Exhibit 10.1


 


Execution Version 


 


 





 


CREDIT
Agreement


 


dated as of


 


April 13, 2021


 


among


 


MEDIFAST,
INC.,

as the Borrower


 


The other Loan Parties Party Hereto,


 


The Lenders Party Hereto,


 


and


 


CITIBANK,
N.A.,


as Administrative Agent


 





 



 





CITIBANK,
N.A.,


as Sole Lead Arranger and Sole Bookrunner


 


 









     


     


    

 


TABLE OF CONTENTS


 


Page




	ARTICLE I  Definitions	1
	SECTION
    1.01.   Defined Terms	1
	SECTION
    1.02.   Classification of Loans and Borrowings	33
	SECTION
    1.03.   Terms Generally	33
	SECTION
    1.04.   Accounting Terms; GAAP	33
	SECTION 1.05.   Status of Obligations	34
	SECTION 1.06.   Financial Ratios	34
	SECTION 1.07.   Limited Liability Companies	34
	SECTION 1.08.   Calculations	34
	SECTION 1.09.   Exchange Rate	35
	ARTICLE II  The Credits	35
	SECTION 2.01.   Commitments	35
	SECTION 2.02.   Loans and Borrowings	35
	SECTION 2.03.   Requests for Borrowings	36
	SECTION 2.04.   Swingline Loans	37
	SECTION 2.05.   [Reserved]	38
	SECTION 2.06.   Letters of Credit	38
	SECTION 2.07.   Funding of Borrowings	43
	SECTION 2.08.   Interest Elections	44
	SECTION 2.09.   Termination and Reduction of Commitments	45
	SECTION 2.10.   Repayment of Loans; Evidence of Debt	46
	SECTION 2.11.   Prepayment of Loans	47
	SECTION 2.12.   Fees	47
	SECTION 2.13.   Interest	48
	SECTION 2.14.   Illegality	49
	SECTION 2.15.   Increased Costs	50
	SECTION 2.16.   Break Funding Payments	51
	SECTION 2.17.   Withholding of Taxes; Gross-Up	51
	SECTION 2.18.   Payments Generally; Allocation of Proceeds; Sharing of Setoffs	55
	SECTION 2.19.   Mitigation Obligations; Replacement of Lenders	58
	SECTION 2.20.   Defaulting Lenders	59
	SECTION 2.21.   Returned Payments	61
	SECTION 2.22.   Increase of Commitments	61
	SECTION 2.23.   Banking Services and Swap Agreements	62
	SECTION 2.24.   Benchmark Replacement Setting	63
	ARTICLE III  Representations and Warranties	65
	SECTION 3.01.   Organization; Powers	65
	SECTION 3.02.   Authorization; Enforceability	65
	SECTION 3.03.   Governmental Approvals; No Conflicts	65
	SECTION 3.04.   Financial Condition; No Material Adverse Change	66
	SECTION 3.05.   Properties	66
	SECTION 3.06.   Litigation and Environmental Matters	66
	SECTION 3.07.   Compliance with Laws and Agreements; No Default	66
	SECTION 3.08.   Investment Company Status	66



 






    ii 


     


    

 


	SECTION 3.09.   Taxes	67
	SECTION 3.10.   ERISA	67
	SECTION 3.11.   Disclosure	68
	SECTION 3.12.   Capitalization and Subsidiaries	68
	SECTION 3.13.   Security Interest in Collateral	68
	SECTION 3.14.   Federal Reserve Regulations	68
	SECTION 3.15.   Anti-Corruption Laws and Sanctions; USA Patriot Act	69
	SECTION 3.16.   Not an Affected Financial Institution	69
	SECTION 3.17.   Solvency	69
	SECTION 3.18.   FDA; Governmental Authorities	69
	SECTION 3.19.   Employee Relations	71
	ARTICLE IV  Conditions	71
	SECTION 4.01.   Conditions to Initial Loans	71
	SECTION 4.02.   Each Credit Event	73
	ARTICLE V  Affirmative Covenants	74
	SECTION 5.01.   Financial Statements and Other Information	74
	SECTION 5.02.   Notices of Material Events	75
	SECTION 5.03.   Existence; Conduct of Business	76
	SECTION 5.04.   Payment of Taxes	77
	SECTION 5.05.   Maintenance of Properties; Insurance; Casualty and Condemnation	77
	SECTION 5.06.   Books and Records; Inspection Rights	77
	SECTION 5.07.   Compliance with Laws	78
	SECTION 5.08.   Use of Proceeds	78
	SECTION 5.09.   Additional Collateral; Further Assurances	78
	SECTION 5.10.   Anti-Corruption Laws and Sanctions	80
	SECTION 5.11.   Compliance with Environmental Laws	80
	SECTION 5.12.   Intellectual Property	80
	SECTION 5.13.   ERISA	80
	SECTION 5.14.   Compliance with Product Safety Laws	81
	ARTICLE VI  Negative Covenants	81
	SECTION 6.01.   Indebtedness	81
	SECTION 6.02.   Liens	84
	SECTION 6.03.   Fundamental Changes	86
	SECTION 6.04.   Investments, Loans, Advances, Guarantees and Acquisitions	86
	SECTION 6.05.   Asset Dispositions; Sale and Leaseback Transactions	88
	SECTION 6.06.   Swap Agreements	89
	SECTION 6.07.   Restricted Payments; Prepayments of Indebtedness	89
	SECTION 6.08.   Transactions with Affiliates	90
	SECTION 6.09.   Restrictive Agreements	90
	SECTION 6.10.   Amendment of Material Documents; End of Fiscal Years	91
	SECTION 6.11.   Financial Covenants	91
	SECTION 6.12.   ERISA	91



 






    iii 


     


    

 


	ARTICLE VII  Events of Default	92
	ARTICLE VIII  The Administrative Agent	95
	SECTION 8.01.   Appointment	95
	SECTION 8.02.   Rights as a Lender	95
	SECTION 8.03.   Duties and Obligations	95
	SECTION 8.04.   Reliance	96
	SECTION 8.05.   Actions through Sub-Agents	96
	SECTION 8.06.   Resignation	96
	SECTION 8.07.   Non-Reliance	97
	SECTION 8.08.   Not Partners or Co-Venturers; Administrative Agent as Representative of the Secured Parties	98
	SECTION 8.09.   Lenders Not Subject to ERISA	98
	SECTION 8.10.   Incorrect Payment	99
	SECTION 8.11.   Flood Laws	102
	ARTICLE IX  Miscellaneous	102
	SECTION 9.01.   Notices	102
	SECTION 9.02.   Waivers; Amendments	105
	SECTION 9.03.   Expenses; Indemnity; Damage Waiver	107
	SECTION 9.04.   Successors and Assigns	109
	SECTION 9.05.   Survival	113
	SECTION 9.06.   Counterparts; Integration; Effectiveness; Electronic Execution	113
	SECTION 9.07.   Severability	113
	SECTION 9.08.   Right of Setoff	114
	SECTION 9.09.   Governing Law; Jurisdiction; Consent to Service of Process	114
	SECTION 9.10.   WAIVER OF JURY TRIAL	115
	SECTION 9.11.   Headings	115
	SECTION 9.12.   Confidentiality	115
	SECTION 9.13.   Several Obligations; Nonreliance; Violation of Law	116
	SECTION 9.14.   USA PATRIOT Act	116
	SECTION 9.15.   Disclosure	117
	SECTION 9.16.   Appointment for Perfection	117
	SECTION 9.17.   Interest Rate Limitation	117
	SECTION 9.18.   No Advisory or Fiduciary Responsibility	117
	SECTION 9.19.   Acknowledgement and Consent to Bail-In of Affected Financial Institutions	118
	SECTION 9.20.   Acknowledgment Regarding any Supported QFCs	118
	ARTICLE X  Loan Guaranty	119
	SECTION 10.01.   Guaranty	119
	SECTION 10.02.   Guaranty of Payment	120
	SECTION 10.03.   No Discharge or Diminishment of Loan Guaranty	120
	SECTION 10.04.   Defenses Waived	121
	SECTION 10.05.   Rights of Subrogation	121
	SECTION 10.06.   Reinstatement; Stay of Acceleration	121
	SECTION 10.07.   Information	121
	SECTION 10.08.   Termination	121
	SECTION 10.09.   [Reserved]	122



 






    iv 


     


    

 


	SECTION 10.10.   Maximum Liability	122
	SECTION 10.11.   Contribution	122
	SECTION 10.12.   Liability Cumulative	123
	SECTION 10.13.   Keepwell	123


 






    v 


     


    

 





	SCHEDULES:	 	 
	Commitment Schedule
	 	 	 
	Schedule 3.12	—	Capitalization and Subsidiaries
	Schedule 3.18	—	Regulatory Matters
	Schedule 5.09(f)	—	Material Property
	Schedule 5.09(h)	—	Post-Closing Deliverables
	Schedule 6.01	—	Existing Indebtedness
	Schedule 6.02	—	Existing Liens
	Schedule 6.04	—	Existing Investments
	Schedule 6.08	—	Transactions with Affiliates
	Schedule 6.09	—	Restrictive Agreements
	 	 	 
	EXHIBITS:	 	 
	 	 	 
	Exhibit A	—	Form of Assignment and Assumption
	Exhibit B	—	Form of Compliance Certificate
	Exhibit C	—	Form of Joinder Agreement
	Exhibit D	—	Form of Solvency Certificate
	Exhibit E - 1	—	U.S. Tax Certificate (For Foreign Lenders that are not Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit E - 2	—	U.S. Tax Certificate (For Foreign Participants that are not Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit E - 3	—	U.S. Tax Certificate (For Foreign Participants that are Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit E - 4	—	U.S. Tax Certificate (For Foreign Lenders that are Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit F	—	Form of Borrowing Request
	Exhibit G	—	Form of Notice of Continuation/Conversion
	Exhibit H	—	Form of Swingline Request
	Exhibit I	—	Form of Promissory Note



 






    vi 


     


    

 


THIS CREDIT AGREEMENT, dated
as of April 13, 2021 (as it may be amended, restated, amended and restated, supplemented, and/or otherwise modified from time to time,
this “Agreement”), among Medifast, Inc., a Delaware corporation, as the Borrower, the other Loan Parties party hereto
from time to time, the Lenders party hereto from time to time, the Issuing Banks party hereto from time to time, and CITIBANK, N.A., as
the Administrative Agent.


 


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, or the Loans comprising such Borrowing, are bearing interest
at a rate determined by reference to the Alternate Base Rate; provided, that ABR shall only be available as to Borrowings in Dollars.


 


“Accounting Firm”
means any independent registered public accounting firm of nationally recognized standing.


 


“Acquisition”
means any transaction or series of related transactions by which the Borrower or any of its Subsidiaries, directly or indirectly, (a)
acquires all or substantially all of the assets of a Person, or of any line of business or division of a Person, (b) acquires all of the
outstanding Equity Interests of any Person, or (c) effects a merger, amalgamation or consolidation or any other combination with another
Person (other than a Person that is a Subsidiary); provided, that the Borrower or the applicable Subsidiary of the Borrower, or
a Person that becomes a Subsidiary, is the surviving entity.


 


“Additional Lender”
has the meaning assigned to such term in Section 2.22(a)(ii).


 


“Additional Mortgage”
has the meaning assigned to such term in Section 5.09(e).


 


“Adjusted LIBO Rate”
means, with respect to any Eurodollar Borrowing for any Interest Period or for any ABR Borrowing, an interest rate per annum (rounded
upwards, if necessary, to the next 1/16 of 1%) equal to the greater of (a)(i) the LIBO Rate for such Interest Period multiplied by
(ii) the Statutory Reserve Rate and (b) 0% per annum.


 


“Administrative Agent”
means Citibank, N.A., in its capacity as administrative agent for the Lenders hereunder.


 


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


 


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


 


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


 






     


     


    

 


“Agent Parties”
has the meaning assigned to such term in Section 9.01(d)(ii).


 


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


 


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


 


“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 Federal
Funds Effective 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 avoidance
of doubt, the Adjusted LIBO Rate for any day shall be based on the rate appearing on the Reuters Screen LIBOR01 Page (or on any successor
or substitute page) at approximately 11:00 a.m. London time on such day (without any rounding). Any change in the Alternate Base Rate
due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including the
effective date of such change in the Prime Rate, the Federal Funds Effective 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 hereof, then the Alternate Base Rate shall be
the greater of clause (a) and (b) above and shall be determined without reference to clause (c) above. In the event
that the Alternate Base Rate is less than zero, it shall be deemed to be zero for purposes of this Agreement.


 


“Alternate Currency”
means any lawful currency other than Dollars as approved by the Administrative Agent and the applicable Issuing Bank; provided,
that such currency shall be freely traded for or converted into Dollars.


 


“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its Subsidiaries from time to
time concerning or relating to (a) bribery and/or corruption and (b) terrorism financing and/or money laundering.


 


“Applicable Percentage”
means, with respect to any Lender, (a) with respect to Loans and LC Exposure, a percentage equal to a fraction the numerator of which
is such Lender’s Commitment and the denominator of which is the aggregate Commitment of all Lenders (if the Commitments have terminated
or expired, the Applicable Percentages shall be determined based upon such Lender’s share of the Aggregate Credit Exposure at that
time); provided, that in the case of Section 2.20 when a Defaulting Lender shall exist, any such Defaulting Lender’s
Commitment shall be disregarded in the calculation, and (b) with respect to the Aggregate Credit Exposure, a percentage based upon its
share of the Aggregate Credit Exposure and the unused Commitments; provided, that in the case of Section 2.20 when a Defaulting
Lender shall exist, any such Defaulting Lender’s Commitment shall be disregarded in the calculation.


 


“Applicable Rate”
means, for any day, with respect to any ABR Loan or Eurodollar Loan, or with respect to the commitment fees or letter of credit fees payable
hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Applicable Rate for Eurodollar
Loans”, “Applicable Rate for ABR Loans” or “Commitment Fee Rate”, as the case may be, based upon the Borrower’s
Total Net Leverage Ratio as of the most recent determination date; provided, that until the delivery to the Administrative Agent,
pursuant to Section 5.01, of the Borrower’s consolidated financial information for the Borrower’s fiscal quarter
ended on September 30, 2021, the “Applicable Rate” shall be the applicable rate per annum set forth below in Level I:


 






    2 


     


    

 



	Level	Total Net

Leverage Ratio	Applicable Rate for Eurodollar

Loans	Applicable Rate for 

ABR Loans	Commitment Fee Rate
	Level I	< 1.00 to 1.00	1.25%	0.25%	0.20%
	Level II	≥ 1.00 to 1.00 but

 < 1.50 to 1.00	1.50%	0.50%	0.25%
	Level III	≥ 1.50 to 1.00 but

  < 2.00 to 1.00	1.75%	0.75%	0.30%
	Level Iv	≥ 2.00 to 1.00 but

  < 2.50 to 1.00	2.00%	1.00%	0.35%
	Level V	
    ≥ 2.50 to 1.00

    
	2.25%	1.25%	0.40%



 


For purposes of the foregoing, (a) the
Applicable Rate shall be determined as of the end of each fiscal quarter of the Borrower based upon the Borrower’s annual or quarterly
consolidated financial statements delivered pursuant to Section 5.01 and (b) each change in the Applicable Rate resulting
from a change in the Total Net Leverage Ratio shall be effective three (3) Business Days after the date of delivery to the Administrative
Agent of such consolidated financial statements indicating such change and ending on the date immediately preceding the effective date
of the next such change; provided, that the Total Net Leverage Ratio shall be deemed to be in Level V for the period
commencing three (3) Business Days after the Borrower fails to deliver the annual or quarterly consolidated financial statements required
to be delivered by it pursuant to Section 5.01, and ending on the date which is three (3) Business Days after such statements
or certificates are actually delivered.


 


In the event that any financial
statement delivered pursuant to Section 5.01(a) or (b) or any compliance certificate delivered pursuant to Section 5.01(c),
as applicable, is inaccurate, and such inaccuracy, if corrected, would have led to the imposition of a higher Applicable Rate for any
period than the Applicable Rate applied for that period, then (i) Borrower shall promptly deliver to Administrative Agent a corrected
financial statement and a corrected compliance certificate for that period (the “Corrected Financials Date”), (ii)
the Applicable Rate shall be determined based on the corrected Compliance Certificate for that period, and (iii) Borrower shall promptly
pay to Administrative Agent (for the account of the Lenders that hold the Commitments and Loans at the time such payment is received,
regardless of whether those Lenders held the Commitments and Loans during the relevant period) the accrued additional interest owing as
a result of such increased Applicable Rate for that period; provided, for the avoidance of doubt, such deficiency shall be due
and payable as at such Corrected Financials Date and no Default or Event of Default under clause (b) of Article VII shall be deemed to
have occurred with respect to such deficiency prior to such date (but if not so paid within three (3) Business Days on such date, shall
constitute an Event of Default immediately thereafter). This paragraph shall not limit the rights of Administrative Agent or the Lenders
with respect to Section 2.13(c) and Article VII hereof, and shall survive the termination of this Agreement until Payment in Full.


 


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


 






    3 


     


    

 


“Assignment and Assumption”
means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by
Section 9.04), and accepted by the Administrative Agent, substantially in the form of Exhibit A or any other form
approved by the Administrative Agent.


 


“Available Commitment”
means, at any time, the aggregate Commitments of all Lenders then in effect minus the Aggregate Credit Exposure at such
time.


 


“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark or
payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length
of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark
that is then-removed from the definition of “Interest Period” pursuant to clause (d) of Section 2.24.


 


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


 


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


 


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


 


“Banking Services”
means each and any of the following bank, payment and treasury services provided to any Loan Party or any Subsidiary: (a) credit cards
for commercial customers (including, without limitation, “commercial credit cards” and purchasing cards) or for corporate
purposes, (b) stored value cards, (c) treasury management services (including, without limitation, controlled disbursement, automated
clearinghouse transactions and other payment processing services, return items, overdrafts and interstate depository network services),
(d) documentary services and foreign currency exchange services, (e) supply chain finance and payables finance and (f) any arrangement
or services similar to, or for the purpose of effectuating, any of the foregoing.


 


“Banking Services
Obligations” means any and all obligations of the Loan Parties or any Subsidiary, whether absolute or contingent and howsoever
and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions
therefor) in connection with Banking Services provided by any Lender or an Affiliate of a Lender, but excluding any Swap Agreement Obligations.


 


“Bankruptcy
Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has
had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with
the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent,
has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or
appointment; provided, that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the
acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof; provided,
further, that such ownership interest does not result in or provide such Person 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 Person (or such
Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such
Person.


 






    4 


     


    

 







 


“Benchmark”
means, initially, USD LIBOR; provided that if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related
Benchmark Replacement Date have occurred with respect to USD LIBOR or the then-current Benchmark, then “Benchmark” means the
applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause
(a) of Section 2.24.


 


“Benchmark Replacement”
means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent
for the applicable Benchmark Replacement Date:


 


		(1)	the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;



 


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



 


		(3)	the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the
Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any
selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental
Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current
Benchmark for U.S. dollar-denominated syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment;
provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service
that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion.



 


If the Benchmark Replacement
as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the
Floor for the purposes of this Agreement and the other Loan Documents.


 


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


 


		(1)	for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first
alternative set forth in the order below that can be determined by the Administrative Agent: (a) the spread adjustment, or method for
calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark
Replacement is first set for such Interest Period that has been selected or recommended by the Relevant Governmental Body for the replacement
of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor; (b) the spread adjustment
(which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest
Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index
cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and



 






    5 


     


    

 


		(2)	for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment,
or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected
by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (a) any selection or recommendation
of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the
applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (b) any
evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread
adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated
credit facilities; provided that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service
that publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion.



 


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


 


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


 


		(1)	in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later
of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of
such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available
Tenors of such Benchmark (or such component thereof);



 


		(2)	in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the
public statement or publication of information referenced therein; or



 


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



 






    6 


     


    

 


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


 


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


 


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



 


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



 


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



 


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


 


“Benchmark Unavailability
Period” means the period (if any) (a) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2)
of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder
and under any Loan Document in accordance with Section 2.24 and (b) ending at the time that a Benchmark Replacement has replaced
the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.24.


 






    7 


     


    

 


“Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in Section 3(2) of 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”.


 


“BHC Act Affiliate”
means an “affiliate” (as such term is defined under, and interpreted in accordance with 12 U.S.C. 1841(k)) of a party.


 


“Billing Statements”
has the meaning assigned to such term in Section 2.18(g).


 


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


 


“Borrower”
means Medifast, Inc., a Delaware corporation.


 


“Borrowing”
means (a) Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single
Interest Period is in effect or (b) a Swingline Loan.


 


“Borrowing Request”
means a request by the Borrower for a Borrowing in accordance with Section 2.03.


 


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


 


“Capital Lease Obligations”
of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the
right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as
capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof
determined in accordance with GAAP, it being understood that, with respect to the Borrower and its Subsidiaries, the determination of
whether any lease constitutes an operating lease or capital lease shall be made on a basis consistent with that reflected in the financial
statements delivered pursuant to Section 4.01(b) without regard to any classification or reclassification as an operating lease
or capital lease upon the Borrower’s adoption of Accounting Standards Codification 842.


 


“Cash Equivalents”
means:


 


(a)               
direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States
of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America),
in each case maturing within one year from the date of acquisition thereof;


 


(b)               
investments in commercial paper maturing within one (1) year from the date of acquisition thereof and having, at such date of acquisition,
the highest credit rating obtainable from S&P or from Moody’s;


 


(c)                investments
in certificates of deposit, bankers’ acceptances and time deposits maturing within one (1) year from the date of acquisition
thereof issued or guaranteed by or placed with, and demand deposit accounts and money market deposit accounts issued or offered by
any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof which has a
combined capital and surplus and undivided profits of not less than $500.0 million;


 






    8 


     


    

 


(d)               
fully collateralized repurchase agreements with a term of not more than thirty (30) days for securities described in clause (a)
above and entered into with a financial institution satisfying the criteria described in clause (c) above (any such repurchase
agreement, a “Repurchase Agreement”);


 


(e)               
money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, (ii)
are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5.0 billion;


 


(f)                 marketable direct obligations issued by any state of the United States or any political subdivision of any such state or any public
instrumentality thereof maturing within one (1) year from the date of acquisition thereof and, at the time of acquisition, having one
of the two highest ratings obtainable from either S&P or Moody’s; and


 


(g)               
in the case of any Foreign Subsidiary, other short-term investments that are analogous to the foregoing, are of comparable credit
quality and are customarily used in the jurisdiction of such Foreign Subsidiary for cash management purposes.


 


“CFC” means
a “controlled foreign corporation” as defined in Section 957 of the Code.


 


“Change in Control”
means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning
of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof) of Equity Interests representing
more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Borrower, (b) the
occupation of a majority of the seats (other than vacant seats) on the board of directors of the Borrower by Persons who were neither
(i) nominated or approved (either by a specific vote or by approval of a proxy statement issued by the Borrower on behalf of its board
of directors (as constituted at the time of such proxy statement) in which such individual is named as a nominee for director) by the
board of directors of the Borrower nor (ii) appointed by directors so nominated or (c) the occurrence of any “change of control”
or similar event with respect to any Material Indebtedness.


 


“Change in Law”
means the occurrence after the date of this Agreement (or, with respect to any Lender, such later date on which such Lender becomes a
party to this Agreement) of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty; (b) any change
in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority;
or (c) compliance by any Lender or any Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of such Lender
or by such Lender’s or such Issuing Bank’s holding company, if any) with any request, guideline, requirement or directive
(whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided,
that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines, requirements or directives thereunder or issued in connection therewith or in the implementation thereof, and (y) all
requests, rules, guidelines, requirements or directives promulgated by the Bank for International Settlements, the Basel Committee on
Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant
to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or implemented.


 


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


 






    9 


     


    

 


“Citi”
means Citibank, N.A., a national banking association, in its individual capacity, and its successors.


 


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


 


“Collateral”
has the meaning given to “Collateral” in the Security Agreement.


 


“Collateral Documents”
means, collectively, the Security Agreement, the Mortgages and any other documents granting a Lien upon the Collateral as security for
payment of the Secured Obligations.


 


“Commitment”
means, with respect to each Lender, the commitment, if any, of such Lender to make Loans and to acquire participations in Letters of Credit
and Swingline Loans hereunder, expressed as an amount representing the maximum possible aggregate amount of such Lender’s Credit
Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant to (a) Section 2.09 or 2.22 and (b)
assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Commitment is set forth on
the Commitment Schedule, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as
applicable. The initial aggregate amount of the Lenders’ Commitments as of the Effective Date is $125.0 million.


 


“Commitment Date”
has the meaning assigned to such term in Section 2.22(a)(i).


 


“Commitment Increase”
has the meaning assigned to such term in Section 2.22(a).


 


“Commitment Schedule”
means the Schedule attached hereto identified as such.


 


“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.


 


“Communications”
has the meaning assigned to such term in Section 9.01(d).


 


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


 


“Consolidated EBITDA”
shall means, for any period, the sum of:


 


(a)       Net
Income for such period; plus


 


(b)       without
duplication and to the extent deducted in determining Net Income for such period, the sum of (i) Interest Expense for such period;
(ii) federal, state, local and foreign income tax expense for such period; (iii) all amounts attributable to depreciation and
amortization expense for such period; (iv) amortization of intangibles (including, but not limited to, goodwill) for such period;
(v) stock based compensation expenses with respect to employees, officers, directors or contractors; (vi) costs and expenses
incurred on or prior to the Effective Date with respect to the Transactions; (vii) expenses, charges and losses incurred in such
period and which are reimbursed in cash during such period by persons (other than the Borrower and its Subsidiaries) so long as such
payments were not added in determining Net Income for such period; (viii) non-recurring fees, costs and expenses directly incurred
during such period in connection with any of the following which are attempted, whether or not consummated: (A) any Permitted
Acquisition and any related debt or equity offering undertaken in connection therewith (in respect of which all or substantially all
of the proceeds are intended to be used to pay the cash consideration for such Permitted Acquisition), (B) the issuance of any
Equity Interests, (C) the incurrence of any Indebtedness not prohibited hereunder or (D) the extension, amendment or refinancing of
any Indebtedness not prohibited hereunder; (ix) non-cash purchase accounting adjustments made during such period; (x) all proceeds
of business interruption insurance received during such period; (xi) unrealized losses on financial derivatives recognized in such
period in accordance with SFAS No. 133; (xii) any write-off or amortization made in such period of deferred financing costs or any
write-down of assets or asset value carried on the balance sheet of the Borrower or any of its Subsidiaries; (xiii) any
extraordinary (as defined under GAAP prior to FASB Update No. 2015-01) non-cash charges or expenses for such period; (xiv)
non-recurring facility relocation and transition costs and expenses incurred during such period; (xv) any losses from dispositions
that are out of the ordinary course of business of the Borrower and its Subsidiaries; (xvi) any one-time restructuring charges
incurred during such period (determined in accordance with GAAP), integration costs incurred during such period (determined in
accordance with GAAP) and non-recurring relocation, recruiting and system implementation costs and expenses; and (xvii) any other
non-cash charges (but excluding any non-cash charge in respect of an item that was included in Net Income in a prior period); minus


 






    10 


     


    

 


(c)       without
duplication and to the extent included in Net Income, (i) any cash payments made during such period in respect of non-cash charges described
in clause (b)(xvii) taken in a prior period, (ii) unrealized gains on financial derivatives recognized in such period in accordance with
SFAS No. 133, (iii) any gains from dispositions that are out of the ordinary course of business of the Borrower and its Subsidiaries and
(iv) any extraordinary gains and any non-cash items of income for such period all calculated for the Borrower and its Subsidiaries on
a consolidated basis in accordance with GAAP;


 


provided, that the aggregate amount that
may be added back to Consolidated EBITDA pursuant to clauses (b)(viii), (b)(xiv) and (b)(xvi) above shall not exceed 25% of Consolidated
EBITDA for such period prior to giving effect to the addbacks set forth in such clauses.


 


For the purposes of calculating
Consolidated EBITDA for any period of four consecutive fiscal quarters (each, a “Reference Period”), (i) if at any
time during such Reference Period the Borrower or any of its Subsidiaries shall have made any sale, transfer, or disposition of property,
Consolidated EBITDA for such Reference Period shall be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable
to the property that is the subject of such sale, transfer, or disposition, as applicable, for such Reference Period or increased by an
amount equal to the Consolidated EBITDA (if negative) attributable thereto for such Reference Period, in each case, as if such sale, transfer
or disposition occurred on the first day of such Reference Period, and (ii) if during such Reference Period the Borrower or any of its
Subsidiaries shall have made a Permitted Acquisition or other Acquisition permitted hereunder, Consolidated EBITDA for such Reference
Period shall be calculated after giving effect thereto on a pro forma basis as if such Permitted Acquisition or other Acquisition occurred
on the first day of such Reference Period.


 


“Consolidated Total
Assets” means the consolidated total assets of the Borrower and its Subsidiaries, determined in accordance with GAAP, as of
the date of the financial statements most recently delivered pursuant to Section 5.01(a) or Section 5.01(b), as applicable.


 


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


 


“Corrected Financials
Date” has the meaning assigned to such term in the definition of “Applicable Rate”.


 






    11 


     


    

 


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


 


“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).


 


“Covered Party”
has the meaning assigned to such term in Section 9.20.


 


“Covered Liabilities”
has the meaning assigned to such term in Section 9.19.


 


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


 


“Credit Party”
means the Administrative Agent, any Issuing Bank, any Swingline Lender or any Lender.


 


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


 


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


 


“Default Right”
has the meaning assigned to such term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as
applicable.


 


“Defaulting Lender”
means any Lender that (a) has failed, within two (2) Business Days of the date required to be funded or paid, to (i) fund any portion
of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay over to any Credit Party
any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative
Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding
(specifically identified and including the particular Default, if any) has not been satisfied, (b) has notified the Borrower or any Credit
Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations
under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith
determination that a condition precedent (specifically identified and including the particular Default, if any) to funding a Loan under
this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three
(3) Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer
of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and
participations in then outstanding Letters of Credit and Swingline Loans under this Agreement; provided, that such Lender shall
cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form
and substance satisfactory to it and the Administrative Agent, (d) has become the subject of a Bankruptcy Event,
or (e) has become (or whose direct or indirect parent company has become) subject to a Bail-In Action.


 






    12 


     


    

 


“Deferred Acquisition
Consideration” means any purchase price adjustments, royalty, earn-out, milestone payments, contingent or other deferred payments
of a similar nature (including any non-compete payments and consulting payments) made in connection with any Permitted Acquisition or
other Acquisition permitted under this Agreement.


 


“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition of any property by any Person, including
any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims
associated therewith.


 


“Dollar Equivalent”
means, at the time of determination thereof, (a) if such amount is expressed in Dollars, such amount, (b) if such amount is expressed
in an Alternate Currency, the equivalent amount thereof in Dollars as determined by the Administrative Agent at such time on the basis
of the Spot Rate (determined in respect of the most recent Revaluation Date or other relevant date of determination) for the purchase
of Dollars with such other currency and (c) if such amount is denominated in any other currency, the equivalent of such amount in Dollars
as determined by the Administrative Agent using any method of determination it deems appropriate in its sole discretion.


 


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


 


“Domestic Subsidiary”
means any Subsidiary of the Borrower organized under the laws of any state of the United States of America or the District of Columbia.


 


“Early Opt-in Election”
means, if the then-current Benchmark is USD LIBOR, the occurrence of the following on or after the Effective Date:


 


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



 


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



 


“ECP” means
an “eligible contract participant” as defined in Section 1(a)(18) of the Commodity Exchange Act or any regulations promulgated
thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC.


 


“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.


 






    13 


     


    

 


“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 April 13, 2021.


 


“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.


 


“Electronic System”
means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®, Debt Domain, Syndtrak and
any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent and
the Issuing Banks and any of its respective Related Parties or any other Person, providing for access to data protected by passcodes or
other security system.


 


“Eligible Assignee”
means any Person that meets the requirements to be an assignee under Section 9.04(b) (subject to such consents, if any, as may
be required thereunder).


