Exhibit 4.7


 


EXECUTION COPY


 





 



 


CREDIT AGREEMENT


 


dated as of


 


August 3, 2017


 


among


 


GLOBANT, LLC,


as Borrower


 


CERTAIN FINANCIAL INSTITUTIONS,


as Lenders,


 


and


 


HSBC BANK USA, N.A.,


as Administrative Agent


 





 



 




     


     


    

 


TABLE
OF CONTENTS


 


	 	 	Page
	 	 	 
	Article I Definitions	1
	Section 1.1	Defined Terms	1
	Section 1.2	Classification of Loans and Borrowings	23
	Section 1.3	Terms Generally; Rules of Construction	23
	Section 1.4	Accounting Terms and Determinations; IFRS	24
	Section 1.5	Rounding	24
	Section 1.6	Time of Day	24
	 	 	 
	Article II The Credits	24
	Section 2.1	Commitments	24
	Section 2.2	Loans and Borrowings	24
	Section 2.3	Requests for Borrowings	25
	Section 2.4	Reserved	25
	Section 2.5	Reserved	26
	Section 2.6	Funding of Borrowings	26
	Section 2.7	Interest Elections	26
	Section 2.8	Termination and Reduction of Commitments	27
	Section 2.9	Repayment of Loans; Evidence of Debt	28
	Section 2.10	Prepayment of Loans	29
	Section 2.11	Fees	29
	Section 2.12	Interest	30
	Section 2.13	Alternate Rate of Interest	30
	Section 2.14	Increased Costs	31
	Section 2.15	Change in Legality	32
	Section 2.16	Break Funding Payments	33
	Section 2.17	Taxes	33
	Section 2.18	Payments Generally; Pro Rata Treatment; Sharing of Setoffs	38
	Section 2.19	Mitigation Obligations; Replacement of Lenders	39
	Section 2.20	Reserved	41
	Section 2.21	Defaulting Lenders	41
	 	 
	Article III Representations and Warranties	42
	Section 3.1	Organization; Powers	42
	Section 3.2	Authorization; Enforceability	42
	Section 3.3	Governmental Approvals; No Conflicts	43
	Section 3.4	Financial Condition; No Material Adverse Effect	43
	Section 3.5	Properties	44
	Section 3.6	Litigation and Environmental Matters	44
	Section 3.7	Compliance with Laws and Contractual Obligations; No Defaults	45
	Section 3.8	Investment Company Status; Other Laws	45
	Section 3.9	Taxes	45
	Section 3.10	ERISA Compliance	45
	Section 3.11	Insurance	45
	Section 3.12	Margin Regulations	46


 




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	Section 3.13	Subsidiaries; Equity Interests	46
	Section 3.14	Sanctions	46
	Section 3.15	Disclosure	46
	Section 3.16	Security Documents	47
	Section 3.17	Solvency, etc.	47
	Section 3.18	Reserved	48
	Section 3.19	Burdensome Obligations	48
	Section 3.20	Labor Matters	48
	Section 3.21	Reserved	48
	Section 3.22	EEA Financial Institution	48
	Section 3.23	Anti-Corruption	48
	Section 3.24	Use of Proceeds	48
	 	 
	Article IV Conditions Precedent	48
	Section 4.1	Effective Date	48
	Section 4.2	Each Credit Event	50
	 	 
	Article V Affirmative Covenants	51
	Section 5.1	Financial Statements and Other Information	51
	Section 5.2	Notices of Material Events	53
	Section 5.3	Existence; Conduct of Business	54
	Section 5.4	Payment of Obligations	54
	Section 5.5	Maintenance of Properties; Insurance	54
	Section 5.6	Books and Records; Inspection Rights	54
	Section 5.7	Compliance with Laws and Contractual Obligations	55
	Section 5.8	Use of Proceeds	55
	Section 5.9	Further Assurances	56
	Section 5.10	Deposit Accounts	56
	Section 5.11	Accuracy of Information	56
	 	 
	Article VI Negative Covenants	57
	Section 6.1	Financial Covenants	57
	Section 6.2	Indebtedness	57
	Section 6.3	Liens	58
	Section 6.4	Fundamental Changes	59
	Section 6.5	Disposition of Property	60
	Section 6.6	Investments, Loans, Advances, Guarantees and Acquisitions	61
	Section 6.7	Hedging Agreements	62
	Section 6.8	Restricted Payments	62
	Section 6.9	Transactions with Affiliates	62
	Section 6.10	Changes in Nature of Business	62
	Section 6.11	Negative Pledges; Restrictive Agreements	63
	Section 6.12	Restriction of Amendments to Certain Documents	63
	Section 6.13	Changes in Fiscal Periods	63
	Section 6.14	Reserved	63
	Section 6.15	Sanctions; Anti-Corruption	63
	 	 	 
	Article VII Events of Default	63
	Section 7.1	Events of Default	63


 




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	Section 7.2	Application of Funds	66
	 	 
	Article VIII The Administrative Agent	67
	Section 8.1	Appointment and Authority	67
	Section 8.2	Rights as a Lender	68
	Section 8.3	Exculpatory Provisions	68
	Section 8.4	Reliance by Administrative Agent	70
	Section 8.5	Delegation of Duties	70
	Section 8.6	Resignation of Administrative Agent	71
	Section 8.7	Non-Reliance on Administrative Agent and Other Lenders	72
	Section 8.8	No Other Duties, etc.	72
	Section 8.9	Enforcement	72
	Section 8.10	Administrative Agent May File Proofs of Claim	73
	Section 8.11	Collateral and Guaranty Matters	73
	Section 8.12	Lender Provided Hedging Agreements and Lender Provided Financial Service Products	74
	Section 8.13	Merger	74
	 	 
	Article IX Miscellaneous	74
	Section 9.1	Notices; Effectiveness; Electronic Communication	74
	Section 9.2	Waivers; Amendments	76
	Section 9.3	Expenses; Indemnity; Damage Waiver	78
	Section 9.4	Successors and Assigns.	80
	Section 9.5	Survival	84
	Section 9.6	Counterparts; Integration; Effectiveness; Electronic Execution	84
	Section 9.7	Severability	85
	Section 9.8	Right of Setoff	85
	Section 9.9	Governing Law; Jurisdiction; Etc.	86
	Section 9.10	Waiver of Jury Trial	86
	Section 9.11	Headings	87
	Section 9.12	Treatment of Certain Information; Confidentiality	87
	Section 9.13	Interest Rate Limitation	88
	Section 9.14	PATRIOT Act	88
	Section 9.15	Acknowledgment and Consent to Bail-In of EEA Financial Institutions	88
	Section 9.16	Judgment Currency	89


 




    	 	- iii -	 



     


    

 


SCHEDULES:


 


	Schedule 2.1	-	Commitments
	Schedule 3.6	-	Disclosed Matters
	Schedule 3.11	-	Insurance
	Schedule 3.13	-	Subsidiaries; Equity Interests
	Schedule 3.20	-	Labor Matters
	Schedule 6.2	-	Existing Indebtedness
	Schedule 6.3	-	Existing Liens
	Schedule 6.6	-	Existing Investments


 


EXHIBITS:


 


	Exhibit A-1	-	Form of Revolving Note
	Exhibit B	-	Form of Assignment and Assumption
	Exhibit C	-	Form of Security Agreement
	Exhibit D-1	-	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit D-2	-	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit D-3	-	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit D-4	-	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit E	-	Form of Borrowing Request
	Exhibit F	-	Form of Interest Election Request
	Exhibit G	-	Form of Compliance Certificate


 




    	 	- iv -	 



     


    

 


CREDIT AGREEMENT dated
as of August 3, 2017, among GLOBANT, LLC, a Delaware limited liability company (the “Borrower”), the Lenders
(as defined hereinafter) that are from time to time parties hereto, and HSBC BANK USA, N.A. (“HSBC”), as Administrative
Agent (in such capacity, the “Administrative Agent”).


 


The Borrower has requested
that the Lenders provide a revolving credit facility, and the Lenders have indicated their willingness to make such facility available
to the Borrower on the terms and subject to the conditions set forth herein.


 


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


 


Article
I


 


Definitions


 


Section 1.1           Defined
Terms. As used in this Agreement, the following terms have the meanings specified below:


 


“Accounts”
means all present and future rights of the Borrower to payment of a monetary obligation, whether or not earned by performance,
which is not evidenced by chattel paper or and instrument, (a) for property that has been or is to be sold, leased, licensed, assigned,
or otherwise disposed of, (b) for services rendered or to be rendered, (c) for a secondary obligation incurred or to be incurred,
or (d) arising out of the use of a credit, charge or debit card along with all information contained on or for use with such card;
provided, that “Accounts” shall not include any of the foregoing that have not been invoiced.


 


“Acquisition”
means any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the acquisition
of all or substantially all of the assets of a Person, or of all or substantially all of any business or division of a Person,
(b) the acquisition of more than 50% of the Equity Interests of any Person, or otherwise causing any Person to become a Subsidiary
or (c) a merger or consolidation or any other combination with another Person (other than a Person that is already a Subsidiary).


 


“Administrative
Agent” has the meaning specified in the preamble and includes any successor administrative agent appointed under Article VIII.


 


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


 


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


 


“Agent Parties”
has the meaning specified in Section 9.1(d)(ii).


 


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


 




    	 	-1-	 



     


    

 


“Agreement”
means this Credit Agreement.


 


“Alternate Base
Rate” means, for any day, a rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to the greatest
of (a) the Prime Rate, (b) 1/2 of one percent above the Federal Funds Effective Rate, (c) the LIBO Rate for a Eurodollar Loan with
a one-month Interest Period commencing on such day plus 1% and (d) 0%.


 


“Anti-Money Laundering
Laws” means the PATRIOT Act; the U.S. Money Laundering Control Act of 1986 and the regulations and rules promulgated
thereunder, as amended from time to time; the U.S. Bank Secrecy Act and the regulations and rules promulgated thereunder, as amended
from time to time; and corresponding laws of (a) the European Union designed to combat money laundering and terrorist financing
and (b) jurisdictions in which the Borrower operates or in which the proceeds of the Loans will be used or from which repayments
of the Obligations will be derived.


 


“Applicable Law”
means, with respect to any Person, (x) all provisions of law, statute, treaty, ordinance, rule, regulation, requirement, restriction,
permit, certificate, decision, directive or order of any Governmental Authority applicable to such Person or any of its property
and (y) all judgments, injunctions, orders, writs and decrees of all courts and arbitrators in proceedings or actions in which
such Person is a party or by which any of its property is bound.


 


“Applicable Percentage”
means, with respect to any Lender at any time, subject to reallocation with respect to a Defaulting Lender pursuant to Section 2.21:


 


(a) with respect to Commitments
and Loans, a percentage equal to a fraction, the numerator of which is such Lender’s Commitment and the denominator of which
is the aggregate Commitments of all Lenders (provided that, if the Commitments have terminated or expired, the Applicable
Percentages shall be determined based upon such Lender’s share of the aggregate Credit Exposures at that time); and


 


(b) with respect to the Aggregate
Credit Exposure, a percentage equal to a fraction, the numerator of which is the sum of such Lender’s Total Credit Exposure,
and the denominator of which is the sum of the Aggregate Credit Exposure of all Lenders.


 


“Applicable Rate”
means, for any day, with respect to any Base Rate Loan or Eurodollar Loan, as the case may be, (i) 0.75% per annum, for Base Rate
Loans, and (ii) 1.75% per annum for Eurodollar Loans.


 


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


 


“Assignment and
Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of
any party whose consent is required by Section 9.4), and accepted by the Administrative Agent, in substantially the
form of Exhibit B or any other form approved by the Administrative Agent.


 




    	 	-2-	 



     


    

 


“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 EEA Resolution Authority in respect of any liability
of an EEA Financial Institution.


 


“Bail-In Legislation”
means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of
the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the
EU Bail-In Legislation Schedule.


 


“Base Rate”
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.


 


“Borrower”
has the meaning specified in the preamble.


 


“Borrower Materials”
is defined in Section 9.1(d)(i).


 


“Borrowing”
means 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.


 


“Borrowing Request”
means a request by the Borrower for a Borrowing in accordance with Section 2.3, which shall be substantially in the
form of Exhibit E.


 


“Business Day”
means any day that is not a Saturday, Sunday or other day on which commercial banks in New York, New York 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 Expenditures”
means all expenditures which, in accordance with IFRS, would be required to be capitalized and shown on the consolidated balance
sheet of the Borrower, including Capital Lease Obligations, but excluding (a) expenditures made in connection with the replacement,
substitution or restoration of assets to the extent financed (i) from insurance proceeds (or other similar recoveries) paid on
account of the loss of or damage to the assets being replaced or restored or (ii) with awards of compensation arising from the
taking by eminent domain or condemnation of the assets being replaced, and (b) expenditures attributable to intangibles to the
extent included in “Intangible Assets” on the consolidated balance sheet of the Borrower.


 


“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 IFRS, and the amount of such obligations shall be the capitalized
amount thereof determined in accordance with IFRS.


 




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“Cash Equivalent
Investments” means:


 


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


 


(b)          investments
in commercial paper maturing within 270 days 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, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition
thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of
any commercial bank organized under the laws of the United States or any state thereof that has a combined capital and surplus
and undivided profits of not less than $500,000,000;


 


(d)          fully
collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above
and entered into with a financial institution satisfying the criteria described in clause (c) above;


 


(e)          shares
of money market mutual or similar fund that (i) invests exclusively in assets satisfying the requirements of clauses (a)
through (c) of this definition, (ii) has net assets of not less than $5,000,000,000, and (iii) is rated AAA by S&P and
Aaa by Moody’s;


 


(f)           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 $5,000,000,000;


 


(g)          deposit
accounts maintained with (i) any commercial bank satisfying the requirements of clause (c) of this definition or (ii) any
other commercial bank organized under the laws of the United States or any state thereof so long as the full amount maintained
with any such other bank is insured by the Federal Deposit Insurance Corporation;


 


(h)          securities
with maturities of one year or less from the date of acquisition issued or fully and unconditionally guaranteed by any state, commonwealth
or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory
or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or
foreign government (as the case may be) are rated at least A by S&P or A by Moody’s;


 


(i)           (i)
certificates of deposit or bankers’ acceptances or time deposits maturing within 180 days from the date of acquisition thereof,
in each case payable in Dollars or in the local currency where such funds are maintained and issued by any bank organized under
the laws of any country which is organized and existing under the laws of the country in which such Person is organized or doing
business and having at the date of acquisition thereof combined capital and surplus of not less than $500,000,000 (calculated at
the then applicable


 




    	 	-4-	 



     


    

 


exchange rate) and (ii) deposit accounts or
local equivalents maintained with any bank that satisfies the criteria described in clause (i) above; and


 


(j)           other
short-term investments utilized by any Loan Party, Foreign Subsidiary or other Subsidiary operating outside the United States in
accordance with normal investment practices for cash management in investments of a type analogous to the foregoing.


 


“CFC”
means a controlled foreign corporation (as that term is defined in Section 957(a) of the IRC).


 


“Change in Control”
means an event or a series of events by which (a) a Loan Party shall cease to own and control, of record and beneficially, directly
or indirectly, 100% of the aggregate issued and outstanding Equity Interests of the Borrower having ordinary voting power on a
fully diluted basis (which for this purpose shall exclude all Equity Interests that have not yet vested); (b) a Loan Party shall
cease to have the ability to elect (either through share ownership or contractual voting rights) a majority of the board of directors
or equivalent governing body of the Borrower; or (c) a majority of the Board of Directors of Globant S.A. (Luxembourg) are not
Continuing Directors.


 


“Change in Law”
means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law,
rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation
or application thereof by any Governmental Authority, or (c) the making or issuance of any request, rule, guideline or directive
(whether or not having the force of law) by any Governmental Authority; provided that, notwithstanding anything herein to
the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives
thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for
International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States
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 or issued.


 


“Collateral”
means any property of any Loan Party upon which a security interest in favor of the Administrative Agent for the benefit of the
Secured Parties is purported to be granted pursuant to any Security Document; provided, that only 65% of the total outstanding
voting Equity Interests of any first tier Subsidiary of a Loan Party that is a CFC (and none of the Equity Interests of any Subsidiary
of such CFC) shall be Collateral.


