
Agent may change its address, email or facsimile number for notices and other communications hereunder by notice to the Borrower and the
Lenders may change their address, email or facsimile number for notices and other communications hereunder by notice to the Administrative
Agent. Notices and other communications to the Lenders and the Issuing Banks hereunder may also be delivered or furnished by electronic
communication (including email and Internet or intranet websites) pursuant to procedures reasonably approved by the Administrative Agent,
provided that the foregoing shall not apply to notices to any Lender or Issuing Bank pursuant to Article II if such Lender
or Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by
electronic communication.


 


THE PLATFORM IS PROVIDED “AS
IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER
MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO
WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT
OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS
OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”)
have any liability to Holdings, the Borrower, any Lender, any Issuing Bank or any other Person for losses, claims, damages, liabilities
or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan Party’s or the Administrative
Agent’s transmission of Borrower Materials or notices through the Platform, any other electronic messaging service, or through the
Internet, except to the extent that such losses, claims, damages, liabilities or expenses have resulted from the willful misconduct, bad
faith or gross negligence of the Administrative Agent or any of its Related Parties, as applicable.


 


The Administrative Agent,
the Issuing Banks and the Lenders shall be entitled to rely and act upon any notices (including telephonic notices and Borrowing Requests)
purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete
or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient,
varied from any confirmation thereof. All telephonic notices to and other telephonic communications with the Administrative Agent may
be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.


 






    


     


    

 



 


		Section 9.02	Waivers; Amendments.



 


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


 


(b)          
Except as expressly provided herein, which shall be subject to Section 1.14(b), neither any Loan Document nor any provision
thereof may be waived, amended or modified except, in the case of this Agreement, pursuant to an agreement or agreements in writing entered
into by Holdings, the Borrower, the Administrative Agent (to the extent that such waiver, amendment or modification does not affect the
rights, duties, privileges or obligations of the Administrative Agent under this Agreement, the Administrative Agent shall execute such
waiver, amendment or other modification to the extent approved by the Required Lenders) and the Required Lenders or, in the case of any
other Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or
Loan Parties that are parties thereto, in each case with the consent of the Required Lenders, provided that no such agreement shall:


 


(i)         increase
the Commitment of any Lender without the written consent of such Lender (but not the Required Lenders) (it being understood that a waiver
of any condition precedent set forth in Section 4.02 or the waiver of any Default, Event of Default, mandatory prepayment or mandatory
reduction of the Commitments shall not constitute an extension or increase of any Commitment of any Lender),


 


(ii)         reduce
the principal amount of any Loan or LC Disbursement (it being understood that a waiver of any Default, Event of Default, mandatory prepayment
or mandatory reduction of the Commitments shall not constitute a reduction or forgiveness in principal) or reduce the rate of interest
thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly and adversely affected thereby (but
not the Required Lenders), provided that only the consent of the Required Lenders shall be necessary to waive any obligation of
the Borrower to pay default interest pursuant to Section 2.13(c),


 


(iii)        postpone
the maturity of any Loan (it being understood that a waiver of any Default, Event of Default, mandatory prepayment or mandatory reduction
of the Commitments shall not constitute an extension of any maturity date), or the applicable Incremental Facility Amendment, Refinancing
Amendment or Loan Modification Agreement, or the reimbursement date with respect to any LC Disbursement, or any date for the payment of
any interest or fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration
of any Commitment, without the written consent of each Lender directly and adversely affected thereby (but not the Required Lenders),


 


(iv)        change
any of the provisions of this Section without the written consent of each Lender directly and adversely affected thereby (but not the
Required Lenders), provided that any such change which is in favor of a Class of Lenders holding Loans maturing after the maturity
of other Classes of Lenders (and only takes effect after the maturity of such other Classes of Loans or Commitments) will require the
written consent only of the Required Lenders with respect to each Class directly and adversely affected thereby,


 


(v)
         lower the percentage set forth in the definition of “Required Lenders” or any
other provision of any Loan Document specifying the number or percentage of Lenders (or Lenders of any Class) required to waive,
amend or modify any rights thereunder or make any determination or grant any consent thereunder, without the written consent of each
Lender (or each Lender of such Class, as the case may be) (but not the Required Lenders),


 






     


     


    

 


(vi)        release
all or substantially all the value of the Guarantees under the Guarantee Agreement (except as expressly provided in the Loan Documents)
without the written consent of each Lender (other than a Defaulting Lender),


 


(vii)       release
all or substantially all the Collateral from the Liens of the Security Documents, without the written consent of each Lender (other than
a Defaulting Lender), except as expressly provided in the Loan Documents,


 


(viii)      change
the currency in which any Loan is denominated, without the written consent of each Lender directly affected thereby (but not the Required
Lenders), or


 


(ix)        change
any of the provisions of Section 7.03, or Section 4.02 of the Collateral Agreement and/or the similar “waterfall” provisions
in the other Security Documents referred to therein, without the written consent of each Lender directly and adversely affected thereby;


 