 


“Environmental Laws”
means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued,
promulgated, or entered into by any Governmental Authority, relating in any way to the environment, the preservation or reclamation of
natural resources, the management, Release or threatened Release of any Hazardous Material or relating to employee health and safety matters.


 


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


 


“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, and any warrants, options or other rights entitling the holder thereof to purchase or
acquire any of the foregoing.


 


“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time.


 


“ERISA Affiliate”
means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b)
or (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.


 






    14 


     


    

 



 


“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) the
failure to make any “minimum required contribution” (as defined in Section 430(a) of the Code) with respect to any Plan,
at the time and in the amount provided for in Section 430 of the Code; (c) the filing pursuant to Section 412(d) of the
Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan;
(d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to
the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC of any notice relating to an
intention to terminate any Plan or Plans in a distress termination described in Section 4041(c) of ERISA or to appoint a trustee to
administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the
withdrawal or partial withdrawal from any Multiemployer Plan; or (g) the receipt by the Borrower 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.


 


“Erroneous Payment”
has the meaning assigned to it in Section 8.10(a).


 


“Erroneous Payment
Deficiency Assignment” has the meaning assigned to it in Section 8.10(d).


 


“Erroneous Payment
Impacted Class” has the meaning assigned to it in Section 8.10(d).


 


“Erroneous Payment
Return Deficiency” has the meaning assigned to it in Section 8.10(d).


 


“Erroneous Payment
Subrogation Rights” has the meaning assigned to it in Section 8.10(d).


 


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


 


“Eurodollar”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, 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 Article VII.


 


“Excluded Subsidiary”
means Domestic Subsidiaries that are (i) directly or indirectly owned by a Foreign Subsidiary that is a CFC or (ii) Foreign Subsidiary
Holding Companies.


 


“Excluded Swap Obligation”
means, with respect to any Loan Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Loan
Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes
illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application
or official interpretation of any thereof) by virtue of such Loan Guarantor’s failure for any reason to constitute an ECP at the
time the Guarantee of such Loan Guarantor or the grant of such security interest becomes or would become effective with respect to such
Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to
the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal.


 






    15 


     


    

 


“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being a resident of, being organized under the laws of, or
having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such
Taxes (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (b) in the case of a Lender, U.S. withholding
Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan, Note, Letter
of Credit, Commitment or other Loan Document pursuant to a law in effect on the date on which (i) such Lender acquires such interest
in the Loan, Note, Letter of Credit, Commitment or other Loan Document (other than pursuant to an assignment request by the Borrower
under Section 2.19(b)) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section
2.17, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender
acquired the applicable interest in a Loan, Note, Letter of Credit, Commitment or other Loan Document or to such Lender immediately
before it changed its lending office; (c) Taxes attributable to such Recipient’s failure to comply with Section
2.17(f); and (d) any withholding Taxes imposed under FATCA.


  


“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and
any agreement entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreements entered into in connection with
the implementation of such sections of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to such
intergovernmental agreement.


 


“FDA” means
the United States Food and Drug Administration and any successor thereto.


 


“Federal Funds Effective
Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight
Federal funds transactions with members of the Federal Reserve System, as published on the next succeeding Business Day by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards,
if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from
three Federal funds brokers of recognized standing selected by it.


 


“Fee Letter”
means that certain Fee Letter, dated as of February 23, 2021, by and between the Borrower and Citi as Lead Arranger and the Administrative
Agent, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time.


 


“Financial Covenants”
means the covenants set forth in Section 6.11.


 


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


 


“Flood Laws”
has the meaning assigned to such term in Section 8.11.


 


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


 


“Foreign Lender”
means any Lender that is not a “United States person” as defined in Section 7701(a)(30) of the Code.


 


“Foreign
Pension Plan” means any plan, fund (including any superannuation fund) or other similar program established or maintained
outside the United States by the Borrower or any one or more of its Subsidiaries primarily for the benefit of employees of the
Borrower or such Subsidiaries residing outside the United States, which plan, fund or other similar program provides, or results in,
retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and
which plan is not subject to ERISA or the Code.


 






    16 


     


    

 


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


 


“Foreign Subsidiary
Holding Company” means any Domestic Subsidiary that owns no material assets (whether held directly or through one or more entities
disregarded for U.S. federal income tax purposes) other than capital stock (including any debt instrument treated as equity for U.S. federal
income tax purposes) of one or more Foreign Subsidiaries that are CFCs and engages in no material activities other than the ownership
of such capital stock.


 


“FTC” means
the Federal Trade Commission or any Governmental Authority succeeding to any or all of the functions of the Federal Trade Commission.


 


“Funded Indebtedness”
means, with respect to any Person and without duplication, (i) all Indebtedness of such Person of the types referred to in clauses
(a), (b), (d) and (g) of the definition of “Indebtedness” in this Section 1.01, (ii) all Indebtedness
of others of the type referred to in clause (i) of this definition secured by (or for which the holder of such Indebtedness has
an existing right, contingent or otherwise, to be secured by) a Lien on, or payable out of the proceeds of production from, any property
or asset of such Person, whether or not the obligations secured thereby have been assumed by such Person and (iii) all Guarantees of such
Person with respect to Indebtedness of others of the type referred to in clause (i) of this definition. The Funded Indebtedness
of any Person shall include the Funded 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 such entity, except to the extent
the terms of such Funded Indebtedness provide that such Person is not liable therefor.


 


“GAAP”
means generally accepted accounting principles in the United States of America.


 


“Governmental Authority”
means the government of the United States of America, any other nation or any political subdivision of any of the foregoing, whether state
or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.


 


“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance
or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services
for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital,
equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay
such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support
such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in
the ordinary course of business, warranty obligations in the ordinary course of business or customary indemnification obligations in connection
with transactions not prohibited by any of the Loan Documents.


 


“Guaranteed Obligations”
has the meaning assigned to such term in Section 10.01.


 






    17 


     


    

 


“Hazardous Materials”
means: (a) any substance, material, or waste that is included within the definitions of “hazardous substances,” “hazardous
materials,” “hazardous waste,” “toxic substances,” “toxic materials,” “toxic waste,”
or words of similar import in any Environmental Law; (b) those substances listed as hazardous substances by the United States Department
of Transportation (or any successor agency) (49 C.F.R. 172.101 and amendments thereto) or by the Environmental Protection Agency (or any
successor agency) (40 C.F.R. Part 302 and amendments thereto); and (c) any substance, material, or waste that is petroleum, petroleum-related,
or a petroleum by-product, asbestos or asbestos-containing material, polychlorinated biphenyls, flammable, explosive, radioactive, freon
gas, radon, or a pesticide, herbicide, or any other agricultural chemical.


 


“Holdback”
means any portion of the purchase price for a Permitted Acquisition not paid at the closing therefor but held by the Borrower or any Subsidiary
for satisfaction of indemnification obligations or purchase price adjustments.


 


“Immaterial Property”
means (i) the Loan Parties’ manufacturing facility in Owings Mills, Maryland, (ii) the Loan Parties’ distribution facility
in Ridgley, Maryland, (iii) any other real property owned by any Loan Party that has a fair market value (as reasonably determined by
the Borrower in good faith) less than $10.0 million and (iv) any leasehold interest of any Loan Party as lessee.


 


“Immaterial Subsidiary”
means, as of any date of determination, any Subsidiary of the Borrower that does not have (a) assets with a value in excess of 5.00% of
Consolidated Total Assets or (b) revenues (for the most recently completed Reference Period) representing in excess of 5.00% of total
revenues, in each case, of the Borrower and its Subsidiaries on a consolidated basis (after eliminating intercompany obligations) as of
the last day of the most recently completed Reference Period for which financial statements have been delivered pursuant to Sections
4.01(b), 5.01(a) or 5.01(b); provided, that, no Subsidiary shall constitute an “Immaterial Subsidiary”
if its inclusion thereof would result in either (i) the aggregate value of the assets of all Immaterial Subsidiaries (other than Excluded
Subsidiaries and Foreign Subsidiaries) that have not become Loan Guarantors exceeding 10.00% of Consolidated Total Assets or (ii) the
aggregate revenues of all Immaterial Subsidiaries (other than Excluded Subsidiaries and Foreign Subsidiaries) that have not become Loan
Guarantors exceeding 10.00% of the total revenues, in each case, of the Borrower and its Subsidiaries on a consolidated basis (after eliminating
intercompany obligations) as of the last day of the most recently completed Reference Period for which financial statements have been
delivered pursuant to Sections 4.01(b), 5.01(a) or 5.01(b).


 


“Increasing Lender”
has the meaning assigned to such term in Section 2.22(a)(i).


 


“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 Deferred Acquisition Consideration and any other deferred purchase price of property or services (excluding accounts
payable incurred in the ordinary course of business and not more than ninety (90) days past due or that are being contested in good
faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided for on the books of
such Person), (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, (i) all obligations, contingent or otherwise, of such Person in respect of bankers’
acceptances, (j) any other Off-Balance Sheet Liability and (k) any net obligations of such Person with respect to any Swap
Agreements. 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.


 






    18 


     


    

 


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


 


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


 


“Ineligible Institution”
means a (a) natural person, (b) a Defaulting Lender, (c) holding company, investment vehicle or trust for, or owned and operated for the
primary benefit of, a natural person or relative(s) thereof; provided, that, such holding company, investment vehicle or trust
shall not constitute an Ineligible Institution if it (x) has not been established for the primary purpose of acquiring any Loans or Commitments,
(y) is managed by a professional advisor, who is not such natural person or a relative thereof, having significant experience in the business
of making or purchasing commercial loans, and (z) has assets greater than $25.0 million and a significant part of its activities consist
of making or purchasing commercial loans and similar extensions of credit in the ordinary course of its business or (d) a Loan Party or
a Subsidiary or other Affiliate of a Loan Party.


 


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


 


“Interest Coverage
Ratio” means, at any date, the ratio of (a) Consolidated EBITDA to (b) Interest Expense, all calculated for the Reference Period
ended on such date (or, if such date is not the last day of a fiscal quarter, ended on the last day of the fiscal quarter most recently
ended prior to such date).


 


“Interest Election
Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.08.


 


“Interest Expense”
means, with reference to any period, total interest expense of the Borrower and its Subsidiaries for such period (including all commissions,
discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing and net costs under
Swap Agreements in respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP), calculated
on a consolidated basis for the Borrower and its Subsidiaries for such period in accordance with GAAP (and including for the avoidance
of doubt, interest expense attributable to Capital Lease Obligations whether or not included in interest expense determined in accordance
with GAAP).


 


“Interest Payment
Date” means (a) with respect to any ABR Loan (including any Swingline Loan), the first Business Day of each January, April,
July and October and the Maturity Date and (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to
the Borrowing of which such Loan is a part and, in the case of a Eurodollar 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 and the Maturity Date.


 


“Interest
Period” means with respect to any Eurodollar 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 the Borrower may elect; provided,
that (i) 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, in the case of a Eurodollar Borrowing only, 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, (ii) any Interest Period pertaining
to a Eurodollar Borrowing 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 and (iii) no Interest Period may extend beyond the Maturity Date. 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.


 






    19 


     


    

 


“Investment”
has the meaning assigned to such term in Section 6.04.


 


“IRS” means
the United States Internal Revenue Service.


 


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


 


“Issuing Banks”
means, individually and collectively as the context may require, (a) Citi, in its capacity as an issuer of Letters of Credit hereunder,
and any successors in such capacity, and (b) and any other Lender from time to time designated by the Borrower as an Issuing Bank, with
the consent of such Lender and the Administrative Agent and such Lender’s successors in such capacity. Any 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. At any time there is more than
one Issuing Bank, all singular references to the Issuing Bank shall mean any Issuing Bank, either Issuing Bank, each Issuing Bank, the
Issuing Bank that has issued the applicable Letter of Credit, or both (or all) Issuing Banks, as the context may require.


 


“Joinder Agreement”
has the meaning assigned to such term in Section 5.09(a).


 


“LC Collateral Account”
has the meaning assigned to such term in Section 2.06(j).


 


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


 


“LC Exposure”
means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time (and in the case of
Letters of Credit issued in an Alternate Currency, such sums shall be determined with respect to the Dollar Equivalent thereof) plus
(b) the aggregate amount of all LC Disbursements relating to Letters of Credit that have not yet been reimbursed by or on behalf of the
Borrower at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time.


 


“Lead Arranger”
means Citibank, N.A.


 


“Lenders”
means the Persons listed on the Commitment Schedule and any other Person that shall have become a party hereto pursuant to an Assignment
and Assumption, 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 the Issuing Banks and the Swingline Lenders.


 


“Letter of Credit”
means the standby and trade letters of credit issued pursuant to this Agreement, and the term “Letter of Credit” means any
one of them or each of them singularly, as the context may require.


 






    20 


     


    

 


“LIBO Rate”
means, with respect to any Eurodollar Borrowing for any applicable Interest Period or for any ABR Borrowing,


 


(a)       the
rate per annum equal to the offered rate that appears on the Reuters Screen LIBOR01 (or any successor thereto) for deposits in
Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period (the “LIBO Screen
Rate”), determined as of approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest
Period;


 


(b)       if
the rate referenced in the preceding clause (a) does not appear on such page or service or such page or service shall not be available,
the rate per annum equal to the rate reasonably determined by the Administrative Agent to be the offered rate on such other page
or other service that displays an average ICE Benchmark Administration London Interbank Offered Rate for deposits in Dollars offered in
the London interbank market (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined
as of approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period; or


 


(c)       if
the rates referenced in the preceding clauses (a) and (b) are not available, then the LIBO Rate for any Eurodollar Rate
Loan denominated in Dollars for such Interest Period shall be (x) a comparable successor or alternative interbank rate for deposits in
Dollars that is, at such time, broadly accepted by the syndicated loan market in lieu of the “LIBO Rate” and is reasonably
acceptable to the Borrower and the Administrative Agent or (y) solely if no such broadly accepted comparable successor interbank rate
exists at such time, a successor or alternative index rate as the Administrative Agent and the Borrower may determine with the consent
of the Required Lenders.


 


Notwithstanding the above, to the extent that
 “LIBO Rate” or “Adjusted LIBO Rate” is used in connection with an ABR Borrowing, such rate shall be determined
as modified by the definition of “Alternate Base Rate”.


 


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


 


“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.


 


“Loan Documents”
means, collectively, this Agreement, the Notes, any Letter of Credit applications, the Collateral Documents, the Loan Guaranty, the Fee
Letter and all other agreements, instruments, documents and certificates identified in Section 4.01 executed and delivered by a
Loan Party to, or in favor of, the Administrative Agent or any Lenders and including all other pledges, powers of attorney, consents,
assignments, contracts, notices and letter of credit agreements whether heretofore, now or hereafter executed by or on behalf of any Loan
Party and delivered to the Administrative Agent or any Lender in connection with this Agreement or the transactions contemplated hereby.
Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto,
and all amendments, restatements, supplements or other modifications thereto, and shall refer to the Agreement or such Loan Document as
the same may be in effect at any and all times such reference becomes operative.


 


“Loan
Guarantor” means (a) each of the Borrower’s wholly owned Material Domestic Subsidiaries; and (b) with respect to
Secured Obligations owed by any other Loan Party or other Subsidiary, the Borrower; provided, that subject to any
administrative requirements of the Administrative Agent, the Borrower may elect to add additional Domestic Subsidiaries as Loan
Guarantors so long as each such added Loan Guarantor complies with Section 5.09 of this Agreement as if it were a newly
acquired wholly-owned Material Domestic Subsidiary at the time of such designation.


 






    21 


     


    

 


“Loan Guaranty”
means Article X of this Agreement.


 


“Loan Parties”
means, collectively, the Borrower, each Loan Guarantor and any other Person who becomes a party to this Agreement pursuant to a Joinder
Agreement and each of their successors and assigns, and the term “Loan Party” means any one of them or all of them individually,
as the context may require.


 


“Loans”
means the loans and advances made by the Lenders pursuant to this Agreement, including Revolving Credit Loans and Swingline Loans.


 


“Material Adverse
Effect” means a material adverse effect on (a) the business, assets, operations, or financial condition of the Borrower
and its Subsidiaries taken as a whole, (b) the ability of the Loan Parties to perform any of their material obligations under the
Loan Documents, (c) any material portion of the Collateral, or the Administrative Agent’s Liens (on behalf of itself and the
Lenders) on any material portion of the Collateral or the priority of such Liens (in each case subject to Permitted Liens), or (d) the
rights of or benefits available to the Administrative Agent, the Issuing Banks or the Lenders under the Loan Documents.


 


“Material Domestic
Subsidiary” means any Domestic Subsidiary of the Borrower (other than (x) Medifast Franchise Systems, Inc., a Delaware corporation,
or (y) a Domestic Subsidiary directly or indirectly owned by a Foreign Subsidiary that is a CFC) that is not (a) an Immaterial Subsidiary
or (b) a Foreign Subsidiary Holding Company.


 


“Material Foreign
Subsidiary” means any Foreign Subsidiary of the Borrower that is not an Immaterial Subsidiary.


 


“Material Indebtedness”
means any Indebtedness (other than the Loans, Letters of Credit and Intercompany Loans among the Loan Parties and their Subsidiaries),
or any obligations under Swap Agreements, of any one or more of the Borrower and its Subsidiaries in an aggregate principal amount exceeding
$50.0 million. For purposes of determining Material Indebtedness, the aggregate principal amount of “obligations” of the Borrower
or any Subsidiary in respect of any Swap Agreement at any time shall be the Swap Termination Value.


 


“Material Property”
means (i) as of the Effective Date, each of the real property interests and rights of the Loan Parties described on Schedule 5.09(f)
and (ii) any owned real property acquired after the Effective Date that is not Immaterial Property.


 


“Maturity Date”
means the earliest to occur of (a) the Revolving Credit Termination Date, (b) any earlier date on which the Commitments are reduced to
zero or otherwise terminated pursuant to the terms hereof and (c) the date that the Loans, if any, are declared due and payable pursuant
to Article VII hereof.


 


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


 


“Mortgages”
means any mortgage or deed of trust now or hereafter encumbering Loan Parties’ Material Property as described therein in favor
of the Administrative Agent, in form and substance reasonably satisfactory to the Administrative Agent, as such security instrument
may be amended, supplemented or otherwise modified from time to time.


 






    22 


     


    

 


“Multiemployer Plan”
means a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which Borrower or any ERISA Affiliate is obligated to make
contributions.


 


“Net Income”
means, for any period, the consolidated net income (or loss) of the Borrower and its Subsidiaries, determined on a consolidated basis
in accordance with GAAP; provided, that there shall be excluded from such net income (to the extent otherwise included therein),
without duplication: (a) the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary or is merged into or
consolidated with the Borrower or any of its Subsidiaries, (b) the income (or deficit) of any Person (other than a Subsidiary) in which
the Borrower or any of its Subsidiaries has an ownership interest, except to the extent that any such income is actually received by the
Borrower or such Subsidiary in the form of dividends or similar distributions and (c) the undistributed earnings of any Subsidiary to
the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the
terms of any contractual obligation (other than under any Loan Document) or Requirement of Law applicable to such Subsidiary.


 


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


 


“Note”
and “Notes” have the meanings assigned to such terms in Section 2.10(e).


 


“Notice of Increase”
has the meaning assigned to such term in Section 2.22(a)(i).


 


“Obligated Party”
has the meaning assigned to such term in Section 10.02.


 


“Obligations”
means all unpaid principal of and accrued and unpaid interest on the Loans, all LC Exposure, all accrued and unpaid fees and all expenses,
reimbursements, indemnities and other obligations, indebtedness (including interest and fees accruing during the pendency of any bankruptcy,
insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), obligations and
liabilities of any of the Borrower and its Subsidiaries to any of the Lenders, the Administrative Agent, any Issuing Bank or any indemnified
party, individually or collectively, existing on the Effective Date or arising thereafter, direct or indirect, joint or several, absolute
or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise,
in each case arising or incurred under this Agreement or any of the other Loan Documents or in respect of any of the Loans made or reimbursement
or other obligations incurred or any of the Letters of Credit or other instruments at any time evidencing any thereof. For the avoidance
of doubt, the “Obligations” of any Guarantor shall include the Guaranteed Obligations.


 


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


 


“Off-Balance Sheet
Liability” of a Person means any repurchase obligation or liability of such Person with respect to accounts or notes receivable
sold by such Person (other than any customary repurchase obligations resulting from a breach of representations and warranties, covenants,
servicing obligations and indemnities under a securitization facility).


 


“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 Taxes (other than a connection solely arising from such Recipient having
executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security
interest under, engaged in any other transaction pursuant to, or enforced, any Loan Document, or sold or assigned an interest in any
Loan, Letter of Credit or any Loan Document).


 






    23 


     


    

 


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


 


“Parent”
means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.


 


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


 


“Payment Recipient”
has the meaning assigned to it in Section 8.10(a).


 


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


 


“Payment in Full”
means as of any date of determination, that: (a) the entire amount of principal of and interest due on the Loans, and all other amounts
of fees, payments and other obligations due under this Agreement, the other Loan Documents and the Notes are paid in full in cash (other
than contingent indemnification obligations and reimbursement obligations in respect of which no claim for payment has yet been asserted
by the Person entitled thereto, and any Banking Services Obligations not then due and owing); (b) the commitments to lend under this Agreement
have been terminated; (c) there are no outstanding Letters of Credit (other than Letters of Credit that have been cash collateralized
in accordance with the requirements of this Agreement or other arrangements acceptable to the Issuing Bank); (d) there are no outstanding
Swap Agreement Obligations (or arrangements with respect thereto have been implemented which are acceptable to the relevant counterparty);
and (e) all Obligations (other than contingent indemnification obligations and reimbursement obligations in respect of which no claim
for payment has yet been asserted by the Person entitled thereto, and any Banking Services Obligations not then due and owing) have been
paid in full in cash. “Paid in Full” shall have a correlative meaning.


 


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


 


“Permits”
means, with respect to any Person, any permit, approval, clearance, authorization, license, registration, certificate, concession, grant,
franchise, variance or permission from, and any other contractual obligations with, any Governmental Authority, in each case whether or
not having the force of law and applicable to or binding upon such Person or any of its property or Products or to which such Person or
any of its property or Products is subject.


  


“Permitted Acquisition”
means any Acquisition in which each of the following conditions is satisfied:


 


(a)               
the Person or business or assets which is the subject of such Acquisition is in a line of business permitted under Section 6.03(b);


 


(b)               
all governmental, corporate and material third-party approvals and consents necessary in connection with such Acquisition shall
have been obtained and be in full force and effect;


 






    24 


     


    

 



 


(c)             if acquiring a Person, unless such Person is contemporaneously merged with and into the Borrower or a Subsidiary of the Borrower,
such Person becomes a wholly owned direct or indirect Subsidiary of the Borrower and, simultaneously with such Acquisition, a Loan Party
to the extent required by Section 5.09, with such Person’s Equity Interest being pledged as Collateral to the extent required
by Section 5.09;


 


(d)           such
Acquisition shall be consummated in all material respects in accordance with the terms of the purchase or acquisition agreement executed
in connection therewith and with all other material agreements, instruments and documents implementing such Acquisition and in compliance
in all material respects with applicable law and regulatory approvals;


 


(e)             such
Acquisition shall, prior to the date of such Acquisition, have been approved by the board of directors (or similar governing body) of
such Person to be acquired (and such approval shall not have been rescinded);


 


(f)               no Default or Event of Default shall have occurred and be continuing or would result therefrom;


 


(g)             after
giving effect to such Acquisition (including the incurrence, assumption or acquisition of any Indebtedness in connection therewith) the
Total Net Leverage Ratio for the most recently ended Reference Period for which financial statements have been (or were required to be)
delivered to the Administrative Agent is not more than 2.75 to 1.00;


 


(h)             the
aggregate cash purchase price for all Permitted Acquisitions of any Persons which do not become Loan Guarantors shall not exceed $10.0
million in the aggregate;


 


(i)              the Borrower shall have delivered to the Administrative Agent a certificate of a Financial Officer, on the date of the consummation
of such Acquisition, certifying as to the accuracy and completeness of, and setting forth the calculations demonstrating compliance with,
clause (g) of this definition; and


 


(j)              no
less than ten (10) Business Days prior to the proposed closing date of such Acquisition (or such shorter period as may be agreed to by
the Administrative Agent), the Borrower shall have delivered written notice of such Acquisition to the Administrative Agent, which notice
shall include the proposed closing date of such Acquisition.


 


“Permitted Encumbrances”
means:


 


(a)             Liens
imposed by law for taxes that are not yet due or as to which the period of grace, if any, related thereto has not expired, or are being
contested in compliance with Section 5.04;


 


(b)             carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary
course of business and securing obligations that are not overdue by more than ninety (90) days or are being contested in compliance with
Section 5.04;


 


(c)             pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance
and other social security laws or regulations;


 


(d)             deposits
to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other
obligations of a like nature, in each case in the ordinary course of business;


 






    25 


     


    

 


(e)             judgment liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII;


 


(f)            easements,
covenants, conditions, zoning restrictions, rights-of-way, minor defects or other irregularities in title and/or similar encumbrances
on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not
materially detract from the value of the affected property or materially interfere with the ordinary conduct of business of the Borrower
or any Subsidiary; and


 


(g)             Liens representing any interest or title of a licensor, lessor or sublicensor or sublessor, or a licensee, lessee or sublicensee
or sublessee, in the property subject to any lease, license or sublicense or concession agreement, in each case to the extent permitted
by this Agreement;


 


provided, that the term “Permitted
Encumbrances” shall not include any Lien securing Indebtedness.


 


“Permitted Liens”
means all Liens permitted under Section 6.02.


 


“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” (within the meaning of Section 3(2) of ERISA) (other than a Multiemployer Plan or
a Foreign Pension Plan) 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 the Borrower 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.


 


“Prime Rate”
means the rate of interest per annum publicly announced from time to time by Citibank, N.A. as its prime rate in effect at its
principal offices in New York City. Each change in the Prime Rate shall be effective from and including the date such change is publicly
announced as being effective.


 


“Products”
means any item or any service that is designed, created, tested, manufactured, distributed, or otherwise offered by or on behalf of the
Loan Parties or any of their Subsidiaries.


 


“Product Safety Laws”
means the Dietary Supplements Health and Education Act; the Dietary Supplement and Nonprescription Drug Consumer Protection Act; the Federal
Food, Drug, and Cosmetic Act; the Food Safety Modernization Act; the Federal Trade Commission Act; the Consumer Product Safety Act; the
Poison Prevention Packaging Act; the Federal Hazardous Substances Act; the California Safe Drinking Water and Toxic Enforcement Act of
1986 (Proposition 65); and all comparable federal, state, local and foreign Laws or requirements of any Governmental Authority where the
Loan Parties conduct their business or where the Company Products are sold.


 


“Prohibited Transaction”
means the occurrence of a “prohibited transaction” within the meaning of Section 4975(c) of the Code or Section 406 of ERISA
for which there was no exemption under Section 4975(d).


 


“Projections”
has the meaning assigned to such term in Section 5.01(d).


 


“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.


 






    26 


     


    

 


“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).


 


“QFC Credit Support”
has the meaning assigned to such term in Section 9.20.


 


“Qualified ECP Guarantor”
means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10 million at the time the relevant Loan Guaranty
or grant of the relevant security interest becomes or would become effective with respect to such Swap Obligation or such other person
as constitutes an ECP and can cause another person to qualify as an ECP at such time by entering into a keepwell under Section 1a(18)(A)(v)(II)
of the Commodity Exchange Act.


 


“Recipient”
means, as applicable, (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank, or any combination thereof (as the context
requires).


 


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


 


“Reference Period”
has the meaning assigned to such term in the definition of “Consolidated EBITDA”.


 


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


 


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


 


“Release”
means any releasing, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, migrating, disposing
or dumping of any substance into the environment.


 


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


 


“Requested Increase
Date” has the meaning assigned to such term in Section 2.22(a)(i).


 


“Required Lenders”
means, at any time, Lenders (other than Defaulting Lenders) having Credit Exposure and unused Commitments representing more than 50% of
the sum of the total Credit Exposure and unused Commitments at such time; provided, that if at any time of determination there
are two (but not more than two) Lenders party hereto that are not Affiliates or Approved Funds of one another, Required Lenders shall
include such two Lenders who are not Affiliates or Approved Funds of one another.


 


“Requirement of
Law” means, with respect to any Person, (a) the charter, articles or certificate of organization or incorporation and
bylaws or operating, management or partnership agreement, or other organizational or governing documents of such Person and (b) any
statute, law (including common law), treaty, rule, regulation, code, ordinance, order, decree, writ, judgment, injunction or
determination of any arbitrator or court or other Governmental Authority (including Environmental Laws), 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.


 






    27 


     


    

 


“Restricted”
means, when referring to cash or Cash Equivalents of the Borrower or any of its Subsidiaries, that such cash or Cash Equivalents appear
(or would be required to appear) as “restricted” on a consolidated balance sheet of the Borrower or such Subsidiary (unless
such appearance is related to a restriction in favor of, among others, the Administrative Agent).


 


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


 


“Responsible Officer”
means any Financial Officer, the chief executive officer, any president, any executive vice president, any senior vice president, any
vice president, the chief operating officer or the treasurer of the Borrower and any other individual or similar official thereof responsible
for the administration of the obligations of the Borrower in respect of this Agreement.


 


“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 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 such Equity Interests in the Borrower or any
option, warrant or other right to acquire any such Equity Interests in the Borrower.


 


“Revaluation Date”
means (a) with respect to any Letter of Credit denominated in an Alternate Currency, each of the following: (i) each date of issuance
of such Letter of Credit, (ii) each date of an amendment of such Letter of Credit that would have the effect of increasing the face amount
thereof; (iii) the last day of each fiscal quarter and (iv) the date of any LC Disbursement; and (b) such additional dates as the respective
Issuing Bank or Administrative Agent shall determine, at any time when an Event of Default has occurred and is continuing.


 


“Revolving Credit
Loan” means a Loan made pursuant to Section 2.02.


 


“Revolving Credit
Termination Date” means the fifth anniversary of the Effective Date.


 


“S&P”
means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business.


 


“Sanctioned Country”
means, at any time, a country or territory which is the subject or target of any comprehensive Sanctions (which, as of the date of this
Agreement, includes Crimea and the Crimea Region, Cuba, Iran, North Korea, Sudan, Syria and Venezuela).


 


“Sanctioned Person”
means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the OFAC, the U.S. Department
of State or by the United Nations Security Council, the European Union or any EU member state, (b) any Person operating, organized or
resident in a Sanctioned Country or (c) any Person majority-owned or controlled by any such Person or Persons described in the foregoing
clause (a) or (b).


 


“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government,
including those administered by OFAC or the U.S. Department of State, or (b) the United Nations Security Council, the European Union or
Her Majesty’s Treasury of the United Kingdom.


 






    28 


     


    

 


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


 


“Secured Obligations”
means all Obligations, together with all (a) Banking Services Obligations, (b) Swap Agreement Obligations owing to any Person that, at
the time of entering into such arrangement with a Loan Party or any Subsidiary, was the Administrative Agent, a Lender or an Affiliate
thereof, in each case, with respect to such Swap Agreement Obligations, to the extent designated by the Borrower in a written statement
(including by way of email) to the Administrative Agent as constituting Secured Obligations (such Swap Agreement Obligations, “Secured
Swap Agreement Obligations”) and (c) Erroneous Payment Subrogation Rights; provided, however, that the definition
of “Secured Obligations” shall not create any guarantee by any Guarantor of (or grant of security interest by any Guarantor
to support, as applicable) any Excluded Swap Obligations of such Guarantor for purposes of determining any obligations of any Guarantor.


 


“Secured Parties”
means the Administrative Agent, each Lender, each Issuing Bank, each Swingline Lender and each other provider of Secured Obligations as
permitted pursuant to the definition thereof.


 


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


 


“Security Agreement”
means that certain Pledge and Security Agreement, dated as of the date hereof, among the Borrower, each Subsidiary of the Borrower party
thereto from time to time, and the Administrative Agent, for the benefit of the Administrative Agent, the Lenders and the other Secured
Parties, and any other pledge or security agreement entered into, after the date of this Agreement by any Loan Party (as required by this
Agreement or any other Loan Document), as the same may be amended, restated, amended and restated, supplemented or otherwise modified
from time to time.