 


“Commitment”
means, with respect to each Lender, the commitment of such Lender to make Loans, expressed as an amount representing the maximum
aggregate amount of such Lender’s Credit Exposure hereunder, as such commitment may be reduced or increased from time to
time pursuant to assignments by or to such Lender pursuant to Section 9.4. The initial amount of each Lender’s
Commitment is set forth on Schedule 2.1, 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 is $40,000,000.


 




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“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 specified in Section 9.1(d)(ii).


 


“Compliance Certificate”
means a certificate substantially in the form of Exhibit G.


 


“Computation Period”
means, as of any date of calculation, the immediately preceding four consecutive fiscal quarters.


 


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


 


“Consolidated”
means, when used with reference to financial statements or financial statement items of Globant S.A. (Luxembourg) and its Subsidiaries
or any other Person, such statements or items on a consolidated basis in accordance with the consolidation principles of IFRS.


 


“Consolidated EBITDA”
means, for any period, the sum of the following determined on a Consolidated basis, without duplication, for Globant S.A. (Luxembourg)
and its Subsidiaries in accordance with IFRS, Consolidated Net Income for the most recently completed Computation Period plus,
to the extent deducted in determining such Consolidated Net Income, (i) Consolidated Interest Expense, (ii) income tax expense,
(iii) depreciation and amortization, (iv) non-cash management compensation expenses for such Period, (v) reasonable and documented
Transaction Costs, (vi) actual restructuring costs and integration costs in connection with any Acquisition, in each case to the
extent paid or made within twelve (12) months of the closing of such Acquisition, (vii) to the extent not duplicative of any other
expense or charge otherwise added back to Consolidated EBITDA, pro forma “run rate” cost savings and operating expense
reductions to be realized as a result of Acquisitions that are reasonably identifiable, factually supportable and projected by
the Borrower in good faith to result from actions that have been taken or with respect to which substantial steps have been taken
or are expected to be taken (in the good faith determination of the Borrower) within twelve (12) months after any such Acquisition,
net the amount of actual benefits realized during such period from such actions, provided, that the aggregate amount of
any such Transaction Costs, restructuring and integration costs, “run rate” cost savings and operating expense reductions
added back to the definition of Consolidated EBITDA under clauses (v) through (vii) of this definition during any
fiscal quarter, shall not exceed 10% of Consolidated EBITDA for such fiscal quarter, (viii) mark-to-market losses with respect
to Hedging Agreements and (ix) any loss incurred in connection with any sale or other disposition outside the ordinary course of
business, minus, to the extent included in determining Consolidated Net Income (a) mark-to-market gains with respect to
Hedging Agreements and (b) any gain incurred in connection with any sale or other disposition outside the ordinary course of business.


 


“Consolidated Interest
Expense” means, for any Computation Period, the sum of (a) all interest, premium payments, debt discount, fees, charges
and related expenses in


 




    	 	-6-	 



     


    

 


connection with borrowed money (including capitalized
interest) or in connection with the deferred purchase prices of assets, in each case to the extent treated as interest in accordance
with IFRS, (b) all interest paid or payable with respect to discontinued operations and (c) the portion of rent expense under Capital
Lease Obligations that are treated as interest in accordance with IFRS, in each case of or by Global S.A and its Subsidiaries on
a Consolidated basis for the relevant period.


 


“Consolidated Net
Income” means, as of any date of determination, the net income (or loss) of Globant S.A. (Luxembourg) and its Subsidiaries
on a Consolidated Basis for the most recently completed Computation Period; provided that, Consolidated Net Income shall
exclude (a) extraordinary gains and extraordinary losses for such Computation Period, (b) the income of any Subsidiary to the extent
that the declaration or payment of dividends or similar distributions by such Subsidiary of that income is not at the time permitted
by operation of Applicable Law or the terms of its organizational documents or any agreement or instrument applicable to such Subsidiary,
(c) the income or loss of any Person accrued prior to the date it becomes a Subsidiary or is merged into or consolidated with Globant
S.A. (Luxembourg) or any Subsidiary or the date that such Person’s assets are acquired by Globant S.A. (Luxembourg) or any
Subsidiary, to the extent that such income or loss is not attributable to Globant S.A. (Luxembourg) or any Subsidiary and (d) the
income of any Person in which any other Person (other than Globant S.A. (Luxembourg) or a Wholly Owned Subsidiary or any director
holding qualifying shares in accordance with Applicable Law) has a joint interest, except to the extent of the amount of dividends
or other distributions actually paid to Globant S.A. (Luxembourg)or a Wholly Owned Subsidiary by such Person during such Computation
Period.


 


“Consolidated Net
Revenue” means, as of any date of determination, the net revenue of Globant S.A. (Luxembourg) and its Subsidiaries on
a Consolidated basis for the most recently completed Computation Period.


 


“Consolidated Total
Debt” means, as of any date of determination, all Indebtedness of the Globant S.A. (Luxembourg) and its Subsidiaries
determined on a Consolidated basis (including any Indebtedness (contingent or otherwise) incurred in connection with an Acquisition
permitted hereunder) and, subject to the foregoing, excluding (a) contingent obligations in respect of Guarantees (except to the
extent constituting Guarantees in respect of Indebtedness of a Person other than any Loan Party), (b) obligations in respect of
one or more Hedging Agreements, and (c) contingent obligations in respect of undrawn letters of credit.


 


“Continuing Directors”
means, as of an date of determination, any director or manager (or their equivalent) of Globant S.A. (Luxembourg): (a) who was
a director or manager (or their equivalent) on the Effective Date; or (b) whose nomination for election to serve as director or
manager (or its equivalent) of Globant S.A. (Luxembourg) is recommended by a majority of the then Continuing Directors who at the
time of such nomination are members of the Corporate Governance and Nominating Committee of Globant S.A. (Luxembourg), or is otherwise
elected to the board of directors or managers (or their equivalent) with the approval of a majority of the then Continuing Directors
at the time of such election.


 


“Contractual Currency”
has the meaning set forth in Section 9.16.


 




    	 	-7-	 



     


    

 


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


 


“Control”
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.


 


“Credit Exposure”
means, as to any Lender at any time, the aggregate principal amount at such time of its outstanding Loans.


 


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


 


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


 


“Defaulting Lender”
means, subject to Section 2.21(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within
two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent
and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent
to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such
writing) has not been satisfied, or (ii) pay to the Administrative Agent or any other Lender any other amount required to be paid
by it hereunder within two Business Days of the date when due, (b) has notified the Borrower or the Administrative Agent in writing
that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless
such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position
is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any
applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed,
within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative
Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that, such Lender
shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the
Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject
of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator,
assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including
the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii)
become the subject of a Bail-in Action; provided that, a Lender shall not be a Defaulting Lender solely by virtue of the
ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental
Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts
within


 




    	 	-8-	 



     


    

 


the United States or from the enforcement of
judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow
or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is
a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent
manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.21(b)) upon delivery
of written notice of such determination to the Borrower and each Lender.


 


“Disclosed Matters”
means the actions, suits, litigation, investigations and proceedings and the environmental matters disclosed in Schedule 3.6.


 


“Disposition,”
with respect to any property, means any sale, lease, sale and leaseback, assignment, conveyance, transfer or other disposition
thereof. The terms “Dispose” and “Disposed of” have meanings correlative thereto.


 


“Disqualified Equity
Interests” means any Equity Interest that, by its terms (or by the terms of any security or other Equity Interest into
which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (i) matures or is mandatorily
redeemable (other than solely for Equity Interests that are not otherwise Disqualified Equity Interests), pursuant to a sinking
fund obligation or otherwise, (ii) is redeemable at the option of the holder thereof (other than solely for Equity Interests that
are not otherwise Disqualified Equity Interests), in whole or in part, (iii) provides for scheduled payments or dividends in cash
or (iv) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified
Equity Interests, in each case, prior to the date that is 91 days after the Maturity Date; provided, that if such Equity
Interests are issued to any plan for the benefit of employees of Globant S.A. (Luxembourg) or its Subsidiaries or by any such plan
to such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because they may be required
to be repurchased by the Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations.


 


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


 


“Domestic Subsidiary”
means any Subsidiary of the Borrower organized under the laws of any jurisdiction within the United States.


 


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


 


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


 


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


 




    	 	-9-	 



     


    

 


“Effective Date”
means the date on which the conditions specified in Section 4.1 are satisfied (or waived in accordance with Section 9.2).


 


“Eligible Assignee”
means any Person that meets the requirements to be an assignee under Section 9.4(b)(iii), (v) and (vi)
(subject to such consents, if any, as may be required under Section 9.4(b)(iii)).


 


“Environmental Laws”
means all Applicable Law relating in any way to the environment, preservation or reclamation of natural resources, the management,
storage, use, holding, collection, accumulation, generation, manufacture, processing, treatment, stabilization, disposition, handling,
transportation, release or threatened release of any Hazardous Material or to 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) violation of any Environmental
Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure
to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment, or (e) any contract,
agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.


 


“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 such equity interest.


 


“ERISA”
means the Employee Retirement Income Security Act of 1974.


 


“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 IRC or, solely for purposes of Section 302 of ERISA and Section 412 of the IRC, is
treated as a single employer under Section 414 of the IRC.


 


“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 determination that any Pension Plan
or Multiemployer Plan, as applicable, is considered an at-risk plan or that any Pension Plan or Multiemployer Plan, as applicable,
is endangered or is in critical status within the meaning of Sections 430, 431 or 432 of the IRC or Sections 303, 304 or 305 of
ERISA, (c) the incurrence by the Borrower or any ERISA Affiliate of any liability under Title IV of ERISA, other than for PBGC
premiums not yet due, (d) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice
relating to an intention to terminate any Pension Plan or to appoint a trustee to administer any Pension Plan or the occurrence
of any event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment
of a trustee to administer, any Pension Plan, (e) the appointment of a trustee to administer any Pension Plan, (f) the withdrawal
of the Borrower or any ERISA Affiliate from a


 




    	 	-10-	 



     


    

 


Pension Plan subject to Section 4063 of
ERISA during a plan year in which such entity was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or the
cessation of operations by the Borrower or any ERISA Affiliate that would be treated as a withdrawal from a Pension Plan under
Section 4062(d) of ERISA, (g) the partial or complete withdrawal by the Borrower or any ERISA Affiliate from any Multiemployer
Plan or a notification that a Multiemployer Plan is in reorganization, or (h) the taking of any action to terminate any Pension
Plan under Section 4041 or 4041A of ERISA.


 


“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 LIBO Rate.


 


“Event of Default”
has the meaning specified in Article VII.


 


“Excluded Swap Obligation”
means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such
Guarantor of, or the grant by such Guarantor of a security interest to secure, 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 Guarantor’s failure for any reason to constitute
an “eligible contract participant” as defined in the Commodity Exchange Act and any other “keepwell, support
or other agreement” for the benefit of such Guarantor and any and all guarantees of such Guarantor’s Swap Obligations
by other Loan Parties) at the time the Guarantee of such Guarantor, or a grant by such Guarantor of a security interest, becomes
effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap,
such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or
security interest is or becomes excluded in accordance with the first sentence of this definition.


 


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


 




    	 	-11-	 



     


    

 


Recipient’s failure to comply with Section 2.17(g)
or Section 2.17(h), and (d) any U.S. federal withholding Taxes imposed under FATCA.


 


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


 


“FATCA”
means Sections 1471 through 1474 of the IRC, 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,
any agreement entered into pursuant to Section 1471(b)(1) of the IRC, and any applicable intergovernmental agreements (and
related official administrative guidance) with respect thereto.


 


“FCPA”
has the meaning specified in Section 3.23.


 


“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 arranged by Federal funds brokers, 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 rate (rounded upwards, if necessary, to the next 1/100 of 1%) charged by HSBC for such day for such
transactions as determined by the Administrative Agent.


 


“Financial Officer”
means, with respect to any Person, the chief financial officer, principal accounting officer, treasurer or controller of such Person.


 


“Foreign Lender”
means a Lender that is not a U.S. Person.


 


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


 


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


 


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


 


“Funding Rules”
means the requirements relating to the minimum required contributions (including any installment payments) to Pension Plans and
Multiemployer Plans, as applicable, and set forth in Sections 412 of the IRC and Section 302 of ERISA for periods prior to
the effective date of the Pension Protection Act of 2006 and Sections 412, 430, 431, 432 and 436 of the IRC and Sections 302, 303,
304 and 305 of ERISA for periods on and after the effective date of the Pension Protection Act of 2006.


 


“Globant S.A. (Luxembourg)”
means Globant S.A., a public limited company organized under the laws of the Grand Duchy of Luxembourg.


 




    	 	-12-	 



     


    

 


“Globant S.A. (Spain)”
means Globant S.A., a single shareholder corporation organized under the laws of the Kingdom of Spain.


 


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


 


“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.


 


“Guarantor”
means Globant S.A. (Luxembourg), Globant S.A. (Spain) and each other Material Subsidiary that makes a guaranty of the Obligations
in favor of the Administrative Agent for the benefit of the Secured Parties pursuant to Section 5.9; provided, that
no CFC shall be a Guarantor.


 


“Guaranty Agreement”
means each of the Luxembourg Guaranty Agreement, the Spanish Guaranty Agreement and any other guaranty made by a Guarantor in favor
of the Administrative Agent for the benefit of the Secured Parties pursuant to the terms hereof.


 


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


 


“Hedging Agreement”
means any agreement with respect to any swap, cap, collar, forward, future 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


 




    	 	-13-	 



     


    

 


current or former directors, officers, employees
or consultants of the Borrower or the Subsidiaries shall be a Hedging Agreement.


 


“HSBC”
has the meaning specified in the preamble.


 


“IFRS”
means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable to the relevant
financial statements delivered under or referred to herein.


 


“Increased Cost
Lender” has the meaning specified in Section 2.19(b).


 


“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 upon which interest charges are
customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property
acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding
accounts payable incurred in the ordinary course of business that are not more than 60 days past due or that are currently being
contested in good faith by appropriate proceedings in accordance with Section 5.4), (f) 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, (g) all Guarantees
by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or
otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) Disqualified Equity
Interests of such Person, (k) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances,
and (l) all obligations, contingent or otherwise, of such Person under Hedging Agreements; provided that Indebtedness shall
not include (i) any purchase price adjustment, earn-out, holdback or deferred payment of a similar nature incurred in connection
with an Acquisition permitted under this Agreement so long as not evidenced by a note or similar written instrument (except to
the extent that the amount payable pursuant to such purchase price adjustment, earn-out, holdback or deferred payment is reflected,
or would otherwise be required to be reflected as a liability on a balance sheet prepared in accordance with IFRS) or (ii) prepaid
or deferred revenue in connection with the sale of goods and/or the performance of services (including those related to customer
advances) in the ordinary course of business. 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.


 


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


 


“Indemnitee”
has the meaning specified in Section 9.3(b).


 


“Information”
has the meaning specified in Section 9.12.


 




    	 	-14-	 



     


    

 


“Interest Election
Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.7,
which shall be substantially in the form of Exhibit F.


 


“Interest Payment
Date” means (a) with respect to any Base Rate Loan, the last day of each March, June, September and December, 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.


 


“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, two, three or six months thereafter, as the Borrower may elect; provided
that, (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest
Period shall end on the next preceding Business Day, and (b) any Interest Period that commences on the last Business Day of a calendar
month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall
end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially
shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation
of such Borrowing.


 


“Investment”
means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of any direct
or indirect advance, loan or other extension of credit (including by way of Guarantee or similar arrangement) or capital contribution
to (by means of any transfer of cash or other property or any payment for property or services for the account or use of others),
or any purchase or acquisition of Equity Interests, evidences of Indebtedness or other securities of, such other Person and all
other items that are or would be classified as investments on a balance sheet prepared in accordance with IFRS, and any purchase
or other acquisition (in one transaction or a series of transactions) of any assets of any other Person constituting a business
unit; provided that, the endorsement of negotiable instruments and documents in the ordinary course of business will not
be deemed to be an Investment.


 


“IRC”
means the Internal Revenue Code of 1986.