provided, further,
that (A) no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Collateral
Agent or the Issuing Bank without the prior written consent of the Administrative Agent, the Collateral Agent or the Issuing Bank,
as the case may be, including, without limitation, any amendment of this Section, (B) any provision of this Agreement or any other
Loan Document may be amended by an agreement in writing entered into by Holdings, the Borrower and the Administrative Agent to cure
any ambiguity, omission, mistake, error, defect or inconsistency and (C) any provision of this Agreement or any other Loan Document
may be amended by an agreement in writing entered into by Holdings, the Borrower and the Administrative Agent to (i) increase the
interest rates (including any interest rate margins or interest rate floors), fees and other amounts payable to any Class or Classes
of Lenders hereunder, (ii) add, increase, expand and/or extend call protection provisions and prepayment premiums and any
 “most favored nation” provisions benefiting any Class or Classes of Lenders hereunder and/or (iii) modify any other
provision hereunder or under any other Loan Document in a manner, as determined by the Administrative Agent in its sole discretion,
more favorable to the then-existing Lenders or Class or Classes of Lenders, in each case of this clause (C), in connection with the
issuance or incurrence of any Incremental Facilities or other Indebtedness permitted hereunder, where the terms of any such
Incremental Facilities or other Indebtedness are more favorable to the lenders thereof than the corresponding terms applicable to
other Loans or Commitments then existing hereunder, and it is intended that one or more then-existing Classes of Loans or
Commitments under this Agreement share in the benefit of such more favorable terms in order to comply with the provisions hereof
relating to the incurrence of such Incremental Facilities or other Indebtedness, and (D) any waiver, amendment or modification of
this Agreement that by its terms affects the rights or duties under this Agreement of Lenders holding Loans or Commitments of a
particular Class (but not the Lenders holding Loans or Commitments of any other Class) may be effected by an agreement or agreements
in writing entered into solely by the Borrower and the requisite percentage in interest of the affected Class of Lenders that would
be required to consent thereto under this Section if such Class of Lenders were the only Class of Lenders hereunder at the time
(“Required Class Lenders”). Notwithstanding the foregoing, (a) this Agreement may be amended (or amended and
restated) with the written consent of the Required Lenders, the Administrative Agent, Holdings and the Borrower (i) to add one or
more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder
and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents
and (ii) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders on
substantially the same basis as the Lenders prior to such inclusion, (b) this Agreement and other Loan Documents may be amended or
supplemented by an agreement or agreements in writing entered into by the Administrative Agent and Holdings, the Borrower or any
Loan Party as to which such agreement or agreements is to apply, without the need to obtain the consent of any Lender, to include
 “parallel debt” or similar provisions, and any authorizations or granting of powers by the Lenders and the other Secured
Parties in favor of the Collateral Agent, in each case required to create in favor of the Collateral Agent any security interest
contemplated to be created under this Agreement, or to perfect any such security interest, where the Administrative Agent shall have
been advised by its counsel that such provisions are necessary or advisable under local law for such purpose (with Holdings and the
Borrower hereby agreeing to, and to cause their subsidiaries to, enter into any such agreement or agreements upon reasonable request
of the Administrative Agent promptly upon such request) and (c) upon notice thereof by the Borrower to the Administrative Agent with
respect to the inclusion of any previously absent financial maintenance covenant or other covenant, this Agreement shall be amended
by an agreement in writing entered into by the Borrower and the Administrative Agent without the need to obtain the consent of any
Lender to include any such covenant and any related equity cure provision on the date of the incurrence of the applicable
Indebtedness to the extent required by the terms of such definition or section. Notwithstanding the foregoing, amendments to or
waivers of guarantees, collateral security documents and related documents in connection with this Agreement may be in a form
reasonably determined by the Administrative Agent and the Borrower and may be, together with this Agreement and the other Loan
Documents, amended and waived with the consent of the Administrative Agent at the request of the Borrower without the need to obtain
the consent of any other Lender if such amendment or waiver is delivered in order (i) to comply with local law or advice of local
counsel, (ii) to cure ambiguities or defects or (iii) to cause such guarantee, collateral security document or other document to be
consistent with this Agreement and the other Loan Documents.


 






     


     


    

 


(c)           In
connection with any proposed amendment, modification, waiver or termination (a “Proposed Change”) requiring the
consent of all Lenders (or all Lenders of a Class) or all directly and adversely affected Lenders (or all directly and adversely
affected Lenders of a Class), if the consent of the Required Lenders to such Proposed Change is obtained, but the consent to such
Proposed Change of other Lenders whose consent is required is not obtained (any such Lender whose consent is not obtained as
described in paragraph (b) of this Section being referred to as a “Non-Consenting Lender”), then the Borrower
may, at its sole expense and effort, upon notice to such Non-Consenting Lender and the Administrative Agent, require such
Non-Consenting Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section
9.04), all its interests, rights and obligations under this Agreement to an Eligible Assignee that shall assume such obligations
(which Eligible Assignee may be another Lender, if a Lender accepts such assignment), provided that (a) the Borrower shall
have received the prior written consent of the Administrative Agent and each Issuing Bank to the extent such consent would be
required under Section 9.04(b) for an assignment of Loans or Commitments, as applicable, which consent shall not unreasonably
be withheld, (b) such Non-Consenting Lender shall have received payment of an amount equal to the outstanding par principal amount
of its Loans and participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts, payable to it
hereunder from or on behalf of the Eligible Assignee (to the extent of such outstanding principal and accrued interest and fees) or
the Borrower (in the case of all other amounts) and (c) unless waived, the Borrower or such Eligible Assignee shall have paid to the
Administrative Agent the processing and recordation fee specified in Section 9.04(b). Each party hereto agrees that an
assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower,
the Administrative Agent and the assignee and that the Lender required to make such assignment need not be a party thereto.


 


(d)          
Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, Revolving Commitments and Revolving Exposure
of any Lender that is at the time a Defaulting Lender shall not have any voting or approval rights under the Loan Documents and shall
be excluded in determining whether all Lenders (or all Lenders of a Class), all affected Lenders (or all affected Lenders of a Class),
Required Class Lenders or the Required Lenders have taken or may take any action hereunder (including any consent to any amendment or
waiver pursuant to this Section 9.02); provided that (i) the Commitment of any Defaulting Lender may not be increased or
extended without the consent of such Defaulting Lender and (ii) any waiver, amendment or modification requiring the consent of all Lenders
or each affected Lender that affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such
Defaulting Lender.


 


(e)          
[Reserved].


 


(f)           
Without any further consent of the Lenders, the Administrative Agent and the Collateral Agent shall be authorized to negotiate
and, from and after the Collateral Trigger Event Date, execute and deliver on behalf of the Secured Parties any Intercreditor Agreement
in a form substantially consistent with Exhibit E or Exhibit F hereto.