 


“Spot Rate”
means, for any currency, on any Revaluation Date or other relevant date of determination, the rate quoted by the Administrative Agent
as the spot rate for the purchase by the Administrative Agent of such currency with another currency through its principal foreign exchange
trading office at approximately 11:00 a.m. on the date that is two (2) Business Days prior to the date as of which the foreign exchange
computation is made; provided, that the Administrative Agent may obtain such spot rate from another financial institution designated
by the Administrative Agent if the Administrative Agent does not have as of the date of determination a spot buying rate for any such
currency.


 


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


 


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


 


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


 


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


 






    29 


     


    

 


“Subordinated Indebtedness”
of a Person means any Indebtedness of such Person the payment of which by its terms is at all times subordinated to payment of the Obligations
on terms reasonably satisfactory to the Administrative Agent.


 


“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 by the parent.


 


“Subsidiary”
means any direct or indirect subsidiary of the Borrower or a Loan Party, as applicable.


 


“Supported QFC”
has the meaning assigned to such term in Section 9.20.


 


“Swap Agreement”
means any agreement with respect to any swap, forward, spot, future, credit default or derivative transaction or option or similar agreement
involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic,
financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination
of these transactions; provided, that no phantom stock or similar plan providing for payments only on account of services provided by
current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap Agreement.


 


“Swap Agreement Obligations”
means any and all obligations of the Loan Parties or any Subsidiary, whether absolute or contingent and howsoever and whensoever created,
arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any
and all Swap Agreements permitted hereunder with a Person that, at the time of entering into such Swap Agreement, is the Administrative
Agent, a Lender or an Affiliate of a Lender, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any
such Swap Agreement transaction.


 


“Swap Obligation”
means, with respect to any Loan Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes
a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder.


 


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


 






    30 


     


    

 


“Swingline Commitment”
with respect to Citi, $10.0 million or such lesser amount as agreed upon by the Borrower and Citi, and with respect to any other Lender
that becomes a Swingline Lender, an amount to be agreed upon by the Borrower and such Lender, with the consent of the Administrative Agent;
provided, that an aggregate amount of all such Swingline Commitments shall not exceed $10.0 million.


 


“Swingline Exposure”
means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any Swingline
Lender at any time shall be the sum of (a) its Applicable Percentage of the total Swingline Exposure at such time other than with respect
to any Swingline Loans made by such Swingline Lender in its capacity as the Swingline Lender and (b) the principal amount of all Swingline
Loans made by such Swingline Lender in its capacity as the Swingline Lender outstanding at such time (less the amount of participations
funded by the other Lenders in such Swingline Loans).


 


“Swingline Lenders”
individually and collectively as the context may require, (a) Citi in its capacity as a lender of Swingline Loans hereunder and (b) and
any other Lender from time to time designated by the Borrower as a Swingline Lender, with the consent of such Lender and the Administrative
Agent and such Lender’s successors in such capacity.


 


“Swingline
Loan” means a Loan made pursuant to Section 2.04.


 


“Swingline Request”
has the meaning assigned to such term in Section 2.04(b).


 


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


 


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


 


“Total Net Funded
Indebtedness” means, at any date, (a) the aggregate principal amount of all Funded Indebtedness of the Borrower and its Subsidiaries
at such date, determined on a consolidated basis in accordance with GAAP, minus (b) the aggregate amount of cash and Cash
Equivalents of the Borrower and its Subsidiaries as of such date that is not Restricted up to an aggregate amount not to exceed $75.0
million.


 


“Total Net Leverage
Ratio” means, as of any date, the ratio of (a) Total Net Funded Indebtedness on such date to (b) Consolidated EBITDA for
the Reference Period ended on such date (or, if such date is not the last day of a fiscal quarter, ended on the last day of the fiscal
quarter most recently ended prior to such date).


 


“Transactions”
means the execution, delivery and performance by the Borrower of this Agreement, the borrowing of Loans and other credit extensions, the
use of the proceeds thereof and the issuance of Letters of Credit hereunder.


 


“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.


 






    31 


     


    

 


“UCC” means
the Uniform Commercial Code as in effect from time to time in the State of New York or any other state the laws of which are required
to be applied in connection with the issue of perfection of security interests.


 


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


 


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


 


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


 


“United States”
means the United States of America.


 


“Unliquidated Obligations”
means, at any time, any Secured Obligations (or portion thereof) that are contingent in nature or unliquidated at such time, including
any Secured Obligation that is: (i) an obligation to reimburse a bank for drawings not yet made under a letter of credit issued by it;
(ii) any other obligation (including any guarantee) that is contingent in nature at such time; or (iii) an obligation to provide collateral
to secure any of the foregoing types of obligations.


 


“U.S. Person”
means a “United States person” as defined in section 7701(a)(30) of the Code.


 


“U.S. Special Resolution
Regimes” has the meaning assigned to such term in Section 9.20.


 


“U.S. Tax Compliance
Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3).


 


“USA PATRIOT Act”
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001.


 


“USD LIBOR”
means the London interbank offered rate for U.S. dollars.


 


“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.


 


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


 


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


 






    32 


     


    

 


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


 


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” shall be deemed to be followed by the phrase “without
limitation”. The word “law” shall be construed as referring to all statutes, rules, regulations, codes and other laws
(including official rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply)
and all judgments, orders and decrees of all Governmental Authorities. The word “will” shall be construed to have the same
meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time
amended, restated, amended and restated, supplemented, refinanced, replaced, or otherwise modified (subject to any restrictions on such
amendments, restatements, amendment and restatement, supplements, refinancings, replacements, or modifications set forth herein), (b)
any definition of or reference to any statute, rule or regulation shall be construed as referring thereto as from time to time amended,
supplemented or otherwise modified (including by succession of comparable successor laws), (c) any reference herein to any Person shall
be construed to include such Person’s successors and assigns (subject to any restrictions on assignments 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,
(d) 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, (e) 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, (f) any
reference in any definition to the phrase “at any time” or “for any period” shall refer to the same time or period
for all calculations or determinations within such definition, and (g) 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.


 


Section
1.04.                    Accounting
Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in
accordance with GAAP, as in effect from time to time; provided, that, if after the Effective Date there occurs any change in
GAAP or in the application thereof on the operation of any provision hereof and the Borrower notifies the Administrative Agent that
the Borrower requests an amendment to any provision hereof to eliminate the effect of such change in GAAP or in the application
thereof (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; provided, further,
that all terms of an accounting or financial nature shall be construed without giving effect to any election under Accounting
Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards 159, The Fair Value Option
for Financial Assets and Financial Liabilities), or any successor thereto (including pursuant to the Accounting Standards
Codification), to value any Indebtedness of the Loan Parties at “fair value”, as defined therein. Notwithstanding any
other provision contained herein, other than for purposes of Sections 3.04, 5.01(a) and 5.01(b), 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 change in accounting for leases resulting from the implementation of Financial Accounting
Standards Board ASU No. 2016-02, Leases (Topic 842), to the extent any lease (or similar arrangement conveying the right to use)
would be required to be treated as a capital lease where such lease (or similar arrangement) would not have been required to be so
treated under GAAP as in effect on December 31, 2016.


 






    33 


     


    

 


Section
1.05.                   
Status of Obligations. In the event that the Borrower or any other Loan Party shall at any time issue or have outstanding
any Subordinated Indebtedness, the Borrower shall take or cause such other Loan Party to take all such actions as shall be necessary to
cause the Secured Obligations to constitute senior indebtedness (however denominated) in respect of such Subordinated Indebtedness. Without
limiting the foregoing, the Secured Obligations are hereby designated as “senior indebtedness” and as “designated senior
indebtedness” and words of similar import under and in respect of any indenture or other agreement or instrument under which such
Subordinated Indebtedness is outstanding and are further given all such other designations as shall be required under the terms of any
such Subordinated Indebtedness in order that the Lenders may have and exercise any payment blockage or other remedies available or potentially
available to holders of senior indebtedness under the terms of such Subordinated Indebtedness.


 


Section
1.06.                   
Financial Ratios. Any financial ratios required to be maintained by any Loan Party pursuant to this Agreement shall
be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places
by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest
number).


 


Section
1.07.                  Limited
Liability Companies. Any reference in any Loan Document to a merger, consolidation, amalgamation, assignment, sale, disposition or
transfer, or similar term, shall be deemed to include or apply to (as applicable) a division or plan of division of or by a limited liability
company, limited partnership or trust, or an allocation of assets to a series of a limited liability company, limited partnership or
trust (or the unwinding of such a division or allocation), as if it were a merger, amalgamation, consolidation, assignment, sale or transfer,
or similar term, as applicable, to, of or with a separate Person. Any Person that exists or that comes into existence after giving effect
to a division of a limited liability company, limited partnership or trust shall constitute a separate Person for all purposes under
the Loan Documents (including any Loan Party, Subsidiary, joint venture or any other like Person).


 


Section
1.08.                    
Calculations.


 


(a)               For
purposes of determining the amount of any Investment outstanding for purposes of Section 6.04, such amount shall be deemed to be the
amount of such Investment when made, purchased or acquired (without adjustment for subsequent increases or decreases in the value of
such Investment) less any actual cash amount realized by the applicable Loan Party or Subsidiary in respect of such
Investment upon the sale, collection or return of capital (not to exceed the original amount invested).


 


(b)              
Notwithstanding anything to the contrary herein, for purposes of determining whether the incurrence of any Indebtedness is in compliance
with any applicable leverage ratio based test (including a Total Net Leverage Ratio), or other financial test, set forth in this Agreement,
such test shall be calculated (i) on a pro forma basis for the incurrence of such Indebtedness and (ii) in the case of any such Indebtedness
constituting revolving Indebtedness or delayed draw Indebtedness, assuming that such Indebtedness is fully drawn.


 






    34 


     


    

 



 


Section
1.09.                 
Exchange Rate. The Administrative Agent shall determine the Spot Rates as of each Revaluation Date to be used for
calculating the Dollar Equivalent of the LC Disbursements denominated in a currency other than Dollars. Such Spot Rates shall become effective
as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between such currency and Dollars until the
next Revaluation Date to occur.


 


ARTICLE
II


 






The Credits


 


Section
2.01.                 
Commitments. Subject to the terms and conditions set forth herein, each Lender severally agrees to make Loans in
Dollars to the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result in such
Lender’s Credit Exposure exceeding such Lender’s Commitment. Within the foregoing limits and subject to the terms and conditions
set forth herein, the Borrower may borrow, prepay and reborrow Loans.


 


Section
2.02.                 
Loans and Borrowings.


 


(a)              
Each Loan (other than a Swingline Loan) shall be made as part of a Borrowing consisting of Loans of the same Type made by the Lenders
ratably in accordance with their respective Commitments. 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 no Lender
shall be responsible for any other Lender’s failure to make Loans as required. Any Swingline Loan shall be made in accordance with
the procedures set forth in Section 2.04 below.


 


(b)              
Subject to Section 2.14, each Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower
may request in accordance herewith. Each Swingline Loan shall be an ABR Loan. Each Lender at its option may make any Eurodollar Loan by
causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions
of Sections 2.14, 2.15, 2.16 and 2.17 shall apply to such Affiliate to the same extent as to such Lender);
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.


 






    35


     


    

 


(c)               At
the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is an
integral multiple of $500,000 and not less than $1.0 million. At the time that each ABR Borrowing is made, such Borrowing shall be
in an aggregate amount that is an integral multiple of $100,000 and not less than $1.0 million; provided, that an ABR
Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments or that is required to
finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e). Each Swingline Loan shall be in an amount
that is an integral multiple of $100,000 and not less than $1.0 million. Borrowings of more than one Type may be outstanding at the
same time; provided, that there shall not at any time be more than a total of eight (8) Eurodollar Borrowings
outstanding.


 


(d)              
Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or
continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.


 


Section
2.03.                 
Requests for Borrowings. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request
either in writing (delivered by hand, e-mail or fax) in substantially the form of Exhibit F and signed by the Borrower or by telephone
(such request a “Borrowing Request”) (a) in the case of a Eurodollar Borrowing, not later than 12:00 p.m. (noon), New
York City time, three (3) Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later
than 12:00 p.m. (noon), New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable
and shall be confirmed promptly by hand delivery, fax or e-mail to the Administrative Agent of a written Borrowing Request in a form approved
by the Administrative Agent and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following
information in compliance with Section 2.01:


 


(i)             
the aggregate amount of the requested Borrowing and a breakdown of the separate wires comprising such Borrowing;


 


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


 


(iii)           
whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and


 


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


 


If no election as to the Type
of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to
any requested Eurodollar 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 2.03, the Administrative Agent shall advise each
Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.


 






    36


     


    

 


Section
2.04.                 
Swingline Loans.


 


(a)               Subject
to the terms and conditions set forth herein, from time to time during the Availability Period, each Swingline Lender severally
agrees to make Swingline Loans in Dollars to the Borrower in an aggregate principal amount at any time outstanding that will not
result in (i) the aggregate principal amount of outstanding Swingline Loans made by such Swingline Lender exceeding such Swingline
Lender’s Swingline Commitment or (ii) such Swingline Lender’s Credit Exposure exceeding its Commitment; provided,
that a Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the
foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline
Loans.


 


(b)              
To request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request either in writing (delivered by
hand, e-mail or fax) in substantially the form of Exhibit H and signed by the Borrower or by telephone (such request a “Swingline
Request”), not later than 12:00 p.m. (noon), New York City time, on the day of a proposed Swingline Loan. Each such notice shall
be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan. The Administrative
Agent will promptly advise each Swingline Lender of any such notice received from the Borrower. Each Swingline Lender shall make its ratable
portion of the requested Swingline Loan (such ratable portion to be calculated based upon such Swingline Lender’s Commitment to
the total Commitments of all of the Swingline Lenders) available to the Borrower by means of a credit to an account of the Borrower with
the Administrative Agent designated for such purpose (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement
as provided in Section 2.06(e), by remittance to the Issuing Bank) by 3:00 p.m., New York City time, on the requested date of such
Swingline Loan.


 


(c)              
The failure of any Swingline Lender to make its ratable portion of a Swingline Loan shall not relieve any other Swingline Lender
of its obligation hereunder to make its ratable portion of such Swingline Loan on the date of such Swingline Loan, but no Swingline Lender
shall be responsible for the failure of any other Swingline Lender to make the ratable portion of a Swingline Loan to be made by such
other Swingline Lender on the date of any Swingline Loan.


 


(d)               Any
Swingline Lender may by written notice given to the Administrative Agent require the Lenders to acquire participations in all or a
portion of its Swingline Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which Lenders will
participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender, specifying in
such notice such Lender’s applicable percentage of such Swingline Loans. Each Lender hereby absolutely and unconditionally
agrees, promptly upon receipt of such notice from the Administrative Agent (and in any event, if such notice is received by 12:00
p.m. (noon), New York City time, on a Business Day no later than 4:00 p.m. New York City time on such Business Day and if received
after 12:00 p.m. (noon), New York City time, on a Business Day no later than 12:00 p.m. (noon), New York City time, on the
immediately succeeding Business Day), to pay to the Administrative Agent, for the account of such Swingline Lenders, such
Lender’s applicable percentage of such Swingline Loans. Each Lender acknowledges and agrees that its obligation to acquire
participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any
circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Commitments, and
that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender shall comply
with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section
2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment
obligations of the Lenders), and the Administrative Agent shall promptly pay to such Swingline Lenders the amounts so received by it
from the Lenders. The Administrative Agent shall notify the Borrower of any participations in any Swingline Loan acquired pursuant
to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to
such Swingline Lenders. Any amounts received by a Swingline Lender from the Borrower (or other party on behalf of the Borrower) in
respect of a Swingline Loan after receipt by such Swingline Lender of the proceeds of a sale of participations therein shall be
promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by
the Administrative Agent to the Lenders that shall have made their payments pursuant to this paragraph and to such Swingline
Lenders, as their interests may appear; provided, that any such payment so remitted shall be repaid to such Swingline Lender
or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Borrower for any
reason. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default
in the payment thereof.


 






    37


     


    

 


(e)              
Any Swingline Lender may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced
Swingline Lender and the successor Swingline Lender. The Administrative Agent shall notify the Lenders of any such replacement of a Swingline
Lender. At the time any such replacement shall become effective, the Borrower shall pay all unpaid interest accrued for the account of
the replaced Swingline Lender pursuant to Section 2.13(a). From and after the effective date of any such replacement, (x) the successor
Swingline Lender shall have all the rights and obligations of the replaced Swingline Lender under this Agreement with respect to Swingline
Loans made thereafter and (y) references herein to the term “Swingline Lender” shall be deemed to refer to such successor
or to any previous Swingline Lender, or to such successor and all previous Swingline Lenders, as the context shall require. After the
replacement of a Swingline Lender hereunder, the replaced Swingline Lender shall remain a party hereto and shall continue to have all
the rights and obligations of a Swingline Lender under this Agreement with respect to Swingline Loans made by it prior to its replacement,
but shall not be required to make additional Swingline Loans.


 


(f)              
Subject to the appointment and acceptance of a successor Swingline Lender, any Swingline Lender may resign as a Swingline Lender
at any time upon thirty (30) days’ prior written notice to the Administrative Agent, the Borrower and the Lenders, in which case,
such Swingline Lender shall be replaced in accordance with Section 2.04(e) above.


 


Section
2.05.                 
[Reserved].


 


Section
2.06.                 
Letters of Credit.


 


(a)               General.
Subject to the terms and conditions set forth herein, the Borrower may request the issuance of (and the Issuing Bank shall issue)
Letters of Credit denominated in Dollars or an Alternate Currency, to the extent acceptable to the relevant Issuing Bank, as the
applicant thereof for the support of its or its Subsidiaries’ obligations in a form reasonably acceptable to the applicable
Issuing Bank, at any time and from time to time during the Availability Period. 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. The Borrower unconditionally and irrevocably agrees that, in connection with any Letter
of Credit issued for the support of any Subsidiary’s obligations as provided in the first sentence of this clause (a),
the Borrower will be fully responsible for the reimbursement of LC Disbursements in accordance with the terms hereof, the payment of
interest thereon and the payment of fees due under Section 2.12(b) to the same extent as if it were the sole account party in
respect of such Letter of Credit (the Borrower hereby irrevocably waiving any defenses that might otherwise be available to it as a
guarantor or surety of the obligations of such Subsidiary that is an account party in respect of any such Letter of Credit).
Notwithstanding anything herein to the contrary, the Issuing Bank shall have no obligation hereunder to issue, and shall not issue,
any Letter of Credit (i) the proceeds of which would be made available to any Person (A) to fund any activity or business of or with
any Sanctioned Person, or in any country or territory that, at the time of such funding, is the subject of any Sanctions, in either
such case, in violation of any such Sanctions or (B) in any manner that would result in a violation of any Sanctions by any party to
this Agreement, (ii) if any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to
enjoin or restrain the Issuing Bank from issuing such Letter of Credit, or any Requirement of Law relating to the Issuing Bank or
any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing
Bank shall prohibit, or request that the Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of
Credit in particular or shall impose upon the Issuing Bank with respect to such Letter of Credit any restriction, reserve or capital
requirement (for which the Issuing Bank is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose
upon the Issuing Bank any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which the Issuing
Bank in good faith deems material to it, or (iii) if the issuance of such Letter of Credit would violate one or more policies of the
Issuing Bank applicable to letters of credit generally; provided, that, notwithstanding anything herein to the contrary, (x)
the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives
thereunder or issued in connection therewith or in the implementation thereof, and (y) all requests, rules, guidelines, requirements
or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or
similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be
deemed not to be in effect on the Effective Date for purposes of clause (ii) above, regardless of the date enacted, adopted,
issued or implemented


 






    38


     


    

 


(b)               Notice of 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 hand deliver or fax (or transmit by electronic communication, if arrangements
for doing so have been approved by the applicable Issuing Bank) to the applicable Issuing Bank and the Administrative Agent (reasonably
in advance of, but in any event no less than three (3) Business Days prior to the requested date of issuance, amendment, renewal or extension)
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 clause (c) of this Section 2.06) and whether such Letter of Credit shall contain automatic
extension or renewal provisions, the 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 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 only if (and upon issuance, amendment, renewal
or extension of each 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 LC Exposure shall not exceed $20.0 million and (ii) the Aggregate Credit Exposure shall
not exceed the aggregate Commitments of all Lenders.


 


(c)              
Expiration Date. Each Letter of Credit shall expire (or be subject to termination or non-renewal by notice from the applicable
Issuing Bank to the beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one year after the date
of the issuance of such Letter of Credit (or, in the case of any one-time renewal or extension thereof, including any automatic renewal
provision, one year after such renewal or extension) and (ii) the date that is five (5) Business Days prior to the Maturity Date;
provided, that, upon the Borrower’s request, any such Letter of Credit which is issued in the final year prior the Maturity
Date may have an expiry date which is up to one year after the Maturity Date if, at least five (5) Business Days prior to the Maturity
Date, the Borrower (A) deposits with the Administrative Agent cash collateral (which cash collateral shall be in Dollars or, if such Letter
of Credit was issued in an Alternate Currency, such currency as determined by the Administrative Agent and the applicable Issuing Bank)
in an amount equal to 103% of the amount of the LC Exposure as of such date plus accrued and unpaid interest thereon or (B) provides a
backup standby letter of credit, in each case, reasonably satisfactory to the relevant Issuing Bank. Each Letter of Credit with automatic
extension or renewal provisions shall, subject to the right of the respective Issuing Bank to terminate such automatic renewal in accordance
with the terms of such Letter of Credit upon the occurrence of an Event of Default, be automatically renewed for a successive one-year
period on each anniversary of the date of the issuance of such Letter of Credit, until cancelled by the Borrower by notice to the applicable
Issuing Bank in accordance with the terms of such Letter of Credit agreed upon at the time such Letter of Credit is issued; provided,
that such Letter of Credit shall expire at or prior to the close of business on the date that is five (5) Business Days prior to the Maturity
Date if not earlier cancelled, unless otherwise agreed with the relevant Issuing Bank and subject to satisfactory arrangements with respect
thereto as contemplated above.


 


(d)              Participations.
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 applicable Issuing Bank or the Lenders, such Issuing Bank hereby grants to each Lender, and each Lender
hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to such 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 Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of such Issuing Bank,
such 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 clause (e) of this Section 2.06, or of any reimbursement payment required to be refunded
to the Borrower for any reason. Each 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 reduction or
termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction
whatsoever.


 






    39


     


    

 


(e)              
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 Administrative Agent an amount (in the applicable currency) equal to such LC Disbursement not later
than 12:00 p.m. (noon), New York City time, on the Business Day immediately following the day that the Borrower receives such notice;
provided, that, if such LC Disbursement is not less than the Dollar Equivalent of $500,000, the Borrower may, subject to the conditions
to borrowing set forth herein, request in accordance with Section 2.03 or 2.04 that such payment be financed with an ABR
Borrowing or Swingline Loan in an equivalent amount equal to the Dollar Equivalent thereof and, to the extent so financed, the Borrower’s
obligation to make such payment shall be discharged and replaced by the resulting ABR Borrowing or Swingline Loan. If the Borrower fails
to make such payment when due, the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment then due
from the Borrower in respect thereof and such Lender’s Applicable Percentage of the Dollar Equivalent thereof. Promptly following
receipt of such notice, each Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower
in Dollars based on the Dollar Equivalent thereof, in the same manner as provided in Section 2.07 with respect to Loans made
by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the
Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Lenders. Promptly following
receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute
such payment to the applicable Issuing Bank or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse
such Issuing Bank, then to such Lenders and such Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to
this paragraph to reimburse any Issuing Bank for any LC Disbursement (other than the funding of ABR Loans or a Swingline Loan as contemplated
above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.


 


(f)                Obligations
Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in clause (e) of this Section
2.06 shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this
Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of
Credit or this Agreement, 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, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing,
that might, but for the provisions of this Section 2.06, constitute a legal or equitable discharge of, or provide a right of
setoff against, the Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor any Issuing Bank, nor
any of their Related Parties, 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 any Issuing Bank; 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 special, indirect, consequential 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
finally determined by a court of competent jurisdiction), 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 which 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.


 






    40


     


    

 


(g)              
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 in writing of such demand for payment and whether such Issuing Bank has made or will make 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 Lenders with respect to any such LC Disbursement.


 


(h)              
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 Loans based on the Dollar Equivalent thereof and such interest shall be payable on the date when such reimbursement
is due; provided, that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to clause (e) of
this Section 2.06, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account
of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to clause (e)
of this Section 2.06 to reimburse such Issuing Bank shall be for the account of such Lender to the extent of such payment.


 


(i)           Replacement
of an Issuing Bank. An Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent,
the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of
an Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account
of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such replacement, (i) the successor
Issuing Bank shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be
issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to
any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of
an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations
of an Issuing Bank under this Agreement with respect to Letters of Credit then outstanding and issued by it prior to such replacement,
but shall not be required to issue additional Letters of Credit.


 






    41


     


    

 


(j)                
Cash Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives
notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure
representing greater than 50% of the aggregate LC Exposure) 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 Lenders
(the “LC Collateral Account”), an amount in cash equal to 103% of the amount of the LC Exposure as of such date plus
accrued and unpaid interest thereon (or with respect to Letters of Credit in an Alternate Currency, such greater percentage of the amount
of the LC Exposure as the Administrative Agent shall specify in its sole discretion); 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 Article VII. Such deposit shall be held by the Administrative Agent as collateral for the payment and performance
of the Secured Obligations. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal,
over the LC Collateral Account and the Borrower hereby grants the Administrative Agent a security interest in the LC Collateral Account
to secure the Obligations. 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 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 the LC Collateral Account. Moneys in the LC Collateral Account shall be applied
by the Administrative Agent to reimburse the Issuing Banks for LC Disbursements for which it has 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 Lenders with LC Exposure representing greater than 50%
of the aggregate LC Exposure), be applied to satisfy other Secured Obligations. If the Borrower is required to provide an amount of cash
collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall
be returned to the Borrower within three (3) Business Days after all such Defaults have been cured or waived.


 


(k)               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 2.06, report in writing to the Administrative
Agent (i) periodic activity (for such period or recurrent periods as shall be 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
cancelations and all disbursements and reimbursements, (ii) reasonably prior to 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 stated 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 the 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.


 






    42


     


    

 


(l)                
LC Exposure Determination. For all purposes of this Agreement, the amount of a 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 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 the time of determination.


 


(m)            
Restrictions on Letters of Credit in Alternate Currencies. The Issuing Bank shall not be required to issue any Letter of
Credit in an Alternate Currency if, at any time prior to the issuance of such Letter of Credit, the Issuing Bank (after consultation with
the Administrative Agent) shall determine, in its sole discretion, that (i) a fundamental change has occurred in the foreign exchange
or interbank markets with respect to the applicable Alternate Currency (including, without limitation, changes in national or international
financial, political or economic conditions or currency exchange rates or exchange controls) that would make it impractical for the Issuing
Bank to issue a Letter of Credit in an Alternate Currency; or (ii) it has become otherwise materially impractical for the Issuing Bank
to issue such Letter of Credit in the applicable Alternate Currency. The Administrative Agent shall promptly notify the Borrower and each
Lender of any such determination.


 


(n)              
LC Exposure Reduction. In the event that on any Revaluation Date (after giving effect to the determination of the LC Exposure)
the LC Exposure exceeds $20.0 million, the Borrower shall, within five (5) Business Days of receipt of notice from the Administrative
Agent, reduce the LC Exposure (taking the Dollar Equivalent of any amounts in an Alternate Currency), in an aggregate amount sufficient
to reduce such LC Exposure as of the date of such payment to an amount not to exceed $20.0 million by cash collateralizing the LC Exposure
(in accordance with Section 2.06(j)) or “backstopping” or replacing of such Letters of Credit, in each case, in an amount
equal to 103% of such excess LC Exposure.


 


Section
2.07.                 
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 by 12:00 p.m. (noon), New York City time, to the account of the Administrative Agent most recently designated by it for such purpose
by notice to the Lenders, in an amount equal to such Lender’s Applicable Percentage; provided, that Swingline Loans shall
be made as provided in Section 2.04. 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 maintained with the Administrative Agent and designated by the Borrower
in the applicable Borrowing Request; provided, that ABR Loans made to finance the reimbursement of an LC Disbursement as provided
in Section 2.06(e) shall be remitted by the Administrative Agent to the Issuing Banks.


 









    43


     


    

 


(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 clause (a) of this Section 2.07 and may,
in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made
its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree
to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including
the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (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 ABR Loans. If such
Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.


 


Section
2.08.                   
Interest Elections.


 


(a)              
Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing,
shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing
to a different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all
as provided in this Section 2.08. 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. This section shall not apply to Swingline Borrowings, which may
not be converted or continued.


 


(b)              
To make an election pursuant to this Section 2.08, the Borrower shall notify the Administrative Agent of such election either
in writing (by hand delivery, fax or email) in substantially the form of Exhibit G and signed by the Borrower or by telephone 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 telephonic Interest Election Request shall be irrevocable
and shall be confirmed promptly by hand delivery, fax or e-mail to the Administrative Agent of a written Interest Election Request in
substantially the form of Exhibit G and signed by the Borrower.


 


(c)              
Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02:


 


(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);


 






    44


     


    

 


(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 Eurodollar Borrowing; and


 


(iv)         
if the resulting Borrowing is a Eurodollar 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 Eurodollar 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.


 


(d)              
Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof
and of such Lender’s portion of each resulting Borrowing.


 


(e)              
If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar 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 such
Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and
is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event
of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid,
each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.


 


Section
2.09.                   
Termination and Reduction of Commitments.


 


(a)              
Unless previously terminated or extended pursuant to the terms and conditions hereof, all Commitments shall terminate on the Maturity
Date.


 


(b)              
The Borrower may at any time, without (subject to Section 2.16) premium or penalty, terminate the Commitments upon Payment
in Full.


 


(c)              
The Borrower may from time to time, without (subject to Section 2.16) premium or penalty, reduce the Commitments; provided,
that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $1.0 million and not less than $5.0 million
(or if less, the aggregate amount of the outstanding Commitments), and (ii) the Borrower shall not reduce the Commitments if, after giving
effect to any concurrent prepayment of the Loans in accordance with Section 2.11, the Aggregate Credit Exposure would exceed the
aggregate Commitments of all Lenders.


 


(d)              
The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under clause (b)
or (c) of this Section 2.09 at least three (3) Business Days prior to the effective date of such termination or reduction
(or such shorter period as the Administrative Agent may agree), specifying such election and the effective date thereof.


 






    45


     


    

 


Promptly following receipt of any notice, the
Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section
2.09 shall be irrevocable; provided, that a notice of termination of the Commitments delivered by the Borrower may state that
such notice is conditioned upon the effectiveness of other credit facilities or events, 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) if such condition is not satisfied. Any termination
or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance
with their respective Commitments.


 


Section
2.10.                   
Repayment of Loans; Evidence of Debt.


 


(a)              
The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then unpaid
principal amount of each Loan on the Maturity Date and (ii) to the Administrative Agent for the account of the Swingline Lenders the then
unpaid principal amount of each Swingline Loan on the earlier of the Maturity Date and the date that is five (5) Business Days after such
Swingline Loan is made; provided, that on each date that a Borrowing is made, the Borrower shall repay all Swingline Loans then
outstanding and the proceeds of any such Borrowing shall be applied by the Administrative Agent to repay any Swingline Loans than outstanding.


 


(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 Type
thereof and the Interest Period applicable thereto, if any, (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 clause (b) or (c) of this Section 2.10 shall be prima
facie evidence of the existence and amounts of the obligations recorded therein absent manifest error; 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 repay the Loans in accordance with the terms of this Agreement; provided, further, that in the event
of a conflict between the entries made in the accounts maintained pursuant to clause (b) or (c) of this Section 2.10
and the Register, the Register shall govern.


 


(e)              
Any Lender may request that Loans made by it be evidenced by a promissory note in substantially the form of Exhibit I completed
as appropriate (each a “Note” and, collectively, the “Notes”). In such event, the Borrower shall
prepare, execute and deliver to such Lender a Note payable to such Lender and its registered assigns. Thereafter, the Loans evidenced
by such Note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one
or more Notes in such form payable to such payee and its registered assigns.