 


“IRS”
means the United States Internal Revenue Service.


 


“Judgment Currency”
has the meaning set forth in Section 9.16.


 


“Lender”
means each Person listed on Schedule 2.1 and any other Person that shall have become a party hereto as a Lender pursuant
to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.


 


“Lender Provided
Financial Service Product” means any agreement or other arrangements under which any Lender or any Affiliate of any Lender
provides any of the


 




    	 	-15-	 



     


    

 


following products or services to any of the
Loan Parties: (a) credit cards, (b) credit card processing services, (c) debit cards, (d) purchase cards, (e) gift cards, (f) ACH
transactions, (g) cash management, including electronic funds transfer, controlled disbursement, accounts or services, (h) overdraft,
or (i) foreign currency exchange.


 


“Lender Provided
Hedging Agreement” means any Hedging Agreement between a Loan Party and a counterparty that is a Lender or an Affiliate
of a Lender.


 


“LIBO Rate”
means, with respect to any Eurodollar Borrowing for any Interest Period, the rate per annum equal to the London interbank offered
rate as administered by ICE Benchmark Administration Limited (or any successor to, or substitute for, such service, providing rate
quotations comparable to those currently provided by ICE Benchmark Administration Limited, as determined by the Administrative
Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank
market) for deposits in Dollars (for delivery on such day) for such Interest Period as displayed on the Bloomberg Page BBAM1 screen
page that displays such rate (or, in the event such rate does not appear on a page of the Bloomberg Page BBAM1 screen, on the appropriate
page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time
in its reasonable discretion) at approximately 11:00 a.m. (London time) on the day which is two Business Days prior to the first
day of such Interest Period for a term comparable to such Interest Period; provided if such offered rate shall be less than
zero, such rate shall be zero for the purposes of this Agreement. In the event that no such rate is available to the Administrative
Agent, LIBO Rate shall be equal to a rate per annum equal to the average rate (rounded upwards, if necessary, to the next 1/100
of 1%) at which the Administrative Agent determines that Dollars in an amount comparable to the amount of the applicable advances
are being offered to prime banks at approximately 11:00 a.m. (London time) on the day which is two Business Days prior to the first
day of such Interest Period for a term comparable to such Interest Period for settlement in immediately available funds by leading
banks in the London interbank market selected by the Administrative Agent; provided if such determination by the Administrative
Agent shall be less than zero, such rate shall be deemed to be zero for the purposed of this Agreement.


 


“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, (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, and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such
securities.


 


“Loan Document”
means this Agreement, each Guaranty Agreement, the Security Documents, the Notes and any other documents, agreements, certificates
or instruments executed by or on behalf of any Loan Party or entered into in connection herewith.


 


“Loan Party”
means, individually, each of the Borrower and each Guarantor and “Loan Parties” means, collectively, the Borrower
and Guarantors.


 




    	 	-16-	 



     


    

 


“Loans”
means the revolving loans made by the Lenders to the Borrower pursuant to Section 2.1.


 


“Luxembourg Guaranty
Agreement” means the guaranty made by the Globant S.A. (Luxembourg) in favor of the Administrative Agent for the benefit
of the Secured Parties, in form and substance satisfactory to the Administrative Agent.


 


“Material Adverse
Effect” means a material adverse effect on (a) the business, assets, property, operations or financial condition of the
Loan Parties and the Subsidiaries of the Borrower, taken as a whole, (b) the ability of any Loan Party to perform any of its obligations
under any Loan Document, or (c) the validity or enforceability of this Agreement or any other Loan Document or the rights of or
remedies or benefits available to the Administrative Agent and the Lenders under the Loan Documents.


 


“Material Indebtedness”
means Indebtedness (other than the Loans), or obligations in respect of one or more Hedging Agreements, of any one or more of the
Loan Parties in an aggregate principal amount exceeding $10,000,000. For purposes of determining Material Indebtedness, the “principal
amount” of the obligations of any Loan Party in respect of any Hedging Agreement at any time shall be the maximum aggregate
amount that such Loan Party would be required to pay if such Hedging Agreement were terminated at such time.


 


“Material Subsidiary”
means any direct and indirect Subsidiary of the Borrower that at any date of determination, holds more than $5,000,000 in assets
(as determined in accordance with IFRS) and has generated more than $5,000,000 in revenue (determined in accordance with IFRS)
for the Computation Period ending on the last day of the most recent period for which financial statements have been delivered
after the Effective Date pursuant to Section 5.1; provided that all Subsidiaries that are not individually a “Material
Subsidiary” shall not have aggregate total assets of more than $5,000,000 as of such date (determined in accordance with
IFRS) or have generated more than $5,000,000 in aggregate total revenues (determined in accordance with IFRS) for such Computation
Period.


 


“Maturity Date”
means August 2, 2022 or any earlier date on which repayment of the Obligations in respect of Loans is accelerated pursuant to the
terms hereof.


 


“Maximum Leverage
Ratio” means, as of the last day of any fiscal quarter, the ratio of (a) Consolidated Total Debt as of such day to
(b) Consolidated EBITDA for the Computation Period ending on such day.


 


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


 


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


 


“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all
affected Lenders in accordance with the terms of Section 9.2(b), and (b) has been approved by the Required Lenders.


 




    	 	-17-	 



     


    

 


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


 


“Note”
has the meaning specified in Section 2.9(e).


 


“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document,
or otherwise with respect to any Loan, in each case whether direct or indirect (including those acquired by assumption), absolute
or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement
by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Law naming such Person as the debtor
in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding; provided that the
“Obligations” shall exclude any Excluded Swap Obligations.


 


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


 


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


 


“Participant”
has the meaning specified in Section 9.4(d).


 


“Participant Register”
has the meaning specified in Section 9.4(d).


 


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


 


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


 


“Pension Plan”
means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412
of the IRC 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.


 


“Permitted Encumbrances”
means:


 




    	 	-18-	 



     


    

 


(a)          Liens
imposed by law for taxes that are not yet due or are being contested in compliance with Section 5.4;


 


(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 30 days or are being contested in compliance
with Section 5.4;


 


(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, other than any Lien imposed by ERISA;


 


(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;


 


(e)          judgment
liens in respect of judgments that do not constitute an Event of Default under Section 7.1(k);


 


(f)           easements,
zoning restrictions, rights-of-way and 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;


 


(g)          any
interest or title of a lessor under any operating lease entered into by the Borrower or any Subsidiary in the ordinary course of
its business and covering only the assets so leased;


 


(h)          leases
and subleases granted to others by the Borrower or any Subsidiary of the Borrower in the ordinary course of business on any real
property that do not materially interfere with the ordinary conduct of the business of the Borrower or any of its Subsidiaries;


 


(i)           non-exclusive
licenses of intellectual property granted in the ordinary course of business which do not, in any case, (x) materially detract
from the value of the intellectual property subject thereto or (y) materially interfere with the ordinary conduct of the business
of the Borrower or any of its Subsidiaries and exclusive licenses of intellectual property granted in connection with any sale
of assets permitted hereunder;


 


(j)           Liens
in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with
the importation of goods;


 


(k)          Liens
arising solely by virtue of any statutory or common law provision relating to bankers’ liens, rights of setoff or similar
rights;


 


(l)           customary
restrictions on dispositions of assets to be disposed of pursuant to merger agreements, stock or asset purchase agreements and
similar agreements, in each case, to the extent the entry into such agreements is otherwise permitted hereunder;


 




    	 	-19-	 



     


    

 


(m)         Liens
securing lease, utility and other similar deposits in the ordinary course of business;


 


(n)          setoff
rights in connection with repurchase obligations in favor of the counterparty to such obligations in connection with Cash Equivalent
Investments of a type referred to in clause (d) of the definition thereof; and


 


(o)          customary
restrictions on assignment and transfer in intellectual property licenses under which the Borrower or any Subsidiary is a licensor
or licensee;


 


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


 


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


 


“Plan”
means any employee benefit plan (as defined in Section 3(3) of ERISA, including a Pension Plan), maintained, contributed to
or required to be contributed to, by the Borrower or with respect to which the Borrower may have any liability.


 


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


 


“Prime Rate”
means the rate of interest per annum publicly announced from time to time by HSBC as its “prime rate” in effect at
its office located at New York, New York; each change in the Prime Rate shall be effective from and including the date such change
is publicly announced as being effective. The “prime rate” is a rate set by HSBC based upon various factors including
HSBC’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing
some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by HSBC shall take effect
at the opening of business on the day specified in the public announcement of such change.


 


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


 


“Register”
has the meaning specified in Section 9.4(c).


 


“Regulation U”
means Regulation U of the FRB.


 


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


 


“Removal Effective
Date” has the meaning specified in Section 8.6.


 


“Required Lenders”
means, at any time, at least two Lenders having more than 50% of the Aggregate Credit Exposure of all Lenders; provided
that, at any time only one Lender holds the Aggregate Credit Exposure, such Lender shall constitute the Required Lenders for


 




    	 	-20-	 



     


    

 


purposes hereof. The Credit Exposure of any
Defaulting Lender shall be disregarded in determining Required Lenders at any time.


 


“Resignation Effective
Date” has the meaning specified in Section 8.6(a).


 


“Responsible Officer”
means the chief executive officer, chief operating officer, president or Financial Officer of the Borrower, Globant S.A. (Luxembourg)
or Globant S.A.U. (Spain), as applicable.


 


“Restricted Payment”
means (i) 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 Subsidiary or any option, warrant or other right to acquire any such Equity Interests in the Borrower
or any Subsidiary, (ii) any payment of management fees or similar fees by the Borrower or any Subsidiary to any of its equity holders
or any Affiliate thereof and (iii) any purchase of Equity Interests from present or former officers, directors or employees (or
their respective spouses, ex-spouses or estates) of any Loan Party or any of their Subsidiaries in connection with restricted stock
or the exercise of stock options, stock appreciation rights or similar equity incentives or equity based incentives pursuant to
management incentive plans upon the death, disability, retirement, severance or termination of employment of such officer, director
or employee.


 


“S&P”
means S&P Global Ratings, a division of Standard & Poor’s Financial Services LLC, and any successor thereto.


 


“Sanctions”
has the meaning specified in Section 3.14.


 


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


 


“Secured Obligations”
means, collectively, (i) the Obligations, and (ii) all obligations of any Loan Party under any Lender Provided Hedging Agreement
or any Lender Provided Financial Service Product, in each case whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after
the commencement by or against any Loan Party of any proceeding under any Debtor Relief Law naming such Person as the debtor in
such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding; provided that, the
“Secured Obligations” shall exclude any Excluded Swap Obligations.


 


“Secured Parties”
means the Administrative Agent, each Lender and any other holder of Secured Obligations.


 


“Security Agreement”
means the Security Agreement made by the Loan Parties in favor of the Administrative Agent for the benefit of the Secured Parties,
substantially in the form of Exhibit C.


 




    	 	-21-	 



     


    

 


“Security Documents”
means the Security Agreement and all other security documents hereafter delivered to the Administrative Agent granting a Lien on
any property of any Person to secure the Secured Obligations.


 


“Spanish Guaranty
Agreement” means the guaranty made by the Globant S.A. (Spain) in favor of the Administrative Agent for the benefit of
the Secured Parties, in form and substance satisfactory to the Administrative Agent.


 


“Subsidiary”
means, with respect to any Person, any other Person the accounts of which would be consolidated with those of such Person in such
Person’s consolidated financial statements if such financial statements were prepared in accordance with IFRS as well as
any other Person (a) 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 such Person, or (b) that is, as of such date, otherwise Controlled by such Person. Unless the
context otherwise specifically requires, the term “Subsidiary” shall refer to a Subsidiary of the Borrower.


 


“Swap Obligations”
means with respect to any 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.


 


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


 


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


 


“Trade Date”
has the meaning specified in Section 9.4(b)(i)(B).


 


“Transaction Costs”
means, with respect to the Transactions or any Acquisition, the reasonable and documented fees, charges and other amounts related
to the Transactions (including, in each case, any reasonable and documented underwriting, commitment, arrangement, structuring
or similar fees), reasonable and documented merger and acquisition fees (including any investment and banking or brokerage fees),
reasonable and documented legal fees and expenses, consulting and valuation fees, due diligence fees or any other fees and expenses
in connection therewith).


 


“Transactions”
means the execution, delivery and performance by the Loan Parties of the Loan Documents, the borrowing of Loans and the use of
the proceeds thereof.


 


“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 LIBO Rate or the Alternate Base Rate.


 


“UK Bribery Act”
has the meaning specified in Section 3.23.


 




    	 	-22-	 



     


    

 


“United States”
and “U.S.” mean the United States of America.


 


“Unrestricted Cash”
means, as of any date of determination, the aggregate cash and investments described in clauses (a) through (h) of
the definition of Cash Equivalent Investments including in the cash and investments described in clauses (a) through (h)
of the definition of Cash Equivalent Investments listed on the consolidated balance sheet of the Borrower, without duplication
and in accordance with IFRS, as at such date (excluding any amount thereof listed as “restricted”).


 


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


 


“U.S. Tax Compliance
Certificate” is defined in Section 2.17(g).


 


“Wholly Owned Subsidiary”
means, as to any Person, any other Person all of the Equity Interests of which (other than directors’ qualifying shares required
by law) are owned by such Person directly and/or through other Wholly Owned Subsidiaries.


 


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


 


“Write-Down and
Conversion Powers” means, 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.


 


Section 1.2           Classification
of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Type (e.g., a “Eurodollar
Loan”). Borrowings also may be classified and referred to by Type (e.g., a “Eurodollar Borrowing”).


 


Section 1.3           Terms
Generally; Rules of Construction. The definitions of terms herein shall apply equally to the singular and plural forms of the
terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.
The words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”. The word “will” shall be construed to have the same meaning and effect as the word
“shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, amended
and restated, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications
set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns,
(c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed
to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections,
Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement,
(e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended,
modified or supplemented from time to time, and (f) 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.


 




    	 	-23-	 



     


    

 


Section 1.4           Accounting
Terms and Determinations; IFRS. Except as otherwise expressly provided herein, all terms of an accounting or financial nature
shall be construed in accordance with IFRS, as in effect from time to time; provided that, if the Borrower notifies the
Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring
after the date hereof in IFRS or in the application thereof on the operation of such provision (or if the Administrative Agent
notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether
any such notice is given before or after such change in IFRS or in the application thereof, then such provision shall be interpreted
on the basis of IFRS 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.


 


Section 1.5           Rounding.
Any financial ratios required to be maintained by the Borrower 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.


 


Section 1.6           Time
of Day. Unless otherwise specified, all references herein to time of day shall be references to Eastern time (daylight or standard,
as applicable).


 


Article
II


 


The Credits


 


Section 2.1           Commitments.
Subject to the terms and conditions set forth herein, each Lender (severally and not jointly) agrees to make Loans to the Borrower
in Dollars from time to time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s
Credit Exposure exceeding such Lender’s Commitment then in effect, or (ii) the sum of the total Credit Exposure exceeding
the aggregate Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may
borrow, prepay and reborrow Loans.


 


Section 2.2           Loans
and Borrowings. (a) Each 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.


 


(b)          Subject
to Section 2.13, each Borrowing shall be comprised entirely of Base Rate Loans or Eurodollar Loans as the Borrower
may request in accordance with this Agreement; provided that, all Borrowings made on the Effective Date must be made as
Base Rate Borrowings (unless the Borrower executes a funding indemnity letter in form and substance reasonably satisfactory to
the Administrative Agent) but may be converted into Eurodollar Borrowings in accordance with Section 2.7. 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;


 




    	 	-24-	 



     


    

 


provided that, any exercise of such
option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.


 


(c)          At
the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is an
integral multiple of $1,000,000 and not less than $5,000,000. At the time that each Base Rate Borrowing is made, such Borrowing
shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $100,000; provided that, a Base
Rate Borrowing may be in an aggregate amount that is equal to the entire unused balance of the aggregate Commitments then in effect.
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 seven 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 Eurodollar
Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.