 


(g)          
[Reserved].


 






     


     


    

 


(h)          Notwithstanding
anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and
under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and
proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent
and the Collateral Agent in accordance with Article VII for the benefit of all the Lenders and the Issuing Banks; provided, however,
that the foregoing shall not prohibit (a) the Administrative Agent or the Collateral Agent from exercising on its own behalf the
rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent or Collateral Agent) hereunder and
under the other Loan Documents, (b) an Issuing Bank from exercising the rights and remedies that inure to its benefit (solely in its
capacity as Issuing Bank, as the case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff
rights in accordance with Section 9.08 (subject to the terms of Section 2.18), or (d) any Lender from filing proofs of
claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any
Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent
hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the
Administrative Agent pursuant to Article VII and (ii) in addition to the matters set forth in clauses (b) and (c) of the preceding
proviso and subject to Section 2.18, any Lender may, with the consent of the Required Lenders, enforce any rights and
remedies available to it and as authorized by the Required Lenders.


 


		Section 9.03	Expenses; Indemnity; Limitation of Liability.



 


(a)          
The Borrower shall pay, if the Effective Date occurs, (i) all reasonable and documented or invoiced out of pocket expenses incurred
by the Administrative Agent, the Collateral Agent, the Lead ArrangerArrangers,
the BookrunnerJoint
Bookrunners and their Affiliates (without duplication), including the reasonable fees, charges and disbursements of counsel
for the Administrative Agent and to the extent reasonably determined by the Administrative Agent to be necessary one local counsel in
each applicable jurisdiction or otherwise retained with the Borrower’s consent, in each case for the Administrative Agent, the Collateral
Agent, the Lead ArrangerArrangers
and the BookrunnerJoint
Bookrunners, and to the extent retained with the Borrower’s consent, consultants, in connection with the syndication
of the credit facilities provided for herein, the preparation and administration of the Loan Documents or any amendments, modifications
or waivers of the provisions thereof and (ii) all reasonable and documented or invoiced out-of-pocket expenses incurred by the Administrative
Agent and the Collateral Agent, each Issuing Bank, the Lead ArrangerArrangers,
the BookrunnerJoint
Bookrunners or any Lender, including the fees, charges and disbursements of counsel for the Administrative Agent, the Collateral
Agent, the Issuing Banks, the Lead ArrangerArrangers,
the BookrunnerJoint
Bookrunners and the Lenders, in connection with the enforcement or protection of their respective rights in connection
with the Loan Documents, including their respective rights under this Section, or in connection with the Loans made or Letters of Credit
issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such
Loans or Letters of Credit; provided that such counsel shall be limited to one lead counsel and one local counsel in each applicable
jurisdiction and, in the case of a conflict of interest, one additional counsel per class of similarly situated affected parties.


 


(b)           The
Borrower shall indemnify each Agent, each Issuing Bank, each Lender, the Lead ArrangerArrangers
and the BookrunnerJoint
Bookrunners and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and reasonable and documented or invoiced
out-of-pocket fees and expenses of one counsel and one local counsel in each applicable jurisdiction (and, in the case of a conflict
of interest, where the Indemnitee affected by such conflict notifies the Borrower of the existence of such conflict and thereafter retains
its own counsel, one additional counsel per class of similarly situated affected Indemnitees) for all Indemnitees (which may include
a single special counsel acting in multiple jurisdictions), incurred by or asserted against any Indemnitee by any third party or by Holdings,
the Borrower or any Subsidiary arising out of, in connection with, or as a result of (i) the execution or delivery of any Loan Document
or any other agreement or instrument contemplated thereby, the performance by the parties to the Loan Documents of their respective obligations
thereunder or the consummation of the Transactions or any other transactions contemplated thereby, (ii) any Loan or Letter of Credit
or the use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit
if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) to the
extent in any way arising from or relating to any of the foregoing, any actual or alleged presence or Release of Hazardous Materials
on, at or from any property currently or formerly owned or operated by Holdings, the Borrower or any Restricted Subsidiary, or any other
Environmental Liability, related to Holdings, the Borrower or any Subsidiary, or (iv) any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party
or by Holdings, the Borrower or any Subsidiary and regardless of whether any Indemnitee is a party thereto, provided that such
indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses
(i) are determined by a court of competent jurisdiction by final, non-appealable judgment to have resulted from the gross negligence,
bad faith or willful misconduct of, or a material breach of the Loan Documents by, such Indemnitee or its Related Parties or (ii) any
dispute between or among Indemnitees not arising from an act or omission by Holdings, the Borrower or any of the Restricted Subsidiaries
except that each Agent, the Lead Arranger and the Bookrunner  shall be indemnified
in their capacitiesits
capacity as such to the extent that none of the exceptions set forth in clause (i) applies to such Person at such time.
The indemnity and payment obligations of the Borrower under Section 9.03(a) or (b) shall not apply with respect to Taxes other
than Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.


 






     


     


    

 


(c)           
To the extent permitted by applicable law (i) the Borrower and any Loan Party shall not assert, and the Borrower and each Loan
Party hereby waives, any claim against any Agent, the Bookrunner, the Lead Arranger, anyany
Issuing Bank and,
any Lender,  and any Related Party of any of the foregoing Persons (each such
Person being called a “Lender-Related Person”) for any Liabilities arising from the use by others of information or
other materials (including, without limitation, any personal data) obtained through telecommunications, electronic or other information
transmission systems (including the Internet), other than Liabilities resulting from the willful misconduct, bad faith or gross negligence
of any Agent, the Bookrunner, the Lead Arranger, anyany
Issuing Bank, any Lender or any Lender-Related Person, and (ii) no party hereto shall assert, and each such party hereby waives, any Liabilities
against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct
or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or
instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided
that, nothing in this ‎Section 9.03(c) shall relieve the Borrower or any other Loan Party of any obligation it may have to
indemnify an Indemnitee, as provided in ‎Section 9.03(b), against any special, indirect, consequential or punitive damages
asserted against such Indemnitee by a third party.