 






    46


     


    

 


Section
2.11.                   
Prepayment of Loans.


 


(a)              
The Borrower shall have the right at any time and from time to time, without (subject to Section 2.16) premium or penalty,
to prepay any Borrowing in whole or in part, subject to prior notice in accordance with clause (c) of this Section 2.11.


 


(b)              
In the event and on such occasion that the Aggregate Credit Exposure exceeds the aggregate Commitments of all Lenders, the Borrower
shall prepay the Loans (including any Swingline Loans) and/or cash collateralize the LC Exposure (in accordance with Section 2.06(j))
in an aggregate amount equal to such excess.


 


(c)              
The Borrower shall notify the Administrative Agent (and, in the case of prepayment of Swingline Loans, the Swingline Lenders) in
writing of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 12:00 p.m. (noon), New York
City time, three (3) Business Days before the date of prepayment, (ii) in the case of prepayment of an ABR Borrowing, not later than 12:00
p.m. (noon), New York City time, one (1) Business Day before the date of prepayment or (iii) in the case of prepayment of a Swingline
Loan, not later than 12:00 p.m. (noon), New York City time, on the date of prepayment, in each case, or such shorter period as the Administrative
Agent may agree. 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; provided, that, if a notice of prepayment is given in connection with a conditional notice of
termination of the Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice
of termination is revoked in accordance with Section 2.09. Promptly following receipt of any such notice relating to a Borrowing,
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. 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.


 


Section
2.12.                   
Fees.


 


(a)              
The Borrower agrees to pay to the Administrative Agent for the account of each Lender (other than a Defaulting Lender, subject
to Section 2.20) a commitment fee, which shall accrue at the Commitment Fee Rate set forth in the definition of Applicable Rate
on the average daily amount of the Available Commitment of such Lender during the period from and including the Effective Date to but
excluding the date on which the Commitments terminate; provided, however, that for purposes of this clause (a) any
Swingline Loan shall not be considered when calculating the amount of the Available Commitment. Accrued commitment fees shall be payable
in arrears on the first Business Day of each January, April, July and October and on the date on which the Commitments terminate, commencing
on the first such date to occur after the date hereof. 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.


 






    47


     


    

 


(b)              
The Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender (other than a Defaulting Lender, subject
to Section 2.20) a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable
Rate used to


 


determine the interest rate applicable to Eurodollar
Loans on the average daily amount of such 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 Lender’s Commitment
terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to the applicable Issuing Bank a fronting fee, which
shall accrue at the rate of 0.25% per annum on the average daily amount of each applicable Letter of Credit (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 of termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as the applicable 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 each calendar quarter shall be payable
on the first Business Day of each of each January, April, July and October following such last day, commencing on the first such date
to occur after the Effective Date; provided, that all such fees shall be payable on the date on which the Commitments terminate
and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to any
Issuing Bank pursuant to this paragraph shall be payable within ten (10) days after demand. 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)              
The Borrower agrees to pay to the Administrative Agent, for its own account, and to any Lender, fees payable in the amounts and
at the times separately agreed upon between the Borrower and the Administrative Agent or such Lender.


 


(d)              
All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or to an
Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees, to the Lenders.
Fees paid shall not be refundable under any circumstances.


 


Section
2.13.                   
Interest.


 


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


 


(b)              
The Loans comprising each Eurodollar 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 principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder
is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall automatically bear interest,
after, as well as before, judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the
rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.13 or (ii) in the case of any
other amount, 2% plus the rate applicable to ABR Loans as provided in clause (a) of this Section 2.13.


 






    48


     


    

 


(d)               Accrued
interest on each Loan (for ABR Loans, accrued through the last day of the prior calendar quarter) shall be payable in arrears on
each Interest Payment Date for such Loan and upon termination of the Commitments; provided, that (i) interest accrued
pursuant to clause (c) of this Section 2.13 shall be payable on demand, (ii) in the event of any repayment or
prepayment of any Loan (other than a prepayment of an ABR Loan prior to the end of the 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 Eurodollar 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 interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the
Alternate Base Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable
for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted
LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.


 


Section
2.14.                   
Illegality. If after the date hereof, the adoption of any applicable law, or any change in any applicable law (whether
adopted before or after the Effective Date), or any change in interpretation or administration thereof by any Governmental Authority,
central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender with any directive
(whether or not having the force of law) of any such authority, central bank or comparable agency, shall make it unlawful or impossible
for any Lender to make, maintain or fund its portion of Eurodollar Loans, such Lender shall so notify the Administrative Agent, and the
Administrative Agent shall forthwith give notice thereof to the other Lenders and the Borrower. Before giving any notice to the Administrative
Agent pursuant to this Section 2.14, such Lender shall designate a different lending office if such designation will avoid the
need for giving such notice and will not, in the sole reasonable judgment of such Lender, be otherwise materially disadvantageous to such
Lender. Upon receipt of such notice, notwithstanding anything contained in Article II, the Borrower shall repay in full the then
outstanding principal amount of such Lender’s portion of each affected Eurodollar Loan, together with accrued interest thereon,
on either (i) the last day of the then current Interest Period applicable to such affected Eurodollar Loans if such Lender may lawfully
continue to maintain and fund its portion of such Eurodollar Loan to such day or (ii) immediately if such Lender may not lawfully continue
to fund and maintain its portion of such affected Eurodollar Loans to such day. Concurrently with repaying such portion of each affected
Eurodollar Loan, the Borrower may borrow an ABR Loan from such Lender, whether or not it would have been entitled to effect such borrowing
and such Lender shall make such Loan, if so requested, in an amount such that the outstanding principal amount of the affected Loan made
by such Lender shall equal the outstanding principal amount of such Loan immediately prior to such repayment. The obligation of such Lender
to make Eurodollar Loans is suspended only until such time as it is once more possible and legal for such Lender to fund and maintain
Eurodollar Loans.


 






    49


     


    

 


Section
2.15.                   
Increased Costs.


 


(a)              
If any Change in Law shall:


 


(i)                
impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan
requirement, insurance charge or other


 


assessment) against assets of, deposits
with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate)
or any Issuing Bank;


 


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


 


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


 


and the result of any of the foregoing shall be
to increase the cost to such Lender or such other Recipient of making, continuing, converting into or maintaining any Eurodollar Loan
(or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender or such Issuing Bank of participating
in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender or such Issuing
Bank hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender or such Issuing Bank, as the case
may be, such additional amount or amounts as will compensate such Lender or such Issuing Bank, as the case may be, for such additional
costs incurred or reduction suffered.


 


(b)              
If any Lender or any Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have
the effect of reducing the rate of return on such Lender’s or such Issuing Bank’s capital or on the capital of such Lender’s
or such 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 such
Issuing Bank or such Lender’s or such Issuing Bank’s holding company could have achieved but for such Change in Law (taking
into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s or such Issuing Bank’s
holding company with respect to capital adequacy or liquidity), then from time to time the Borrower will pay to such Lender or such Issuing
Bank, as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing Bank or such Lender’s
or such Issuing Bank’s holding company for any such reduction suffered.


 


(c)              
A certificate of a Lender or the applicable Issuing Bank setting forth in reasonable detail the amount or amounts necessary to
compensate such Lender or such Issuing Bank or its holding company, as the case may be, as specified in clause (a) or (b)
of this Section 2.15 shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such
Lender or such Issuing Bank, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.


 


(d)               Failure
or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to clauses (a), (b) and (c)
of this Section 2.15 shall not constitute a waiver of such Lender’s or such Issuing Bank’s right to demand such
compensation; provided, that the Borrower shall not be required to compensate a Lender or an Issuing Bank pursuant to this Section
2.15 for any increased costs or reductions incurred more than 180 days prior to the date that such Lender or such 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 such 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.


 






    50


     


    

 


Section
2.16.                   
Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar 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 Eurodollar
Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any
Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under
Section 2.09(d) and is revoked in accordance therewith), or (d) the assignment of any Eurodollar 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, then, in
any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event (which shall not include
any loss of margin or Applicable Rate). In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall include an amount
determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of
such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the
date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue,
for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest (as reasonably determined by
such Lender) which accrued on such principal amount for such period at the interest rate which such Lender bid, at the commencement of
such period, for Dollar deposits of a comparable amount and period from other banks in the eurodollar market. A certificate of any Lender
setting forth, in reasonable detail, any amount or amounts that such Lender is entitled to receive pursuant to this Section 2.16
shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown
as due on any such certificate within ten (10) days after receipt thereof.


 


Section
2.17.                   
Withholding of Taxes; Gross-Up.


 


(a)              
Payments Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document
shall be made free and clear without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law
(as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from
any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding
and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and,
if such Tax is an Indemnified Tax, then the sum payable by such Loan Party shall be increased as necessary so that after such deduction
or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.17)
the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.


 






    51


     


    

 


(b)              
 Payment of Other Taxes by the Loan Parties. The Loan Parties shall timely pay to the relevant Governmental Authority in
accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes.


 


(c)              
Evidence of Payment. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant
to this Section 2.17, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued
by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment
reasonably satisfactory to the Administrative Agent.


 


(d)              
Indemnification by the Loan Parties. The Loan Parties shall jointly and severally indemnify each Recipient, within ten (10)
days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable
to amounts payable under this Section 2.17) payable or paid by such Recipient or required to be withheld or deducted from a payment
to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered
to any Loan Party by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf
of a Lender, shall be conclusive absent manifest error.


 


(e)              
Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after
demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already
indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii)
any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the maintenance
of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative
Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes
the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise
payable by the Administrative Agent to such Lender from any other source against any amount due to the Administrative Agent under this
clause (e).


 


(f)               
Status of Lenders.


 


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


 






    52


     


    

 


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


 


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


 


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


 


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


 


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


 


(3)               in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a
certificate substantially in the form of Exhibit E-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of
Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a
 “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or W-8BEN-E, as applicable;
or


 






    53


     


    

 



 


(4)              
to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI,
W-8BEN or W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit E-2 or Exhibit E-3,
IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided, that if the Foreign Lender
is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such
Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit E-4 on behalf of each such direct
and indirect partner;


 


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


 


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


 


(E)              on
or before the Administrative Agent, including any replacement or successor Administrative Agent, becomes party to this Agreement, it
shall deliver to the Borrower two executed copies of either (a) IRS Form W-9 or (b) with respect to amounts received for its own
account, IRS Form W-8ECI, and with respect to amounts received on account of any Lender, IRS Form W-8IMY certifying that it is a
U.S. branch that has agreed to be treated as a “United States person” for U.S. federal tax purposes or a qualified
intermediary that has agreed to assume primary withholding obligations for Chapter 3 and Chapter 4 of the Code with respect to
payments received by it from the Borrower in its capacity as Administrative Agent, as applicable.


 






    54


     


    

 


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


 


(g)              
Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received
a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including by the payment of additional
amounts pursuant to this Section 2.17), it shall pay to the indemnifying party an amount equal to such refund (but only to the
extent of indemnity payments made under this Section 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party
the amount paid over pursuant to this clause (g) (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything
to the contrary in this clause (g), in no event will the indemnified party be required to pay any amount to an indemnifying party
pursuant to this clause (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than
the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld
or otherwise imposed and the indemnification payments or additional amounts giving rise to such Tax had never been paid. This clause
(g) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to
its Taxes that it deems confidential) to the indemnifying party or any other Person.


 


(h)              
Survival. Each party’s obligations under this Section 2.17 shall survive the resignation or replacement of
the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment,
satisfaction or discharge of all obligations under any Loan Document.


 


(i)                
Defined Terms. For purposes of this Section 2.17, the term “Lender” includes any Issuing Bank and
the term “applicable law” includes FATCA.


 


Section
2.18.                   
Payments Generally; Allocation of Proceeds; Sharing of Setoffs.


 


(a)              
The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement
of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to 1:00 p.m., New
York City time, on the date when due, in immediately available funds, without setoff 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.


 






    55


     


    

 





All such payments shall be made to the Administrative
Agent to one or more accounts as it may designate to the Borrower in writing from time to time, except payments to be made directly to
an Issuing Bank or Swingline Lender 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. 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
hereunder 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,
and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. Except with respect
to payments made in accordance with Section 2.06(e) (which payments shall be made in the applicable currency specified therein),
all payments hereunder shall be made in Dollars.


 


(b)              
Any proceeds of Collateral and all other payments, proceeds or recoveries with respect to the Obligations received by the Administrative
Agent (i) not constituting a specific payment of principal, interest, fees or other sum payable under the Loan Documents (which shall
be applied as specified by the Borrower), or (ii) after an Event of Default has occurred and is continuing, shall be applied ratably first,
to pay any fees, indemnities, or expense reimbursements including amounts then due to the Administrative Agent and the Issuing Banks from
the Borrower (other than in connection with Banking Services Obligations or Swap Agreement Obligations), second, to pay any fees
or expense reimbursements then due to the Lenders from the Borrower (other than in connection with Banking Services Obligations or Swap
Agreement Obligations), third, to pay interest then due and payable on the Loans ratably, fourth, to prepay principal on
the Loans and unreimbursed LC Disbursements, fifth, to pay an amount to the Administrative Agent equal to one hundred three percent
(103%) of the aggregate undrawn face amount of all outstanding Letters of Credit, to be held as cash collateral for such Obligations,
sixth, to the payment of any amounts owing with respect to Banking Services Obligations and Secured Swap Agreement Obligations
and seventh, to the payment of any other Secured Obligation due to the Administrative Agent or any Lender by the Borrower. Notwithstanding
the foregoing, amounts received from any Loan Party shall not be applied to any Excluded Swap Obligation of such Loan Party. Notwithstanding
anything to the contrary contained in this Agreement, unless so directed by the Borrower, or unless a Default is in existence, neither
the Administrative Agent nor any Lender shall apply any payment which it receives to any Eurodollar Loan, except (a) on the expiration
date of the Interest Period applicable to any such Eurodollar Loan or (b) in the event, and only to the extent, that there are no outstanding
ABR Loans and, in any such event, the Borrower shall pay the break funding payment required in accordance with Section 2.16.


 


(c)              
At the election of the Borrower but subject to the conditions set forth in Section 4.02, all payments of principal, interest,
LC Disbursements, fees, premiums, reimbursable expenses (including all reimbursement for fees, costs and expenses pursuant to Section
9.03), and other sums payable under the Loan Documents, may be paid from the proceeds of Borrowings made hereunder whether made following
a request by the Borrower pursuant to Section 2.03 or a deemed request as provided in this Section 2.18 or, if approved
by the Borrower in writing, may be deducted from any deposit account of the Borrower maintained with the Administrative Agent.


 






    56


     


    

 


(d)               If
any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or
interest on any of its Loans or participations in LC Disbursements or Swingline Loans resulting in such Lender receiving payment of
a greater proportion of the aggregate amount of its Loans and participations in LC Disbursements and Swingline Loans and accrued
interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase
(for cash at face value) participations in the Loans and participations in LC Disbursements and Swingline Loans 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 and participations in LC Disbursements and Swingline
Loans; 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 (x) any payment made by the Borrower pursuant
to and in accordance with the express terms of this Agreement or (y) 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,
other than to the Borrower or any Subsidiary (as to which the provisions of this paragraph shall apply). The Borrower consents to
the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.


 


(e)              
Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the
Administrative Agent for the account of the Lenders or any Issuing Bank hereunder that the Borrower will not make such payment, the Administrative
Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption,
distribute to the Lenders or the 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 such 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.


 


(f)               
If any Lender shall fail to make any payment required to be made by it hereunder, then the Administrative Agent may, in its discretion
(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 hereunder until all such unsatisfied obligations are fully paid and/or (ii)
hold any such amounts in a segregated account as cash collateral for, and apply any such amounts to, any future funding obligations of
such Lender hereunder; application of amounts pursuant to (i) and (ii) above shall be made in such order as may be determined by the Administrative
Agent in its discretion.


 


(g)               The
Administrative Agent may from time to time provide the Borrower with billing statements or invoices with respect to any of the
Secured Obligations (the “Billing Statements”). The Administrative Agent is under no duty or obligation to
provide Billing Statements, which, if provided, will be solely for the Borrower’s convenience. The Billing Statements may
contain estimates of the amounts owed during the relevant billing period, whether of principal, interest, fees or other Secured
Obligations. If the Borrower pays the full amount indicated on a Billing Statement on or before the due date indicated on such
Billing Statement, the Borrower shall not be in default; provided, that acceptance by the Administrative Agent, on behalf of
the Lenders, of any payment that is less than the payment due at that time shall not constitute a waiver of the Administrative
Agent’s or the Lenders’ right to receive payment in full at another time.


 






    57


     


    

 


Section
2.19.                   
Mitigation Obligations; Replacement of Lenders.


 


(a)              
If any Lender requests compensation under Section 2.15, or if the Borrower or the Loan Guarantors are required
to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking
its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment
of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17,
as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable and documented out-of-pocket costs and expenses incurred
by any Lender in connection with any such designation or assignment.


 


(b)               If (i) any Lender
requests compensation under Section 2.15, (ii) any Lender fails to consent to a requested amendment, waiver or modification to
any Loan Document in which Required Lenders have already consented to such amendment, waiver or modification but the consent of each
Lender (or each Lender directly affected thereby, as applicable) is required with respect thereto, (iii) the Borrower or the Loan Guarantors
are required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender
pursuant to Section 2.17, or (iv) any Lender becomes a Defaulting Lender, then the Borrower may, at its sole expense and effort,
upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance
with and subject to the restrictions contained in Section 9.04), all its interests, rights (other than its existing rights
to payments pursuant to Section 2.15 or 2.17) and obligations under this Agreement and other Loan Documents to an assignee
that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided, that
(A) the Borrower shall have received the prior written consent of the Administrative Agent (and if a Commitment is being assigned, the
Issuing Banks and Swingline Lenders), which consent shall not unreasonably be withheld, (B) such Lender shall have received payment of
an amount equal to the outstanding principal of its Loans and participations in LC Disbursements and Swingline Loans, accrued interest
thereon, accrued 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) and (C) in the case of any such assignment resulting
from a claim for compensation under Section 2.15 or payments required to be made pursuant to Sections 2.17, such
assignment will result in a 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, the circumstances entitling the Borrower to require
such assignment and delegation cease to apply. Notwithstanding anything herein to the contrary, each party hereto agrees that any assignment
pursuant to the terms of this Section 2.19 may be effected pursuant to an Assignment and Assumption executed by the Borrower,
the Administrative Agent and the assignee and that the Lender making such assignment need not be a party thereto.


 






    58


     


    

 


Section
2.20.                   
Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting
Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:


 


(a)              
fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.12(a);


 


(b)               such
Defaulting Lender shall not have the right to vote on any issue on which voting is required (other than to the extent expressly provided
in Section 9.02(b)) and the Commitment and Credit Exposure of such Defaulting Lender shall not be included in determining whether
all Lenders or the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other
modification pursuant to Section 9.02) or under any other Loan Document; provided, that, except as otherwise provided in
Section 9.02, this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an amendment,
waiver or other modification requiring the consent of such Lender or each Lender directly affected thereby;


 


(c)              
if any Swingline Exposure or LC Exposure exists at the time such Lender becomes a Defaulting Lender then:


 


(i)                
all or any part of such Swingline Exposure and/or such LC Exposure of such Defaulting Lender (other than the portion of such Swingline
Exposure referred to in clause (b) of the definition of such term) shall be reallocated among the non-Defaulting Lenders in accordance
with their respective Applicable Percentages but only to the extent that the sum of all non-Defaulting Lenders’ Credit Exposures
plus such Defaulting Lender’s Swingline Exposure and/or LC Exposure does not exceed the total of all non-Defaulting Lenders’
Commitments; and


 


(ii)             
if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within
one (1) Business Day following notice by the Administrative Agent (x) first, prepay such Swingline Exposure and (y) second, cash collateralize
for the benefit of the Issuing Banks only the Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure
(after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section
2.06(j) for so long as such LC Exposure is outstanding;


 


(iii)           
if the Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to this Section 2.20(c),
the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting
Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;


 


(iv)            
if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to Section 2.20(c), then the fees payable to the
Lenders pursuant to Section 2.12(a) and Section 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’
Applicable Percentages; or


 






    59


     


    

 





(v)             
 if all or any portion of such Defaulting Lender’s LC Exposure is neither cash collateralized nor reallocated pursuant to
Section 2.20(c), then, without prejudice to any rights or remedies of any Issuing Bank or any other Lender hereunder, all facility
fees that otherwise would have been payable to such Defaulting Lender (solely with respect to the portion of such Defaulting Lender’s
Commitment that was utilized by such LC Exposure) and letter of credit fees payable under Section 2.12(b) with respect to such
Defaulting Lender’s LC Exposure shall be payable to the Issuing Banks until such LC Exposure is cash collateralized and/or reallocated;


 


(d)              
so long as such Lender is a Defaulting Lender, no Swingline Lender shall be required to fund any Swingline Loan and no Issuing
Bank shall be required to issue or increase any Letter of Credit, unless it is reasonably satisfied that the related exposure and the
Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash
collateral will be provided by the Borrower in accordance with Section 2.20(c), and Swingline Exposure related to any such newly
made Swingline Loan or LC Exposure related to any such newly issued or increased Letter of Credit shall be allocated among non-Defaulting
Lenders in a manner consistent with Section 2.20(c)(i) (and such Defaulting Lender shall not participate therein);


 


(e)              
if (i) a Bankruptcy Event with respect to a Parent of any Lender shall occur following the date hereof and for so long as such
event shall continue or (ii) any Swingline Lender or Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling
its obligations under one or more other agreements in which such Lender commits to extend credit, no Swingline Lender shall be required
to fund any Swingline Loan and no such Issuing Bank shall be required to issue or increase any Letter of Credit unless such Swingline
Lender or Issuing Bank shall have entered into arrangements with the Borrower or such Lender, reasonably satisfactory to such Swingline
Lender or Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder; and


 


(f)               
in the event and on the date that each of the Administrative Agent, the Borrower, each Swingline Lender and each Issuing Bank agrees
that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the LC Exposure of
the other Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date such Lender shall purchase
at par such of the Loans of the other Lenders (other than Swingline Loans) as the Administrative Agent shall determine may be necessary
in order for such Lender to hold such Loans in accordance with its Applicable Percentage.


 


Nothing contained herein shall
be deemed to be a release of any claims of the Administrative Agent or the Borrower against any Defaulting Lender for its breach of any
of its obligations under this Agreement.


 






    60


     


    

 


Section
2.21.                   Returned
Payments. If after receipt of any payment which is applied to the payment of all or any part of the Obligations (including a
payment effected through exercise of a right of setoff), the Administrative Agent or any Lender is for any reason compelled to
surrender such payment or proceeds to any Person because such payment or application of proceeds is invalidated, declared
fraudulent, set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or
for any other reason (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its
discretion), then the Obligations or part thereof intended to be satisfied shall be revived and continued and this Agreement shall
continue in full force as if such payment or proceeds had not been received by the Administrative Agent or such Lender. The
provisions of this Section 2.21 shall be and remain effective notwithstanding any contrary action which may have been taken
by the Administrative Agent or any Lender in reliance upon such payment or application of proceeds. For the avoidance of doubt, this Section
2.21 shall not apply with respect to Taxes, which shall be governed by Section 2.17. The provisions of this Section
2.21 shall survive the termination of this Agreement.


 


Section
2.22.                   
Increase of Commitments.


 


(a)              
The Borrower shall have the right at any time after the Effective Date to request that the aggregate Commitments hereunder be increased
(a “Commitment Increase”) in accordance with the following provisions and subject to the following conditions:


 


(i)              
The Borrower shall give the Administrative Agent, which shall promptly deliver a copy thereof to each of the Lenders, at least
ten Business Days’ prior written notice (a “Notice of Increase”) of any such requested increase specifying the
aggregate amount by which the Commitments are to be increased, which shall be at least $5.0 million, the requested date of increase (the
 “Requested Increase Date”) and the date by which the Lenders wishing to participate in the Commitment Increase must
commit to an increase in the amount of their respective Commitments (the “Commitment Date”). Each Lender that is willing
in its sole discretion to participate in such requested Commitment Increase (each an “Increasing Lender”) shall give
written notice to the Administrative Agent on or prior to the Commitment Date of the amount by which it is willing to increase its Commitment.


 


(ii)             
Promptly following each Commitment Date, the Administrative Agent shall notify the Borrower as to the amount, if any, by which
the Lenders are willing to participate in the requested Commitment Increase. In addition, the Borrower may extend offers to one or more
Eligible Assignees, each of which must be reasonably satisfactory to the Administrative Agent, (such consent not to be unreasonably withheld)
to participate in any portion of the requested Commitment Increase; provided, however, that the Commitment of each such
Eligible Assignee shall be in an amount of not less than $1.0 million or an integral multiple of $1.0 million in excess thereof. Any such
Eligible Assignee that agrees to acquire a Commitment pursuant hereto is herein called an “Additional Lender”.


 


(iii)            Effective
on the Requested Increase Date, subject to the terms and conditions hereof, (x) the Commitment Schedule shall be deemed to be
amended to reflect the increases contemplated hereby, (y) the Commitment of each Increasing Lender shall be increased by an amount
determined by the Administrative Agent and the Borrower (but in no event greater than the amount by which such Lender is willing to
increase its Commitment), and (z) each Additional Lender shall enter into an agreement in form and substance reasonably satisfactory
to the Borrower and the Administrative Agent pursuant to which it shall undertake, as of such Requested Increase Date, a new
Commitment in an amount determined by the Administrative Agent and the Borrower (but in no event greater than the amount by which
such Lender is willing to participate in the requested Commitment Increase), and such Additional Lender shall thereupon be deemed to
be a Lender for all purposes of this Agreement.


 






    61


     


    

 


(iv)            
If on the Requested Increase Date there are any Loans outstanding hereunder, the Borrower shall borrow from all or certain of the
Lenders and/or prepay Loans of all or certain of the Lenders such that, after giving effect thereto, the Loans (including the Types and
Interest Periods thereof) and such participations shall be held by the Lenders (including for such purposes the Increasing Lenders and
the Additional Lenders) ratably in accordance with their respective Commitments. On and after each Increase Date, the ratable share of
each Lender’s participation in Letters of Credit and Loans from draws under Letters of Credit shall be calculated after giving effect
to each such Commitment Increase.


 


(b)              
Anything in this Section 2.22 to the contrary notwithstanding, no increase in the aggregate Commitments hereunder pursuant
to this Section 2.22 shall be effective unless:


 


(i)                
as of the date of the relevant Notice of Increase and on the relevant Requested Increase Date and after giving effect to such increase,
(x) no Default or Event of Default shall have occurred and be continuing and (y) the condition set forth in Section 4.02(a) shall
be satisfied;


 


(ii)             
to the extent reasonably requested by the Administrative Agent, receipt by the Administrative Agent of (A) customary legal opinions,
board resolutions and officers’ certificates consistent with the documentation delivered on the Effective Date (conformed as appropriate),
other than changes to such legal opinions resulting from a change in law, change in fact or change to counsel’s form of opinion
reasonably satisfactory to the Administrative Agent, or otherwise in form and substance reasonably satisfactory to the Administrative
Agent and (B) any reaffirmation or similar documentation as reasonably requested by the Administrative Agent in order to ensure that such
Increasing Lender or Additional Lender is provided with the benefit of the applicable Loan Documents;


 


(iii)           
after giving effect to such Commitment Increases, the aggregate principal amount of all such Commitment Increases incurred since
the Effective Date shall not exceed $100.0 million; and


 


(iv)            
after giving effect to any such Commitment Increase, the Borrower shall be in pro forma compliance with the Financial Covenants
for the most recently ended Reference Period for which financial statements have been (or were required to be) delivered to the Administrative
Agent and the Borrower shall have delivered to the Administrative Agent reasonably detailed calculations demonstrating such compliance.


 


Section
2.23.                    Banking
Services and Swap Agreements. Each Lender or Affiliate thereof providing Banking Services for, or having Swap Agreements with,
the Borrower or any of its Subsidiaries shall deliver to the Administrative Agent, promptly after entering into such Banking
Services or Swap Agreements, written notice thereof, in each case, to the extent such Banking Services or Swap Agreements relate to
Secured Obligations. In furtherance of that requirement, each such Lender or Affiliate thereof shall furnish the Administrative
Agent, from time to time promptly upon a request therefor, a summary of the amounts due or to become due in respect of such Banking
Services Obligations and Swap Agreement Obligations that constitute Secured Obligations, together with such supporting documentation
as the Administrative Agent may have reasonably requested from the applicable provider of such Banking Services or Swap Agreement.
The most recent information provided to the Administrative Agent shall be used in determining which tier of the waterfall, contained
in Section 2.18(b), such Banking Services Obligations and/or Swap Agreement Obligations will be placed.


 






    62


     


    

 


Section
2.24.                   
Benchmark Replacement Setting.


 


(a)              
Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document (and any Swap Agreement
shall be deemed not to be a “Loan Document” for purposes of this Section 2.24), if a Benchmark Transition Event or
an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect
of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of
the definition of “Benchmark Replacement” for such Benchmark Replacement Date, in connection with a Benchmark Transition Event,
such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark
setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement
or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark
Replacement” for such Benchmark Replacement Date, or in connection with an Early Opt-in Election, such Benchmark Replacement will
replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m.
(New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without
any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative
Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.


 


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


 


(c)               Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (i)
any Benchmark Replacement Date and the related Benchmark Replacement, (ii) the effectiveness of any Benchmark Replacement Conforming
Changes, (iii) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (d) below and (iv) the commencement of
any Benchmark Unavailability Period. For the avoidance of doubt, any notice required to be delivered by the Administrative Agent as
set forth in this Section 2.24 may be provided, at the option of the Administrative Agent (in its sole discretion), in one or
more notices and may be delivered together with, or as part of any amendment which implements any Benchmark Replacement or Benchmark
Replacement Conforming Changes. Any determination, decision or election that may be made by the Administrative Agent or, if
applicable, any Lender (or group of Lenders) pursuant to this Section 2.24, including any determination with respect to a
tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or
refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or
their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case,
as expressly required pursuant to this Section 2.24.


 






    63


     


    

 



 


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


 


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


 


(f)                Disclaimer.
The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to (i) the
administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of
 “Eurodollar Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof (including,
without limitation any Benchmark Replacement implemented hereunder), (ii) the composition or characteristics of any such Benchmark
Replacement, including whether it is similar to, or produces the same value or economic equivalence to USD LIBOR (or any other
Benchmark) or have the same volume or liquidity as did USD LIBOR (or any other Benchmark), (iii) any actions or use of its
discretion or other decisions or determinations made with respect to any matters covered by this Section 2.24 including,
without limitation, whether or not a Benchmark Transition Event has occurred, the removal or lack thereof of unavailable or
non-representative tenors, the implementation or lack thereof of any Benchmark Replacement Conforming Changes, the delivery or
non-delivery of any notices required by clause (d) above or otherwise in accordance herewith, and (iv) the effect of any of the
foregoing provisions of this Section 2.24.


 






    64


     


    

 


ARTICLE
III



Representations and Warranties


 


Each Loan Party represents
and warrants to the Lenders that:


 


Section
3.01.                   Organization; Powers. Each of the Loan Parties and each of its Subsidiaries is duly organized, validly existing and
(to the extent applicable in its jurisdiction of organization) in good standing under the laws of the jurisdiction of its organization,
has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or
in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good
standing in, every jurisdiction where such qualification is required.