 


Section 2.3           Requests
for Borrowings. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by submitting a
Borrowing Request signed by the Borrower by (a) in the case of a Eurodollar Borrowing, not later than 1:00 p.m. three Business
Days before the date of the proposed Borrowing or (b) in the case of a Base Rate Borrowing, not later than 1:00 p.m. one Business
Day before the date of the proposed Borrowing. Each such Borrowing Request shall be irrevocable and shall be submitted by hand
delivery, telecopy or electronic communication to the Administrative Agent. Each such Borrowing Request shall specify the following
information in compliance with Section 2.2:


 


(i)          the
aggregate principal amount of the requested Borrowing;


 


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


 


(iii)        whether
such Borrowing is to be a Base Rate Borrowing or a Eurodollar Borrowing;


 


(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”; and


 


(v)         the
location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements
of Section 2.6.


 


If no election as to the Type of Borrowing
is specified, then the requested Borrowing shall be a Base Rate 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, 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.


 


Section 2.4           Reserved.


 




    	 	-25-	 



     


    

 


Section 2.5           Reserved.


 


Section 2.6           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 noon 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. 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 in New York, New York and designated by the Borrower in the applicable Borrowing Request.


 


(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 and
may, in its sole and absolute discretion 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 Base Rate Loans. If such Lender pays such amount to the Administrative
Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. If the Borrower and such Lender shall
pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit
to the Borrower the amount of such interest paid by the Borrower for such period. Any payment by the Borrower shall be without
prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative
Agent. Nothing in this Section 2.6(b) shall obligate the Administrative Agent to prefund any amount.


 


Section 2.7           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 or as otherwise specified in Section 2.3. 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. 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, and the Loans comprising each such portion
shall be considered a separate Borrowing.


 


(b)          To
make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by submitting an
Interest Election Request signed by the Borrower by the time that a Borrowing Request would be required under Section 2.3
if the


 




    	 	-26-	 



     


    

 


Borrower were requesting a Borrowing of the
Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall
be irrevocable and shall be submitted by hand delivery, telecopy or electronic communication to the Administrative Agent.


 


(c)          Each
written Interest Election Request shall specify the following information in compliance with Section 2.2:


 


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


 


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


 


(iii)        whether
the resulting Borrowing is to be a Base Rate 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 a Base Rate 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 a Base Rate Borrowing at the end of the Interest
Period applicable thereto.


 


Section 2.8           Termination
and Reduction of Commitments. (a)          Unless previously terminated,
the Commitments shall be automatically and permanently reduced to zero on the Maturity Date.


 


(b)          The
Borrower may, at any time and from time to time, reduce or terminate the Commitments; provided that, (i) each partial reduction
of the Commitment shall be in a


 




    	 	-27-	 



     


    

 


minimum amount of $5,000,000 or in an integral
multiple of $1,000,000 in excess thereof, and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving
effect to any concurrent prepayment of the Loans in accordance with Section 2.10, the sum of the Credit Exposure would
exceed the aggregate Commitments.


 


(c)          The
Borrower shall notify the Administrative Agent of any election to reduce or terminate the Commitments under clause (b)
of this Section at least three Business Days prior to the effective date of such reduction or termination, specifying such election
and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders
of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided
that, any such notice of reduction or termination of the Commitments delivered by the Borrower may state that such notice is conditioned
upon the effectiveness of other credit facilities or the closing of another transaction, 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 reduction or termination of the Commitments shall be permanent.


 


(d)          Each
reduction in the Commitments shall be made ratably among the Lenders in accordance with their respective applicable Commitments.


 


Section 2.9           Repayment
of Loans; Evidence of Debt.


 


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


 


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


 


(c)          The
Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder and any promissory
note evidencing such Loan, the Type thereof and the Interest Period, if any, applicable thereto, (ii) the amount of any principal
or interest due and payable or to become due and payable from the Borrower to each Lender hereunder, and (iii) the amount of any
sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof.


 


(d)          The
entries made in the accounts maintained pursuant to clause (b) or (c) of this Section shall be prima facie
evidence of the existence and amounts of the Obligations recorded therein; provided that, the failure of any Lender or the
Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower
to repay the Obligations or the Loans in accordance with the terms of this Agreement.


 


(e)          Any
Lender may request that Loans made by it be evidenced by a promissory note (each, a “Note”) substantially in
the form of Exhibit A. In such event, the Borrower shall prepare, execute and deliver to such Lender a Note payable
to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns). Thereafter,


 




    	 	-28-	 



     


    

 


the Loans evidenced by such Note and interest
thereon shall at all times (including after assignment pursuant to Section 9.4) be represented by one or more Notes
payable to the order of the payee named therein.


 


Section 2.10         Prepayment
of Loans.


 


(a)          Voluntary.
The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior
notice in accordance with this Section.


 


(b)          Notice
Matters. The Borrower shall notify the Administrative Agent by submitting a written notice signed by the Borrower (by hand
delivery, telecopy or electronic communication) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing,
not later than 1:00 p.m. three Business Days before the date of prepayment, or (ii) in the case of prepayment of a Base Rate Borrowing,
not later than 1:00 p.m. one Business Day before the date of prepayment. 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, any such
notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.8,
then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.8.
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 under Section 2.10(a) 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 2.2. Prepayments shall be
accompanied by accrued interest to the extent required by Section 2.12. If a Eurodollar Loan is prepaid on any day
other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.16.


 


(c)          Overadvance.
The Borrower shall prepay Loans hereunder in such amounts and at such times (including in connection with any optional or scheduled
reduction of the total amount of the Commitments) to assure that the total Credit Exposure does not exceed the then-current total
aggregate amount of Commitments.


 


Section 2.11         Fees.


 


(a)          Commitment
Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee, which shall accrue
at 0.25% of the daily amount of the unused Commitment (if any) of such Lender during the period from and including the Effective
Date to but excluding the date on which such Commitment terminates. Accrued commitment fees shall be payable in arrears on the
last day of March, June, September and December of each year and on the date on which the Commitments terminate, commencing on
the first such date to occur after the date hereof.


 


(b)          Administrative
Agent’s Fees. The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts
and at the times separately agreed upon between the Borrower and the Administrative Agent.


 




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(c)          Computation
of Fees; Etc. All fees payable under this Section shall be computed on the basis of a year of 360 days and shall be payable
for the actual number of days elapsed (including the first day but excluding the last day). Each determination by the Administrative
Agent of a fee hereunder shall be conclusive absent manifest error. All fees payable hereunder shall be paid on the dates due,
in immediately available funds, to the Administrative Agent for distribution, in the case of commitment fees, to the Lenders. Fees,
once paid, shall be fully earned and shall not be refundable under any circumstances.


 


Section 2.12         Interest.


 


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


 


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


 


(c)          Notwithstanding
anything to the contrary herein, upon the request of the Required Lenders, at any time an Event of Default exists, (i) the Applicable
Rate with respect to each Loan shall be increased by 2%, and (ii) all other amounts payable by the Borrower hereunder shall bear
interest at a rate 2% above the rate applicable to Base Rate Borrowings as provided in clause (a) above, in each of
the foregoing clauses (i) and (ii), after as well as before judgment; provided, that the increases described
in this clause (c) shall be effective immediately upon (x) any amount of principal of any Loan not being paid when due (without
regard to any applicable grace period), whether at stated maturity, by acceleration or otherwise, or (y) an Event of Default described
in Section 7.1(h) or Section 7.1(i).


 


(d)          Accrued
interest on each Loan 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 shall be payable on demand, (ii)
in the event of any repayment or prepayment of any Loan (other than a prepayment of a Base Rate 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 at times when the Alternate Base Rate is based on the Prime 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 or LIBO Rate shall be determined by the Administrative Agent, and
such determination shall be conclusive absent manifest error.


 


Section 2.13         Alternate
Rate of Interest. Notwithstanding any other provision of this Agreement, if prior to the commencement of any Interest Period
for a Eurodollar Borrowing:


 




    	 	-30-	 



     


    

 


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


 


(b)          the
Administrative Agent is advised by the Required Lenders that the LIBO Rate for such Interest Period will not adequately and fairly
reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for an Interest Period with the
duration of such Interest Period;


 


then the Administrative Agent shall give notice
thereof to the Borrower and the Lenders by telephone, followed promptly by written confirmation thereof delivered by telecopy or
(if arrangements for doing so have been approved by the Administrative Agent) electronic communication as promptly as practicable
thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such
notice no longer exist, then (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation
of any Borrowing as, a Eurodollar Borrowing with an Interest Period having the duration of such Interest Period shall be ineffective
and any such Eurodollar Borrowing shall be repaid on the last day of the then current Interest Period applicable thereto and (ii)
if any Borrowing Request requests a Eurodollar Borrowing with an Interest Period having the duration of such Interest Period, such
Borrowing shall be made as a Eurodollar Borrowing having an Interest Period with the shortest available duration described in the
definition of “Interest Period” or, in the absence of any such available duration, as a Base Rate Borrowing.


 


Section 2.14         Increased
Costs.


 


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


 


(i)          impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets
of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated
by Section 2.14(e));


 


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


 


(iii)        impose
on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or
Loans made by such Lender;


 


and the result of any of the foregoing shall
be to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining any Loan or
of maintaining its obligation to make any such Loan, or to reduce the amount of any sum received or receivable by such Lender or
other Recipient hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or other Recipient,
the Borrower will pay to such Lender or other Recipient, as the case may be, such additional amount or amounts as will compensate
such


 




    	 	-31-	 



     


    

 


Lender or other Recipient, as the case may
be, for such additional costs incurred or reduction suffered.


 


(b)          Capital
Requirements. If any Lender determines that any Change in Law affecting such Lender or any lending office of such Lender or
such Lender’s holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing
the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence
of this Agreement, the Commitments of such Lender or the Loans made by such Lender, to a level below that which such Lender or
such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s
policies and the policies of such Lender’s holding company with respect to capital adequacy and liquidity), then from time
to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s
holding company for any such reduction suffered.


 


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


 


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


 


(e)          Eurocurrency
Liabilities. The Borrower shall pay to each Lender, as long as such Lender shall be required to maintain reserves with respect
to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”),
additional interest on the unpaid principal amount of each Eurodollar Loan equal to the actual costs of such reserves allocated
to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall
be due and payable on each date on which interest is payable on such Loan; provided that, the Borrower shall have received
at least ten (10) days’ prior notice (with a copy to the Administrative Agent) of such additional interest from such Lender.
If a Lender fails to give notice ten (10) days prior to the relevant Interest Payment Date, such additional interest shall be due
and payable ten (10) days from receipt of such notice.


 


Section 2.15         Change
in Legality. Notwithstanding any other provision of this Agreement, if any Change in Law shall make it unlawful for any Lender
to make or maintain, or convert any Loan into, a Eurodollar Loan, then, upon written notice by such Lender to the


 




    	 	-32-	 



     


    

 


Borrower and to the Administrative Agent, which
notice shall specify the extent of such unlawfulness (e.g., whether such unlawfulness applies to Eurodollar Loans generally or
only to Interest Periods of a particular length):


 


(a)          any
request for the making or continuation of, or the conversion of Base Rate Loans into, Eurodollar Loans shall, solely as to such
Lender and to the extent a Eurodollar Loan by such Lender would be (or during the applicable Interest Period would become) unlawful,
be disregarded and the portion of the Loan of such Lender that would be part of the applicable Borrowing of Eurodollar Loans shall
be made as, converted to or continue to be maintained as a Base Rate Loan (or bear interest at such other rate as may be agreed
between the Borrower and such Lender); and


 


(b)          each
outstanding Eurodollar Loan of such Lender shall, on the last day of the Interest Period therefor (unless such Loan may be continued
as a Eurodollar Loan for the full duration of any requested new Interest Period without being unlawful) or on such earlier date
as such Lender shall specify is necessary pursuant to the applicable Change in Law, convert to a Base Rate Loan.


 


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 or as a result of any prepayment pursuant to Section 2.10),
(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 2.8(c) 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. Such loss, cost or expense to any Lender shall be deemed to include an amount determined by
such Lender to be the excess, if any, of (i) the amount of interest that would have accrued on the principal amount of such Loan
had such event not occurred, at the 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 that would accrue on such
principal amount for such period at the interest rate that such Lender would bid were it to 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 any amount or amounts that such Lender is entitled to receive pursuant to this Section, including in reasonable summary detail
a description of the basis for such compensation and a calculation of such amount or amounts, 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         Taxes.


 


(a)          FATCA.
For purposes of this Section 2.17, the term “Applicable Law” includes FATCA.


 




    	 	-33-	 



     


    

 


(b)          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
without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in the
good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment
by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall
timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if
such Tax is an Indemnified Tax, then the sum payable by the applicable 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) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding
been made.


 


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


 


(d)          Indemnification
by the 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) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient
and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability
delivered to the Borrower by a 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 9.4(d) relating to the maintenance
of a Participant Register, and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by
the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto,
whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as
to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to 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 the Lender from any other source against any
amount due to the Administrative Agent under this clause (e).


 


(f)           Evidence
of Payments. 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


 




    	 	-34-	 



     


    

 


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.


 


(g)          Status
of Lenders.


 


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


 


(ii)         Without
limiting the generality of the foregoing, 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-


 




    	 	-35-	 



     


    

 


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


 


(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,
IRS Form W-8BEN or W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit D-2 or Exhibit D-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 D-4
on behalf of each such direct and indirect partner; and


 


(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.


 




    	 	-36-	 



     


    

 


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


 


(i)           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 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 (i) (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 (i), in no event will
the indemnified party be required to pay any amount to an indemnifying party pursuant to this clause (i) the payment of
which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in
if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the
indemnification payments or additional amounts with respect to such Tax had never been paid. This clause (i) 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.


 


(j)           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 other Obligations.


 


(k)          Updates.
Each Lender agrees that if any form or certification it previously delivered pursuant to this Section 2.17 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.


 




    	 	-37-	 



     


    

 


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


 


(a)          The
Borrower shall make each payment required to be made by it hereunder (whether of principal, interest or fees, or of amounts payable
under Section 2.14, 2.16 or 2.17, or otherwise) prior to 2:00 p.m. on the date when due, in immediately
available funds, without defense, deduction, recoupment, setoff or counterclaim. Any amounts received after such time on any date
may, in the sole and absolute discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business
Day for purposes of calculating interest thereon and fees with respect thereto. All such payments shall be made to the Administrative
Agent at its offices at 425 5th Avenue, New York, NY 10018, except that payments pursuant to Sections 2.14, 2.16,
2.17 and 9.3 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.
All payments hereunder shall be made in Dollars.


 


(b)          Except
as otherwise provided in Section 7.2, if, at any time, insufficient funds are received by and available to the Administrative
Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first,
towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts
of interest and fees then due to such parties, and (ii) second, towards payment of principal then due hereunder, ratably
among the parties entitled thereto in accordance with the amounts of principal then due to such parties.


 


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


 


(x) 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


 


(y) the provisions
of this Section 2.18(c) shall not be construed to apply to (A) any payment made by the Borrower pursuant to and in
accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting
Lender), or (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its
Loans to any assignee or participant.


 




    	 	-38-	 



     


    

 


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.


 


(d)          Unless
the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative
Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may in its
sole and absolute discretion assume that the Borrower has made such payment on such date in accordance herewith and may, in its
sole and absolute discretion in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the
Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith
on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount
is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective
Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. Nothing
in this Section 2.18(d) shall obligate the Administrative Agent to prefund any amount.


 


(e)          The
obligations of the Lenders hereunder to make Loans and to make payments pursuant to Section 9.3(c) are several and
not joint. The failure of any Lender to make any Loan, to fund any such participation or to make any payment under Section 9.3(c)
on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no
Lender shall be responsible for the failure of any other Lender to so make its Loan, to purchase its participation or to make its
payment under Section 9.3(c).


 


Section 2.19         Mitigation
Obligations; Replacement of Lenders.


 


(a)          Designation
of a Different Lending Office. If any Lender requests compensation under Section 2.14, or delivers a notice described
in Section 2.15, or requires the Borrower to pay any Indemnified Tax or additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall (at the request of the Borrower)
use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights
and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation
or assignment (i) would eliminate or reduce any amount payable pursuant to Section 2.14 or 2.17, or illegality,
as the case may be, in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise
be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in
connection with any such designation or assignment.