 


(d)          
To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent, the Collateral Agent,
or any Issuing Bank under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent, the Collateral
Agent or Issuing Bank, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim,
damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, the Collateral
Agent or such Issuing Bank, in its capacity as such. For purposes hereof, a Lender’s “pro rata share” shall be determined
based upon its share of the aggregate Revolving Exposure and unused Commitments at the time. The obligations of the Lenders under this
paragraph (d) are subject to the last sentence of Section 2.02(a) (which shall apply mutatis mutandis to the Lenders’
obligations under this paragraph (d)).


 


(e)           
To the fullest extent permitted by applicable law, none of Holdings or the Borrower shall assert, and each hereby waives, any claim
against any Indemnitee for any damages arising from the use by others of information or other materials obtained through telecommunications,
electronic or other information transmission systems (including the Internet), provided that such indemnity shall not, as to any
Indemnitee, be available to the extent that such damages are determined by a court of competent jurisdiction by final, non-appealable
judgment to have resulted from the gross negligence or willful misconduct of, or a material breach of the Loan Documents by, such Indemnitee
or its Related Parties.


 


(f)           
All amounts due under this Section shall be payable not later than thirty (30) days after written demand therefor; provided,
however, that any Indemnitee shall promptly refund an indemnification payment received hereunder to the extent that there is a
final judicial determination that such Indemnitee was not entitled to indemnification with respect to such payment pursuant to this Section
9.03.


 






     


     


    

 


		Section 9.04	Successors and Assigns.



 


(a)           The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) the
Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each
Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void), (ii) no assignment
shall be made to any Defaulting Lender or any of its Subsidiaries, or any Persons who, upon becoming a Lender hereunder, would
constitute any of the foregoing Persons described in this clause (ii) and (iii) no Lender may assign or otherwise transfer its
rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be
construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby
(including any Affiliate of the Issuing Bank that issued any Letter of Credit), Participants (to the extent provided in paragraph
(c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Agents, the Issuing Bank
and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.


 


(b)           (i)
Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Eligible Assignees all or a portion
of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it)
with the prior written consent of (A) the Borrower (such consent (except with respect to assignments to competitors of Parent, the Borrower
or any Subsidiary) not to be unreasonably withheld or delayed), provided that no consent of the Borrower shall be required for
an assignment (1) by a Lender to any Lender or an Affiliate of any Lender, (2) by a Lender to an Approved Fund or (3) if an Event of
Default under Section 7.01(a), (b), (h) or (i) has occurred and is continuing, unless, in the case of this
clause (3), such assignment is to a competitor of Parent, the Borrower or any Subsidiary, (B) the Administrative Agent (such consent
not to be unreasonably withheld or delayed), and (C) solely in the case of assignments of Revolving Loans and Revolving Commitments to
an Eligible Assignee, each Issuing Bank (in each case, such consent not to be unreasonably withheld or delayed) In connection with obtaining
the Borrower’s consent to assignments of Revolving Loans and Revolving Commitments in accordance with this Section, the Borrower
shall be permitted to designate in writing to the Administrative Agent up to two additional individuals (which, for the avoidance of
doubt, may include officers or employees of a Sponsor) who shall be copied on any such consent requests (or receive separate notice of
such proposed assignments) from the Administrative Agent.


 


(ii)           Assignments
shall be subject to the following additional conditions: (A) except in the case of an assignment to a Lender, an Affiliate of a
Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans of
any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the trade
date specified in the Assignment and Assumption with respect to such assignment or, if no trade date is so specified, as of the date
the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than, in
the case of a Revolving Loan or Revolving Commitment, $5,000,000, unless the Borrower and the Administrative Agent otherwise consent
(such consent not to be unreasonably withheld or delayed), provided that no such consent of the Borrower shall be required if
an Event of Default under Section 7.01(a), (b), (h) or (i) has occurred and is continuing, (B) each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement, provided that this subclause (B) shall not be construed to prohibit assignment of a proportionate part
of all the assigning Lender’s rights and obligations in respect of one Class of Commitments or Loans, (C) the parties to each
assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption (which shall include a representation
by the assignee that it meets all the requirements to be an Eligible Assignee), together (unless waived by the Administrative Agent)
with a processing and recordation fee of $3,500, provided that assignments made pursuant to Section 2.19(b) or Section
9.02(c) shall not require the signature of the assigning Lender to become effective; and (D) the assignee, if it shall not be a
Lender, shall deliver to the Administrative Agent any tax documentation required by Section 2.17(e) and an Administrative
Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may
contain material non-public information about the Borrower, the Loan Parties and their Related Parties or their respective
securities) will be made available and who may receive such information in accordance with the assignee’s compliance
procedures and applicable laws, including Federal and state securities laws; and (E) unless the Borrower otherwise consents, no
assignment of all or any portion of the Revolving Commitment of a Lender that is also an Issuing Bank may be made unless (1) the
assignee shall be or become an Issuing Bank and assume a ratable portion of the rights and obligations of such assignor in its
capacity as Issuing Bank or (2) the assignor agrees, in its discretion, to retain all of its rights with respect to and obligations
to make or issue Letters of Credit hereunder in which case the Applicable Fronting Exposure of such assignor may exceed such
assignor’s Revolving Commitment for purposes of Section 2.05(b) by an amount not to exceed the difference between the
assignor’s Revolving Commitment prior to such assignment and the assignor’s Revolving Commitment following such
assignment; provided that no such consent of the Borrower shall be required if an Event of Default under Section
7.01(a), (b), (h) or (i) has occurred and is continuing.