 


Section
3.02.                    Authorization; Enforceability. The Transactions are within each Loan Party’s corporate or limited liability
company powers, as the case may be, and have been duly authorized by all necessary corporate or limited liability company and, if required,
stockholder or member action. Each Loan Document to which each Loan Party is a party has been duly executed and delivered by such Loan
Party and constitutes a legal, valid and binding obligation of such Loan Party, enforceable 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 Transactions (a) do not, on the part of any Loan Party or any of its Subsidiaries,
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 for filings necessary to perfect Liens created pursuant to the Loan
Documents, (b) will not violate any Requirement of Law applicable to any Loan Party or any of its Subsidiaries or any order of any Governmental
Authority applicable to any Loan Party, (c) will not violate or result in a default under, or give rise to a right to require any payment
to be made by any Loan Party or any of its Subsidiaries under, (i) any indenture or loan agreement, in each case, evidencing Material
Indebtedness, (ii) any Swap Agreement with a Swap Termination Value in excess of $50.0 million or (iii) any other material agreement,
in each case which is binding upon any Loan Party or any of its Subsidiaries or its assets, and (d) will not result in the creation or
imposition of any Lien on any asset of any Loan Party or any of its Subsidiaries, except Liens created pursuant to the Loan Documents,
except, solely in the case of clauses (a), (b) or (c)(iii) hereof, as could not reasonably be expected to result
in a Material Adverse Effect.


 






    65


     


    

 


Section
3.04.                   
Financial Condition; No Material Adverse Change.


 


(a)               The
Borrower has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and
cash flows as of and for the fiscal year ended December 31, 2020, reported on by the Accounting Firm. Such financial statements
present fairly, in all material respects, the financial position and results of operations and cash flows of the Borrower and its
consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP.


 


(b)              
No event, change or condition has occurred that has had, or could reasonably be expected to have, a Material Adverse Effect, since
December 31, 2020.


 


Section
3.05.                   
Properties.


 


(a)              
Each of the Loan Parties and its Subsidiaries has good title to, or valid leasehold interests in, or rights to use, all its real
and personal property, subject to Permitted Liens and except for defects in title, interests or rights that, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect.


 


(b)              
Each of the Loan Parties and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and
other intellectual property material to its business, and the use thereof by the Loan Parties and its Subsidiaries does not infringe upon
the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect.


 


Section
3.06.                   
Litigation and Environmental Matters.


 


(a)              
There are no actions, suits, proceedings or investigations by or before any arbitrator, Governmental Authority or any non-governmental
organization (e.g., the Direct Selling Self-Regulatory Council) pending against or, to the knowledge of any Loan Party, threatened in
writing against the Loan Parties or any of its Subsidiaries or any of their respective properties (i) that could reasonably be expected,
individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve this Agreement or the Transactions.


 


(b)              
No Loan Party nor any of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply
with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability,
(iii) has received written notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental
Liability that, in each case, individually in the aggregate, could reasonably be expected to result in a Material Adverse Effect.


 


Section
3.07.                   
Compliance with Laws and Agreements; No Default.


 


(a)              
Each Loan Party and its Subsidiaries is in compliance with all Requirements of Law applicable to it or its property and all indentures,
agreements and other instruments binding upon 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.


 


(b)              
No Default has occurred and is continuing.


 


Section
3.08.                   
Investment Company Status. No Loan Party is an “investment company” as defined in, or subject to regulation
under the Investment Company Act of 1940.


 






    66


     


    

 


Section
3.09.                   
Taxes. Each Loan Party and its Subsidiaries has timely filed or caused to be filed all Tax returns and reports required
to have been filed and has paid or caused to be paid all Taxes and claims that were required to have been paid by it, except (a) Taxes
and claims that are being contested in good faith by appropriate proceedings and for which such Loan Party or such Subsidiary, as applicable,
has set aside on its books adequate reserves in accordance with GAAP or (b) to the extent that the failure to do so could not reasonably
be expected to result in a Material Adverse Effect.


 


Section
3.10.                   
ERISA.


 


(a)              
No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which
liability is reasonably expected to occur, would reasonably be expected to result in a Material Adverse Effect. Except as would not reasonably
be expected to result in a Material Adverse Effect, with respect to each Plan, the “funding target,” as defined in Section
430(d)(1) of the Code, with respect to such Plan, does not exceed the fair market value of all such Plan’s assets, as determined
pursuant to Section 430(g) of the Code, all determined as of the then-most recent valuation date for such Plan using the actuarial assumptions
used to determine the Plan’s “funding target attainment” percentage as defined in Section 430(d) of the Code.


 


(b)              
The Borrower represents and warrants as of the Effective Date that the Borrower does not and will not hold “plan assets”
(within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans.


 


(c)              
Each Foreign Pension Plan has been maintained in compliance with its terms and with the requirements of any and all applicable
laws, statutes, rules, regulations and orders and has been maintained, where required, in good standing with applicable regulatory authorities,
in each case except where the failure to do so would not reasonably be expected to have a Material Adverse Effect. All material contributions
required to be made with respect to a Foreign Pension Plan have been timely made. Neither the Borrower nor any of its Subsidiaries has
incurred any obligation in connection with the termination of, or withdrawal from, any Foreign Pension Plan that would reasonably be expected
to have a Material Adverse Effect. To the extent required under applicable law, the present value of the accrued benefit liabilities (whether
or not vested) under each Foreign Pension Plan, determined as of the end of the Borrowers’ most recently ended fiscal year on the
basis of actuarial assumptions, each of which is reasonable, did not exceed the current value of the assets of such Foreign Pension Plan
allocable to such benefit liabilities.


 






    67


     


    

 


Section
3.11.                    Disclosure.
As of the Effective Date, the Borrower has disclosed to the Lenders all agreements, instruments and corporate or other restrictions
to which it or any Subsidiary is subject, and all other matters known to it, that, individually or in the aggregate, could
reasonably be expected to result in a Material Adverse Effect. None of the reports, financial statements, certificates or other
written information (when taken together with the Borrower’s most recently (as of the date hereof) filed and publicly
available 10-K and 10-Q, and 8-Ks filed at any time following such 10-K, in each case with the SEC) (other than any projected
financial information or other forward-looking information or information of a general economic or general industry specific nature)
furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender on or prior to the Effective Date in
connection with the negotiation of this Agreement or any other Loan Document (as modified or supplemented by other information so
furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein
(taken as a whole), in the light of the circumstances under which they were made, not materially misleading; provided, that,
with respect to projected financial information or other forward-looking information, the Borrower represents only that such
information was prepared in good faith based upon assumptions believed to be reasonable at the time (it being understood that such
projections and forward-looking information are not to be viewed as facts and any such projections and forward-looking information
may differ from actual results and such differences may be material).


 


Section
3.12.                   
Capitalization and Subsidiaries. Schedule 3.12 sets forth, as of the date hereof, (a) a correct and complete
list of the name, and identifies the direct equity holders (including the percentage ownership thereof) of, each and all of the Borrower’s
direct and indirect Subsidiaries, (b) the type of entity and jurisdiction of organization of the Borrower and each of its Subsidiaries,
and (c) which of the Borrower’s Subsidiaries are Material Domestic Subsidiaries and Material Foreign Subsidiaries. All of the issued
and outstanding Equity Interests of any Subsidiary owned by any Loan Party have been (to the extent such concepts are relevant with respect
to such ownership interests) duly authorized and issued and are fully paid and non-assessable.


 


Section
3.13.                   
Security Interest in Collateral. The provisions of this Agreement and the other Loan Documents create legal, valid
and enforceable Liens on all of the Collateral in favor of the Administrative Agent, for the benefit of the Secured Parties, and, upon
filing a UCC financing statement in the Loan Parties’ applicable jurisdiction of organization, such Liens will constitute perfected
and continuing Liens on the Collateral in which a security interest can be perfected by filing a UCC financing statement, securing the
Secured Obligations, and having priority over all other Liens on the Collateral except in the case of (a) Permitted Liens, to the extent
any such Permitted Liens would have priority over the Liens in favor of the Administrative Agent pursuant to any applicable law or agreement,
and (b) Liens perfected only by possession (including possession of any certificate of title), to the extent the Administrative Agent
has not obtained or does not maintain possession of such Collateral.


 


Section
3.14.                   
Federal Reserve Regulations.


 


(a)              
No part of the proceeds of any Loan or Letter of Credit has been used or will be used, whether directly or indirectly, for any
purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X.


 


(b)              
No Loan Party is engaged and will not engage, principally or as one of its important activities, in the business of purchasing
or carrying margin stock (within the meaning of Regulation U), or extending credit for the purpose of purchasing or carrying margin stock.


 






    68


     


    

 


Section
3.15.                   
Anti-Corruption Laws and Sanctions; USA Patriot Act.


 


(a)               Each
Loan Party has implemented and maintains in effect policies and procedures designed to promote compliance by such Loan Party, its
Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and
such Loan Party, its Subsidiaries and their respective officers and employees and, to the knowledge of such Loan Party, its
directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) any
Loan Party, any Subsidiary or, to the knowledge of any such Loan Party or Subsidiary, any of their respective directors, officers or
employees, or (b) to the knowledge of any such Loan Party or Subsidiary, any agent of such Loan Party or any Subsidiary that will
act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing
or Letter of Credit, use of proceeds, Transaction or other transaction contemplated by this Agreement or the other Loan Documents
will violate Anti-Corruption Laws or applicable Sanctions.


 


(b)              
Each Loan Party is in compliance, in all material respects, with the USA PATRIOT Act and any applicable anti-money laundering laws
and regulations.


 


Section
3.16.                   
Not an Affected Financial Institution. No Loan Party is an Affected Financial Institution.


 


Section
3.17.                   
Solvency. (a) The fair value of the assets of the Loan Parties and their Subsidiaries, taken as a whole, at a fair
valuation, exceeds their debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value of the property
of the Loan Parties and their Subsidiaries, taken as a whole, is greater than the amount that will be required to pay the probable liability
of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured;
(c) the Loan Parties, taken as a whole, will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such
debts and liabilities become absolute and matured; and (d) the Loan Parties and their Subsidiaries, taken as a whole, will not have unreasonably
small capital with which to conduct the business in which they are engaged as such business is now conducted and is proposed to be conducted
after the Effective Date.


 


Section
3.18.                   
FDA; Governmental Authorities.


 


(a)              
Except as set forth on Schedule 3.18: (i) each Loan Party and its Subsidiaries are, and have been for the past five calendar
years, in compliance in all material respects with, and each Product in current commercial distribution has been designed, developed,
investigated, manufactured, prepared, assembled, packaged, tested, labeled, distributed, marketed, installed, and serviced in compliance
in all material respects with Product Safety Law, including those regarding clinical and non-clinical testing, product approval or clearance,
good manufacturing practices, labeling, advertising and promotion, record-keeping, establishment registration and listing; (ii) each Loan
Party and its Subsidiaries have no knowledge of any material non-compliance issues of contract manufacturers with Product Safety Laws;
(iii) each Loan Party and its Subsidiaries is in compliance in all material respects with the record-keeping and reporting requirements
required by the FDA or any other Governmental Authority pertaining to the reporting of adverse events for dietary supplements and Class
I recalls under the Reportable Foods Registry involving the Products; (iv) all Products are and have been labeled, promoted, and advertised
in material compliance with their regulatory clearance or approval or within the scope of an exemption from obtaining such clearance or
approval; and (v) each Loan Party’s and its Subsidiaries’ establishments are registered with the FDA, as applicable.


 






    69


     


    

 


(b)              
 No Loan Party nor its Subsidiaries is subject to any obligation arising under any regulatory action, proceeding or investigation
by or on behalf of a Governmental Authority, warning letter, notice of violation letter, consent decree, or other enforcement action by
a Governmental Authority, in each case, with respect to its Products or compliance with Product Safety Laws, and, to the knowledge of
each Loan Party and its Subsidiaries, no such obligation has been threatened, verbally or in writing, in each case that would reasonably
be expected to have a Material Adverse Effect. To the knowledge of each Loan Party and its Subsidiaries, as of the Effective Date, there
is no act, omission or event that would reasonably be expected to give rise to or lead to, any civil, criminal or administrative action,
suit, demand, claim, complaint, hearing, investigation, demand letter, warning letter or enforcement proceeding against any Loan Party
or its Subsidiaries with respect to its Products or compliance with Product Safety Laws, and, to each Loan Party’s and its Subsidiary’s
knowledge, no Loan Party nor its Subsidiaries has any liability (whether actual or contingent) with respect to its Products or compliance
with Product Safety Laws, in each case that would reasonably be expected to have a Material Adverse Effect. To the knowledge of each Loan
party and its Subsidiaries, there has not been any material violation of any Product Safety Laws, securities laws or consumer protection
laws by any Loan Party or its Subsidiaries with respect to its Products that could reasonably be expected to require or lead to investigation,
enforcement, regulatory or administrative action by the FDA, SEC, FTC or any comparable Governmental Authority (including state agencies),
in each case that would reasonably be expected, in the aggregate, to have a Material Adverse Effect. To the knowledge of each Loan Party
and each of their respective Subsidiaries, there are no civil or criminal proceedings relating to any Loan Party or its Subsidiaries or
any officer, director or employee of any Loan Party or Subsidiary of any Loan Party that involve a matter within or related to the FDA’s,
SEC’s, FTC’s or any comparable federal or state Governmental Authority’s jurisdiction, in each case, with respect to
its Products or Product Safety Laws.


 


(c)              
No Loan Party nor its Subsidiaries is currently undergoing any investigation by FDA, SEC, FTC or any other Governmental Authority
investigation with respect to its Products or Product Safety Laws that could reasonably be expected to have a Material Adverse Effect.


 


(d)              
No Loan Party nor any Subsidiary of any Loan Party has received any written or verbal notice from any Governmental Authority alleging
material noncompliance with any Product Safety Law. No Product has been seized, detained, or subject to a suspension (other than in the
ordinary course of business) of manufacturing, distribution, or commercialization activity, and, to the knowledge of Loan Party and each
of its Subsidiaries, as of the Effective Date, there are no facts or circumstances reasonably likely to cause (i) the seizure, denial,
recall, detention, public health notification, safety alert or suspension of manufacturing or other activity relating to any Product except
as would not reasonably be expected to have a Material Adverse Effect; or (ii) a termination, seizure or suspension of manufacturing,
researching, distributing or marketing of any Product. Except as set forth on Schedule 3.18, no proceedings in the United States
or any other jurisdiction seeking the revocation, suspension, import detention, recall, withdrawal or seizure of any Product are pending
or threatened in writing or verbally against any Loan Party or any of its Subsidiaries.


 






    70


     


    

 


(e)               No
Loan Party nor any Subsidiary of any Loan Party nor, to the knowledge of Loan Party or any Subsidiary, any of their respective
officers, directors, employees, agents or contractors have been convicted of any crime or engaged in any conduct for which (a)
debarment is mandated or permitted by 21 U.S.C. § 335a or (y) such Person could be excluded from participating in the federal
health care programs under Section 1128 of the Social Security Act or any similar law. No officer and to the knowledge of each Loan
Party and its Subsidiaries, no employee or agent of any Loan Party or its Subsidiaries, has (A) made any untrue statement of
material fact or fraudulent statement to the FDA or any other Governmental Authority with respect to the Products of the Loan
Parties and their Subsidiaries or Product Safety Laws; (B) failed to disclose a material fact required to be disclosed to the FDA or
any other Governmental Authority as part of an investigation with respect to the Products of the Loan Parties and their Subsidiaries
or Product Safety Laws; or (C) committed an act, made a statement, or failed to make a statement with respect to the Products of the
Loan Parties and their Subsidiaries or Product Safety Laws that would reasonably be expected to provide the basis for the FDA or any
other Governmental Authority to invoke its policy respecting “Fraud, Untrue Statements of Material Facts, Bribery, and Illegal
Gratuities,” as set forth in 56 Fed. Reg. 46191 (September 10, 1991).


 


Section
3.19.                   
Employee Relations. As of the Effective Date, no Loan Party nor any Subsidiary thereof is party to any collective
bargaining agreement, nor has any labor union been recognized as the representative of its employees. The Borrower knows of no pending
or threatened in writing strikes, work stoppage or other collective labor disputes involving its employees or those of its Subsidiaries
that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.


 


ARTICLE
IV



Conditions


 


Section
4.01.                   
Conditions to Initial Loans. The obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters
of Credit hereunder shall not become effective until each of the following conditions is satisfied (or waived in accordance with Section
9.02):


 


(a)              
Credit Agreement and Other Loan Documents. The Administrative Agent (or its counsel) shall have received (i) from each party
hereto either (A) a counterpart of this Agreement signed on behalf of such party or (B) written evidence satisfactory to the Administrative
Agent (which may include fax or other electronic transmission of a signed signature page of this Agreement) that such party has signed
a counterpart of this Agreement and (ii) duly executed copies of any other Loan Documents to be entered into as of the date hereof and
such other certificates, documents, instruments and agreements as the Administrative Agent shall reasonably request be delivered on the
Effective Date in connection with the transactions contemplated by this Agreement and the other Loan Documents, including any Notes requested
by a Lender pursuant to Section 2.10 payable to such requesting Lender and its registered assigns and a written opinion of the
Loan Parties’ counsel, addressed to the Administrative Agent, the Issuing Banks and the Lenders and in form and substance reasonably
satisfactory to the Administrative Agent.


 


(b)               Financial
Statements and Projections. The Lenders shall have received (i) audited consolidated financial statements of the Borrower and
its Subsidiaries for the three most recent fiscal years ended prior to the Effective Date as to which such financial statements are
available, and (ii) reasonably satisfactory financial statement projections (which shall include balance sheet, income and cash flow
statement projections) through and including the Borrower’s 2025 fiscal year, together with such information as reasonably
requested by the Lead Arranger (including a detailed description of the assumptions used in preparing such projections).


 






    71


     


    

 


(c)              
Closing Certificates. The Administrative Agent shall have received (i) a certificate (in form and substance reasonably satisfactory
to the Administrative Agent) of each Loan Party, dated the Effective Date and executed by its Secretary, Assistant Secretary or other
Responsible Officer, which shall (A) certify the resolutions of its board of directors, members or other body authorizing the execution,
delivery and performance of the Loan Documents to which it is a party, (B) identify by name and title and bear the signatures of the Financial
Officers and any other officers of such Loan Party authorized to sign the Loan Documents to which it is a party, and (C) contain appropriate
attachments, including the certificate or articles of incorporation or organization of each Loan Party certified by the relevant authority
of the jurisdiction of organization of such Loan Party and a true and correct copy of its by-laws or operating, management or partnership
agreement, and (ii) a good standing certificate dated as of a recent date for each Loan Party from its jurisdiction of organization.


 


(d)              
No Default Certificate. The Administrative Agent shall have received, a certificate (in form and substance reasonably satisfactory
to the Administrative Agent), signed by the chief financial officer of the Borrower on the Effective Date (i) stating that no Default
has occurred and is continuing and (ii) stating that the representations and warranties contained in Article III are true and correct
in all material respects as of such date except that (a) to the extent that such representations and warranties specifically refer to
an earlier date, such representations and warranties shall be true and correct in all material respects as of such earlier date and (b)
any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true
and correct in all respects.


 


(e)              
Fees. The Lenders and the Administrative Agent shall have received all fees required to be paid on or before the Effective
Date, and all expenses (including the reasonable fees and expenses of outside legal counsel) for which invoices have been presented no
later than two (2) Business Days prior to the Effective Date (or a shorter period as reasonably agreed to by the Borrower).


 


(f)               
Lien Searches. The Administrative Agent shall have received the results of recent customary lien searches (including with
respect to intellectual property), and such searches shall reveal no liens on any of the assets of the Loan Parties except for liens permitted
by Section 6.02 or discharged on or prior to the Effective Date pursuant to a pay-off letter or other documentation reasonably
satisfactory to the Administrative Agent.


 


(g)              
Pledged Stock; Stock Powers; Pledged Notes. Subject to Section 5.09(h), the Administrative Agent shall have received
(i) to the extent certificated, the certificates representing the shares of Equity Interests pledged pursuant to the Security Agreement,
together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof and
(ii) to the extent required to be delivered pursuant to the Security Agreement, each promissory note (if any) pledged to the Administrative
Agent pursuant to the Security Agreement endorsed (without recourse) in blank (or accompanied by an executed transfer form in blank) by
the pledgor thereof.


 






    72


     


    

 


(h)              
 Filings, Registrations and Recordings. Each document (including any Uniform Commercial Code financing statement) required
by the Collateral Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order
to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a perfected Lien on the Collateral described therein
(but only to the extent required therein), prior and superior in right to any other Person (other than with respect to Liens expressly
permitted by Section 6.02), shall be in proper form for filing, registration or recordation.


 


(i)                
Insurance. Subject to Section 5.09(h), the Administrative Agent shall have received evidence of insurance coverage
in form, scope, and substance reasonably satisfactory to the Administrative Agent and otherwise in compliance with the terms of Section
5.05 and Section 4.10 of the Security Agreement.


 


(j)                
Solvency. The Administrative Agent shall have received a solvency certificate from a Financial Officer of the Borrower substantially
in the form attached hereto as Exhibit D.


 


(k)               
Tax Withholding Forms. The Administrative Agent shall have received a properly completed and signed IRS Form W-8 or W-9,
as applicable, for each Loan Party.


 


(l)                
USA PATRIOT Act, Etc. At least three (3) Business Days prior to the Effective Date, the Borrower and each of the other Loan
Parties shall have provided to the Administrative Agent or the Lenders the documentation and other information theretofore requested in
writing by the Administrative Agent or the Lenders at least five (5) Business Days prior to the Effective Date that is required by regulatory
authorities under applicable “know your customer” and anti-money-laundering rules and regulations, including the USA PATRIOT
Act.


 


The Administrative Agent shall notify the Borrower,
the Lenders and the Issuing Banks of the Effective Date, and such notice shall be conclusive and binding.


 


Section
4.02.                   
Each Credit Event. The obligation of each Lender to make any Loan, and of the Issuing Banks to issue or increase
any Letter of Credit, is subject to the satisfaction of the following conditions:


 


(a)              
The representations and warranties of the Borrower set forth in this Agreement shall be true and correct in all material respects
on and as of the date of such Loan or the date of issuance or increase of such Letter of Credit, as applicable, except that (i) to the
extent that such representations and warranties specifically refer to an earlier date, such representations and warranties shall be true
and correct in all material respects as of such earlier date, (ii) any representation and warranty that is qualified as to “materiality”
or “Material Adverse Effect” shall be true and correct in all respects.


 


(b)              
At the time of and immediately after giving effect to such Loan or the issuance or increase of such Letter of Credit, as applicable,
no Default shall have occurred and be continuing.


 


(c)               The
Borrower shall have delivered a completed Borrowing Request or application for a Letter of Credit, as applicable. Each Loan and each
issuance or increase 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 4.02.


 






    73


     


    

 



 


ARTICLE
V


 


Affirmative Covenants


 


Until Payment in Full has
occurred, each Loan Party executing this Agreement covenants and agrees, jointly and severally with all of the Loan Parties, with the
Lenders that:


 


Section
5.01.                   
Financial Statements and Other Information. The Borrower will furnish to the Administrative Agent (which shall promptly
make such information available to the Lenders in accordance with its customary practices):


 


(a)              
within ninety (90) days after the end of each fiscal year of the Borrower, its audited consolidated balance sheet and related statements
of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative
form the figures for the previous fiscal year, all reported on by the Accounting Firm (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 such qualification or exception as
a result of the impending maturity of Indebtedness or projected or potential breach of any Financial Covenant) to the effect that such
consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Borrower
and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;


 


(b)              
within forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower,
its consolidated balance sheet and related statements of operations, as of the end of and for such fiscal quarter and the then elapsed
portion of the fiscal year and stockholders’ equity and cash flows for the then elapsed portion of the fiscal year, 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 one of its Financial Officers as presenting fairly in all material respects the financial
condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP
consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;


 


(c)              
concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate of a Financial
Officer of the Borrower in substantially the form of Exhibit B (i) certifying as to whether a Default or Event of Default
has occurred and, if a Default or Event of Default has occurred, specifying the details thereof and any action taken or proposed to be
taken with respect thereto and (ii) setting forth reasonably detailed calculations demonstrating compliance with the Financial Covenants;


 


(d)               as
soon as available, but in any event within ninety (90) days after the start of each fiscal year of the Borrower, a copy of the plan
and forecast (including a projected consolidated balance sheet, income statement and funds flow statement) of the Borrower and its
Subsidiaries for each quarter of such fiscal year (the “Projections”) in form reasonably satisfactory to the
Administrative Agent;


 






    74


     


    

 


(e)              
promptly following any request therefor, (i) such other information regarding the operations, business affairs and financial condition
of the Borrower or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent may reasonably request,
on behalf of itself or any Lender hereunder; or (ii) information and documentation reasonably requested by the Administrative Agent or
any Lender for purposes of compliance with applicable “know your customer” requirements under the USA PATRIOT Act or any applicable
anti-money laundering laws; and


 


(f)               
promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials
filed by the Borrower or any of its Subsidiaries with the SEC, or any Governmental Authority succeeding to any or all of the functions
of the SEC, or with any national securities exchange, or distributed by the Borrower to its shareholders generally, as the case may be.


 


Notwithstanding anything to the contrary in this
Section 5.01, any documents required to be delivered pursuant to Sections 5.01(a), (b), and (f) may be delivered
electronically and if so delivered shall be deemed to have been delivered on the date on which such documents are filed for public availability
on the SEC’s Electronic Data Gathering and Retrieval System or on which the Borrower posts such documents, or provides a link thereto
on the Borrower’s website on the Internet.


 


Section
5.02.                   
Notices of Material Events. The Borrower will furnish to the Administrative Agent (which shall promptly make such
information available to the Lenders in accordance with its customary practices) prompt written notice (and in any event no later than
five (5) Business Days after any Responsible Officer’s knowledge of the occurrence thereof):


 


(a)              
the occurrence of any Default;


 


(b)               the filing or commencement of any litigation, investigation, action, suit or proceeding by or before any arbitrator or Governmental
Authority against or involving the Borrower, any of its Subsidiaries or any Affiliate thereof or any of their respective properties, assets
or business that could reasonably be expected to result in a Material Adverse Effect;


 


(c)               the
occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred within the preceding twelve month
period, could reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $10.0
million;


 


(d)               the
occurrence and nature of any Prohibited Transaction or any funding deficiency with respect to any Plan, or a transaction the IRS or Department
of Labor or any other Governmental Authority is reviewing to determine whether a Prohibited Transaction might have occurred, in each
case, that would reasonably be expected to result in a Material Adverse Effect;


 


(e)               any
Loan Party’s intention to terminate any Plan;


 






    75


     


    







 


(f)                any notice provided to the holders of any Material Indebtedness, along with a copy of such notice;


 


(g)               any
notice of any violation received by any Loan Party or any Subsidiary thereof from any Governmental Authority including any notice of
violation of Environmental Laws which in any such case could reasonably be expected to have a Material Adverse Effect;


 


(h)               any labor controversy that has resulted in, or threatens to result in, a strike or other work action against any Loan Party or
any Subsidiary thereof in each case that could reasonably be expected to result in a Material Adverse Effect;


 


(i)                except
as would not be reasonably expected to have a Material Adverse Effect, (i) any written notice that the FDA or any other similar Governmental
Authority is suspending or revoking any Permit, changing the market classification, distribution pathway or parameters of the Products
of the Loan Parties or their respective Subsidiaries; (ii) any Loan Party or any of its Subsidiaries becoming subject to any administrative
or regulatory action, Form FDA 483 observation, warning letter, notice of violation letter, or other material notice with the FDA or
any comparable Governmental Authority, in each case, with respect to its Products or Product Safety Laws; (iii) any Product of any Loan
Party or any of its Subsidiaries being seized, detained, or subject to a suspension of manufacturing, or the commencement of any proceedings
in the United States or any other jurisdiction seeking the suspension, import detention, or seizure of any Product are pending or threatened
in writing against the Loan Parties or their respective Subsidiaries; (iv) any recall or withdrawal of the Products of the Loan Parties
or their respective subsidiaries; or (v) any notice that a Governmental Authority is proposing that any Loan Party be suspended, debarred
or excluded under 21 U.S.C. § 335a, 42 U.S.C. § 1320a-7, or any similar state or foreign law, rule or regulation;


 


(j)                
any Loan Party entering into a Swap Agreement or an amendment to a Swap Agreement, in each case, to the extent such Swap Agreement
relates to Secured Swap Agreement Obligations, together with copies of all agreements evidencing such Swap Agreement or amendment; and


 


(k)              
any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.


 


Each notice delivered under
this Section 5.02 shall be accompanied by a statement of a Financial Officer or other executive 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.                    Existence;
Conduct of Business. Each Loan Party will, and will cause each Subsidiary to, (a) do or cause to be done all things necessary to
preserve, renew and keep in full force and effect its legal existence and, except as could not reasonably be expected to result in a
Material Adverse Effect, the rights, qualifications, licenses, permits, franchises, governmental authorizations, intellectual
property rights, licenses and permits material to the conduct of its business; provided, that the foregoing shall not
prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03. and (b) carry on and
conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is presently
conducted or in fields which are, in the good faith judgment of the Borrower, similar, complimentary, ancillary or substantially
related thereto or are reasonable extensions thereof.


 






    76


     


    

 


Section
5.04.                   
Payment of Taxes. Each Loan Party will, and will cause each Subsidiary to pay or discharge all Taxes, before the
same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate
proceedings, and such Loan Party or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with
GAAP or (b) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect.


 


Section
5.05.                   
Maintenance of Properties; Insurance; Casualty and Condemnation.


 


(a)              
Each Loan Party will, and will cause each Subsidiary to, (i) 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 be reasonably
expected to have a Material Adverse Effect and (ii) maintain, with financially sound and reputable insurance companies, insurance
in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating
in the same or similar locations.


 


(b)              
The Borrower will furnish to the Administrative Agent and the Lenders prompt written notice of any casualty or other insured damage
to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the
Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding.


 


Section
5.06.                    Books
and Records; Inspection Rights. Each Loan Party will, and will cause each Subsidiary to, (i) keep proper books of record and
account (x) in a manner that permits the preparation of financial statements in accordance with GAAP and (y) in compliance in all
material respects with applicable regulations of any Governmental Authority having jurisdiction over it or any of its properties and
(ii) permit any representatives designated by the Administrative Agent or during the occurrence and continuance of an Event of
Default, any Lender (including employees of the Administrative Agent, such Lender or any consultants, accountants, lawyers,
appraisers and field examiners retained by the Administrative Agent), 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 during normal business hours and as often as reasonably
requested, all at the expenses of the Loan Parties; provided, that the Borrower shall not be required to reimburse the
Administrative Agent for the cost of more than one such visit during any single fiscal year, except during the occurrence and
continuation of an Event of Default. The Loan Parties acknowledge that the Administrative Agent, after exercising its rights of
inspection, may prepare and distribute to the Lenders certain reports pertaining to the Loan Parties’ assets for internal use
by the Administrative Agent and the Lenders. Notwithstanding anything to the contrary in this Section 5.06, neither the
Borrower nor any other Loan Party will be required to disclose, permit the inspection, examination or making copies or abstracts of,
or discussion of, any document, information or other matter in respect of which disclosure to the Administrative Agent or any Lender
(or their respective representatives or contractors) is prohibited by applicable law or any binding agreement (not entered into in
contemplation of any request for disclosure or otherwise to evade the disclosure requirements contained in this Section
5.06), constitutes non-financial trade secrets or non-financial proprietary information, or is subject to attorney client
privilege or that constitutes attorney work product (in each case, as determined in good faith by legal counsel to any Loan Party
and not to evade the disclosure requirements contained in this Section 5.06).


 






    77


     


    

 


Section
5.07.                   
Compliance with Laws. Each Loan Party will, and will cause each Subsidiary to, comply with all Requirements of Law
applicable 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
5.08.                   
Use of Proceeds.


 


(a)              
The proceeds of the Loans will be used for working capital and general corporate purposes, including, without limitation, Permitted
Acquisitions. No part of the proceeds of any Loan and no Letter of Credit will be used, whether directly or indirectly, for any purpose
that entails a violation of any of the Regulations of the Board, including Regulations T, U and X.


 


(b)              
The Borrower will not request any Borrowing or Letter of Credit, and the Borrower shall not use, and shall procure that its Subsidiaries
and its and their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit
(a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value,
to any Person (including any joint venture partner) in violation of any Anti-Corruption Laws, (b) for the purpose of funding, financing
or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, (c) in any manner
that would result in the violation of any Sanctions applicable to any party hereto or (d) in any manner that would result in a violation
of any anti-money laundering laws or regulations.


 


Section
5.09.                   
Additional Collateral; Further Assurances.