 


(b)          Replacement
of Lenders. If any Lender requests compensation under Section 2.14, or if any Lender delivers a notice described
in Section 2.15 or if the Borrower is required to pay any Indemnified Tax or additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 2.17, and, in each case, such Lender has declined
or is unable to designate a different lending office in accordance with


 




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Section 2.19(a) (each such Lender,
an “Increased Cost Lender”), or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrower
may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and
delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 9.4),
all of its interests, rights (other than its existing rights to payments pursuant to Section 2.14 or Section 2.17)
and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations
(which assignee may be another Lender, if a Lender accepts such assignment); provided that:


 


(i)          the
Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 9.4 (other than
in the case of the replacement of a Defaulting Lender or a Non-Consenting Lender);


 


(ii)         such
Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued
fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 2.16)
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);


 


(iii)        in
the case of any such assignment resulting from a claim for compensation under Section 2.14 or payments required to
be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments thereafter;


 


(iv)        in
the case of any such assignment resulting from a notice of illegality under Section 2.15, such assignment will eliminate
such illegality;


 


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


 


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


 


A Lender shall not be required
to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances
entitling the Borrower to require such assignment and delegation cease to apply. Each Lender hereby grants to the Administrative
Agent an irrevocable power of attorney (which power is coupled with an interest) to execute and deliver, on behalf of such Lender,
as assignor, any Assignment and Assumption necessary to effect any assignment of such Lender’s interests hereunder in the
circumstances contemplated by this Section 2.19. Each Lender agrees that if the Borrower exercises its option hereunder
to cause an assignment by such Lender as an Increased Cost Lender, Non-Consenting Lender or Defaulting Lender, such Lender shall,
promptly after receipt of written notice of such election, execute and deliver all documentation necessary to effect such assignment
in accordance with Section 9.4. In the event that a Lender does not comply with the requirements of the immediately
preceding sentence within one (1) Business Day after receipt of such notice, each Lender hereby authorizes and directs the Administrative
Agent to execute and


 




    	 	-40-	 



     


    

 


deliver such documentation as may be required
to give effect to an assignment in accordance with Section 9.4 on behalf of an Increased Cost Lender, Non-Consenting
Lender or Defaulting Lender and any such documentation so executed by the Administrative Agent shall be effective for purposes
of documenting an assignment pursuant to Section 9.4.


 


Section 2.20         Reserved.


 


Section 2.21         Defaulting
Lenders.


 


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


 


(i)          Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement or any other Loan Document shall be restricted as set forth in the definition of Required Lenders.


 


(ii)         Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account
of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 7.1 or otherwise), or received
by the Administrative Agent from a Defaulting Lender pursuant to Section 9.8, shall be applied at such time or times
as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting
Lender to the Administrative Agent hereunder; second, as the Borrower may request (so long as no Default or Event of Default
exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required
by this Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent in its
sole and absolute discretion, to be held in a deposit account as Cash Collateral for release in such order as the Administrative
Agent shall determine in order to satisfy (x) such Defaulting Lender’s potential future funding obligations with respect
to Loans under this Agreement, and (y) such Defaulting Lender’s future indemnity obligations to the Administrative Agent
under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court
of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach
of its obligations under this Agreement; fifth, so long as no Default or Event of Default exists, to the payment of any
amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against
such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and sixth,
to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that, if (x) such payment
is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate
share, and (y) such Loans were made at a time when the conditions set forth in Section 4.2 were satisfied or waived,
such payment shall be applied


 




    	 	-41-	 



     


    

 


solely to pay the Loans of all Non-Defaulting
Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until such time
as all Loans are funded pro rata in accordance with their Commitments. Any payments, prepayments or other amounts paid or
payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral
pursuant to this Section 2.21(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender
irrevocably consents hereto.


 


(iii)        Certain
Fees. No Defaulting Lender shall be entitled to receive any commitment fee pursuant to Section 2.11(a) for any period
during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would
have been required to have been paid to that Defaulting Lender).


 


(b)          Defaulting
Lender Cure. If the Borrower and the Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender,
the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject
to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to
the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the
Administrative Agent may determine to be necessary to cause the Loans to be held pro rata by the Lenders in accordance with
their Commitments, whereupon such Lender will cease to be a Defaulting Lender; provided that, no adjustment will be made
retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting
Lender; and provided further that, except to the extent otherwise expressly agreed by the affected parties, no change hereunder
from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s
having been a Defaulting Lender.


 


Article
III


 


Representations and Warranties


 


The Borrower represents
and warrants to the Administrative Agent and the Lenders that:


 


Section 3.1           Organization;
Powers. Each of the Borrower and its Subsidiaries is duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization, has all requisite power and authority to own or lease its property and 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 its ownership,
lease or operation of properties or the conduct of its business requires such qualification.


 


Section 3.2           Authorization;
Enforceability. The Transactions are within the corporate or other applicable organizational powers of the Loan Parties and
have been duly authorized by all necessary corporate or other applicable organizational actions and, if required, actions by stockholder
and other equity holders. This Agreement has been, and each other Loan Document,


 




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when delivered hereunder, will have been, duly
executed and delivered by each Loan Party that is a party thereto and constitutes, or will constitute, a legal, valid and binding
obligation of such Loan Party, enforceable against such Loan Party 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 3.3           Governmental
Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing with, or any
other action by, any Governmental Authority or any other Person, except such as have been obtained or made and are in full force
and effect, (b) will not violate any Applicable Law or the charter, by-laws or other organizational documents of any Loan Party
or any Subsidiary of the Borrower or any order of any Governmental Authority, (c) will not violate or result in a default under
any indenture, agreement or other instrument binding upon any Loan Party or any Subsidiary of the Borrower or their assets, or
give rise to a right thereunder to require any payment to be made by any Loan Party or any Subsidiary of the Borrower, and (d)
will not result in the creation or imposition of any Lien on any asset of any Loan Party or any Subsidiary of the Borrower (except
for Liens created by the Security Documents).


 


Section 3.4           Financial
Condition; No Material Adverse Effect.


 


(a)          The
Borrower has furnished the Lenders a balance sheet and statements of income, stockholders’ equity and cash flows of Globant
S.A (Luxembourg) and its Subsidiaries on a Consolidated basis as of and for the fiscal year ended 2016, audited on by independent
public accountants. Such financial statements were prepared in accordance with IFRS consistently applied, present fairly the financial
position and results of operations and cash flows of Globant S.A. (Luxembourg) and its Subsidiaries on a Consolidated basis as
of such dates and for such periods.


 


(b)          No
Loan Party has any material liabilities, contingent or otherwise, or forward or long-term commitments that are not disclosed in
the financial statements referred to in Section 3.4(a) or in the notes thereto. No Material Adverse Effect has occurred
since Effective Date and no other facts or circumstances exist nor has any development or event occurred that has had or could
reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.


 


(c)          All
balance sheets, all statements of income and of cash flows and all other financial information of Globant S.A. (Luxembourg) and
its Subsidiaries furnished pursuant to Section 5.1 have been and will for periods following the Effective Date be prepared
in accordance with IFRS consistently applied, and do or will present fairly the financial condition of the Persons covered thereby
on a Consolidated basis as at the dates thereof and the results of their operations for the periods then ended.


 


(d)          The
forecasted balance sheet and statements of income and cash flows of Globant S.A. (Luxembourg) and its Subsidiaries delivered pursuant
to Section 5.1(d) were prepared on a Consolidated basis in good faith on the basis of the assumptions stated therein,
which assumptions were fair in light of the conditions existing at the time of delivery of such


 




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forecasts, and represented, at the time of
delivery, Globant S.A. (Luxembourg)’s reasonable estimate of its future financial condition and performance, it being understood
that such forecasts (i) are subject to significant uncertainties and contingencies, many of which are beyond the Borrower’s
control, that no assurance can be given that any particular projections will be realized, the actual results may differ and that
such differences may be material and (ii) are not a guarantee of performance.


 


Section 3.5           Properties.
Each of the Borrower and its Subsidiaries has (i) in the case of owned real property, good and marketable title to, (ii) in the
case of owned personal property, good and valid title to, and (iii) in the case of leased real or personal property, valid and
enforceable leasehold interests (as the case may be) in, all its real and personal property necessary or used in the ordinary conduct
of its business, except for defects in title that could not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect. The property of the Borrower and its Subsidiaries is subject to no Liens, other than Liens permitted
by Section 6.3.


 


Section 3.6           Litigation
and Environmental Matters.


 


(a)          There
are no actions, suits, litigation, investigations or proceedings by, of or before any arbitrator or Governmental Authority pending
against or, to the knowledge of the Borrower, threatened by or against or affecting any Loan Party or any Subsidiary of the Borrower
or against any of its property or assets (i) as to which there is a reasonable possibility of an adverse determination and that,
if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect
(other than the Disclosed Matters), or (ii) that involve, or purport to affect or pertain to, this Agreement, any other Loan Document
or the Transactions.


 


(b)          Except
for the Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect, no Loan Party or Subsidiary of the Borrower (i) has failed to comply with any
Environmental Law or any remediation order, notice of claim, notice of infraction or other order under 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 notice of any claim with respect to any Environmental Liability, or
(iv) knows of any basis for any Environmental Liability.


 


(c)          Except
for the Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect, with respect to any real property owned or leased by any Loan Party or any
Subsidiary of the Borrower, (i) there has been no release of Hazardous Materials at, from, or to the real property, including the
soils, surface waters, or ground waters thereof, and (ii) there are no conditions at the real property which, with the passage
of time, or giving of notice, or both, would be reasonably likely to result in an Environmental Liability.


 


(d)          Since
the date of this Agreement, there has been no change in the status, or financial effect on any Loan Party or any Subsidiary of
the Borrower, of the Disclosed Matters that, individually or in the aggregate, has resulted in a Material Adverse Effect.


 




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Section 3.7           Compliance
with Laws and Contractual Obligations; No Defaults. Each Loan Party and each Subsidiary of the Borrower is in compliance in
all material respects with all Applicable Laws. Each Loan Party and each Subsidiary of the Borrower is in compliance with all of
its Contractual Obligations, except where the failure to do so, individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect. Neither any Loan Party nor any Subsidiary of the Borrower is in default under or with respect
to any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. No Default has occurred and is continuing or would result from the consummation of the Transactions.


 


Section 3.8           Investment
Company Status; Other Laws. No Loan Party or Subsidiary of the Borrower is or is required to be registered as an “investment
company” as defined in, or subject to regulation under, the Investment Company Act of 1940.


 


Section 3.9           Taxes.
Each Loan Party and each Subsidiary of the Borrower has timely filed or caused to be filed all federal, state and other material
Tax returns and reports required to have been filed by it and has paid or caused to be paid all federal, state and other material
taxes, assessments, fees and other governmental charges required to have been paid by it or levied or imposed upon it or its properties,
income or assets otherwise due and payable, except Taxes that are being contested in good faith by appropriate proceedings diligently
conducted and for which the Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves in accordance
with IFRS.


 


Section 3.10         ERISA
Compliance. Each Plan is in compliance in all material respects with all applicable requirements of ERISA, the IRC and other
Applicable Law. 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, could reasonably be expected to result in a Material Adverse Effect.
No claim, action, suit, audit or investigation with respect to any Plan exists or has been commenced or, to the knowledge of the
Borrower, threatened, other than routine claims for benefits and except for such claims, actions, suits, audits and investigations
that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. There has been
no prohibited transaction or violation of the fiduciary responsibility rules arising under ERISA with respect to any Plan that
has resulted or could reasonably be expected to result in a Material Adverse Effect. The Borrower and each ERISA Affiliate has
complied with the Funding Rules with respect to each Pension Plan, and no waiver of the minimum funding requirements under the
Funding Rules has been applied for or obtained. As of the most recent valuation date for any Pension Plan, the funding target attainment
percentage (as defined in Section 430 of the IRC) is 60% or higher and no facts or circumstances exist that could reasonably
be expected to cause the funding target attainment percentage to drop below such threshold as of the most recent valuation date.


 


Section 3.11         Insurance.
Set forth on Schedule 3.11 is a complete and accurate summary of the property and casualty insurance program of the
Loan Parties as of the Effective Date (including the names of all insurers, policy numbers, expiration dates, amounts and types
of coverage, annual premiums, exclusions, deductibles, self-insured retention and a description in reasonable detail of any self-insurance
program, retrospective rating plan, fronting arrangement or other risk assumption arrangement involving any Loan Party). The properties
of the Borrower


 




    	 	-45-	 



     


    

 


and its Subsidiaries are insured with financially
sound and reputable insurance companies not Affiliates of the Borrower, in such amounts, with such deductibles and covering such
risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the
Borrower or the applicable Subsidiary operates.


 


Section 3.12         Margin
Regulations. No Loan Party and no Subsidiary thereof is engaged or will engage, principally or as one of its important activities,
in the business of purchasing or carrying margin stock (within the meaning of Regulation U), or extending credit for the purpose
of purchasing or carrying margin stock. No part of the proceeds of any Loan will be used, directly or indirectly, to purchase or
carry, or to extend credit to others to purchase or carry, any margin stock (within the meaning of Regulation U) or for any other
purpose that entails a violation of any Regulations of the FRB, including Regulation U.


 


Section 3.13         Subsidiaries;
Equity Interests. No Loan Party has any Subsidiaries other than those specifically disclosed in Part I of Schedule 3.13
(and any Subsidiaries that are permitted to have been organized or acquired after the Effective Date in accordance with Section
6.6). All of the outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and nonassessable
and are owned by a Loan Party in the amounts specified on Part I of Schedule 3.13 free and clear of all Liens
(other than Liens created by the Security Documents and Liens permitted under Section 6.3). No Loan Party has any equity
investments in any other Person other than those specifically disclosed in Part II of Schedule 3.13 (and any
Subsidiaries that are permitted to have been organized or acquired after the Effective Date in accordance with Section 6.6).
All of the outstanding Equity Interests in the Borrower have been validly issued, and are fully paid and nonassessable and are
owned by Globant S.A. (Spain) in the amounts specified on Part III of Schedule 3.13 free and clear of all Liens.


 


Section 3.14         Sanctions.
Neither any Loan Party nor any Subsidiary of a Loan Party has any director or officer, or any employee, agent, or affiliate, of
such any such Loan Party or Subsidiary is a Person that is, or is owned or controlled by Persons that are, (i) the subject of any
sanctions administered or enforced by the US Department of the Treasury’s Office of Foreign Assets Control, the US Department
of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury, the Hong Kong Monetary Authority
or other relevant sanctions authority (collectively, “Sanctions”), or (ii) located, organized or resident in
a country or territory that is, or whose government is, the subject of Sanctions, including, without limitation, currently, Cuba,
the Crimea region of the Ukraine, Iran, North Korea, Sudan and Syria.


 


Section 3.15         Disclosure.
The Borrower has disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which it or any Loan
Party or any Subsidiary of the Borrower 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. The reports, financial statements, certificates or other information
(whether in writing or orally) furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender pursuant to
or in connection with the Loan Documents (as modified or supplemented by other information so furnished), when taken as a whole,
do not contain any material misstatement of fact or omit to state any material fact necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial
information, the Borrower represents only that such information was prepared in good faith


 




    	 	-46-	 



     


    

 


based upon assumptions believed to be reasonable
at the time made, it being understood that such forecasts (i) are not to be viewed as facts and are subject to significant uncertainties
and contingencies, many of which are beyond the Borrower’s control, that no assurance can be given that any particular projections
will be realized, that actual results may differ and that such differences may be material and adverse and (ii) are not a guarantee
of performance.


 


Section 3.16         Security
Documents. The Security Agreement, upon execution and delivery thereof by the parties thereto, is effective to create in favor
of the Administrative Agent, for the benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral
described therein and proceeds thereof. In the case of the Collateral described in the Security Agreement, when financing statements
and other filings in appropriate form are or have been filed in the appropriate offices, the Security Agreement shall constitute
a fully perfected first priority Lien on, and security interest in, all right, title and interest of each Loan Party in such Collateral
and the proceeds thereof solely to the extent a security interest can be perfected solely by such filing or other action required
thereunder as security for the Secured Obligations, in each case prior and superior in right to any other Person (except for Liens
permitted by Section 6.3).