 






     


     


    

 


(iii)          Subject to acceptance and recording
thereof pursuant to paragraph (b)(v) of this Section, from and after the effective date specified in each Assignment and Assumption, the
assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights
and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by
such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption
covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto
but shall continue to be entitled to the benefits of (and subject to the obligations and limitations of) Sections 2.15, 2.16,
2.17 and 9.03 and to any fees payable hereunder that have accrued for such Lender’s account but have not yet been
paid). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section shall
be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with
paragraph (c)(i) of this Section.


 


(iv)          The
Administrative Agent, acting for this purpose as a an agent of Holdings and the Borrower, shall maintain at one of its offices a copy
of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the
Commitment of, and principal and interest amounts of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof
from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and Holdings,
the Borrower, the Administrative Agent, the Issuing Banks and the Lenders shall treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. In addition,
the Administrative Agent shall maintain on the Register information regarding the designation, and revocation of designation, of any
Lender as a Defaulting Lender. The Register shall be available for inspection by the Borrower and, solely with respect to its Loans or
Commitments, any Lender at any reasonable time and from time to time upon reasonable prior notice. The parties intend that any interest
in or with respect to the Loans under this Agreement be treated as being issued and maintained in “registered form” within
the meaning of Sections 163(f), 871(h)(2), and 881(c)(2) of the Code and any regulations thereunder (and any successor provisions), including
without limitation under United States Treasury Regulations Section 5f.103-1(c) and Proposed Regulations Section 1.163-5 (and any successor
provisions), and the provisions of this Agreement shall be construed in a manner that gives effect to such intent.


 


(v)           Upon its receipt of a duly completed
Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire
and any tax documentation required by Section 2.17(e) (unless the assignee shall already be a Lender hereunder), the processing
and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b)
of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in
the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided
in this paragraph (b).


 


(vi)          Subject to Section 9.20,
the words “execution,” “signed,” “signature” and words of like import in any Assignment and Assumption
shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by
telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), each of which shall
be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
recordkeeping system, as the case may be.


 






     


     


    

 


(c)           (i)
Any Lender may, without the prior written consent of the Borrower (except with respect to participations to competitors of Parent, the
Borrower or any Subsidiary, in which case the Borrower’s consent shall not be unreasonably withheld or delayed), the Administrative
Agent or any Issuing Bank, but in each case, with the prior written consent of the Borrower, sell participations to one or more banks
or other Persons (other than to a Person that is not an Eligible Assignee (a “Participant”) in all or a portion of
such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to
it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain
solely responsible to the other parties hereto for the performance of such obligations and (C) Holdings, the Borrower, the Administrative
Agent, the Issuing Banks and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s
rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce the Loan Documents and to approve any amendment, modification or waiver
of any provision of the Loan Documents, provided that such agreement or instrument may provide that such Lender will not, without
the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b)
that directly and adversely affects such Participant. Subject to paragraph (c)(ii) of this Section, the Borrower agrees that each Participant
shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 to the same extent as if it were a Lender (subject
to the requirements and limitations thereof, it being understood that any tax documentation required by Section 2.17(e) shall
be provided solely to the Lender that sold the participation) and had acquired its interest by assignment pursuant to paragraph (b) of
this Section; provided that such Participant agrees to be subject to Section 2.18 as though it were an assignee under paragraph
(b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as
though it were a Lender, provided that such Participant agrees to be subject to Section 2.18 as though it were a Lender.


 


(ii)           A Participant shall not be entitled
to receive any greater payment under Section 2.15 or Section 2.17 than the applicable Lender would have been entitled to
receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with
the Borrower’s prior written consent.


 


(iii)           Each
Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register
on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the Loans or other obligations under the Loan Documents (the “Participant Register”), provided
that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity
of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or its other obligations under
any Loan Document) except to the extent that such disclosure is necessary in connection with a Tax audit or other proceeding to establish
that such Commitment, Loan, or other obligation is in registered form under the Code or Treasury Regulations, including, without limitation,
Section 5f.103-1(c) and Proposed Section 1.163-5 of the United States Treasury Regulations (and any amended or successor provisions).
The entries in the Participant Register shall be conclusive (absent manifest error), and each Person whose name is recorded in the Participant
Register pursuant to the terms hereof shall be treated as a Participant for all purposes of this Agreement, notwithstanding notice to
the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility
for maintaining a Participant Register.


 


(d)          
Any Lender may, without the consent of the Borrower or the Administrative Agent, at any time pledge or assign a security interest
in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure
obligations to a Federal Reserve Bank or other central bank, and this Section shall not apply to any such pledge or assignment of a security
interest, provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.


 


(e)          
In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective
unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional
payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright
payment, purchases by the assignee of participations or sub-participations, or other compensating actions, including funding, with the
consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the
Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all
payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon)
and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit in accordance with
its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting
Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee
of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.


 






     


     


    

 


(f)            Notwithstanding
anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose
funding vehicle (an “SPV”), identified as such in writing from time to time by the Granting Lender to the
Administrative Agent and the Borrower, the option to provide to the Borrower all or any part of any Loan that such Granting Lender
would otherwise be obligated to make to the Borrower pursuant to this Agreement, provided that (i) nothing herein shall
constitute a commitment by any SPV to make any Loan and (ii) if an SPV elects not to exercise such option or otherwise fails to
provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The
making of a Loan by an SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan
were made by such Granting Lender. Each party hereto hereby agrees that no SPV shall be liable for any indemnity or similar payment
obligation under this Agreement (all liability for which shall remain with the Granting Lender). In furtherance of the foregoing,
each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is
one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPV, such
party will not institute against, or join any other person in instituting against, such SPV any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof. In addition,
notwithstanding anything to the contrary contained in this Section 9.04, any SPV may (i) with notice to, but without the
prior written consent of, the Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a
portion of its interests in any Loans to the Granting Lender or to any financial institutions (consented to by the Borrower and
Administrative Agent) providing liquidity or credit support to or for the account of such SPV to support the funding or maintenance
of Loans and (ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial
paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPV. The Borrower agrees that each SPV
shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 to the same extent as if it were a Lender
(subject to the requirements and limitations thereof, it being understood that any tax documentation required by Section
2.17(e) shall be provided solely to the Granting Lender) and had acquired its interest by assignment pursuant to paragraph (b)
of this Section; provided that such Participant agrees to be subject to Section 2.18 as though it were an assignee
under paragraph (b) of this Section; provided that an SPV shall not be entitled to receive any greater payment under Section
2.15 or Section 2.17 than the applicable Granting Lender would have been entitled to receive, unless the grant to such
SPV is made with the Borrower’s prior written consent (not to be unreasonably withheld, conditioned or delayed).