 


(a)              
Subject to applicable law, the Borrower and each other Loan Party shall cause each of its wholly-owned Material Domestic Subsidiaries
formed or acquired on or after the date of this Agreement in accordance with the terms of this Agreement and each Subsidiary which hereafter
becomes a Material Domestic Subsidiary, in each case, to become a Loan Party, within thirty (30) days (or such later date as the Administrative
Agent may agree) after the date of such formation or acquisition (or after the date on which such Subsidiary becomes a Material Domestic
Subsidiary, as applicable), by executing a joinder agreement substantially in the form of Exhibit C (a “Joinder Agreement”).
Upon execution and delivery thereof, each such Person shall automatically become a Loan Guarantor hereunder and thereupon shall have all
of the rights, benefits, duties, and obligations in such capacity under the Loan Documents.


 


(b)               Subject
to applicable law, the Borrower and each other Loan Party shall cause each of its wholly-owned Material Domestic Subsidiaries formed
or acquired after the date of this Agreement in accordance with the terms of this Agreement and each Subsidiary who hereafter
becomes a Material Domestic Subsidiary, in each case, within thirty (30) days (or such later date as the Administrative Agent may
agree) after the date of such formation or acquisition (or after the date on which such Subsidiary becomes a Material Domestic
Subsidiary, as applicable) to execute a joinder to the Security Agreement, pursuant to which such Material Domestic Subsidiary shall
grant Liens to the Administrative Agent, for the benefit of the Administrative Agent and the Lenders, in any property of such Loan
Party which constitutes Collateral.


 






    78


     


    

 


(c)              
Subject to the foregoing clauses (a) and (b), the Borrower, each Loan Party and each other direct Material Domestic
Subsidiary of a Loan Party will cause (i) 100% of the issued and outstanding Equity Interests of each of its direct Domestic Subsidiaries
and (ii) 100% of the issued and outstanding Equity Interests of each of its direct Foreign Subsidiaries to be subject at all times to
a first priority, perfected Lien in favor of the Administrative Agent pursuant to the terms and conditions of the Loan Documents or other
security documents as the Administrative Agent shall reasonably request; provided, in the case of a Foreign Subsidiary Holding Company
or a Foreign Subsidiary that is a CFC, such Lien shall be limited to 65% of the issued and outstanding Equity Interests entitled to vote
(within the meaning of Treas. Reg. Section 1.956-2(c)(2)) and 100% of the issued and outstanding Equity Interests not entitled to vote
(within the meaning of Treas. Reg. Section 1.956-2(c)(2)) in such Foreign Subsidiary Holding Company or Foreign Subsidiary that is a CFC
(including any Subsidiary that becomes a CFC after the Effective Date), as applicable.


 


(d)              
Without limiting the foregoing, each Loan Party will, and will cause each Subsidiary to, execute and deliver, or cause to be executed
and delivered, to the Administrative Agent such documents, agreements and instruments, and will take or cause to be taken such further
actions (including the filing and recording of financing statements and other documents and such other actions or deliveries of the type
required by Section 4.01, as applicable), which may be required by law or which the Administrative Agent may, from time to time,
reasonably request to carry out the terms and conditions of this Agreement and the other Loan Documents and, to the extent required by
the Security Agreement, to ensure perfection and priority of the Liens created or intended to be created by the Collateral Documents,
all at the expense of the Loan Parties. Notwithstanding the foregoing no Loan Party shall be required (i) to take any such action if the
Administrative Agent and the Borrower reasonably agree in writing that the cost of obtaining such a security interest or perfection thereof
is excessive in relation to the benefit to the Lenders of the security to be afforded thereby, (ii) to authorize or file any document
or registration in a jurisdiction located outside of the United States or (iii) to take any action with respect to any assets located
outside of the United States.


 


(e)               From
and after the Effective Date, in the event that any Loan Party acquires any Material Property, the Loan Parties shall, and shall
cause each of their Subsidiaries to, deliver to the Administrative Agent, as soon as practicable, and in any event within ninety
(90) days (or such later date as the Administrative Agent may agree), after the acquisition of such Material Property, fully
executed and notarized Mortgages (each, an “Additional Mortgage”) in proper form for recording in all appropriate
places in all applicable jurisdictions, encumbering the interest of the applicable Loan Party in such Material Property, and
customary legal opinions with respect to such Additional Mortgages, each in form and substance reasonably satisfactory to the
Administrative Agent and provided at the sole cost and expense of the Loan Parties. The Loan Parties shall deliver to the
Administrative Agent within sixty (60) days after the acquisition of such Material Property or after the determination that any
other part of any Material Property includes a Building or Manufactured (Mobile) Home (each as defined in applicable Flood Laws) (or
such later date as the Administrative Agent may agree), flood hazard certificates and, if any such Building or Manufactured (Mobile)
Home is located in a flood zone, executed flood determinations and evidence that all flood insurance required under applicable Flood
Laws has been obtained, in form and substance reasonably satisfactory to the Administrative Agent and provided at the sole cost and
expense of the Loan Parties.


 






    79


     


    

 


(f)               
Within ninety (90) days after the Effective Date (or such later date as the Administrative Agent may agree), the Borrower shall
have delivered an executed Mortgage in favor of the Administrative Agent in respect of each Material Property described on Schedule
5.09(f), in proper form for recording, including full legal descriptions and street addresses, as applicable, in all appropriate places
in all applicable jurisdictions, encumbering the interest of the applicable Loan Party in such Material Property, and customary legal
opinions with respect to such Mortgages, in each case in form and substance reasonably satisfactory to the Administrative Agent and provided
at the sole cost and expense of the Loan Parties.


 


(g)              
Within sixty (60) days after the Effective Date (or such later date as the Administrative Agent may agree), the Borrower shall
have delivered to the Administrative Agent a certificate executed by an officer of the Borrower providing the address or legal description
of each Building or Manufactured (Mobile) Home (each as defined in applicable Flood Laws) to be included in the Mortgages and, if any
such Building or Manufactured (Mobile) Home is located in a flood zone, executed flood determinations and evidence that all flood insurance
required under applicable Flood Laws has been obtained, in form and substance reasonably satisfactory to the Administrative Agent and
provided at the sole cost and expense of the Loan Parties.


 


(h)              
As promptly as practicable, and in any event within the time periods after the Effective Date specified in Schedule 5.09(h)
(or such later date as the Administrative Agent may agree), the Borrower shall deliver, or cause to be delivered, the documents or take
the actions specified on Schedule 5.09(h).


 


Section
5.10.                   
Anti-Corruption Laws and Sanctions. Each Loan Party shall implement and maintain in effect policies and procedures
designed to promote compliance by such Loan Party, its Subsidiaries and their respective directors, officers, employees and agents with
Anti-Corruption Laws and applicable Sanctions.


 


Section
5.11.                   
Compliance with Environmental Laws. Each Loan Party shall comply with all Environmental Laws applicable to its operations
and properties; and obtain and renew all material authorizations and permits required pursuant to Environmental Laws for its operations
and properties, in each case in accordance with Environmental Laws, except, in each case, to the extent failure to do so could not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect.


 


Section
5.12.                   
Intellectual Property. Each Loan Party shall maintain adequate licenses, patents, patent applications, copyrights,
service marks, trademarks, trademark applications, tradestyles and trade names to continue its business as heretofore conducted by it
or as hereafter conducted by it unless the failure to maintain any of the foregoing could not reasonably be expected to have a Material
Adverse Effect on such Loan Party.


 


Section
5.13.                    ERISA.
Borrower shall, and shall cause each Subsidiary to, timely pay and discharge all obligations and liabilities arising under ERISA of
a character, which if unpaid or unperformed would reasonably be expected to result in the imposition of a lien against any of its
property.


 






    80


     


    

 


Section
5.14.                   
Compliance with Product Safety Laws.


 


(a)              
Each Loan Party and each of their respective Subsidiaries will comply with all applicable Product Safety Laws, except to the extent
that any noncompliance, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.


 


(b)              
All Products developed, investigated, tested, manufactured, packaged, labeled, distributed or marketed by or on behalf of any Loan
Party or any of its Subsidiaries that are subject to the jurisdiction of the FDA or other comparable Governmental Authority shall be developed,
investigated, tested, manufactured, packaged, labeled, distributed and marketed in compliance with applicable Product Safety Laws and
any other Requirements of Law, including Laws regarding registration and listing, product approval or premarket notification, good manufacturing
practices, labeling, advertising, promotion, record-keeping, and adverse event reporting for dietary supplements, except, in each case,
where the failure to so comply could not reasonably be expected to have a Material Adverse Effect.


 


ARTICLE
VI


 


Negative Covenants


 


Until Payment in Full has
occurred, the Loan Parties covenant and agree, jointly and severally, with the Lenders that:


 


Section
6.01.                   
Indebtedness. No Loan Party will, nor will it permit any Subsidiary to, create, incur or suffer to exist any Indebtedness
except:


 


(a)               the
Secured Obligations;


 


(b)               Indebtedness
existing or available for draw on the date hereof and set forth on Schedule 6.01;


 


(c)               Indebtedness
of the Borrower to any Subsidiary and of any Subsidiary to the Borrower or any other Subsidiary; provided, that (i) Indebtedness
of any Subsidiary that is not a Loan Party to the Borrower or to any Subsidiary that is a Loan Party shall be subject to Section 6.04
and (ii) Indebtedness of a Loan Party to any Subsidiary that is not a Loan Party shall be subordinated to the Secured Obligations
on terms reasonably satisfactory to the Administrative Agent;


 


(d)               Guarantees
by the Borrower of Indebtedness of any Subsidiary and by any Subsidiary of Indebtedness of the Borrower or any other Subsidiary; provided,
that (i) the Indebtedness so Guaranteed is permitted by this Section 6.01, (ii) Guarantees by the Borrower or any Subsidiary
that is a Loan Party of Indebtedness of any Subsidiary that is not a Loan Party shall be subject to Section 6.04, (iii) Guarantees
permitted under this clause (d) shall be subordinated to the Obligations on the same terms as the Indebtedness so Guaranteed is
subordinated to the Obligations;


 






    81


     


    







 


(e)              
 Indebtedness of the Borrower or any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or
capital assets (including any accessions, additions, parts, fixtures, improvements and attachments thereto) (whether or not constituting
purchase money Indebtedness), including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition (including
by way of any Permitted Acquisition) of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and
extensions, renewals and replacements of any such Indebtedness in accordance with clause (f) hereof; provided, that, (i)
at the time of the incurrence of such Indebtedness, no Default or Event of Default shall have occurred or be continuing, or would result
therefrom, (ii) such Indebtedness is incurred prior to or within ninety (90) days after such acquisition or the completion of such construction
or improvement and (iii) the aggregate principal amount of Indebtedness permitted by this clause (e) shall not exceed $50.0 million
at any time outstanding;


 


(f)               
Indebtedness which represents an extension, refinancing, or renewal of any of the Indebtedness described in clauses (b),
(e) or (s) hereof; provided, that, (i) the aggregate principal amount of such Indebtedness does not exceed the principal
amount of such Indebtedness being refinanced plus the amount of any interest, premiums or penalties required to be paid plus fees and
expenses associated therewith, (ii) any Liens securing such Indebtedness are not extended to any additional property of any Loan Party
(or, if no Liens secure such Indebtedness being extended, refinanced or renewed, no Liens secure such Indebtedness), (iii) no Loan Party
that is not originally obligated (or required to become obligated) with respect to repayment of such Indebtedness is required to become
obligated with respect thereto, (iv) such extension, refinancing or renewal does not result in a shortening of the average weighted maturity
of the Indebtedness so extended, refinanced or renewed, (v) the terms of any such extension, refinancing, or renewal are not materially
less favorable to the obligor thereunder than the original terms of such Indebtedness, taken as a whole, and (vi) if the Indebtedness
that is refinanced, renewed, or extended was subordinated in right of payment to the Secured Obligations, then the terms and conditions
of the refinancing, renewal, or extension Indebtedness must include subordination terms and conditions that are at least as favorable
to the Administrative Agent and the Lenders as those that were applicable to the refinanced, renewed, or extended Indebtedness;


 


(g)               Indebtedness
owed to any Person providing workers’ compensation, health, disability or other employee benefits or property, casualty or liability
insurance, pursuant to reimbursement or indemnification obligations to such person, in each case, incurred in the ordinary course of
business;


 


(h)               Indebtedness
of the Borrower or any Subsidiary in respect of performance bonds, bid bonds, appeal bonds, surety bonds and similar obligation, in each
case provided in the ordinary course of business;


 


(i)                Indebtedness
or Guarantees of the Borrower or any Subsidiary in connection with any Swap Agreement permitted under Section 6.06;


 


(j)                Indebtedness
arising from customary agreements providing for indemnification, adjustment of purchase price, earnout, deferred purchase price or similar
obligations in connection with acquisitions or dispositions of any business or assets by or of the Borrower or any Subsidiary permitted
hereunder;


 






    82


     


    







 


(k)              
 Judgments entered against the Borrower or any Subsidiary to the extent not constituting an Event of Default;


 


(l)                Indebtedness or Guarantees incurred in the ordinary course of business in connection with cash pooling, netting and cash management
arrangements consisting of overdrafts or similar arrangements; provided that any such Indebtedness does not consist of Indebtedness for
borrowed money and is owed to the financial institutions providing such arrangements;


 


(m)              so
long as at the time of incurrence thereof, no Default or Event of Default has occurred and is continuing or would result therefrom, Indebtedness
of Foreign Subsidiaries to finance the working capital needs of such Foreign Subsidiaries; provided, that the aggregate outstanding
principal amount of such Indebtedness shall not exceed $20.0 million (or the equivalent thereof) at any time;


 


(n)               Deferred
Acquisition Consideration in connection with Permitted Acquisitions;


 


(o)               Indebtedness
of a Person or Indebtedness attaching to assets of a Person that, in either case, becomes a Subsidiary or Indebtedness attaching to assets
that are acquired by Borrower or any of its Subsidiaries, in each case as the result of a Permitted Acquisition; provided, that
(i) at the time of such Permitted Acquisition, no Default or Event of Default shall have occurred or be continuing, or would result from
the incurrence of such Indebtedness, (ii) such Indebtedness existed at the time such Person became a Subsidiary or at the time such assets
were acquired and, in each case, was not created in anticipation thereof and (iii) such Indebtedness incurred in connection with any
single Permitted Acquisition shall not exceed $20.0 million and (y) the aggregate amount of such Indebtedness permitted to be incurred
shall under this clause (o) not exceed $50.0 million;


 


(p)               Indebtedness
of the Borrower or any Subsidiary in connection with any Guarantees given by them, or any letters of credit or bank guarantees issued
by any bank or financial institution, in favor of any Governmental Authority to secure the payment of Taxes owed by the Borrower or any
Subsidiary to such Governmental Authorities;


 


(q)               Indebtedness
incurred with corporate credit cards in the ordinary course of business;


 


(r)                so
long as at the time of incurrence thereof no Default or Event of Default has occurred and is continuing or would result therefrom, Indebtedness
with respect to letters of credit, bank guarantees, banker’s acceptances and similar instruments, so long as the aggregate face
amount of all such letters of credit, bank guarantees, banker’s acceptances and similar instruments does not exceed $10.0 million
at any time;


 


(s)               so
long as at the time of incurrence thereof no Default or Event of Default has occurred and is continuing or would result therefrom, Indebtedness
consisting of promissory notes issued to current or former officers, directors and employees (or their respective family members, estates
or trusts or other entities for the benefit of any of the foregoing) of the Borrower or its Subsidiaries to purchase or redeem Equity
Interests or options of the Borrower permitted pursuant to Section 6.07(a)(viii); provided that the aggregate principal
amount of all such Indebtedness shall not exceed $5.0 million at any time outstanding;


 






    83


     


    







 



 


(t)           Indebtedness consisting of the financing of insurance premiums and obligations of the Borrower or any Subsidiary to pay insurance
premiums arising in the ordinary course of business and not in connection with the borrowing of money; and


 


(u)          so long as at the time of incurrence thereof no Default or Event of Default has occurred and is continuing or would result therefrom,
other Indebtedness in an aggregate principal amount not exceeding $25.0 million at any time outstanding.


 


Section
6.02.        Liens.
No Loan Party will, nor will it permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset
now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect
of any thereof, except:


 


(a)          Liens
created pursuant to any Loan Document;


 


(b)          Permitted
Encumbrances;


 


(c)          any Lien on any property or asset of the Borrower or any Subsidiary existing on the date hereof and set forth in Schedule 6.02;
provided, that (i) such Lien shall not apply to any other property or asset of the Borrower or such Subsidiary other than the properties
and assets to which such Lien applies on the date hereof and (ii) such Lien shall secure only those obligations which it secures on the
date hereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;


 


(d)          any
Lien existing on any property or asset prior to the acquisition thereof (including by way of any Permitted Acquisition) by the Borrower
or any Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the Effective Date prior to the
time such Person becomes a Subsidiary; provided, that (i) such Lien is not created in contemplation of or in connection with such
acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets
of the Borrower or any Subsidiary and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition
or the date such Person becomes a Subsidiary, as the case may be and extensions, renewals and replacements thereof that do not increase
the outstanding principal amount thereof;


 


(e)          Liens
on fixed or capital assets (including any accessions, additions, parts, fixtures, improvements and attachments thereto and the proceeds
thereof) acquired, constructed or improved by the Borrower or any Subsidiary; provided, that (i) such security interests secure Indebtedness
permitted by clause (e) of Section 6.01, (ii) such security interests and the Indebtedness secured thereby are incurred
prior to or within ninety (90) days after such acquisition or the completion of such construction or improvement, (iii) the Indebtedness
secured thereby does not exceed 110% of the cost of acquiring, constructing or improving such fixed or capital assets and (iv) such security
interests shall not apply to any other property or assets of the Borrower or Subsidiary;


 


(f)           Liens
of a collecting bank arising in the ordinary course of business under Section 4-208 of the Uniform Commercial Code in effect
in the relevant jurisdiction covering only the items being collected upon;


 






    84


     


    

 


(g)          Liens granted by a Subsidiary that is not a Loan Party in favor of the Borrower or another Loan Party in respect of Indebtedness
owed by such Subsidiary;


 


(h)          Liens
arising by operation of law under Article 2 of the Uniform Commercial Code in favor of a reclaiming seller of goods or buyer of goods;


 


(i)           broker’s Liens, bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to cash and Cash
Equivalents on deposit in one or more accounts maintained by the Borrower or any Subsidiary, in each case, granted in the ordinary course
of business in favor of the bank or banks with which such accounts are maintained, including any such Liens or rights of setoff securing
amounts owing in the ordinary course of business to such bank with respect to cash management and operating account arrangements, including
those involving pooled accounts and netting arrangements;


 


(j)           licenses,
sub-licenses and other similar encumbrances incurred in the ordinary course of business that do not materially interfere with the ordinary
conduct of the business of the Borrower or any Subsidiary;


 


(k)          Liens on assets of Foreign Subsidiaries to secure Indebtedness of such Foreign Subsidiaries permitted under Section 6.01(m);


 


(l)           Liens in the nature of the right of setoff in favor of counterparties to contractual agreements not otherwise prohibited hereunder
with the Borrower or any other Subsidiary in the ordinary course of business;


 


(m)         Liens on cash collateral to secure obligations of Borrower or any Subsidiary under any Swap Agreement (other than Swap Agreement
Obligations) permitted under Section 6.06, so long as the aggregate amount of such cash collateral does not, as of any date of
determination, exceed $10.0 million;


 


(n)          Liens
on cash collateral securing letters of credit, bank guarantees, banker’s acceptances and similar instruments permitted under Section
6.01(r);


 


(o)          Liens on any cash earnest money deposits made by the Borrower or any of its Subsidiaries in connection with any letter of intent
or purchase agreement with respect to a Permitted Acquisition;


 


(p)          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;


 


(q)          Liens
arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods by the Borrower or any of its
Subsidiaries in the ordinary course of business;


 


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


 


(s)          other Liens securing Indebtedness or other obligations in an aggregate amount not exceeding $25.0 million at any time outstanding.


 






    85


     


    

 


Section
6.03.        Fundamental Changes.


 


(a)          No Loan Party will, nor will it permit any Subsidiary to, merge into or consolidate with any other Person, or permit any other
Person to merge into or consolidate with it, sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions)
all or substantially all of its assets or all or substantially all of the stock of any of its Subsidiaries (in each case, whether now
owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto
no Event of Default shall have occurred and be continuing (i) any Subsidiary of the Borrower may merge into the Borrower in a transaction
in which the Borrower is the surviving corporation, (ii) any Subsidiary may merge into any Loan Party in a transaction in which the
surviving entity is a Loan Party, (iii) any Person may merge into any Loan Party or any of its Subsidiaries in connection with a Permitted
Acquisition or any Investment permitted under Section 6.04 so long as, in the case of a merger involving any Loan Party, such Loan
Party is the surviving entity (or the surviving entity becomes a Loan Party in accordance with this Agreement), (iv) any Subsidiary may
sell, transfer, lease or otherwise dispose of its assets to the Borrower or to another Subsidiary, (v) any Subsidiary that is not a Loan
Party may merge into any other Subsidiary that is not a Loan Party; (vi) any Subsidiary may liquidate or dissolve if the Borrower reasonably
determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and its Subsidiaries, and is not
materially disadvantageous to the Lenders; provided, that any such merger involving a Person that is not a wholly owned Subsidiary
immediately prior to such merger shall not be permitted unless also permitted by Section 6.04 and (vii) Medifast Franchise Systems,
Inc. may be dissolved or liquidated.


 


(b)          No Loan Party will, nor will it permit any of its Subsidiaries to, engage to any material extent in any business other than businesses
of the type conducted by the Borrower and its Subsidiaries on the date of execution of this Agreement and businesses which are, in the
good faith judgment of the Borrower, similar, complementary or substantially related or ancillary thereto or are reasonable extensions
thereof.


 


Section
6.04.        Investments, Loans, Advances, Guarantees and Acquisitions. No Loan Party will, nor will it permit any Subsidiary
to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a Loan Party and a wholly owned Subsidiary
prior to such merger) any capital stock, evidences of indebtedness or other securities (including any option, warrant or other right to
acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to
exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions)
any assets of any other Person constituting a business unit (each such action, an “Investment”), except:


 


(a)          investments in cash and Cash Equivalents;


 


(b)          investments in existence on the date of this Agreement and described in Schedule 6.04;


 






    86


     


    

 


(c)          investments by the Borrower and its Subsidiaries in the capital stock of their respective Subsidiaries; provided, that
the aggregate amount of investments (together with the aggregate amount of loans and advances described in Section 6.04(d)), as
of any date of determination, made by the Borrower or the other Loan Parties after the date of this Agreement in the capital stock of
their respective Subsidiaries that are not Loan Parties does not at any time exceed an amount equal to $75.0 million;


 


(d)          loans or advances made by the Borrower or any of its Subsidiaries to the Borrower or any other Subsidiary; provided, that
the aggregate amount of loans and advances (together with the aggregate amount of investments described in Section 6.04(c)) made
by the Borrower or the other Loan Parties to Subsidiaries that are not Loan Parties that are at any time outstanding does not, as of any
date of determination, exceed an amount equal to $75.0 million;


 


(e)          Guarantees
constituting Indebtedness permitted by Section 6.01;


 


(f)           Permitted Acquisitions;


 


(g)          loans and advances to officers, directors and employees of the Borrower or any Subsidiaries in the ordinary course of business
to finance the purchase of Equity Interests of the Borrower in an aggregate amount for the Borrower and its Subsidiaries not to exceed
$5.0 million at any time outstanding;


 


(h)          investments received in connection with the bankruptcy, liquidation or reorganization of any Person or in settlement of obligations
of, or disputes with, any Person arising in the ordinary course of business;


 


(i)           Swap Agreements permitted by Section 6.06;


 


(j)           investments consisting of extensions of trade credit in the ordinary course of business, intercompany receivables and intercompany
charges of expenses arising in the ordinary course of business, and any prepayments and other credits to suppliers or vendors made in
the ordinary course of business;


 


(k)          to the extent constituting Investments, performance guarantees of obligations of the Borrower’s Subsidiaries in the ordinary
course of business;


 


(l)           Investments in joint ventures; provided, that the aggregate amount of all such Investments shall not at any time exceed
$50.0 million;


 


(m)         deposits
made in the ordinary course of business to secure the performance of leases or other obligations to the extent the Lien thereon is permitted
by Section 6.02;


 


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


 


(o)          Investments
consisting of earnest money deposits required in connection with a Permitted Acquisition or consisting of earnest money deposits required
in connection with an acquisition of property permitted hereunder;


 


(p)          Investments received as consideration in connection with a Disposition made in compliance with Section 6.05


 


(q)          other Investments by the Borrower or any of its Subsidiaries so long as (A) no Default or Event of Default has occurred and is
continuing or would result therefrom and (B) after giving effect thereto on a pro forma basis, the Total Net Leverage Ratio for the most
recently ended Reference Period for which financial statements have been (or were required to be) delivered to the Administrative Agent
is not more than 2.75 to 1.00; and


 


(r)           Investments
not otherwise permitted pursuant to this Section 6.04 in an aggregate amount not to exceed $100.0 million at any time outstanding;
provided that, immediately before and immediately after giving pro forma effect to any such Investments (and any Indebtedness
incurred in connection therewith), no Default or Event of Default shall have occurred and be continuing.


 






    87


     


    

 


Section
6.05.        Asset
Dispositions; Sale and Leaseback Transactions.


 


(a)              
No Loan Party will, nor will it permit any Subsidiary to, make any Disposition except:


 


(i)          Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;


 


(ii)         Dispositions
of inventory in the ordinary course of business;


 


(iii)        the Disposition or unwinding of any Swap Agreement;


 


(iv)        Dispositions
of equipment or real property to the extent that (A) such property is exchanged for credit against the purchase price of similar
replacement property or (B) the proceeds of such Disposition are reasonably promptly applied to the purchase price of such replacement
property;


 


(v)         Dispositions of property by Borrower to any Subsidiary and by any Subsidiary to Borrower or any other Subsidiary; provided,
that if such property is subject to any Lien under any Collateral Document prior to any such Disposition, such property shall remain subject
to valid and perfected Liens under the Collateral Documents after such Disposition;


 


(vi)        Dispositions permitted by Sections 6.03, 6.04, 6.05(b), 6.07 and 6.08;


 


(vii)       Dispositions
of overdue accounts receivable solely in connection with the collection or compromise thereof;


 


(viii)      Dispositions pursuant to operating leases (not in connection with any sale and leaseback transactions or other Capital Lease Obligations)
entered into in the ordinary course of business;


 


(ix)         Dispositions of property and assets subject to condemnation and casualty events;


 


(x)          Dispositions of cash and Cash Equivalents;


 


(xi)         Dispositions
by Borrower and any Subsidiary not otherwise permitted under this Section 6.05(a); provided, that (A) at the time
of such Disposition, no Default or Event of Default shall exist or would result from such Disposition , (B) such Disposition is
made for fair market value and the consideration received shall be no less than 75% in cash and (C) the aggregate fair market value of
all property Disposed of in reliance on this subclause (xi) in any fiscal year (or in the case of any Disposition for which the fair
market value cannot reasonably be determined, the aggregate purchase price therefor) shall not exceed 15% of Consolidated Total Assets;
and


 


(xii)       other Dispositions not otherwise permitted pursuant to this Section 6.05(a), the aggregate fair market value of which (or
in the case of any Disposition for which the fair market value cannot reasonably be determined, the aggregate purchase price therefor)
shall not exceed $50.0 million in any fiscal year of the Borrower.


 


provided, however, that any Disposition
pursuant to Section 6.05(a)(iv), Section 6.05(a)(vii) (except to the extent determined by the applicable Person making such
Disposition in good faith to be appropriate in accordance with its usual practice), Section 6.05(a)(xi) and Section 6.05(a)(xii)
shall be for fair market value (or, in respect of Section 6.05(a)(xi) and (a)(xii), where the fair market value cannot reasonably
be determined, such disposition shall otherwise be in accordance with the terms of Section 6.05(a)(xi) or (a)(xii), as applicable).


 


(b)          No Loan Party will, nor will it permit any Subsidiary to, enter into any arrangement, directly or indirectly, whereby it shall
sell or transfer any owned property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter
rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property sold
or transferred, except for any such sale of any newly acquired fixed or capital assets by the Borrower or any Subsidiary that is made
for cash consideration in an amount not less than the purchase price of such fixed or capital asset and is consummated within ninety (90)
days after the completion of the acquisition or construction of such fixed or capital asset.


 






    88


     


    

 


Section
6.06.       Swap
Agreements. No Loan Party will, nor will it permit any Subsidiary to, enter into any Swap Agreement, except (a) Swap Agreements entered
into to hedge or mitigate risks (including foreign currency exchange risks) to which the Borrower or any Subsidiary has actual or reasonably
anticipated exposure (other than those in respect of Equity Interests of the Borrower or any of its Subsidiaries) and (b) Swap Agreements
entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to
another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any Subsidiary.


 


Section
6.07.        Restricted
Payments; Prepayments of Indebtedness.


 


(a)          No Loan Party will, nor will it permit any Subsidiary to, declare or make any Restricted Payment, or incur any obligation (contingent
or otherwise) to do so, except:


 


(i)          (A)
the Borrower may declare and pay dividends with respect to its common stock payable solely in additional shares of its common stock,
and, with respect to its preferred stock, payable solely in additional shares of such preferred stock or in shares of its common stock,
and (B) Subsidiaries may declare and pay dividends ratably with respect to their Equity Interests;


 


(ii)         Restricted Payments paid in cash to shareholders of the Borrower, so long as (A) no Default or Event of Default has occurred and
is continuing or would result therefrom and (B) after giving effect thereto on a pro forma basis, the Total Net Leverage Ratio for the
most recently ended Reference Period for which financial statements have been (or were required to be) delivered to the Administrative
Agent is not more than 2.75 to 1.00;


 


(iii)        issuances
of Equity Interests to sellers of Permitted Acquisitions in satisfaction of obligations of the type described in Section 6.01(j);


 


(iv)        any Restricted Payment may be paid within 60 days after the date of declaration thereof, if at the date of declaration such payment
would have complied with the provisions of this Agreement;


 


(v)         (A) any Subsidiary of the Borrower may make Restricted Payments to the Borrower or any other Loan Party and (B) any non-Loan Party
may make Restricted Payments to any other non-Loan Party;


 


(vi)        cash
payment, in lieu of issuance of fractional shares arising out of stock dividends, splits or combinations or business combinations,
or in connection with the exercise of warrants, options or other securities convertible into or exchangeable for the Equity Interests
of the Borrower or a Subsidiary;


 


(vii)       the
Borrower may make Restricted Payments pursuant to and in accordance with stock plans and other benefit plans for management, employees
or other eligible service providers of the Borrower and its Subsidiaries, including in connection with the payment of withholding taxes
in connection with such plans; and


 


(viii)      the
Borrower may repurchase, redeem, retire or otherwise acquire for value Equity Interests (including any stock appreciation rights in respect
thereof) of the Borrower from current or former employees, officers or directors; provided, that the aggregate annual cash payments
in respect of such repurchases, redemptions, retirements and acquisitions shall not exceed $10.0 million in any fiscal year.


 


(b)          No
Loan Party will, nor will it permit any Subsidiary to, make or agree to pay or make, directly or indirectly, any payment or other distribution
(whether in cash, securities or other property) of or in respect of principal of or interest on any Subordinated Indebtedness, 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, acquisition, cancellation or termination of any Subordinated Indebtedness, except:


 


(i)           payment
of regularly scheduled interest and principal payments as and when due in respect of any Subordinated Indebtedness permitted under Section
6.01; and


 


(ii)          purchases,
redemptions and other payments of any Subordinated Indebtedness, so long as (A) no Event of Default has occurred and is continuing or
would result therefrom and (B) after giving effect thereto on a pro forma basis, the Total Net Leverage Ratio for the most recently ended
Reference Period for which financial statements have been (or were required to be) delivered to the Administrative Agent is not more
than 2.75 to 1.00.