 


Section 3.17         Solvency,
etc.


 


(a)          On
the Effective Date, and immediately prior to and after giving effect to the Transactions and each Borrowing hereunder and the use
of the proceeds thereof, with respect to the Borrower, individually, (a) the fair value of its assets is greater than the amount
of its liabilities (including contingent liabilities), (b) the present fair saleable value of its assets is not less than the amount
that will be required to pay the probable liability on its debts as they become absolute and matured, (c) it is able to pay its
debts and other liabilities (including contingent liabilities) as they become absolute and matured in the ordinary course of business,
(d) it does not intend to, and does not believe that it will, incur debts or liabilities beyond its ability to pay as such debts
and liabilities mature, and (e) it is not engaged in business or a transaction, and is not about to engage in business or a transaction,
for which its property would constitute unreasonably small capital; provided that, the amount of contingent liabilities
at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents
the amount that can reasonably be expected to become an actual or matured liability.


 


(b)          On
the Effective Date, and immediately prior to and after giving effect to the Transactions and each Borrowing hereunder and the use
of the proceeds thereof, (a) the fair value of the assets of the Loan Parties (on a Consolidated basis) is greater than the amount
of the liabilities (including contingent liabilities), (b) the present fair saleable value of the assets of the Loan Parties (on
a Consolidated basis) is not less than the amount that will be required to pay the probable liability of the Loan Parties (on a
Consolidated basis) on their debts as they become absolute and matured, (c) the Loan Parties (on a Consolidated basis) are able
to pay their debts and other liabilities (including contingent liabilities) as they become absolute and matured in the ordinary
course of business, (d) the Loan Parties do not intend to, and do not believe that they will, incur debts or liabilities beyond
their ability to pay as such debts and liabilities mature, and (e) the Loan Parties (on a Consolidated basis) are not engaged in
business or a transaction, and are not about to engage in business or a transaction, for which their property would constitute


 




    	 	-47-	 



     


    

 


unreasonably small capital; provided
that, the amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and
circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.


 


Section 3.18         Reserved.


 


Section 3.19         Burdensome
Obligations. No Loan Party is a party to any agreement or contract or subject to any restriction contained in its organizational
documents which could reasonably be expected to have a Material Adverse Effect.


 


Section 3.20         Labor
Matters. Except as set forth on Schedule 3.20, no Loan Party is subject to any labor or collective bargaining agreement.
There are no existing or threatened strikes, lockouts or other labor disputes involving any Loan Party that, individually or in
the aggregate could reasonably be expected to have a Material Adverse Effect. Hours worked by and payment made to employees of
the Loan Parties are not in violation of the Fair Labor Standards Act or any other Applicable Law dealing with such matters in
any material respect.


 


Section 3.21         Reserved


 


Section 3.22         EEA
Financial Institution. No Loan Party is an EEA Financial Institution.


 


Section 3.23         Anti-Corruption.
No Loan Party or Subsidiary of a Loan Party or, to the knowledge of any such party, any director, officer, agent, employee, Affiliate
or other Person acting on behalf of any such party is aware or has taken any action, directly or indirectly, that would result
in a violation by such Persons of any applicable anti-bribery law or anti-corruption law, including, but not limited to, the United
Kingdom Bribery Act 2010 (the “UK Bribery Act”) and the U.S. Foreign Corrupt Practices Act of 1977 (the “FCPA”).
Furthermore, the Loan Parties and their respective Subsidiaries and, to the knowledge of any Loan Party or any of their Affiliates,
have conducted their businesses in compliance with the UK Bribery Act, the FCPA and similar laws, rules or regulations (including
other applicable anti-corruption laws) and have instituted and maintain policies and procedures designed to ensure, and which are
reasonable expected to continue to ensure, continued compliance therewith.


 


Section 3.24         Use
of Proceeds. The proceeds of the Loans, shall be used to pay fees, commissions and expenses of the Transactions, for general
corporate purposes (including, without limitation, payments in connection with Acquisitions permitted hereunder) and working capital
requirements of the Borrower.


 


Article
IV


 


Conditions Precedent


 


Section 4.1           Effective
Date. The obligations of the Lenders to make Loans shall not become effective until the date on which each of the following
conditions is satisfied (or waived in accordance with Section 9.2):


 




    	 	-48-	 



     


    

 


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


 


(b)          The
Administrative Agent shall have received the following, each in form and substance satisfactory to the Administrative Agent:


 


(i)          a
counterpart of (x) the Luxembourg Guaranty Agreement executed by Globant S.A. (Luxembourg) and (y) the Spanish Guaranty Agreement
executed by Globant S.A. (Spain);


 


(ii)         a
counterpart of the Security Agreement executed by the Borrower;


 


(iii)        each
document (including Uniform Commercial Code financing statements) required by the Security Documents 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 that is capable of being perfected by the filing of a Uniform Commercial
Code financing statement described therein, prior to all other Liens (subject only to Liens permitted pursuant to Section 6.3),
in proper form for filing, registration or recording;


 


(iv)        certified
copies of Uniform Commercial Code and other Lien search reports dated a date near to the Effective Date, listing all effective
financing statements and other Lien filings that name the Borrower (under their current names and any previous names) as debtors,
together with (A) copies of such financing statements or other Lien filings, and (B) such Uniform Commercial Code termination statements
or amendments or other Lien terminations, as applicable, as the Administrative Agent may request;


 


(v)         such
documents, incumbency and other certificates as the Administrative Agent or its counsel may reasonably request relating to the
organization, existence and good standing of the Loan Parties, the authorization of the Transactions, the identity, authority and
capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the
other Loan Documents and any other legal matters relating to the Loan Parties, this Agreement or the Transactions (it being understood
and agreed that the Administrative Agent and the Lenders shall be entitled to conclusively rely on such documents, incumbency and
certificates until notice is received by the Administrative Agent from the Borrower to the contrary);


 


(vi)        evidence
satisfactory to the Administrative Agent of the receipt of all consents required to effect the Transactions, including all regulatory
approvals and licenses, if applicable;


 




    	 	-49-	 



     


    

 


(vii)       evidence
of the existence of insurance required to be maintained pursuant to Section 5.5, together with evidence that the Administrative
Agent has been named as lender’s loss payee and an additional insured on all related insurance policies; and


 


(viii)      a
certificate, dated the Effective Date and signed by a Responsible Officer of the Borrower, confirming compliance with the conditions
set forth in clauses (a) and (b) of Section 4.2.


 


(c)          The
Administrative Agent shall have received favorable written legal opinions (addressed to the Administrative Agent and the Lenders
and dated the Effective Date) of New York counsel for the Loan Parties, Luxembourg counsel to Globant S.A. (Luxembourg), and Spanish
counsel to Globant S.A. (Spain), each in form and substance reasonably satisfactory to the Administrative Agent, and covering such
other matters relating to the Loan Parties, the Loan Documents or the Transactions as the Required Lenders shall reasonably request.


 


(d)          Each
Lender shall have received payment of all fees and other amounts due and payable on or prior to the Effective Date, including,
to the extent invoiced at least one (1) Business Day prior to the Effective Date, reimbursement or payment of all out-of-pocket
expenses required to be reimbursed or paid by the Borrower hereunder.


 


(e)          The
Administrative Agent and each Lender shall have received all documentation and other information required by bank regulatory authorities
under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act, in
each case, to the extent requested in writing at least five (5) Business Days prior to the Effective Date.


 


(f)           Since
December 31, 2016, there shall not have occurred any Material Adverse Effect.


 


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


 


Section 4.2           Each
Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing is subject to the satisfaction
of the following conditions:


 


(a)          The
representations and warranties of the Loan Parties set forth in the Loan Documents shall be true and correct in all material respects
(except to the extent already qualified by materiality, in which case any such representation or warranty shall be true and correct
in all respects) on and as of the date of such Borrowing, except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they shall be true and correct in all material respects (except to the extent already qualified
by materiality, in which case any such representation or warranty shall be true and correct in all respects) as of such earlier
date.


 


(b)          At
the time of and immediately after giving effect to such Borrowing, no Default or Event of Default shall have occurred or is continuing.


 




    	 	-50-	 



     


    

 


Each Borrowing shall be deemed to constitute
a representation and warranty by the Borrower on the date thereof as to the matters specified in clauses (a) and (b)
of this Section.


 


Article
V


 


Affirmative Covenants


 


So long as any Lender has
any Commitment hereunder, any Loans, any Obligations or any other amount payable hereunder or under any other Loan Document has
not been paid in full, the Borrower covenants and agrees, for itself and its Subsidiaries, with the Administrative Agent and the
Lenders that:


 


Section 5.1           Financial
Statements and Other Information. The Borrower shall furnish, or shall cause to be furnished, to the Administrative Agent and
each Lender:


 


(a)          as
soon as practicable, but in any event within 120 days after the end of each fiscal year:


 


(i)          Globant
S.A. (Luxembourg)’s audited balance sheet and related statements of operations (which shall include, for the avoidance of
doubt, an accounts receivable report), shareholders’ equity and cash flows as of the end of and for such year on a Consolidated
basis, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by independent
public accountants selected by Globant S.A. (Luxembourg) and reasonably acceptable to the Administrative Agent (it being understood
and agreed that Deloitte & Co. S.A. is deemed acceptable to the Administrative Agent) (without any qualification or exception
which (x) is of a “going concern” or similar nature (other than any qualifications arising from the Loans hereunder
maturing, in accordance with their terms on a non-accelerated basis, less than one year following the date of such financial statements),
(y) relates to the limited scope of examination of matters relevant to such financial statement, or (z) relates to the treatment
or classification of any item in such financial statement and which, as a condition to its removal, would require an adjustment
to such item the effect of which could be reasonably expected to result in a Default or Event Default) to the effect that such
financial statements present fairly, in all material respects, the financial position and results of operations of Globant S.A.
(Luxembourg) and its Subsidiaries on a Consolidated basis in accordance with IFRS consistently applied;


 


(ii)         Borrower’s
balance sheet and related statements of operations (which shall include, for the avoidance of doubt, an accounts receivable report),
as of the end of and for such year on a Consolidated basis, setting forth in each case in comparative form the figures for the
previous fiscal year, all certified by a Financial Officer of the Borrower as presenting fairly, in all material respects, the
financial position and results of operations of Borrower in accordance with IFRS consistently applied;


 




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(b)          as
soon as practicable, but in any event within 60 days after the end of each of the first three fiscal quarters of each fiscal year
of the Borrower’s and Globant S.A. (Luxembourg)’s balance sheet and related statements of operations (which shall include,
for the avoidance of doubt, an accounts receivable report), shareholders’ equity and cash flows as of the end of and for
such fiscal quarter and 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, each
certified by a Financial Officer of the Borrower and Globant S.A. (Luxembourg), respectively, as presenting fairly, in all material
respects, the financial position and results of operations of the Borrower and Globant S.A. (Luxembourg)’s consolidated Subsidiaries
on a Consolidated basis in accordance with IFRS 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 duly completed and executed Compliance
Certificate of a Financial Officer of the Borrower and Globant S.A. (Luxembourg), as applicable, (i) certifying as to whether a
Default or Event of Default has occurred or is continuing and, if a Default or Event of Default has occurred and is continuing,
specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably
detailed calculations demonstrating compliance with Sections 6.1, and (iii) stating whether any change in IFRS or in the
application thereof has occurred since the date of the audited financial statements referred to in Section 3.4 and,
if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate;


 


(d)          as
soon as available, but in any event within 90 days after the end of each fiscal year of Globant S.A. (Luxembourg), forecasts prepared
by management of Globant S.A. (Luxembourg) on a Consolidated basis, in form satisfactory to the Administrative Agent and the Required
Lenders, of balance sheets and statements of income or operations and cash flows of Globant S.A. (Luxembourg) and its Subsidiaries
on a quarterly basis for the immediately following fiscal year and any projected changes in financial position of Globant S.A.
(Luxembourg) and its Subsidiaries and a description of the underlying assumptions applicable thereto, and as soon as available,
significant revisions, if any, of such forecast with respect to such fiscal year;


 


(e)          promptly
following any request therefor, such other information regarding the operations, business affairs and financial condition of any
Loan Party or any Subsidiary of the Borrower (including, without limitation, information and certifications regarding whether the
Guarantors constitute “eligible contract participants” as defined in the Commodity Exchange Act and the regulations
thereunder), or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may reasonably request.
The Administrative Agent and each Lender agrees to keep all information obtained by them pursuant to this clause (e) confidential
in accordance with Section 9.12. Notwithstanding the foregoing, no Loan Party or Subsidiary thereof shall be required to
disclose any information to the extent that (i) such Loan Party or Subsidiary is prohibited from furnishing such other information
(x) by Applicable Law or (y) a binding confidentiality obligation owed by such Loan Party or such Subsidiary to any third party
(provided that such confidentiality obligations were not entered into in contemplation of the requirements of this Section 5.1(e)),
it being understood and agreed that this Section 5.1(e) shall not be applied to augment the periodic reporting obligation
of any Loan Party under this


 




    	 	-52-	 



     


    

 


Agreement, (ii) such information constitutes
non-financial trade secrets or non-financial proprietary information or (iii) such information is subject to attorney client privilege
or constitutes attorney work product; provided that, in each case, the Borrower shall provide notice to the Administrative
Agent that such information is being withheld and (other than with respect to clause (iii) above) the Borrower shall use
its commercially reasonable efforts to obtain the relevant consents and to communicate, to the extent both feasible and permitted
under applicable law or confidentiality obligation, the applicable information.


 


Section 5.2           Notices
of Material Events. The Borrower shall furnish to the Administrative Agent for distribution to each Lender written notice of
the following:


 


(a)          promptly,
and in any event within three (3) days after any Responsible Officer of the Borrower or any other Loan Party obtains knowledge
thereof, the occurrence of any Default or Event of Default;


 


(b)          promptly,
and in any event within three (3) days after any Responsible Officer of the Borrower or any other Loan Party obtains knowledge
thereof, the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against
or affecting any Loan Party or any Subsidiary of the Borrower that, if adversely determined, could reasonably be expected to result
in a Material Adverse Effect;


 


(c)          promptly
upon a Responsible Officer of the Borrower or any Loan Party obtaining knowledge thereof, the occurrence of any ERISA Event (or
the maintenance, commencement or, to the knowledge of the Borrower, threat of any claim, action, suit, audit or investigation with
respect to any Plan other than routine claims for benefits) that, alone or together with any other ERISA Events that have occurred
(and any such claims, actions, suits, audits or investigations with respect to any Plan that are being maintained or have commenced
or, to the knowledge of the Borrower, have been threatened), could reasonably be expected to result in liability of the Borrower
and its Subsidiaries in an aggregate amount exceeding $500,000;


 


(d)          promptly
upon any Responsible Officer of the Borrower or any other Loan Party obtaining knowledge thereof, any material change in accounting
policies or financial reporting practices by any Loan Party or any Subsidiary of the Borrower;


 


(e)          promptly
upon any Responsible Officer of the Borrower or any Loan Party obtaining knowledge thereof, any other development that results
in, or could reasonably be expected to result in, a Material Adverse Effect, including, without limitation, (i) breach or non-performance
of, or any default under, a Contractual Obligation of any Loan Party or any Subsidiary of the Borrower and (ii) the commencement
of, or any material development in, any litigation or proceeding affecting any Loan Party or any Subsidiary of the Borrower, including
pursuant to any applicable Environmental Laws; and


 


(f)           promptly,
and in any event, within three (3) days after any Responsible Officer of the Borrower or any other Loan Party obtains knowledge
thereof, the occurrence of any of the actions or events set forth in clauses (h), (i) or (j) of Section
7.1 with respect any Subsidiary of a Loan Party.