 


(g)          
[Reserved].


 


(h)          
[Reserved].


 


(i)           
Upon any contribution of Loans to the Borrower or any Restricted Subsidiary and upon any purchase of Loans by a Purchasing Borrower
Party, (A) the aggregate principal amount (calculated on the face amount thereof) of such Loans shall automatically be cancelled and retired
by the Borrower on the date of such contribution or purchase (and, if requested by the Administrative Agent, with respect to a contribution
of Loans, any applicable contributing Lender shall execute and deliver to the Administrative Agent an Assignment and Assumption, or such
other form as may be reasonably requested by the Administrative Agent, in respect thereof pursuant to which the respective Lender assigns
its interest in such Loans to the Borrower for immediate cancellation) and (B) the Administrative Agent shall record such cancellation
or retirement in the Register.


 


Section 9.05               Survival.
All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or
other instruments delivered in connection with or pursuant to any Loan Document shall be considered to have been relied upon by the
other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance,
amendment, renewal, increase, or extension of any Letter of Credit, regardless of any investigation made by any such other party or
on its behalf and notwithstanding that the Administrative Agent, any Issuing Bank, or any Lender may have had notice or knowledge of
any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force
and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this
Agreement is outstanding and unpaid or any Letter of Credit is outstanding (without any drawing having been made thereunder that has
not been rejected or honored) and all amounts drawn or paid thereunder having been reimbursed in full, and so long as the
Commitments have not expired or terminated. The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article
VIII shall survive and remain in full force and effect regardless of the occurrence of the Termination Date. Notwithstanding the
foregoing or anything else to the contrary set forth in this Agreement, in the event that, in connection with the refinancing or
repayment in full of the credit facilities provided for herein, an Issuing Bank shall have provided to the Administrative Agent a
written consent to the release of the Revolving Lenders from their obligations hereunder with respect to any Letter of Credit issued
by such Issuing Bank (whether as a result of the obligations of the Borrower (and any other account party) in respect of such Letter
of Credit having been collateralized in full by a deposit of cash with such Issuing Bank or being supported by a letter of credit
that names such Issuing Bank as the beneficiary thereunder, or otherwise), then from and after such time such Letter of Credit shall
cease to be a “Letter of Credit” outstanding hereunder for all purposes of this Agreement and the other Loan Documents,
and the Revolving Lenders shall be deemed to have no participations in such Letter of Credit, and no obligations with respect
thereto, under Section 2.05(e) or Section 2.05(f).


 






     


     


    

 


Section 9.06              
Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a
single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative
Agent and the Collateral Agent or the syndication of the Loans and Commitments constitute the entire contract among the parties relating
to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject
matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures
of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic means
shall be effective as delivery of a manually executed counterpart of this Agreement.


 


Section 9.07              
Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity,
legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction
shall not invalidate such provision in any other jurisdiction.


 


Section 9.08              
Right of Setoff. If an Event of Default under Section 7.01(a), (b), (h) or (i) shall
have occurred and be continuing, each Lender and each Issuing Bank is hereby authorized at any time and from time to time, to the fullest
extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever
currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or such Issuing Bank to or for
the credit or the account of the Borrower against any of and all the obligations of the Borrower then due and owing under this Agreement
held by such Lender or Issuing Bank, irrespective of whether or not such Lender or Issuing Bank shall have made any demand under this
Agreement and although such obligations are owed to a branch or office of such Lender or Issuing Bank different from the branch or office
holding such deposit or obligated on such Indebtedness; provided that in the event that any Defaulting Lender shall exercise any
such right of setoff, (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 2.22 and, pending such payment, shall be segregated by such Defaulting Lender from its
other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders and (b) the Defaulting Lender shall provide
promptly to the Administrative Agent a statement describing in reasonable detail the Secured Obligations owing to such Defaulting Lender
as to which it exercised such right of setoff. The applicable Lender and applicable Issuing Bank shall notify the Borrower and the Administrative
Agent of such setoff and application, provided that any failure to give or any delay in giving such notice shall not affect the
validity of any such setoff and application under this Section. The rights of each Lender and each Issuing Bank under this Section are
in addition to other rights and remedies (including other rights of setoff) that such Lender or such Issuing Bank may have. Notwithstanding
the foregoing, no amount set off from any Guarantor shall be applied to any Excluded Swap Obligation of such Guarantor.


 


		Section 9.09	Governing Law; Jurisdiction; Consent to Service of Process.



 


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


 






     


     


    

 


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


 


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


 


(d)          
Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.
Nothing in any Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law.


 


Section 9.10             
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT
OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.


 


Section 9.11              
Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only,
are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.


 


Section 9.12              
Confidentiality.