 






    89


     


    

 


Section
6.08.         Transactions
with Affiliates. No Loan Party will, nor will it permit any 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 (a) transactions that (i) are in the ordinary course of business and (ii) are at prices and on terms and conditions
not less favorable to such Loan Party or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties,
(b) transactions between or among the Borrower and any Subsidiary not involving any other Affiliate, (c) any Restricted Payment
permitted by Section 6.07, (d) reasonable and customary director, officer and employee compensation (including bonuses) and
other benefits (including retirement, health, stock option and other benefit plans), indemnification arrangements and severance arrangements
and (e) transactions described in Schedule 6.08.


 


Section
6.09.        Restrictive
Agreements. No Loan Party will, nor will it permit any Subsidiary to, directly or indirectly, enter into, incur or permit to
exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of such Loan Party
or any of its Subsidiaries to create, incur or permit to exist any Lien upon any of its property or assets or (b) the ability of any
Subsidiary to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or
advances to the Borrower or any other Subsidiary or to Guarantee Indebtedness of the Borrower or any other Subsidiary; except for:
(i) such encumbrances or restrictions existing under or by reason of applicable law or any Loan Document; (ii) restrictions and
conditions existing on the date hereof identified on Schedule 6.09 (but not including any extension or renewal of, or any
amendment or modification expanding the scope of any such restriction or condition); (iii) customary restrictions and conditions
contained in agreements relating to the sale of a Subsidiary or other property pending such sale, provided such restrictions and
conditions apply only to the Subsidiary or other property that is to be sold and such sale is permitted hereunder; (iv) restrictions
or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or
conditions apply only to the property or assets securing such Indebtedness; (v) customary provisions in leases and other contracts
restricting the assignment thereof; (vi) customary restrictions contained in any software licenses; (vii) without affecting the Loan
Parties’ obligations under Section 5.09, customary provisions in the organizational documents of a Person or asset sale
or stock sale agreements or similar agreements which restrict the transfer of ownership in such Person; (viii) in the case of any
joint venture permitted hereunder with a Person that is not a Loan Party, restrictions in such Person’s organizational
documents or pursuant to any joint venture agreement or stockholders agreement solely to the extent of the Equity Interests of or
property held in the subject joint venture; (ix) restrictions imposed by any holder of a Lien permitted by Section 6.02
restricting the transfer of the property subject thereto; (x) without affecting the Loan Parties’ obligations under Section
5.09, any agreement in effect at the time a Person becomes a Subsidiary of the Borrower (including any amendments thereto that
are otherwise permitted by the Loan Documents and that are no more materially restrictive with respect to such encumbrances and
restrictions than those prior to such amendment or refinancing), so long as such agreement was not entered into in connection with
or in contemplation of such person becoming a Subsidiary of Borrower and imposes restrictions only on such Person and its assets;
(xi) restrictions on cash or other deposits required by suppliers or landlords under contracts entered into in the ordinary course
of business; or (xii) without affecting the Loan Parties’ obligations under Section 5.09, restrictions imposed solely
on Foreign Subsidiaries pursuant to any Swap Agreement entered into by the Borrower or any Subsidiary and permitted pursuant to Section
6.06.


 






    90


     


    

 


Section
6.10.        Amendment of Material Documents; End of Fiscal Years.


 


(a)          No
Loan Party will, nor will it permit any Subsidiary (i) to, amend, modify or waive any of its rights under its certificate of incorporation,
by-laws, operating, management or partnership agreement or other organizational documents or (ii) to, amend, modify or waive any provisions
of any Subordinated Indebtedness, in each case, to the extent any such amendment, modification or waiver would be materially adverse
to the Administrative Agent or the Lenders;


 


(b)          No
Loan Party will, nor will it permit any Subsidiary to make any material change in its accounting treatment and reporting practices except
as required or permitted by GAAP.


 


(c)          The
Borrower will cause its and each of its Subsidiaries fiscal years to end on December 31; provided, that any acquired entity that
maintains a different end of fiscal year shall have a period not to exceed 180 days to comply with this Section 6.10(c).


 


Section
6.11.         Financial Covenants.


 


(a)          Total
Net Leverage Ratio. Commencing with the fiscal quarter ending on June 30, 2021, the Loan Parties will not permit the Total Net Leverage
Ratio, determined for the Reference Period ending on the last day of each fiscal quarter, to be more than 3.00 to 1.00.


 


(b)          Interest Coverage Ratio. Commencing with the fiscal quarter ending on June 30, 2021, the Loan Parties will not permit the
Interest Coverage Ratio, determined for the Reference Period ending on the last day of each fiscal quarter, to be less than 3.50 to 1.00.


 


Section
6.12.        ERISA.


 


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


 


(b)          The Borrower shall not establish, maintain, contribute to or become obligated to contribute to any Plan, except where such establishment,
maintenance, contribution, or obligation would not reasonably be expected to have a Material Adverse Effect.


 






    91


     


    

 


ARTICLE
VII


 


Events of Default


 


If any of the following events
(each an “Event of Default”) shall occur and be continuing:


 


(a)          the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when
and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;


 


(b)          the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause
(a) of this Article VII) payable under this Agreement, when and as the same shall become due and payable, and such failure
shall continue unremedied for a period of three (3) Business Days;


 


(c)          any representation or warranty made or deemed made by or on behalf of any Loan Party or any Subsidiary in or in connection with
this Agreement or 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 this Agreement or any Loan Document or any amendment or modification
thereof or waiver thereunder, shall prove to have been materially incorrect when made or deemed made;


 


(d)          any
Loan Party shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02(a), 5.03
(with respect to maintaining a Loan Party’s existence), 5.08, 5.09(a) or 5.09(b) or in Article VI;


 


(e)          any
Loan Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those which
constitute a default under another Section of this Article VII) or any other Loan Document, and such failure shall continue unremedied
for a period of thirty (30) days after the earlier of any Loan Party’s knowledge of such breach or notice thereof from the Administrative
Agent (which notice will be given at the request of any Lender);


 


(f)           any
Loan Party or any Subsidiary 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 beyond any applicable grace period;


 


(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 or without the giving of notice, the lapse of time or both) 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 clause (g) shall not apply to (i) secured
Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness and
(ii) with respect to any Material Indebtedness consisting of Swap Agreements, termination events or equivalent events pursuant to the
terms of such Swap Agreements and not as a result of any default thereunder by the Borrower or any of its Subsidiaries;


 






    92


     


    

 



 


(h)             
an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of a Loan Party or any Material Foreign Subsidiary or its debts, or of a substantial 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, sequestrator, conservator or similar official for any Loan Party or any Material Foreign Subsidiary
or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60)
days or an order or decree approving or ordering any of the foregoing shall be entered;


 


(i)                
any Loan Party or any Material Foreign Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking
liquidation, 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 clause (h) of this Article VII, (iii) apply for or consent to the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for such Loan Party or Material Foreign Subsidiary or for a substantial
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)                
any Loan Party or any Subsidiary of any Loan Party shall become unable, admit in writing its inability or fail generally to pay
its debts as they become due;


 


(k)              
one or more judgments, orders, court-approved settlements or other settlements (i) for the payment of money in an aggregate amount
in excess of $50.0 million (not paid or covered by insurance as to which the relevant insurance company has not denied coverage thereof)
or (ii) that could reasonably be expected to result in a Material Adverse Effect, in each case, shall be rendered against any Loan Party,
any Subsidiary of any Loan Party or any combination thereof and the same shall not have been paid, vacated or discharged or effectively
stayed or bonded pending appeal within thirty (30) days after the entry thereof or enforcement proceedings shall have been commenced by
any creditor upon such judgment, order or court-approved settlement, and such enforcement proceedings have not been effectively stayed,
vacated or bonded, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Loan Party or
any Subsidiary of any Loan Party to enforce any such judgment;


 


(l)               an ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred within the preceding
twelve month period, could reasonably be expected to, individually or in the aggregate, result in liability of the Borrower and its Subsidiaries
in excess of $50.0 million;





 






    93


     


    

 


(m)             
 a Change in Control shall occur;


 


(n)             the Loan Guaranty shall fail to remain in full force or effect or any action shall be taken to discontinue or to assert the invalidity
or unenforceability of the Loan Guaranty or any Loan Guarantor shall deny that it has any further liability under the Loan Guaranty to
which it is a party, or shall give notice to such effect;


 


(o)              
(i) any Collateral Document shall for any reason fail to create a valid and perfected first priority security interest in a material
portion of the Collateral purported to be covered by the Collateral Documents, except as permitted by the terms of any Collateral Document
or other Loan Document, (ii) any material provision of any Collateral Document shall fail to remain in full force or effect or (iii) any
action shall be taken by any Loan Party to discontinue or to assert the invalidity or unenforceability of any Collateral Document;


 


(p)              
any material provision of any Loan Document for any reason ceases to be valid, binding and enforceable in accordance with its terms
(or any Loan Party shall challenge the enforceability of any Loan Document or shall assert in writing, or engage in any action or inaction
based on any such assertion, that any provision of any of the Loan Documents has ceased to be or otherwise is not valid, binding and enforceable
in accordance with its terms); or


 


(q)              
the Obligations shall cease or any Loan Party has asserted in writing that the Obligations cease to constitute senior indebtedness
under the subordination provisions of any document or instrument evidencing Subordinated Indebtedness or any such subordination provision
ceases, for any reason, to be a valid, binding and enforceable obligation of the parties hereto.


 


then, and in every such event (other than an event
with respect to the Borrower described in clause (h) or (i) of this Article VII), 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 either or both of the following actions, at the same or different times:  (i) terminate the Commitments, and thereupon
the Commitments shall terminate immediately, and (ii) declare the 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 and unpaid interest thereon and all fees and other obligations
of the Borrower accrued hereunder, shall become due and payable immediately, 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 clause (h)
or (i) of this Article VII, the Commitments shall automatically terminate and the principal of the Loans then outstanding,
together with accrued and unpaid 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.
Upon the occurrence and the continuance of an Event of Default, the Administrative Agent may, and at the request of the Required Lenders
shall, exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity, including all
remedies provided under the UCC.


 






    94


     


    

 


ARTICLE
VIII


 


The Administrative Agent


 


Section
8.01.                   Appointment.
Each of the Lenders, on behalf of itself and any of its Affiliates that are Secured Parties, and the Issuing Banks hereby irrevocably
appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf, including
execution of the other Loan Documents, and to exercise such powers as are delegated to the Administrative Agent by the terms of the Loan
Documents, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article VIII (other
with respect to the Borrower’s rights set forth in Section 8.06) are solely for the benefit of the Administrative Agent
and the Lenders (including the Issuing Bank), and the Loan Parties shall not have rights as a third party beneficiary of any of such
provisions.It is understood and agreed that the use of the term “agent” as used herein or in any other Loan Documents (or
any similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations
arising under agency doctrine of any applicable law. Instead, such term is used as a matter of market custom, and is intended to create
or reflect only an administrative relationship between independent contracting parties.


 


Section
8.02.                   
Rights as a Lender. The bank serving as the Administrative Agent hereunder shall have the same rights and powers
in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank
and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Loan Parties or any Subsidiary
of a Loan Party or other Affiliate thereof as if it were not the Administrative Agent hereunder.


 


Section
8.03.                    Duties
and Obligations. The Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan
Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary
or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not
have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated by the Loan Documents that the Administrative Agent is required to exercise in writing as directed by the
Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section
9.02), and (c) except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to
disclose, and shall not be liable for the failure to disclose, any information relating to any Loan Party or any of its Subsidiaries
that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The
Administrative Agent shall not 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 under the circumstances as provided in Section 9.02)
or in the absence of its own gross negligence or willful misconduct as determined by a final nonappealable judgment of a court of
competent jurisdiction. 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 the Borrower or a Lender, and the Administrative Agent shall not be
responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in
connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or in
connection with any Loan Document, (iii) the performance or observance of any of the covenants, agreements or other terms or
conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document
or any other agreement, instrument or document, (v) the creation, perfection or priority of Liens on the Collateral or the existence
of the Collateral, 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. None of the Lenders
or other Persons identified on the facing page or signature pages of this Agreement as a “syndication agent,”
 “documentation agent,” “lead arranger,” “bookrunner” or other similar term shall have any right,
power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such.
Without limiting the foregoing, none of the Lenders or other Persons so identified shall have or be deemed to have any fiduciary
relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other
Persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder.


 






    95


     


    

 


Section
8.04.                   
Reliance. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying
upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to
have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone
and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may
consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall
not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.


 


Section
8.05.                   
Actions through Sub-Agents. The Administrative Agent may perform any and all of its duties and exercise its rights
and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent
may perform any and all of its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions
of the preceding paragraphs 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.


 


Section
8.06.               
Resignation. Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph,
the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Banks and the Borrower. Upon any such resignation,
the Required Lenders shall have the right with the consent of the Borrower, not to be unreasonably withheld (or, if an Event of Default
has occurred and is continuing, in consultation with the Borrower), to appoint a successor. If no successor shall have been so appointed
by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives
notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Banks, appoint a successor
Administrative Agent which shall be a commercial bank or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative
Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties
of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder
and under the other Loan Documents. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable
to its predecessor, unless otherwise agreed by the Borrower and such successor. Notwithstanding the foregoing, in the event no successor
Administrative Agent shall have been so appointed and shall have accepted such appointment within thirty (30) days after the retiring
Administrative Agent gives notice of its intent to resign, the retiring Administrative Agent may give notice of the effectiveness of
its resignation to the Lenders, the Issuing Banks and the Borrower, whereupon, on the date of effectiveness of such resignation stated
in such notice, (a) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other
Loan Documents; provided, that, solely for purposes of maintaining any security interest granted to the Administrative Agent under
any Collateral Document for the benefit of the Secured Parties, the retiring Administrative Agent shall continue to be vested with such
security interest as collateral agent for the benefit of the Secured Parties and, in the case of any Collateral in the possession of
the Administrative Agent, shall continue to hold such Collateral, in each case until such time as a successor Administrative Agent is
appointed and accepts such appointment in accordance with this paragraph (it being understood and agreed that the retiring Administrative
Agent shall have no duty or obligation to take any further action under any Collateral Document, including any action required to maintain
the perfection of any such security interest), and (b) the Required Lenders shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Administrative Agent; provided, that (i) all payments required to be made hereunder or under
any other Loan Document to the Administrative Agent for the account of any Person other than the Administrative Agent shall be made directly
to such Person and (ii) all notices and other communications required or contemplated to be given or made to the Administrative Agent
shall also directly be given or made to each Lender and each Issuing Bank. Following the effectiveness of the Administrative Agent’s
resignation from its capacity as such, the provisions of this Article VIII, Section 2.17(d) and Section 9.03,
as well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect
for the benefit of such retiring 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 it was acting as Administrative Agent and in respect of the matters referred to in
the proviso under clause (a) above.




 






    96


     


    

 


Section
8.07.                   
Non-Reliance. Each Lender acknowledges and agrees that the extensions of credit made hereunder are commercial loans
and letters of credit and not investments in a business enterprise or securities. Each Lender further represents that it is engaged in
making, acquiring or holding commercial loans in the ordinary course of its business and has, independently and without reliance upon
the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder. Each Lender shall, independently
and without reliance upon the Administrative Agent or any other Lender and based on such documents and information (which may contain
material, non-public information within the meaning of the United States securities laws concerning the Borrower and its Affiliates) as
it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this
Agreement, any other Loan Document, any related agreement or any document furnished hereunder or thereunder and in deciding whether or
to the extent to which it will continue as a Lender or assign or otherwise transfer its rights, interests and obligations hereunder.


 






    97


     


    

 


Section
8.08.                   
Not Partners or Co-Venturers; Administrative Agent as Representative of the Secured Parties.


 


(a)              
The Lenders are not partners or co-venturers, and no Lender shall be liable for the acts or omissions of, or (except as otherwise
set forth herein in case of the Administrative Agent) authorized to act for, any other Lender. The Administrative Agent shall have the
exclusive right on behalf of the Lenders to enforce the payment of the principal of and interest on any Loan after the date such principal
or interest has become due and payable pursuant to the terms of this Agreement.


 


(b)              
In its capacity, the Administrative Agent is a “representative” of the Secured Parties within the meaning of the term
 “secured party” as defined in the New York Uniform Commercial Code. Each Lender (and other Secured Party by its acceptance
of the benefits of the Loan Documents) authorizes the Administrative Agent to enter into each of the Collateral Documents to which it
is a party and to take all action contemplated by such documents. Each Lender (and other Secured Party by its acceptance of the benefits
of the Loan Documents) agrees that no Secured Party (other than the Administrative Agent) shall have the right individually to seek to
realize upon the security granted by any Collateral Document, it being understood and agreed that such rights and remedies may be exercised
solely by the Administrative Agent for the benefit of the Secured Parties upon the terms of the Collateral Documents. In the event that
any Collateral is hereafter pledged by any Person as collateral security for the Secured Obligations, the Administrative Agent is hereby
authorized, and hereby granted a power of attorney, to execute and deliver on behalf of the Secured Parties any Loan Documents necessary
or appropriate to grant and perfect a Lien on such Collateral in favor of the Administrative Agent on behalf of the Secured Parties.


 


Section
8.09.                   
Lenders Not Subject to ERISA.


 


(a)              
Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of the Administrative
Agent and 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) 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 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,


 






    98


     


    

 


(iii) (A) such Lender
is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84-14), (B)
such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer
and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections
(b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE
84-14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the
Letters of Credit, the Commitments and this Agreement, or


 


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


 


(b)              
In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a
Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause
(a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of,
the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the
Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection
with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related
hereto or thereto).


 


Section
8.10.                   
Incorrect Payment.


 


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


 






    99


     


    

 


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


 


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


 


(ii)             
such Lender, Issuing Bank or Secured Party shall (and shall cause any other recipient that receives funds on its respective behalf
to) promptly (and, in all events, within one Business Day of its knowledge of such error) notify the Administrative Agent of its receipt
of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent
pursuant to this Section 8.10(b).


 


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


 






    100


     


    

 


(d)               In
the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand
therefor by the Administrative Agent in accordance with immediately preceding clause (a), from any Lender or Issuing Bank
that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment
(or portion thereof) on its respective behalf) (such unrecovered amount, an “Erroneous Payment Return
Deficiency”), upon the Administrative Agent’s notice to such Lender or Issuing Lender at any time, (i) such Lender
or Issuing Bank shall be deemed to have assigned its Loans (but not its Commitments) of the relevant Class with respect to which
such Erroneous Payment was made (the “Erroneous Payment Impacted Class”) in an amount equal to the Erroneous
Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not
Commitments) of the Erroneous Payment Impacted Class, the “Erroneous Payment Deficiency Assignment”) at par plus
any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance), and is hereby
(together with the Borrower) deemed to execute and deliver an Assignment and Assumption (or, to the extent applicable, an agreement
incorporating an Assignment and Assumption by reference pursuant to an Electronic System as to which the Administrative Agent and
such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, and such Lender or Issuing Bank shall
deliver any Notes evidencing such Loans to the Borrower or the Administrative Agent, (ii) the Administrative Agent as the assignee
Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition, the
Administrative Agent as the assignee Lender shall become a Lender or Issuing Bank, as applicable, hereunder with respect to such
Erroneous Payment Deficiency Assignment and the assigning Lender or assigning Issuing Bank shall cease to be a Lender or Issuing
Bank, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt,
its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such
assigning Lender or assigning Issuing Bank and (iv) the Administrative Agent may reflect in the Register its ownership interest in
the Loans subject to the Erroneous Payment Deficiency Assignment. The Administrative Agent may, in its discretion, sell any Loans
acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment
Return Deficiency owing by the applicable Lender or Issuing Bank shall be reduced by the net proceeds of the sale of such Loan (or
portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender or Issuing
Bank (and/or against any recipient that receives funds on its respective behalf). For the avoidance of doubt, no Erroneous Payment
Deficiency Assignment will reduce the Commitments of any Lender or Issuing Bank and such Commitments shall remain available in
accordance with the terms of this Agreement. In addition, each party hereto agrees that, except to the extent that the
Administrative Agent has sold a Loan (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and
irrespective of whether the Administrative Agent may be equitably subrogated, the Administrative Agent shall be contractually
subrogated to all the rights and interests of the applicable Lender, Issuing Bank or Secured Party under the Loan Documents with
respect to each Erroneous Payment Return Deficiency (the “Erroneous Payment Subrogation Rights”).


 


(e)              
The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations
owed by the Borrower or any other Loan Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to
the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Loan
Party for the purpose of making such Erroneous Payment.


 


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


 






    101


     


    

 


(g)              
Each party’s obligations, agreements and waivers under this Section 8.10 shall survive the resignation or replacement
of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender or Issuing Bank, the termination
of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.


 


Section
8.11.                   
Flood Laws. Each Lender that is a federally regulated lender (for the purposes of the National Flood Insurance Reform
Act of 1994 and related legislation and regulations (the “Flood Laws”)) has adopted internal policies and procedures
that address requirements placed on federally regulated lenders under the Flood Laws. The Administrative Agent will post on the applicable
electronic platform (or otherwise distribute to each Lender) documents that it receives in connection with the Flood Laws. The Administrative
Agent does not guarantee the compliance of any federally regulated Lender with the Flood Laws.


 


ARTICLE
IX



Miscellaneous


 


Section
9.01.                   
Notices.


 


(a)              
Except in the case of notices and other communications expressly permitted to be given by telephone or Electronic Systems (and
subject in each case to clause (b) below), all notices and other communications provided for herein shall be in writing and shall
be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax, as follows:


 


(i)                
if to any Loan Party, to the Borrower at:


 


Medifast, Inc.

100 International Drive


Baltimore, Maryland 21202

Attention: James P. Maloney


E-mail Address: james.maloney@medifastinc.com


 


with a copy to:


 


Medifast, Inc.

100 International Drive


Baltimore, Maryland 21202

Attention: Stephen K. Johnson


E-mail Address: stephen.johnson@medifastinc.com


 


with a copy to:


 


Medifast, Inc.

100 International Drive





Baltimore, Maryland 21202

Attention: Pooja Kothari


E-mail Address: pooja.kothari@medifastinc.com


 






    102


     


    

 



 


with a copy to:


 


Medifast, Inc.

100 International Drive


Baltimore, Maryland 21202

Attention: Jason L. Groves


E-mail Address: jason.groves@medifastinc.com


 


with a copy to (which shall not constitute notice):


 


Jones Day

500 Grant Street, Suite 4500


Pittsburgh, PA 15219-2514

Attention: Brian D. Trudgen

E-mail Address: BTrudgen@jonesday.com


  


(ii)             
if to the Administrative Agent or to Citi, in its capacity as Issuing Bank or Swingline Lender, to Citibank, N.A. at:


 

Citibank, N.A.

388 Greenwich Street

New York, NY 10013

Attention: Christopher Jackson

E-mail Address: Christopher.Jackson@citi.com


 


with a copy to:



Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York 10036

Attention: Daniel S. Dokos

E-mail Address: Daniel.Dokos@weil.com

Fax Number: (212) 310-8007


 


(iii)           
if to any other Lender, to it at its address, e-mail address or fax number set forth in its Administrative Questionnaire.


 


All such notices and other communications (i)
sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received,
(ii) sent by fax shall be deemed to have been given when sent; provided, that if not given during normal business hours of the
recipient, such notice or communication shall be deemed to have been given at the opening of business on the next Business Day for the
recipient or (iii) delivered through Electronic Systems to the extent provided in clause (b) below shall be effective as provided
in such clause (b).


 






    103


     


    

 


(b)              
 Notices and other communications to the Lenders hereunder may be delivered or furnished by Electronic Systems pursuant to procedures
approved by the Administrative Agent; provided, that the foregoing shall not apply to notices pursuant to Article II or
to compliance and no Event of Default certificates delivered pursuant to Section 5.01(d) unless otherwise agreed by the Administrative
Agent and the applicable Lender. Each of the Administrative Agent and the Borrower (on behalf of the Loan Parties) may, in its discretion,
agree to accept notices and other communications to it hereunder by Electronic Systems pursuant to procedures approved by it; provided,
that approval of such procedures may be limited to particular notices or communications. Unless the Administrative Agent otherwise proscribes,
such notices and other communications (i) sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written
acknowledgement); provided, that if not given during the normal business hours of the recipient, such notice or communication shall
be deemed to have been given at the opening of business on the next Business Day for the recipient, and (ii) posted to an Internet or
intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the
foregoing clause (b)(i) of notification that such notice or communication is available and identifying the website address therefor;
provided, that, for both clauses (i) and (ii) above, if such notice, e-mail or other communication is not sent during
the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business
on the next Business Day of the recipient.


 


(c)              
Any party hereto may change its address, fax number or e-mail address for notices and other communications hereunder by notice
to the other parties hereto.


 


(d)              
Electronic Systems.


 


(i)                
Each Loan Party agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined below)
available to the Issuing Bank and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a
substantially similar Electronic System.


 


(ii)              Any
Electronic System used by the Administrative Agent is provided “as is” and “as available.” The Agent Parties
(as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions
in the Communications. 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 Communications or any Electronic System. In no event shall the Administrative Agent or any of its
Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower or the other Loan Parties,
any Lender, the Issuing Bank or any other Person or entity for damages of any kind, including direct or indirect, special,
incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the
Borrower’s, any Loan Party’s, or the Administrative Agent’s transmission of communications through an Electronic
System. “Communications” means, collectively, any notice, demand, communication, information, document or other
material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is
distributed by the Administrative Agent, any Lender or the Issuing Bank by means of electronic communications pursuant to this Section
9.01, including through an Electronic System.


 






    104


     


    

 


Section
9.02.                   
Waivers; Amendments.


 


(a)              
No failure or delay by the Administrative Agent, any Swingline Lender, any Issuing Bank or any Lender in exercising any right or
power hereunder or under any other 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, any Swingline Lender, the Issuing
Banks and the Lenders hereunder and under any other Loan Document 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 clause (b) of this Section 9.02, 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 (including any Swingline Loan) or issuance of a Letter of Credit shall not be construed as a waiver of
any Default, regardless of whether the Administrative Agent, any Lender or any Issuing Bank may have had notice or knowledge of such Default
at the time.


 


(b)               Except
as provided in Section 2.14, 2.22 (with respect to any commitment increase) or 2.24, neither this Agreement nor
any other Loan Document nor any provision hereof or thereof may be waived, amended or modified except (i) in the case of this
Agreement, pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or, (ii) 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, and, in the case of the Collateral Documents, 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 (including any such Lender that is a Defaulting Lender), (ii) reduce or forgive the principal amount of any Loan or LC
Disbursement or reduce the rate of interest thereon, or reduce or forgive any interest or fees payable hereunder, without the
written consent of each Lender (including any such Lender that is a Defaulting Lender) directly affected thereby (other than as a
result of the implementation of Section 2.14 or Section 2.24 or any waiver of any default interest applicable pursuant
to Section 2.13(c)), (iii) postpone any scheduled date of payment of the principal amount of any Loan or LC Disbursement, or
any date for the payment of any interest, fees or other Obligations 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 (including
any such Lender that is a Defaulting Lender) directly affected thereby, (iv) change Section 2.18(b) or (d) in a manner that
would alter the manner in which payments are shared, without the written consent of each Lender (other than any Defaulting Lender),
(v) change any of the provisions of this Section 9.02 or the definition of “Required Lenders” or any other
provision of any Loan Document specifying the number or percentage of Lenders 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 (other than any
Defaulting Lender), (vi) change Section 2.20, without the consent of each Lender (other than any Defaulting Lender), (vii)
release any Loan Guarantor from its obligation under its Loan Guaranty (except as otherwise expressly permitted herein or in the
other Loan Documents), without the written consent of each Lender (other than any Defaulting Lender), (viii) except as provided in
clauses (c) and (d) of this Section 9.02 or in any Collateral Document, release all or substantially all of the Collateral,
without the written consent of each Lender or (ix) subordinate the Liens on all or substantially all the value of the Collateral to
the Liens securing any other Indebtedness, or contractually subordinate with respect to payment any Obligations, without the written
consent of each Lender; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties
of the Administrative Agent, Swingline Lenders or the Issuing Banks hereunder without the prior written consent of the
Administrative Agent, Swingline Lenders or the Issuing Banks, as the case may be (it being understood that any change to Section
2.20 shall require the consent of the Administrative Agent and the Issuing Banks). The Administrative Agent may also amend the Commitment
Schedule to reflect assignments entered into pursuant to Section 9.04.


 






    105


     


    

 


(c)              
Subject to Sections 9.02(b)(ix), the Lenders hereby irrevocably authorize the Administrative Agent, at its option and in
its sole discretion, to release any Liens granted to the Administrative Agent by the Loan Parties on any Collateral (i) upon the termination
of the all Commitments, payment and satisfaction in full in cash of all Secured Obligations (other than Unliquidated Obligations), and
the cash collateralization of all Unliquidated Obligations in a manner satisfactory to each affected Lender, (ii) constituting property
being sold or disposed of if the Loan Party disposing of such property certifies to the Administrative Agent that the sale or disposition
is made in compliance with the terms of this Agreement (and the Administrative Agent may rely conclusively on any such certificate, without
further inquiry), and to the extent that the property being sold or disposed of constitutes 100% of the Equity Interest of a Subsidiary,
the Administrative Agent is authorized to release any Loan Guaranty provided by such Subsidiary, (iii) constituting property leased to
a Loan Party under a lease which has expired or been terminated in a transaction permitted under this Agreement, or (iv) as required to
effect any sale or other disposition of such Collateral in connection with any exercise of remedies of the Administrative Agent and the
Lenders pursuant to Article VII. Except as provided in the preceding sentence, the Administrative Agent will not release any Liens
on Collateral without the prior written authorization of the Required Lenders; provided, that the Administrative Agent may, in
its discretion, release its Liens on Collateral valued in the aggregate not in excess of $1.0 million during any calendar year without
the prior written authorization of the Required Lenders (it being agreed that the Administrative Agent may rely conclusively on one or
more certificates of the Borrower as to the value of any Collateral to be so released, without further inquiry). Any such release shall
not in any manner discharge, affect, or impair the Obligations or any Liens (other than those expressly being released) upon (or obligations
of the Loan Parties in respect of) all interests retained by the Loan Parties, including the proceeds of any sale, all of which shall
continue to constitute part of the Collateral. Any execution and delivery by the Administrative Agent of documents in connection with
any such release shall be without recourse to or warranty by the Administrative Agent.


 


(d)               If,
in connection with any proposed amendment, waiver or consent requiring the consent of “each Lender” or “each
Lender affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not
obtained (any such Lender whose consent is necessary but has not been obtained being referred to herein as a
 “Non-Consenting Lender”), then the Borrower may elect to replace a Non-Consenting Lender as a Lender party to
this Agreement; provided, that, concurrently with such replacement, (i) another bank or other entity which is reasonably
satisfactory to the Borrower, the Administrative Agent and the Issuing Bank shall agree, as of such date, to purchase for cash the
Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment and Assumption and to become a Lender for all
purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of such date and to
comply with the requirements of clause (b) of Section 9.04, and (ii) the Borrower shall pay to such Non-Consenting
Lender in same day funds on the day of such replacement (1) all interest, fees and other amounts then accrued but unpaid to such
Non-Consenting Lender by the Borrower hereunder to and including the date of termination, including payments due to such
Non-Consenting Lender under Sections 2.15 and 2.17, and (2) an amount, if any, equal to the payment which would have
been due to such Lender on the day of such replacement under Section 2.16 had the Loans of such Non-Consenting Lender been
prepaid on such date rather than sold to the replacement Lender. Notwithstanding anything herein to the contrary, each party hereto
agrees that any assignment pursuant to the terms of this Section 9.20(d) may be effected pursuant to an Assignment and
Assumption executed by the Borrower, the Administrative Agent and the assignee and that the Non-Consenting Lender making such
assignment need not be a party thereto.


 






    106


     


    

 


(e)              
Notwithstanding anything to the contrary herein the Administrative Agent may, with the consent of the Borrower only, amend, modify
or supplement this Agreement or any of the other Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency. A copy
of any such amendment, modification or supplement shall be promptly delivered by the Administrative Agent to each Lender.


 


Section
9.03.                   
Expenses; Indemnity; Damage Waiver.