 




    	 	-53-	 



     


    

 


Each notice delivered under this Section shall
be accompanied by a statement of a Responsible Officer 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 5.3           Existence;
Conduct of Business. Each Loan Party shall, and shall cause each other Loan Party and each Material Subsidiary to, do or cause
to be done all things necessary to (a) preserve, renew and keep in full force and effect its legal existence and good standing
(or its jurisdictional equivalent) under the laws of the jurisdiction of its organization, (b) maintain all requisite power and
authority to carry on its business as now conducted, (c) except where the failure to do so, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect, preserve, renew and keep in full force and effect its qualification
to do business in, and its good standing (or its jurisdictional equivalent) in, every jurisdiction where such qualification is
required, and (d) preserve, renew and keep in full force and effect all other rights, qualifications, licenses, permits, privileges
and franchises necessary or desirable to the conduct of its business; provided that, the foregoing shall not prohibit any
merger, consolidation, liquidation or dissolution expressly permitted under Section 6.4.


 


Section 5.4           Payment
of Obligations. Each Loan Party shall, and shall cause each Subsidiary of the Borrower to, pay as the same shall become due
and payable all of its material obligations and liabilities, including Tax liabilities, except where (a) the validity or amount
thereof is being contested in good faith by appropriate proceedings diligently conducted, and (b) the Borrower or such Loan Party
or such Subsidiary of the Borrower has set aside on its books adequate reserves with respect thereto in accordance with IFRS.


 


Section 5.5           Maintenance
of Properties; Insurance. The Borrower shall, and shall cause each other Loan Party to, (a) keep and maintain all property
material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, (b) make all necessary
repairs thereto and renewals and replacements thereof except, in the case of each of clauses (a) and (b), where the
failure to do so could not reasonably be expected to have a Material Adverse Effect, and (c) maintain, with financially sound and
reputable insurance companies that are not Affiliates of the Borrower, 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. The Borrower
shall cause each issuer of an insurance policy to provide the Administrative Agent with an endorsement (i) showing the Administrative
Agent as lenders loss payee with respect to each policy of property or casualty insurance and naming the Administrative Agent and
each Lender as an additional insured with respect to each policy of liability insurance, (ii) providing that 30 days’ notice
shall be given to the Administrative Agent prior to any cancellation of, material reduction or change in coverage provided by or
other material modification to such policy, and (iii) reasonably acceptable in all other respects to the Administrative Agent.


 


Section 5.6           Books
and Records; Inspection Rights. (a)           Each Loan Party shall, and
shall cause each Subsidiary of the Borrower to, keep proper books of record and account in which complete and accurate entries,
in all material respects, in conformity with IFRS consistently applied are made of all dealings and transactions in relation to
its assets, business and activities.


 




    	 	-54-	 



     


    

 


(b)          Each
Loan Party shall, and shall cause each Subsidiary of the Borrower to, permit any representatives designated by the Administrative
Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books
and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable
times and as often as reasonably requested; provided that, when a Default or Event of Default has occurred or is continuing,
the Administrative Agent or any Lender (or any of their respective representatives) may do any of the foregoing at the expense
of the Borrower at any time during normal business hours and without advance notice. All such inspections or audits by the Administrative
Agent shall be at the Borrower’s expense; provided that (i) so long as no Default or Event of Default exists, the
Borrower shall not be required to reimburse the Administrative Agent for inspections or audits more frequently than once in each
fiscal year and (ii) any such reimbursement shall be limited to reasonable and documented expenses. The Borrower hereby authorizes
and instructs its independent accountants to discuss the Borrower’s affairs, finances and condition with the Administrative
Agent and any Lender, at the Administrative Agent’s or such Lender’s request; provided, that, unless an Event
of Default shall have occurred and is continuing, the Borrower shall have been afforded a reasonable opportunity to be present
at any such discussions. The Administrative Agent and each Lender agrees to keep all information obtained by them pursuant to this
Section confidential in accordance with Section 9.12. Notwithstanding the foregoing, no Loan Party or Subsidiary thereof
shall be required to disclose any information to the extent that (i) such Loan Party or Subsidiary is prohibited from furnishing
such other information (x) by Applicable Law or (y) a binding confidentiality obligation owed by such Loan Party or such Subsidiary
to any third party (provided that such confidentiality obligations were not entered into in contemplation of the requirements of
this Section 5.6), it being understood and agreed that this Section 5.6 shall not be applied to augment the periodic
reporting obligation of any Loan Party under this Agreement, (ii) such information constitutes non-financial trade secrets or non-financial
proprietary information or (iii) such information is subject to attorney client privilege or constitutes attorney work product;
provided that, in each case, the Borrower shall provide notice to the Administrative Agent that such information is being
withheld and (other than with respect to clause (iii) above) the Borrower shall use its commercially reasonable efforts
to obtain the relevant consents and to communicate, to the extent both feasible and permitted under applicable law or confidentiality
obligation, the applicable information.


 


Section 5.7           Compliance
with Laws and Contractual Obligations. Each Loan Party shall, and shall cause each Subsidiary of the Borrower to, comply in
all material respects with Applicable Law (including Environmental Laws, Sanctions and Anti-Money Laundering Laws), and perform
in all material respects its Contractual Obligations.


 


Section 5.8           Use
of Proceeds. The proceeds of the Loans shall be used only to pay Transaction Costs, for general corporate purposes (including,
without limitation, payments in connection with Acquisitions permitted hereunder) and working capital of the Borrower. No part
of the proceeds of any Loan shall be used, whether directly or indirectly, for any purpose that entails a violation of any Regulation
of the FRB, including Regulations T, U and X.


 




    	 	-55-	 



     


    

 


Section 5.9           Further
Assurances.


 


(a)          Each
Loan Party shall take such actions as are necessary or as the Administrative Agent or the Required Lenders may reasonably request
from time to time, at the Borrower’s expense, to carry out more effectively the purposes of the Loan Documents and to ensure
that the Secured Obligations are secured by substantially all of the assets of the Borrower and each Material Subsidiary (as well
as all Equity Interests of each Domestic Subsidiary and 65% of all Equity Interests of each Foreign Subsidiary that is owned by
either the Borrower or a Domestic Subsidiary) and guaranteed by Globant S.A. (Luxembourg), Globant S.A. (Spain) and each Material
Subsidiary (including, upon the acquisition or creation thereof, any Material Subsidiary acquired or created after the Effective
Date), in each case as the Administrative Agent may determine in its reasonable discretion; provided that, no Loan Party
shall be required to (i) take any collateral perfection action other than the filing of Uniform Commercial Code financing statements
or (ii) bear the costs or expenses of any collateral perfection other than as described in clause (i), in each case, except
following the request of the Administrative Agent following the occurrence and during the continuance of an Event of Default.


 


(b)          Reserved.


 


(c)          If
any Material Subsidiary is formed or acquired after the Effective Date, the Borrower shall promptly, and in any event within 30
days (or such longer period as the Administrative Agent may agree) after such newly formed or acquired Material Subsidiary is formed
or acquired, notify the Administrative Agent thereof, and cause such Material Subsidiary to become a Guarantor by delivering to
the Administrative Agent any applicable Security Documents (in each case in the form contemplated hereby or otherwise acceptable
to the Administrative Agent), duly executed and delivered by such Material Subsidiary, pursuant to which such Material Subsidiary
agrees to be bound by the terms and provisions thereof, such Security Documents to be accompanied by appropriate corporate resolutions,
other corporate documentation and legal opinions in form and substance reasonably satisfactory to the Administrative Agent and
its counsel.


 


(d)          The
Borrower shall furnish to the Administrative Agent at least 30 days’ prior written notice of any change (i) in any Loan Party’s
legal name (as set forth in its certificate of organization or like document), (ii) in the jurisdiction of incorporation or organization
of any Loan Party or in the form of its organization, or (iii) in any Loan Party’s organizational identification number (if
applicable).


 


(e)          Not
later than five days after delivery of financial statements pursuant to Section 5.1(a), the Borrower shall deliver
to the Administrative Agent a certificate duly executed by a Responsible Officer of the Borrower (i) setting forth any updates
to Schedule 3.13 or (ii) confirming that there has been no change in such information since the Effective Date or the most
recent certificate delivered pursuant to this Section (as applicable).


 


Section 5.10         Deposit
Accounts. Unless the Administrative Agent otherwise consents in writing, the Borrower shall maintain its primary operating
accounts with the Administrative Agent or Citibank, N.A.


 


Section 5.11         Accuracy
of Information. The Borrower will ensure that any information, including financial statements or other documents, prepared
by or on behalf of the Borrower and


 




    	 	-56-	 



     


    

 


furnished to the Administrative Agent or the
Lenders in connection with any Loan Document or any amendment or modification thereof or waiver thereunder contains no material
misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not materially misleading, and the furnishing of such information shall be deemed to be a representation
and warranty by the Borrower on the date thereof as to the matters specified in this Section 5.11.


 


Article
VI


 


Negative Covenants


 


So long as any Lender has
any Commitment hereunder, any Loans , any Obligations or any other amount payable hereunder or under any other Loan Document has
not been paid in full, the Borrower covenants and agrees, for itself and on behalf of its Subsidiaries, with the Administrative
Agent and the Lenders that:


 


Section 6.1           Financial
Covenants.


 


(a)          Minimum
Asset Coverage Ratio. The ratio of (i) the sum of Accounts and Unrestricted Cash to (ii) the Total Credit Exposure for any
Computation Period shall be at least 1.10 to 1.00 for such period.


 


(b)          Maximum
Leverage Ratio. The Maximum Leverage Ratio as of the last day of any Computation Period shall not exceed 2.00 to 1.00 for such
period.


 


(c)          Capital
Expenditures. The Borrower will not, and will not permit any other Loan Party or Subsidiary thereof to, make or commit to make
any Capital Expenditure, except for such Capital Expenditures made in the ordinary course of business during any fiscal year of
the Loan Parties in an aggregate amount not to exceed 5% of the Consolidated Net Revenue for such period.


 


(d)          Consolidated
Net Revenue. The percentage of the Consolidated Net Revenue attributed to the Borrower and its Subsidiaries shall not be less
than 60% of the Consolidated Net Revenue.


 


Section 6.2           Indebtedness.
The Borrower shall not, and shall not cause or permit any Subsidiary of the Borrower to, create, incur, assume or permit to exist
any Indebtedness, except:


 


(a)          Indebtedness
created under the Loan Documents;


 


(b)          Indebtedness
existing on the date hereof and set forth in Schedule 6.2, and extensions, renewals and replacements of any such Indebtedness
that do not increase the outstanding principal amount thereof, except reasonable fees and expenses incurred in connection with
such extension, renewal or replacement, or change any direct or contingent obligor with respect thereto;


 


(c)          Indebtedness
of the Borrower to any Subsidiary and of any Subsidiary to the Borrower or any other Subsidiary;


 




    	 	-57-	 



     


    

 


(d)          Guarantees
by the Borrower of Indebtedness otherwise permitted hereunder of any Subsidiary and by any Subsidiary of Indebtedness otherwise
permitted hereunder of the Borrower or any other Subsidiary;


 


(e)          Indebtedness
of the Borrower or any Subsidiary of the Borrower incurred to finance the acquisition, construction, repair, development or improvement
of any fixed or capital assets, including Capital Lease Obligations and any Indebtedness assumed in connection with the 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 that do not increase the outstanding principal amount thereof except reasonable fees and expenses incurred
in connection with such extension, renewal or replacement; provided that, (i) such Indebtedness is incurred prior to or
within 90 days after such acquisition or the completion of such construction, repair, development or improvement, and (ii) the
aggregate principal amount of Indebtedness permitted by this clause (e) shall not exceed $750,000 at any time outstanding;


 


(f)           Indebtedness
of any Person that becomes a Subsidiary of the Borrower after the date hereof; provided that, (i) such Indebtedness exists
at the time such Person becomes a Subsidiary of the Borrower and is not created in contemplation of or in connection with such
Person becoming a Subsidiary of the Borrower, and (ii) the aggregate principal amount of Indebtedness permitted by this clause (f)
shall not exceed $750,000 at any time outstanding;


 


(g)          Reserved.


 


(h)          obligations
(contingent or otherwise) of the Borrower or any Subsidiary existing or arising under any Hedging Agreement permitted under Section 6.7;


 


(i)           Reserved.


 


(j)           contingent
liabilities arising with respect to customary indemnification obligations in favor of sellers, unsecured earn-outs or deferred
purchase price obligations, or other similar contingent payment obligations in connection with Acquisitions permitted under Section 6.4
and purchasers in connection with Dispositions permitted under Section 6.5; and


 


(k)          other
unsecured Indebtedness in an aggregate principal amount not exceeding $750,000 at any time outstanding.


 


Section 6.3           Liens.
The Borrower shall not, and shall not cause or permit any of its Subsidiaries 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
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 6.3;
provided that, (i) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary, and (ii)
such Lien shall


 




    	 	-58-	 



     


    

 


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
except for reasonable fees and expenses incurred in connection with such extension, renewal or replacement;


 


(d)          any
Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Subsidiary or existing on any property
or asset of any Person that becomes a Subsidiary after the date hereof 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 except for reasonable fees and expenses incurred in connection with such extension, renewal or replacement;


 


(e)          Liens
on fixed or capital assets acquired, constructed or improved by the Borrower or any Subsidiary; provided that, (i) such
security interests secure Indebtedness permitted by clause (e) of Section 6.2, (ii) such security interests
and the Indebtedness secured thereby are incurred prior to or within 90 days after such acquisition or the completion of such construction
or improvement, (iii) the Indebtedness secured thereby does not exceed the cost or fair market value, whichever is lower, of the
fixed or capital assets being acquired, constructed or improved, and (iv) such security interests shall not apply to any other
property or assets of the Borrower or any Subsidiary; and


 


(f)           Liens
and rights of setoff of banks and securities intermediaries in respect of deposit accounts and securities accounts maintained in
the ordinary course of business.


 


Section 6.4           Fundamental
Changes. No Loan Party shall, and no Loan Party shall cause or permit any Subsidiary of the Borrower to, merge into or consolidate
with any other Person, or permit any other Person to merge into or consolidate with it, or 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
Equity Interests of any Subsidiary (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 Default shall have occurred and be continuing (i) any Person
may merge with and into the Borrower in a transaction in which the Borrower is the surviving corporation, (ii) any Person (other
than the Borrower, Globant S.A. (Luxembourg) or Globant S.A. (Spain)) may merge into any Subsidiary in a transaction in which the
surviving entity is a Subsidiary, (iii) any Subsidiary may sell, transfer, lease or otherwise dispose of its assets to the Borrower
or to a Wholly Owned Subsidiary, (iv) any Subsidiary may liquidate or dissolve if the Borrower determines in good faith that such
liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders (v) any
merger or consolidation to effect an Investment permitted under Section 6.6 or a Disposition permitted under Section
6.5, and (vi) any Acquisition by a Loan Party or any Wholly Owned Subsidiary where:


 




    	 	-59-	 



     


    

 


(A)         immediately
before and after giving effect to such Acquisition, no Default shall exist;


 


(B)         immediately
after giving effect to such Acquisition, the Loan Parties shall be in pro forma compliance with all the financial ratios
and restrictions set forth in Section 6.1;


 


(C)         in
the case of the Acquisition of any Person, the board of directors or other applicable managing entity of such Person shall have
approved such Acquisition;


 


(D)         if
requested by the Administrative Agent, reasonably prior to such Acquisition, the Administrative Agent shall have received complete
executed or conformed copies of each material document, instrument and agreement to be executed in connection with such Acquisition
together with all lien search reports and lien release letters and other documents as the Administrative Agent may require to evidence
the termination of Liens on the assets or business to be acquired; and


 


(E)         the
provisions of Section 5.9 shall be satisfied;


 


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 6.6.


 


Section 6.5           Disposition
of Property. The Borrower shall not, and shall not cause or permit any of its Subsidiaries, Dispose of any of its property,
whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares of such Subsidiary’s
Equity Interests to any Person, except:


 


(a)          the
Disposition of obsolete or worn out property in the ordinary course of business;


 


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


 


(c)          the
sale or issuance of any Subsidiary’s Equity Interests to the Borrower or any other Loan Party or, in the case of any Subsidiary
that is not a Loan Party, to any other Subsidiary that is not a Loan Party;


 


(d)          any
Disposition of assets (i) from one Foreign Subsidiary to another Foreign Subsidiary, (ii) from one Domestic Subsidiary to another
Domestic Subsidiary, (iii) from one Loan Party to another Loan Party or (iv) from a Subsidiary to a Loan Party;


 


(e)          sales
of Cash Equivalent Investments in the ordinary course of business and for fair market value; and


 


(f)           the
Disposition of other property not described in clauses (a) through (e) above for not less than fair market value
as long as (i) at least 75% of the consideration therefor


 




    	 	-60-	 



     


    

 


consists of cash and Cash Equivalent Investments,
and (ii) the aggregate fair market value of such property so disposed of does not exceed $750,000.