 


(a)           Each
of the Administrative Agent, the Collateral Agent, the Issuing Banks and the Lenders agrees to maintain the confidentiality of the
Information (as defined below), except that Information may be disclosed (a) to their and their Affiliates’ directors,
officers, employees, members, partners, trustees and agents, including accountants, legal counsel and other agents and advisors (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 and any failure of such Persons to comply with this Section 9.12 shall
constitute a breach of this Section 9.12 by the Administrative Agent, the Collateral Agent, the relevant Issuing Bank, or the
relevant Lender, as applicable), (b) (x) to the extent requested by any regulatory authority, required by applicable law or by any
subpoena or similar legal process or (y) necessary in connection with the exercise of remedies; provided that, (i) in each
case, unless specifically prohibited by applicable law or court order, each Lender and the Administrative Agent shall notify the
Borrower of any request by any governmental agency or representative thereof (other than any such request in connection with an
examination of the financial condition of such Lender by such governmental agency or other routine examinations of such Lender by
such governmental agency) for disclosure of any such non-public information prior to disclosure of such information and (ii) in the
case of clause (y) only, each Lender and the Administrative Agent shall use its reasonable best efforts to ensure that such
Information is kept confidential in connection with the exercise of such remedies, and provided, further, that in no
event shall any Lender or the Administrative Agent be obligated or required to return any materials furnished by Holdings, the
Borrower or any of their Subsidiaries, (c) to any other party to this Agreement, (d) subject to an agreement containing
confidentiality undertakings substantially similar to those of this Section, to (i) any assignee of or Participant in, or any
prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective
counterparty (or its advisors) to any Swap Agreement relating to any Loan Party or their Subsidiaries and its obligations under the
Loan Documents, (e) with the consent of the Borrower, in the case of Information provided by Holdings, the Borrower or any other
Subsidiary, (f) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or
(ii) becomes available to the Administrative Agent, the Collateral Agent, any Issuing Bank or any Lender on a non-confidential basis
from a source other than Holdings or the Borrower or (g) to any ratings agency or the CUSIP Service Bureau on a confidential basis.
In addition, each of the Administrative Agent, the Collateral Agent and the Lenders may disclose the existence of this Agreement and
publicly available information about this Agreement to market data collectors, similar service providers to the lending industry,
and service providers to the Agents and the Lenders in connection with the administration and management of this Agreement, the
other Loan Documents, the Commitments and the Borrowings hereunder. For the purposes of this Section,
 “Information” means all information received from Holdings, the Borrower or any Subsidiary relating to Holdings,
the Borrower, any Subsidiary or their business, other than any such information that is available to the Administrative Agent, the
Collateral Agent, any Issuing Bank or any Lender on a non-confidential basis prior to disclosure by Holdings or the Borrower. Any
Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with
its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as
such Person would accord to its own confidential information.


 






     


     


    

 


(b)          
EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12(a) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE
MATERIAL NON-PUBLIC INFORMATION CONCERNING HOLDINGS, THE BORROWER, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES
AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE
SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.


 


(c)         
ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO,
OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT, WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION
ABOUT HOLDINGS, THE BORROWER, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS
TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE
INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW, INCLUDING
FEDERAL AND STATE SECURITIES LAWS.


 


Section 9.13              
USA Patriot Act. Each Lender that is subject to the USA Patriot Act and the Administrative Agent (for itself and
not on behalf of any Lender) hereby notifies each Loan Party that pursuant to the requirements of Title III of the USA Patriot Act, it
is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address
of such Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan
Party in accordance with the Title III of the USA Patriot Act.


 


Section 9.14              
Judgment Currency.


 


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


 


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


 






     


     


    

 


Section 9.15              
Release of Liens and Guarantees. A Subsidiary Loan Party shall automatically be released from its obligations under
the Loan Documents, and all security interests created by the Security Documents in Collateral owned by (and, in the case of clauses (1),
(2) and (3), in each case, to the extent constituting Excluded Assets, upon the request of the Borrower, the Equity Interests of) such
Subsidiary Loan Party shall be automatically released, (1) upon the consummation of any transaction permitted by this Agreement as a result
of which such Subsidiary Loan Party ceases to be a Restricted Subsidiary (including pursuant to a merger with a Subsidiary that is not
a Loan Party or a designation as an Unrestricted Subsidiary), (2) upon the request of the Borrower, upon any Subsidiary Loan Party becoming
an Excluded Subsidiary in connection with a transaction permitted by the Credit Agreement (including, a conversion of the Convertible
Notes, resulting in the Note Obligations ceasing to be outstanding) or (3) upon the request of the Borrower, in connection with a transaction
permitted under this Agreement, as a result of which such Subsidiary Loan Party ceases to be a wholly-owned Subsidiary or otherwise becomes
an Excluded Subsidiary. Upon (i) any sale or other transfer by any Loan Party (other than to Holdings, the Borrower or any other Loan
Party) of any Collateral in a transaction permitted under this Agreement or (ii) the effectiveness of any written consent to the release
of the security interest created under any Security Document in any Collateral or the release of any Loan Party from its Guarantee under
the Guarantee Agreement pursuant to Section 9.02, the security interests in such Collateral created by the Security Documents or
such Guarantee shall be automatically released and the Collateral Agent shall promptly file any financing statements as reasonably requested
by the Borrower (subject to the Administrative Agent’s receipt of an officer’s certificate as described below) to document
such release. Upon the consummation of any seller financing arrangement permitted under this Agreement pursuant to which a seller retains
security interest in the assets acquired by any Loan Party as part of such seller financing arrangement that is permitted pursuant to
Section 6.02(xiii), to the extent and for so long as the agreements governing such seller financing do not permit any other Liens on such
assets, and such assets are not subject to a Lien securing the Convertible Notes, the Lien in such assets (that are subject to such Lien
under such seller financing arrangement) granted to the Collateral Agent under the Security Documents shall be automatically released,
and the Collateral Agent shall promptly file any financing statements as reasonably requested by the Borrower (subject to the Administrative
Agent’s receipt of an officer’s certificate as described below) to document such release. Upon the occurrence of the Termination
Date, all obligations under the Loan Documents and all security interests created by the Security Documents shall be automatically released.
In connection with any termination or release pursuant to this Section, the Administrative Agent and or the Collateral Agent shall execute
and deliver to any Loan Party, at such Loan Party’s expense, all documents that such Loan Party shall reasonably request to evidence
such termination or release, subject to receipt of a certificate of a Responsible Officer of the Borrower, if requested by the Administrative
Agent or the Collateral Agent. Any execution and delivery of documents pursuant to this Section shall be without recourse to or warranty
by the Administrative Agent or the Collateral Agent. The Administrative Agent and Collateral Agent will, and the Lenders irrevocably authorize
the Administrative Agent and Collateral Agent to, release or subordinate any Lien on any property granted to or held by the Administrative
Agent or the Collateral Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 6.02(iv),
(viii)(A) or (xxii) to the extent required by the terms of the obligations secured by such Liens pursuant to documents reasonably
acceptable to the Administrative Agent and Collateral Agent).