 


(a)               The
Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Lead
Arranger and their respective Affiliates, including the reasonable fees, charges and disbursements of one outside counsel and one
local counsel in each relevant jurisdiction for the Administrative Agent and Lead Arranger (and, solely in the case of an actual or
perceived conflict of interest, one additional counsel (and, if reasonably necessary, (x) one firm of local counsel in each relevant
jurisdiction and (y) any special or regulatory counsel) and any other counsel retained with the Borrower’s consent, such
consent not to be unreasonably withheld or delayed), in connection with the syndication and distribution (including via the internet
or through an Electronic System) of the credit facilities provided for herein, the preparation and administration of the Loan
Documents or any amendments, modifications or waivers of the provisions of the Loan Documents (whether or not the transactions
contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by any
Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment
thereunder and (iii) all documented out-of-pocket expenses incurred by the Administrative Agent, Swingline Lenders, any Issuing Bank
or any Lender, including the fees, charges and disbursements of any outside counsel for the Administrative Agent, Swingline Lenders,
any Issuing Bank or any Lender, in connection with the enforcement, collection or protection of its rights in connection with the
Loan Documents, including its rights under this Section 9.03, 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. Expenses being reimbursed by the Borrower under this Section 9.03 include,
without limiting the generality of the foregoing, costs and expenses incurred in connection with:


 


(i)                
stamp, filing or similar taxes, fees and other charges for (A) lien searches and (B) filing financing statements and continuations,
and other actions to perfect, protect, and continue the Administrative Agent’s Liens;


  


(ii)             
sums paid or incurred to take any action required of any Loan Party under the Loan Documents that such Loan Party fails to pay
or take; and


 


(iii)           
forwarding loan proceeds, collecting checks and other items of payment, and costs and expenses of preserving and protecting the
Collateral.


 






    107


     


    

 


(b)              
The Borrower shall indemnify the Administrative Agent, Swingline Lenders, each Issuing Bank and each Lender, and each Related Party
of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless
from, any and all losses, claims, damages, penalties, liabilities and related expenses (except for Taxes, which shall be covered by Section
2.17, other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim), including the reasonable
fees, charges and disbursements of one counsel for all Indemnitees (and, if reasonably necessary, a single local counsel for all Indemnitees
taken as a whole in each relevant jurisdiction and, solely in the case of an actual or perceived conflict of interest, one additional
counsel (and, if reasonably necessary, (x) one firm of local counsel in each relevant jurisdiction and (y) any special regulatory counsel)
to each group of affected Indemnitees similarly situated taken as a whole and any other counsel retained with the Borrower’s consent,
such consent not to be unreasonably withheld or delayed), incurred by or asserted against any Indemnitee arising out of, in connection
with, or as a result of (i) the execution or delivery of the Loan Documents or any agreement or instrument contemplated thereby,
the performance by the parties hereto of their respective obligations thereunder or the consummation of the Transactions or any other
transactions contemplated hereby, (ii) any Loan (including any Swingline Loan) or Letter of Credit or the use of the proceeds therefrom
(including any refusal by any 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) any actual or alleged presence or Release
of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability
related in any way to the Borrower or any of its Subsidiaries, or (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 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,
penalties, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment
to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from any dispute solely among Indemnitees
and does not involve any act or omission by any Loan Party or any of their Subsidiaries (other than claims against the Administrative
Agent, Swingline Lenders and Issuing Banks in their respective capacities as such).


 


(c)               To
the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent or any Issuing Bank under clause
(a) or (b) of this Section 9.03, each Lender severally agrees to pay to the Administrative Agent or such Issuing
Bank, as the case may be, such Lender’s Applicable Percentage (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, penalty, liability or related expense, as the case may be, was incurred by or asserted against the Administrative
Agent or such Issuing Bank in its capacity as such.


 






    108


     


    

 


(d)              
To the extent permitted by applicable law, no Loan Party shall assert, and each hereby waives, any claim against any Indemnitee
for any damages arising from the use by unintended recipients of information or other materials obtained through telecommunications, electronic
or other information transmission systems (including the Internet), except as determined by a court of competent jurisdiction by final
and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee.


 


(e)              
No Indemnitee nor any Loan Party shall be liable 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 (including any Swingline Loan) or Letter of
Credit or the use of the proceeds thereof; provided, that nothing in this clause (e) shall relieve any Loan Party of any
obligation it may have to indemnify an Indemnitee against special, indirect, consequential or punitive damages asserted against such Indemnitee
by a third party.


 


(f)               
All amounts due under this Section 9.03 shall be payable within 10 days after written demand therefor.


 


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 an 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) and (ii) no Lender may assign or otherwise
transfer its rights or obligations hereunder except in accordance with this Section 9.04 or as may be required pursuant to Section
2.19 or Section 9.02(d). 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 an Issuing Bank that issues
any Letter of Credit), Participants (to the extent provided in clause (c) of this Section 9.04) and, to the extent expressly
contemplated hereby, the Related Parties of each of the Administrative Agent, Swingline Lenders, the Issuing Banks 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 clause (b)(ii) below, any Lender may assign to one or more Persons (other than an Ineligible
Institution) 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 (such consent not to be unreasonably withheld) of:


 


(A)            
the Borrower; provided, that the Borrower shall be deemed to have consented to any such assignment unless it shall object
thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof, and provided
further that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund
or, if an Event of Default has occurred and is continuing, any other assignee;


 


(B)             
the Administrative Agent;


 


(C)             
the Swingline Lenders; and


 


(D)            
the Issuing Banks.


 






    109


     


    

 


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


 


(A)            
except in the case of an assignment to a Lender or 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 (including any Swingline Loans), the amount of the Commitment or
Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent) shall not be less than $5.0 million unless each of the Borrower and the Administrative
Agent otherwise consent; provided, that no such consent of the Borrower shall be required if an Event of Default 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;


 


(C)             
the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with
a processing and recordation fee of $3,500 and the tax forms required by Section 2.17(f); and


 


(D)            
the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent 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.


 


(iii)            Subject
to acceptance and recording thereof pursuant to clause (b)(iv) of this Section 9.04, from and after the effective
date specified in each Assignment and Assumption (A) 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 (B) the
assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its
obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the
benefits of Sections 2.15, 2.16, 2.17 and 9.03). Any assignment or transfer by a Lender of rights
or obligations under this Agreement that does not comply with this Section 9.04 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 clause (c) of this Section
9.04.


 






    110


     


    

 


(iv)            
The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices
located in the United States a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names
and addresses of the Lenders, and the Commitment of, and principal amounts (and stated interest) of the Loans, LC Disbursements and other
Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the
Register shall be conclusive, absent manifest error, and the Borrower, the Administrative Agent, the Issuing Banks and the Lenders may
treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, the Issuing Banks and any Lender,
at any reasonable time and from time to time upon reasonable prior notice.


 


(v)              
Upon its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender (unless the execution thereof
is not required pursuant to Section 2.19 or Section 9.02(d)) and an assignee or (y) to the extent applicable, an agreement
incorporating an Assignment and Assumption by reference pursuant to any applicable electronic platform as to which the Administrative
Agent and the parties to the Assignment and Assumption are participants, the assignee’s completed Administrative Questionnaire (unless
the assignee shall already be a Lender hereunder), the processing and recordation fee and tax forms referred to in clause (b)
of this Section 9.04 and any written consent to such assignment required by clause (b) of this Section 9.04, the
Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided,
that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section
2.05, 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c), the Administrative Agent shall have no obligation
to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been
made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has
been recorded in the Register as provided in this paragraph.


 


(c)               Any
Lender may, without the consent of the Borrower, the Administrative Agent, any Issuing Bank of the Swingline Lenders, sell
participations to one or more banks or other entities (a “Participant”) other than an Ineligible Institution 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 (including any Swingline 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 (C) the Borrower, the Administrative Agent, the Swingline Lenders, 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 and (D) such Lender shall have provided the Borrower with prior written notice of any such
participation. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender
shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this
Agreement; provided, that such agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects
such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16
and 2.17 (subject to the requirements and limitations therein, including the requirements under Section 2.17(f)
(it being understood that the documentation required under Section 2.17(f) shall be delivered to the participating Lender) to the
same extent as if it were a Lender and had acquired its interest by assignment pursuant to clause (b) of this Section
9.04. 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 such Participant (1) agrees to be subject to the provisions of Sections 2.18 and 2.19
as if it were an assignee under clause (b) of this Section 9.04; and (2) shall not be entitled to receive any
greater payment under Section 2.15 or 2.17, with respect to any participation, than its participating Lender would
have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that
occurs after the Participant acquired the applicable participation.


 






    111


     


    

 


Each Lender that sells a participation
agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions
of Section 2.19(b) with respect to any Participant. 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 such Participant agrees to be subject to Section 2.18(d)
as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the
Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest)
of each Participant’s interest in the Loans or other obligations under this Agreement or any other Loan Document (the “Participant
Register”); provided, that no Lender shall have any obligation to disclose all or any portion of the Participant Register
(including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters
of Credit or its other obligations under any Loan Document) to any Person (other than the Borrower to the extent required in clause
(D) of the proviso to clause (c) above) except to the extent that such disclosure is necessary to establish that such Commitment,
Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) or proposed Section 1.163-5(b) of the United
States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall
treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement
notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent)
shall have no responsibility for maintaining a Participant Register.


 


(d)               Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section
9.04 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.


 






    112


     


    

 



 


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 this Agreement or any other 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 of any Letters 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 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 consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters
of Credit and the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof.


 


Section
9.06.                   
Counterparts; Integration; Effectiveness; Electronic Execution.


 


(a)              
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 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 which, 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.


 


(b)              
Delivery of an executed counterpart of a signature page of this Agreement by telecopy, emailed .pdf or any other electronic means
that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this
Agreement. The words “execution,” “signed,” “signature,” “delivery,” and words of like
import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby or thereby
shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the
same legal effect, validity or enforceability as a manually executed signature, 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.


 


Section
9.07.                   
Severability. Any provision of any Loan Document 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 thereof; and the invalidity of a particular provision in a particular jurisdiction
shall not invalidate such provision in any other jurisdiction.


 






    113


     


    

 


Section
9.08.                   
Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates
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) at any time held and other obligations at any time owing by such Lender or
Affiliate to or for the credit or the account of the Borrower or such Loan Guarantor against any of and all the Secured Obligations held
by such Lender, irrespective of whether or not such Lender shall have made any demand under the Loan Documents and although such obligations
may be unmatured. The applicable Lender shall notify the Borrower and the Administrative Agent of such setoff or application; provided,
that any failure to give or any delay in giving such notice shall not affect the validity of any such setoff or application under this
Section 9.08. The rights of each Lender under this Section 9.08 are in addition to other rights and remedies (including
other rights of setoff) which such Lender may have.


 


Section
9.09.                   
Governing Law; Jurisdiction; Consent to Service of Process.


 


(a)              
The Loan Documents (other than those containing a contrary express choice of law provision) shall be governed by and construed
in accordance with the laws of the State of New York.


 


(b)              
Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of
any U.S. Federal or New York State court sitting in New York, New York in any action or proceeding arising out of or relating to any Loan
Documents, 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. Each party hereto agrees that
the Administrative Agent and the Secured Parties retain the right to bring proceedings against any Loan Party in the courts of any other
jurisdiction solely in connection with the exercise of any rights under any Collateral Document. Nothing in this Agreement or any other
Loan Document shall affect any right that the Administrative Agent, any Issuing Bank or any Lender may otherwise have to bring any action
or proceeding relating to this Agreement or any other Loan Document against any Loan Party or its properties in the courts of any jurisdiction.


 


(c)              
Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement or any other Loan Document in any court referred to in clause (b) of this Section 9.09. 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.


 






    114


     


    







 


(d)              
 Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.
Nothing in this Agreement or any other 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 THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
OTHER AGENT (INCLUDING ANY 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 9.10.


 


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.
Each of the Administrative 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 its and its Affiliates’ respective officers, directors,
employees, legal counsel, independent auditors and other experts or agents who need to know such information in connection with the
transactions contemplated hereby and are informed of the confidential nature of such information, (b) upon the request or
demand of any regulatory authority having jurisdiction over it or any of its Affiliates (in which case (except with respect to any
audit or examination conducted by bank accountants or any bank or other regulatory authority exercising examination or regulatory
authority) it, to the extent practicable and permitted by law, rule or regulation, agrees to inform the Borrower promptly thereof),
(c) pursuant to the order of any court or administrative agency, in any pending legal, judicial or administrative proceeding or
as otherwise required by applicable law or regulation or as requested by a governmental authority (in which case (except with
respect to any audit or examination conducted by bank accountants or any bank or other regulatory authority exercising examination
or regulatory authority) it, to the extent practicable and permitted by law, rule or regulation, agrees to inform the Borrower
promptly thereof), (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies under this
Agreement or any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the
enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of
this Section 9.12 or otherwise reasonably acceptable to the Borrower, 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 (and any of their respective
advisors) or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the
Loan Parties and their obligations, (g) with the consent of the Borrower, (h) [reserved], (i) to the extent that such information is
independently developed by it or its Affiliates, in each case, so long as not based on information obtained in a manner that would
otherwise violate this Section 9.12, (j) for purposes of establishing a “due diligence” defense, (k) to ratings
agencies or (l) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section
9.12, or (ii) becomes available to the Administrative Agent, any Issuing Bank or any Lender on a non-confidential basis
from a source other than the Borrower. For the purposes of this Section 9.12, “Information” means all
information received from the Borrower relating to the Borrower or their business, other than any such information that is available
to the Administrative Agent, any Issuing Bank or any Lender on a non-confidential basis prior to disclosure by the Borrower. Any
Person required to maintain the confidentiality of Information as provided in this Section 9.12 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.


 






    115


     


    

 


EACH LENDER ACKNOWLEDGES
THAT INFORMATION AS DEFINED IN SECTION 9.12 FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION
CONCERNING THE BORROWER AND ITS AFFILIATES 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. 


 


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 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.                   
Several Obligations; Nonreliance; Violation of Law. The respective obligations of the Lenders hereunder are several
and not joint and the failure of any Lender to make any Loan or perform any of its obligations hereunder shall not relieve any other Lender
from any of its obligations hereunder. Each Lender hereby represents that it is not relying on or looking to any margin stock (as defined
in Regulation U of the Board) for the repayment of the Borrowings provided for herein. Anything contained in this Agreement to the contrary
notwithstanding, no Issuing Bank nor any Lender shall be obligated to extend credit to the Borrower in violation of any Requirement of
Law.


 


Section
9.14.                    USA
PATRIOT Act. Each Lender that is subject to the requirements of the USA PATRIOT Act hereby notifies each Loan Party that
pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies such
Loan Party, which information includes the name and address of such Loan Party and other information that will allow such Lender to
identify such Loan Party in accordance with the USA PATRIOT Act.


 






    116


     


    

 


Section
9.15.                    Disclosure.
Each Loan Party, each Lender and the Issuing Bank hereby acknowledges and agrees that the Administrative Agent and/or its Affiliates
from time to time may hold investments in, make other loans to or have other relationships with any of the Loan Parties and their respective
Affiliates.


 


Section
9.16.                   
Appointment for Perfection. Each Lender hereby appoints each other Lender as its agent for the purpose of perfecting
Liens, for the benefit of the Administrative Agent and the other Secured Parties, in assets which, in accordance with Article 9 of the
UCC or any other applicable law can be perfected only by possession or control. Should any Lender (other than the Administrative Agent)
obtain possession or control of any such Collateral, such Lender shall notify the Administrative Agent thereof, and, promptly upon the
Administrative Agent’s request therefor shall deliver such Collateral to the Administrative Agent or otherwise deal with such Collateral
in accordance with the Administrative Agent’s instructions.


 


Section
9.17.                   
Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable
to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively
the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted
for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable
in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to
the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the
operation of this Section 9.17 shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans
or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at
the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.


 


Section
9.18.                    No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in
connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and
agrees that: (i) (A) the arranging and other services regarding this Agreement provided by the Lenders are arm’s-length
commercial transactions between the Borrower and its Affiliates, on the one hand, and the Lenders and their Affiliates, on the other
hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate,
and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions
contemplated hereby and by the other Loan Documents; (ii) (A) each of the Lenders and their Affiliates is and has been acting solely
as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as
an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B) no Lender or any of its
Affiliates has any obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except,
in the case of a Lender, those obligations expressly set forth herein and in the other Loan Documents; and (iii) each of the Lenders
and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the
Borrower and its Affiliates, and no Lender or any of its Affiliates has any obligation to disclose any of such interests to the
Borrower or its Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may
have against each of the Lenders and their Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in
connection with any aspect of any transaction contemplated hereby.


 






    117


     


    

 


Section
9.19.                   
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 (all such
liabilities, the “Covered Liabilities”), 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 Covered Liability 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 Covered Liability, including, if applicable:


 


(i)               A
reduction in full or in part or cancellation of any such Covered Liability;


 


(ii)              A conversion of all, or a portion of, such Covered 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 Covered Liability under this Agreement
or any other Loan Document; or


 


(iii)             The
variation of the terms of such Covered Liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable
Resolution Authority.


 


Section
9.20.                   
Acknowledgment Regarding any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee
or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”
and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power
of the 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.


 






    118


     


    

 


(b)              
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.


 


(c)              
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.


 


ARTICLE
X


 


Loan Guaranty


 


Section
10.01.                Guaranty.
Each Loan Guarantor (other than those that have delivered a separate Guaranty) hereby agrees that it is jointly and severally liable
for, and, as a primary obligor and not merely as surety, absolutely, unconditionally and irrevocably guarantees to the Secured
Parties, the prompt payment when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, of
the Secured Obligations and all reasonable and documented out-of-pocket costs and expenses including, without limitation, all court
costs and attorneys’ and paralegals’ fees and expenses paid or incurred by the Administrative Agent, the Issuing Banks
and the Lenders (limited, in the case of attorneys’ and paralegals’ fees and expenses to one counsel for all Secured
Parties (and, if reasonably necessary, a single local counsel for all Secured Parties taken as a whole in each relevant
jurisdiction) and, solely in the case of an actual or perceived conflict of interest, one additional counsel (and, if reasonably
necessary, (x) one firm of local counsel in each relevant jurisdiction and (y) any special regulatory counsel) to each group of
affected Secured Parties similarly situated taken as a whole and any other counsel retained with the Borrower’s consent, such
consent not to be unreasonably withheld or delayed) in endeavoring to collect all or any part of the Secured Obligations from, or in
prosecuting any action against, the Borrower, any Loan Guarantor or any other guarantor of all or any part of the Secured
Obligations (such costs and expenses, together with the Secured Obligations, collectively the “Guaranteed
Obligations”; provided, however, that the definition of “Guaranteed Obligations” shall not
create any guarantee by any Loan Guarantor of (or grant of security interest by any Loan Guarantor to support, as applicable) any
Excluded Swap Obligations of such Loan Guarantor for purposes of determining any obligations of any Loan Guarantor). Each Loan
Guarantor further agrees that the Guaranteed Obligations may be extended or renewed in whole or in part without notice to or further
assent from it, and that it remains bound upon its guarantee notwithstanding any such extension or renewal. All terms of this Loan
Guaranty apply to and may be enforced by or on behalf of any domestic or foreign branch or Affiliate of any Lender that extended any
portion of the Guaranteed Obligations.


 






    119


     


    

 


Section
10.02.               
Guaranty of Payment. This Loan Guaranty is a guaranty of payment and not of collection. Each Loan Guarantor waives
any right to require the Administrative Agent, any Issuing Bank or any Lender to sue the Borrower, any Loan Guarantor, any other guarantor,
or any other Person obligated for all or any part of the Guaranteed Obligations (each, an “Obligated Party”), or otherwise
to enforce its payment against any collateral securing all or any part of the Guaranteed Obligations.


 


Section
10.03.               
No Discharge or Diminishment of Loan Guaranty.


 


(a)              
Except as otherwise provided for herein, the obligations of each Loan Guarantor hereunder are unconditional and absolute and not
subject to any reduction, limitation, impairment or termination for any reason (other than Payment in Full), including: (i) any claim
of waiver, release, extension, renewal, settlement, surrender, alteration, or compromise of any of the Guaranteed Obligations, by operation
of law or otherwise; (ii) any change in the corporate existence, structure or ownership of the Borrower or any other Obligated Party liable
for any of the Guaranteed Obligations; (iii) any insolvency, bankruptcy, reorganization or other similar proceeding affecting any Obligated
Party, or their assets or any resulting release or discharge of any obligation of any Obligated Party; or (iv) the existence of any claim,
setoff or other rights which any Loan Guarantor may have at any time against any Obligated Party, the Administrative Agent, any Issuing
Bank, any Lender, or any other Person, whether in connection herewith or in any unrelated transactions.


 


(b)               The
obligations of each Loan Guarantor hereunder are not subject to any defense or setoff, counterclaim, recoupment, or termination whatsoever
by reason of the invalidity, illegality, or unenforceability of any of the Guaranteed Obligations or otherwise, or any provision of applicable
law or regulation purporting to prohibit payment by any Obligated Party, of the Guaranteed Obligations or any part thereof.


 


(c)               The
obligations of any Loan Guarantor hereunder are not discharged or impaired or otherwise affected by: (i) the failure of the Administrative
Agent, any Issuing Bank or any Lender to assert any claim or demand or to enforce any remedy with respect to all or any part of the Guaranteed
Obligations; (ii) any waiver or modification of or supplement to any provision of any agreement relating to the Guaranteed Obligations;
(iii) any release, non-perfection, or invalidity of any indirect or direct security for the obligations of the Borrower for all or any
part of the Guaranteed Obligations or any obligations of any other Obligated Party liable for any of the Guaranteed Obligations; (iv)
any action or failure to act by the Administrative Agent, any Issuing Bank or any Lender with respect to any collateral securing any
part of the Guaranteed Obligations; or (v) any default, failure or delay, willful or otherwise, in the payment or performance of any
of the Guaranteed Obligations, or any other circumstance, act, omission or delay that might in any manner or to any extent vary the risk
of such Loan Guarantor or that would otherwise operate as a discharge of any Loan Guarantor as a matter of law or equity (other than
Payment in Full).


 






    120


     


    

 


Section
10.04.                  Defenses
Waived. To the fullest extent permitted by applicable law, each Loan Guarantor hereby waives any defense based on or arising out
of any defense of the Borrower or any Loan Guarantor or the unenforceability of all or any part of the Guaranteed Obligations from
any cause, or the cessation from any cause of the liability of the Borrower, any Loan Guarantor or any other Obligated Party, other
than Payment in Full). Without limiting the generality of the foregoing, each Loan Guarantor irrevocably waives acceptance hereof,
presentment, demand, protest and, to the fullest extent permitted by law, any notice not provided for herein, as well as any
requirement that at any time any action be taken by any Person against any Obligated Party, or any other Person. Each Loan Guarantor
confirms that it is not a surety under any state law and shall not raise any such law as a defense to its obligations hereunder. The
Administrative Agent may, at its election, foreclose on any Collateral held by it by one or more judicial or nonjudicial sales,
accept an assignment of any such Collateral in lieu of foreclosure or otherwise act or fail to act with respect to any collateral
securing all or a part of the Guaranteed Obligations, compromise or adjust any part of the Guaranteed Obligations, make any other
accommodation with any Obligated Party or exercise any other right or remedy available to it against any Obligated Party, without
affecting or impairing in any way the liability of such Loan Guarantor under this Loan Guaranty except to the extent the Guaranteed
Obligations have been Paid in Full. To the fullest extent permitted by applicable law, each Loan Guarantor waives any defense
arising out of any such election even though that election may operate, pursuant to applicable law, to impair or extinguish any
right of reimbursement or subrogation or other right or remedy of any Loan Guarantor against any Obligated Party or any
security.


 


Section
10.05.                  Rights
of Subrogation. No Loan Guarantor will assert any right, claim or cause of action, including, without limitation, a claim of subrogation,
contribution or indemnification that it has against any Obligated Party, or any collateral, until Payment in Full.


 


Section
10.06.                  Reinstatement; Stay of Acceleration. If at any time any payment of any portion of the Guaranteed Obligations (including
a payment effected through exercise of a right of setoff) is rescinded or must otherwise be restored or returned upon the insolvency,
bankruptcy, or reorganization of the Borrower or otherwise (including pursuant to any settlement entered into by any Secured Party in
its discretion), each Loan Guarantor’s obligations under this Loan Guaranty with respect to that payment shall be reinstated at
such time as though the payment had not been made and whether or not the Administrative Agent, the Issuing Banks and the Lenders are in
possession of this Loan Guaranty. If acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the insolvency,
bankruptcy or reorganization of the Borrower, all such amounts otherwise subject to acceleration under the terms of any agreement relating
to the Guaranteed Obligations shall nonetheless be payable by the Loan Guarantors forthwith on demand by the Administrative Agent.


 


Section
10.07.                  Information. Each Loan Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s
financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the
nature, scope and extent of the risks that each Loan Guarantor assumes and incurs under this Loan Guaranty, and agrees that neither the
Administrative Agent nor any Issuing Bank nor any Lender shall have any duty to advise any Loan Guarantor of information known to it regarding
those circumstances or risks.


 


Section
10.08.                  Termination.
Each of the Lenders and the Issuing Bank may continue to make loans or extend credit to the Borrower based on this Loan Guaranty until
five (5) days after it receives written notice of termination from any Loan Guarantor. Notwithstanding receipt of any such notice, each
Loan Guarantor will continue to be liable to the Lenders for any Guaranteed Obligations created, assumed or committed to prior to the
fifth day after receipt of the notice, and all subsequent renewals, extensions, modifications and amendments with respect to, or substitutions
for, all or any part of the Guaranteed Obligations. Nothing in this Section 10.08 shall be deemed to constitute a waiver of, or eliminate,
limit, reduce or otherwise impair any rights or remedies the Administrative Agent or any Lender may have in respect of, any Default or
Event of Default that shall exist under clause (n) of Article VII hereof as a result of any such notice of termination.


 






    121


     


    

 


Section
10.09.                   [Reserved].


 


Section
10.10.                  Maximum
Liability. Notwithstanding any other provision of this Loan Guaranty, the amount guaranteed by each Loan Guarantor hereunder shall
be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the
Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or
common law. In determining the limitations, if any, on the amount of any Loan Guarantor’s obligations hereunder pursuant to the
preceding sentence, it is the intention of the parties hereto that any rights of subrogation, indemnification or contribution which such
Loan Guarantor may have under this Loan Guaranty, any other agreement or applicable law shall be taken into account.


 


Section
10.11.                  
Contribution.


 


(a)              
To the extent that any Loan Guarantor shall make a payment under this Loan Guaranty (a “Guarantor Payment”)
which, taking into account all other Guarantor Payments then previously or concurrently made by any other Loan Guarantor, exceeds the
amount which otherwise would have been paid by or attributable to such Loan Guarantor if each Loan Guarantor had paid the aggregate Guaranteed
Obligations satisfied by such Guarantor Payment in the same proportion as such Loan Guarantor’s “Allocable Amount” (as
defined below) (as determined immediately prior to such Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Loan
Guarantors as determined immediately prior to the making of such Guarantor Payment, then, following Payment in Full, such Loan Guarantor
shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Loan Guarantor for the amount
of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment.


 


(b)              
As of any date of determination, the “Allocable Amount” of any Loan Guarantor shall be equal to the excess of the fair
saleable value of the property of such Loan Guarantor over the total liabilities of such Loan Guarantor (including the maximum amount
reasonably expected to become due in respect of contingent liabilities, calculated, without duplication, assuming each other Loan Guarantor
that is also liable for such contingent liability pays its ratable share thereof), giving effect to all payments made by other Loan Guarantors
as of such date in a manner to maximize the amount of such contributions.


 


(c)               This Section
10.11 is intended only to define the relative rights of the Loan Guarantors, and nothing set forth in this Section 10.11
is intended to or shall impair the obligations of the Loan Guarantors, jointly and severally, to pay any amounts as and when the
same shall become due and payable in accordance with the terms of this Loan Guaranty.


 






    122


     


    

 


(d)              
The parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of the Loan
Guarantor or Loan Guarantors to which such contribution and indemnification is owing.


 


(e)              
The rights of the indemnifying Loan Guarantors against other Loan Guarantors under this Section 10.11 shall be exercisable
upon Payment in Full.


 


Section
10.12.               
Liability Cumulative. The liability of each Loan Party as a Loan Guarantor under this Article X is in addition
to and shall be cumulative with all liabilities of each Loan Party to the Administrative Agent, the Issuing Banks and the Lenders under
this Agreement and the other Loan Documents to which such Loan Party is a party or in respect of any obligations or liabilities of the
other Loan Parties, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability
specifically provides to the contrary.


 


Section
10.13.               Keepwell.
Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such
funds or other support as may be needed from time to time by each other Loan Party or Loan Guarantor to honor all of its obligations
under this Loan Guaranty in respect of a Swap Obligation (provided, however, that each Qualified ECP Guarantor shall only be liable
under this Section 10.13 for the maximum amount of such liability that can be hereby incurred without rendering its
obligations under this Section 10.13 or otherwise under this Loan Guaranty, voidable under applicable law relating to
fraudulent conveyance or fraudulent transfer, and not for any greater amount). Except as otherwise provided herein, the obligations
of each Qualified ECP Guarantor under this Section 10.13 shall remain in full force and effect until the termination of all
Swap Obligations. Each Qualified ECP Guarantor intends that this Section 10.13 constitute, and this Section 10.13
shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan Party for
all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.


 


[Signature Pages
Follow.]


 









    123


     


    

 


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


 


	 	MEDIFAST, INC., a Delaware corporation




 


	 	By:	/s/ James Maloney
	 	 	Name:	 James Maloney
	 	 	Title:	 Chief Financial Officer










 


	 	LOAN GUARANTORS:




 


	 	JASON ENTERPRISES, INC., a Delaware corporation




 


	 	By:	/s/ James Maloney
	 	 	Name:	 James Maloney
	 	 	Title:	Treasurer










 


	 	CORPORATE EVENTS, INC., a Delaware corporation




 


	 	By:	/s/ James Maloney
	 	 	Name:	James Maloney
	 	 	Title:	 Treasurer










 


	 	OPTAVIA LLC, a Delaware limited liability company




 


	 	By:	/s/ James Maloney
	 	 	Name:	James Maloney
	 	 	Title:	Treasurer










 


	 	JASON PHARMACEUTICALS, INC., a Maryland corporation




 


	 	By:	/s/ James Maloney
	 	 	Name:	 James Maloney
	 	 	Title:	Treasurer







 


[Signature Page to Medifast Credit Agreement]


 









     


     


    

 





	 	SEVEN CRONDALL ASSOCIATES LLC, a Maryland limited liability company




 


	 	By:	/s/ Dan Chard
	 	 	Name:	 Dan Chard
	 	 	Title:	Vice President










 


[Signature Page to Medifast Credit Agreement]


 









     


     


    

 


	 	CITIBANK, N.A., individually as a Lender, as Administrative Agent, Swingline Lender and an Issuing Bank



 



	 	By:	/s/ Collene Greenlee
	 	 	Name:	Collene Greenlee
	 	 	Title:	Authorized Signatory










 


[Signature Page to Medifast Credit Agreement]


 






     


     


    

 





	 	JPMorgan Chase Bank, N.A.,




	 	individually as a Lender



 



	 	By: 	/s/ Craig Bogle
	 	 	Name:	 Craig Bogle
	 	 	Title:	Authorized Signer










 


[Signature Page to Medifast Credit Agreement]


 






     


     


    

 





	 	PNK Bank, national assocation,




	 	individually as a Lender




 


	 	By: 	/s/ Timothy M. Naylon
	 	 	Name:	Timothy M. Naylon
	 	 	Title:	Senior Vice President




 


[Signature Page to Medifast Credit Agreement]


 









     


     


    

 








COMMITMENT SCHEDULE


 


	Lender	 	Total Commitment	 
	Citibank, N.A.	 	$	45,000,000.00	 
	JPMORGAN CHASE BANK, N.A.	 	$	40,000,000.00	 
	PNC BANK, NATIONAL ASSOCIATION	 	$	40,000,000.00	 
	Total	 	$	125,000,000.00