 


Section 9.16              
No Fiduciary Relationship. Holdings and the Borrower, on behalf of itself and its subsidiaries, agrees that in connection
with all aspects of the transactions contemplated hereby and any communications in connection therewith, Holdings, the Borrower, the other
Subsidiaries and their Affiliates, on the one hand, and the Agents, the Lenders and their respective Affiliates, on the other hand, will
have a business relationship that does not create, by implication or otherwise, any fiduciary duty on the part of the Agents, the Lenders
or their respective Affiliates, and no such duty will be deemed to have arisen in connection with any such transactions or communications.
The Borrower acknowledges that each Agent, Lender and their respective Affiliates may have economic interests that conflict with those
of Holdings, the Borrower, its Subsidiaries and Affiliates.


 






     


     


    

 


Section 9.17               Interest
Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid
under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the
 “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the
Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded
to the Borrower. In determining whether the interest contracted for, charged or received by the Administrative Agent or a Lender
exceeds the Maximum Rate, such Person may, to the extent permitted by applicable law, (a) characterize any payment that is not
principal as an expense, fee or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c)
amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the contemplated term of
the obligations hereunder.


 


Section 9.18              
Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary
in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that
any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be
subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and
agrees to be bound by:


 


(a)         the application
of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be
payable to it by any party hereto that is an Affected Financial Institution; and


 


(b)         the effects
of any Bail-In Action on any such liability, including, if applicable:


 


(i)          a reduction in full or in
part or cancellation of any such liability;


 


(ii)         a conversion of all, or
a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking,
or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership
will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or


 


(iii)        the variation of the
terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.


 


Section 9.19              
Certain ERISA Matters.


 


(a)           
Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent, the Joint Bookrunners and the Lead ArrangerArrangers
and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that
at least one of the following is and will be true:


 


(i)              such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise for purposes of Title I of ERISA
or Section 4975 of the Code) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments or this Agreement;


 


(ii)             the
prohibited transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company
general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38
(a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions
determined by in-house asset managers), is applicable so as to exempt from prohibitions of Section 406 of ERISA and Section 4975 of the
Code such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the
Commitments and this Agreement;


 






     


     


    

 


(iii)          
 (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning
of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter
into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into,
participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies
the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements
of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement; or


 


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


 


(b)          
In addition, unless either (I) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (II)
a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause
(a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of,
the Administrative Agent, the Joint Bookrunners and the Lead
ArrangerArrangers
and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that
the Administrative Agent, the Joint Bookrunners, the Lead
ArrangerArrangers
or any of their respective Affiliates is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance
into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including
in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any
documents related hereto or thereto).


 


Section 9.20               Electronic
Execution of Assignments and Certain Other Documents(a). The words “execution,” “execute,” “signed,”
 “signature,” and words of like import in or related to this Agreement, the other Loan Documents and any document to be signed
in connection with this Agreement and the transactions contemplated hereby (including without limitation Assignment and Assumptions,
amendments or other Borrowing Requests, waivers and consents) (collectively, each an “Ancillary Document”) shall be
deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy,
emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of
the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based
on the Uniform Electronic Transactions Act; provided that nothing herein shall require the Administrative Agent to accept Electronic
Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; provided, further,
without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative
Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Borrower
or any other Loan Party without further verification thereof and without any obligation to review the appearance or form of any such
Electronic signature and (ii) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly
followed by a manually executed counterpart. Without limiting the generality of the foregoing, the Borrower and each Loan Party hereby
(A) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies,
bankruptcy proceedings or litigation among the Administrative Agent, the Lenders, and the Borrower and the Loan Parties, Electronic Signatures
transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page and/or
any electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity
and enforceability as any paper original, (B) the Administrative Agent and each of the Lenders may, at its option, create one or more
copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record in any format,
which shall be deemed created in the ordinary course of such Person’s business, and destroy the original paper document (and all
such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability
as a paper record), (C) waives any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement,
any other Loan Document and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement, such other
Loan Document and/or such Ancillary Document, respectively, including with respect to any signature pages thereto and (D) waives any
claim against any Lender-Related Person for any Liabilities arising solely from the Administrative Agent’s and/or any Lender’s
reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic means that reproduces
an image of an actual executed signature page, including any Liabilities arising as a result of the failure of the Borrower and/or any
Loan Party to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature.


 






     


     


    

 


Section 9.21             
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee
or otherwise, for any Swap Agreement or any other agreement or instrument that is a QFC (such support, “QFC Credit Support,”
and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution
power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”)
in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents
and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other
state of the United States):


 


(a)         In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest
and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such
QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special
Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed
by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party
becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply
to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents
were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood
and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered
Party with respect to a Supported QFC or any QFC Credit Support.


 


(b)         As
used in this Section 9.21, the following terms have the following meanings:


 


“BHC Act
Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12
U.S.C. 1841(k)) of such party.


 


“Covered
Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 382.2(b).


 


“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81,
47.2 or 382.1, as applicable.


 


“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).


 


[Signature pages follow]