 


Section 6.6           Investments,
Loans, Advances, Guarantees and Acquisitions. The Borrower shall not, and shall not cause or permit any of its Subsidiaries
to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a Wholly Owned Subsidiary prior to
such merger) any Investment, except:


 


(a)          Cash
Equivalent Investments;


 


(b)          Investments
by the Borrower in the Equity Interests of its Subsidiaries;


 


(c)          Investments
by any Loan Party in any other Loan Party;


 


(d)          loans
or advances made by the Borrower to any Subsidiary and made by any Subsidiary to the Borrower or any other Subsidiary;


 


(e)          Guarantees
constituting Indebtedness permitted by Section 6.2;


 


(f)           (i)
advances to officers, directors and employees of the Borrower and Subsidiaries in an aggregate amount not to exceed $50,000 at
any time outstanding, for travel, entertainment, relocation and analogous ordinary business purposes and (ii) Investments consisting
of loans to employees to finance the purchase of Equity Interests (other than Disqualified Equity Interests) of the Borrower pursuant
to employee stock purchase plans or agreements approved by the Borrower’s board of directors in an aggregate principal amount
not to exceed $50,000 outstanding at any time;


 


(g)          bank
deposits in the ordinary course of business;


 


(h)          Investments
consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit
in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled
account debtors to the extent reasonably necessary in order to prevent or limit loss;


 


(i)           non-cash
consideration received, to the extent permitted by the Loan Documents, in connection with the Disposition of property permitted
by this Agreement;


 


(j)           Investments
to consummate Acquisitions permitted by Section 6.4;


 


(k)          Hedging
Agreements permitted by Section 6.7, to the extent any such Hedging Agreement constitutes an Investment;


 


(l)           Investments
listed on Schedule 6.6 as of the Effective Date; and


 


(m)         Investments
existing when a Person becomes a Subsidiary or at the time such Person merges or consolidates with the Borrower or any Subsidiary
as permitted under Section 6.4, so long as such Investments were not made in contemplation of such Person becoming a Subsidiary
or of such consolidation, merger or Acquisition;


 




    	 	-61-	 



     


    

 


provided that, any Investment that when
made complies with the requirements of the definition of the term “Cash Equivalent Investment” may continue
to be held notwithstanding that such Investment if made thereafter would not comply with such requirements.


 


Section 6.7           Hedging
Agreements. The Borrower shall not, and shall not cause or permit any of its Subsidiaries to, enter into any Hedging Agreement,
except (a) Hedging Agreements entered into to hedge or mitigate risks to which the Borrower or any such Subsidiary has actual exposure
(other than those in respect of Equity Interests of the Borrower or any Subsidiary), and (b) Hedging 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, from floating to fixed rates, or otherwise) with respect to any interest-bearing liability or investment of the Borrower
or any such Subsidiary.


 


Section 6.8           Restricted
Payments. The Loan Parties shall not, and shall not cause or permit any of their Subsidiaries to, declare or make, or agree
to pay or make, directly or indirectly, any Restricted Payments in an aggregate amount that exceeds $10,000,000 during any fiscal
year.


 


Section 6.9           Transactions
with Affiliates.


 


(a)          No
Loan Party shall, and no Loan Party shall cause or permit any Subsidiary of the Borrower to, sell, lease or otherwise transfer
any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other
transactions with, any of its Affiliates, except (i) in the ordinary course of business on terms and conditions not less favorable
to such Loan Party or Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (ii) transactions
between or among the Loan Parties not involving any other Affiliates, (iii) transactions expressly permitted pursuant to this Agreement,
(iv) employment, consulting, severance and other service or benefit related arrangements between the Loan Parties and their respective
officers and employees in the ordinary course of business, (v) the payment of ordinary course customary fees, expenses and indemnities
to directors, officers, employees and consultants of the Loan Parties, and (vi) any transaction with an Affiliate that, as such,
has been expressly approved by either a majority of such Loan Party’s independent directors or a committee of such Loan Party’s
directors consisting solely of independent directors, in each case, in accordance with such independent directors’ fiduciary
duties in their capacity as such and upon advice from independent counsel.


 


(b)          The
Borrower shall not maintain intercompany receivables owed to any of its Affiliates organized under the laws of the Argentine Republic,
except to the extent (i) such receivables qualify under Section 6.9(a)(i) above and (ii) the aggregate amount of such payables
do not exceed an amount equal to five times the average monthly amount of such Affiliates’ billings for the immediately preceding
12 month period.


 


Section 6.10         Changes
in Nature of Business. No Loan Party or any Subsidiary of a Loan Party shall engage in any business other than businesses of
the type conducted by such entity on the date of execution of this Agreement and businesses reasonably incidental or related thereto
and any reasonable extension thereof.


 




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Section 6.11         Negative
Pledges; Restrictive Agreements. The Borrower shall not, and shall not cause or permit any of its Subsidiaries 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 the Borrower or any such Subsidiary to create, incur or permit to exist any Lien upon any of
its property, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to any shares of its Equity
Interests or to make or repay loans or advances to the Borrower or any such Subsidiary or to Guarantee Indebtedness of the Borrower
or any such Subsidiary or transfer any of its properties to any Loan Party; provided that, (i) the foregoing shall not apply
to restrictions and conditions imposed by Applicable Law or by the Loan Documents, (ii) the foregoing shall not apply to customary
restrictions and conditions contained in agreements relating to the sale of any asset or a Subsidiary of the Borrower pending such
sale; provided that, such restrictions and conditions apply only to the asset or the Subsidiary of the Borrower that is
to be sold and such sale is permitted hereunder, and (iii) clause (a) of the foregoing shall not apply to customary
provisions in leases and other contracts restricting the assignment thereof.


 


Section 6.12         Restriction
of Amendments to Certain Documents. No Loan Party shall amend such Person’s articles or certificates of organization
or formation, operating agreement or other agreement, instrument or document affecting such Person’s organization, management
or governance, in each case, in any respect which is materially adverse to the Lenders.


 


Section 6.13         Changes
in Fiscal Periods. No Loan Party shall change its fiscal year to end on a day other than December 31 or change its method of
determining fiscal quarters.


 


Section 6.14         Reserved.


 


Section 6.15         Sanctions;
Anti-Corruption. (a)          The Borrower will not, directly or indirectly,
use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any Loan Party or any Subsidiary
of a Loan Party, joint venture partner or other Person, (i) to fund any activities or business of or with any Person, or in any
country or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions, or (ii) in any other
manner that would result in a violation of Sanctions by any Person (including any Person participating in the Loans, whether as
underwriter, advisor, lender, investor or otherwise)


 


(b)          The
Borrower will not, directly or indirectly use the proceeds of the Loans (i) in furtherance of an offer, payment, promise to pay,
or authorization of the payment or giving of money, or anything else of value, to any Person in violation of the UK Bribery Act,
the FCPA or any other applicable anti-corruption law or otherwise, or (ii) for any other payment that could constitute a violation
of any applicable anti-bribery law or anti-corruption law (including, without limitation the UK Bribery Act or the FCPA).


 


Article
VII


 


Events of Default


 


Section 7.1           Events
of Default. If any of the following events (“Events of Default”) shall occur:


 




    	 	-63-	 



     


    

 


(a)          the
Borrower shall fail to pay any principal of any Loan when and as the same shall become due and payable, whether at the due date
thereof or at a date fixed for prepayment thereof, by reason of acceleration 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 Section) payable under this Agreement or any other Loan Document, 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 the Borrower or any other Loan Party in or in connection with
this Agreement, any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or
in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement, any
other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to have been
incorrect or misleading in any material respect (except for representations and warranties that are qualified by materiality, which
shall not be incorrect or misleading in any respect) when made or deemed made;


 


(d)          any
Loan Party shall fail to observe or perform any covenant, condition or agreement contained in Section 5.1(a), (b),
and (c), Section 5.2, Section 5.3 (with respect to the existence of any Loan Party), Section 5.6(b),
Section 5.8 or Section 5.9 or in Article VI;


 


(e)          the
Borrower or any other Loan Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement
or any other Loan Document (other than those specified in clause(a), (b) or (d) of this Section), and such
failure shall continue unremedied for a period of 30 days after the earlier of (x) notice thereof from the Administrative Agent
to the Borrower (which notice will be given at the request of any Lender),and (y) the date a Responsible Officer of the Borrower
or such other Loan Party becomes aware of such failure;


 


(f)           any
Loan Party 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, which failure shall continue beyond any applicable cure period
specified in the agreement or instrument governing such Material Indebtedness;


 


(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 or (in the case of any Material Indebtedness constituting
a Guarantee) to become payable; provided that, this clause (g) shall not apply to secured Indebtedness that
becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness if such voluntary
sale or transfer is permitted under this Agreement;


 


(h)          an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or
other relief in respect of any Loan Party or


 




    	 	-64-	 



     


    

 


any Subsidiary of the Borrower 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 Subsidiary of the Borrower or for a substantial part of its assets, and, in any such case, such proceeding
or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;


 


(i)           any
Loan Party or any Subsidiary of the Borrower 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 Section, (iii) apply for or consent to the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for any Loan Party or any Subsidiary of the Borrower or for a substantial part of
any of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding,
(v) make a general assignment for the benefit of creditors, or (vi) take any action for the purpose of effecting any of the foregoing;


 


(j)           any
Loan Party or any Subsidiary of the Borrower shall admit in writing its inability or fail generally to pay its debts as they become
due;


 


(k)          one
or more judgments for the payment of money in an aggregate amount in excess of $1,000,000 shall be rendered against a Loan Party
any Subsidiary or any combination thereof (not paid or covered by insurance) and the same shall remain undischarged for a period
of 60 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment
creditor to attach or levy upon any assets of a Loan Party or any Subsidiary to enforce any such judgment;


 


(l)           an
ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, could reasonably be expected
to result in a Material Adverse Effect;


 


(m)         any
provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted
hereunder or thereunder or satisfaction in full of all the Obligations, shall cease to be in full force and effect; or any Loan
Party or any other Person acting on any Loan Party’s behalf shall contest in any manner the validity or enforceability of
any material provision of any Loan Document in writing; or any Loan Party shall deny that it has any or further liability or obligation
under any Loan Document, or shall purport to revoke, terminate or rescind any provision of any Loan Document;


 


(n)          a
Change in Control shall occur; or


 


(o)          any
of the actions or events set forth in clauses (h), (i) or (j) of this Section 7.1 shall occur with
respect to one or more Subsidiaries of any Loan Party, and such action or event could reasonably be expected to (after giving effect
to any applicable threshold or grace period), individually or in the aggregate, result in a Material Adverse Effect;


 




    	 	-65-	 



     


    

 


then, and in every such event (other than an
event with respect to the Borrower described in clause (h) or (i) of this Section), 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 (if not theretofore terminated) 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
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 Section, the Commitments (if not
theretofore terminated) shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest
thereon and all fees and other Obligations of the Borrower and the other Loan Parties 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.


 


Section 7.2           Application
of Funds. After the exercise of remedies provided for in Section 7.1 (or after the Loans have automatically become
immediately due and payable), any amounts received on account of the Secured Obligations shall be applied by the Administrative
Agent in the following order:


 


First,
to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (other than principal
and interest, but including legal expenses payable under Section 9.3 and amounts payable under Article II)
payable to the Administrative Agent in its capacity as such;


 


Second,
to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal and
interest) payable to the Lenders (including legal expenses payable under Section 9.3 and amounts payable under Article II),
ratably among them in proportion to the amounts described in this clause Second payable to them;


 


Third,
to payment of that portion of the Secured Obligations constituting accrued and unpaid interest on the Loans, ratably among the
holders of such Secured Obligations in proportion to the respective amounts described in this clause Third payable
to them;


 


Fourth,
to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans, the termination value under Lender
Provided Hedging Agreements and Lender Provided Financial Service Products, ratably among the holders of such Secured Obligations
in proportion to the respective amounts described in this clause Fourth held by them; provided that,
Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received from such Guarantor or its assets,
but appropriate adjustments shall be


 




    	 	-66-	 



     


    

 


made with respect to payments from
other Loan Parties to preserve the allocation to Secured Obligations otherwise set forth above in this Section;


 


Fifth,
to the payment of all other Secured Obligations of the Loan Parties that are due and payable to the Administrative Agent and the
other Secured Parties on such date, ratably based upon the respective aggregate amounts of all such Secured Obligations owing to
the Administrative Agent and the other Secured Parties on such date; and


 


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


 


Notwithstanding the foregoing,
Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received from such Guarantor or its assets,
but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation to Obligations
otherwise set forth above in this Section.


 


Article
VIII


 


The Administrative Agent


 


Section 8.1           Appointment
and Authority.


 


(a)          Each
of the Lenders hereby irrevocably appoints HSBC to act on its behalf as the Administrative Agent hereunder and under the other
Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated
to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental
thereto. The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders, and neither the
Borrower nor any other Loan Party shall have any rights as a third-party beneficiary of any of such provisions. It is understood
and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with
reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligation arising
under agency doctrine of any Applicable Law. Instead such term is used as a matter of market custom, and is intended to create
or reflect only an administrative relationship between contracting parties.


 


(b)          Each
Lender hereby authorizes the Administrative Agent to (a) execute, deliver and perform as a collateral agent under this Agreement
and each other Loan Document to which the Administrative Agent is or is intended to be a party, (b) exercise and enforce any and
all rights, powers and remedies provided to the Administrative Agent or any Lender by this Agreement and each other Loan Document
to which the Administrative Agent is or is intended to be a party, any applicable law, or any other document, instrument, or agreement,
and (c) take any other action under this Agreement and each other Loan Document to which the Administrative Agent is or is intended
to be a party which Administrative Agent in its sole discretion shall deem advisable and in the best interests of the Lenders.
Notwithstanding the foregoing, the Administrative Agent shall not commence an enforcement action (as such term is defined in the
Loan Documents) except at the direction of the Required Lenders; provided that, if


 




    	 	-67-	 



     


    

 


the Administrative Agent is prohibited by any
court order or applicable law from commencing any enforcement action, the Administrative Agent shall not be obligated to commence
such enforcement action until such authority is obtained. All decisions with respect to the type of enforcement action which is
to be commenced shall be made by, and all actions with respect to prosecution and settlement of such enforcement action shall require
the direction of the Required Lenders, and the Administrative Agent shall not be required to take any enforcement action in the
absence of any such direction. The Administrative Agent will use its commercially reasonable efforts to pursue diligently the prosecution
of any enforcement action, which the Administrative Agent is so authorized or directed to initiate pursuant to this Agreement.
The Administrative Agent shall make available to the Lenders copies of all notices it receives in connection with the Collateral
or any enforcement action promptly upon receipt. Subject to the terms of this Agreement, the Administrative Agent agrees to administer
and enforce this Agreement and the other Security Documents to which it is a party and to foreclose upon, collect and dispose of
the Collateral and to apply the proceeds therefrom, for the benefit of the Secured Parties, as provided in this Agreement, and
otherwise to perform its duties and obligations as a “collateral agent” hereunder in accordance with the terms hereof.


 


Section 8.2           Rights
as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity
as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and the term “Lender”
or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person
serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from,
lend money to, own securities of, act as the financial advisor or in any other advisory capacity for, and generally engage in any
kind of business with, the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative
Agent hereunder and without any duty to account therefor to the Lenders. The obligations of each Lender under the Loan Documents
are several and not joint. Failure by any Lender to perform its obligations under the Loan Documents does not affect the obligations
of any other Lender under the Loan Documents.


 


Section 8.3           Exculpatory
Provisions.


 


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


 


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


 


(ii)         shall
not have any duty to take any discretionary action or exercise any discretionary power, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed
in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein
or in the other Loan Documents); provided that, the Administrative Agent shall not be required to take any action that,
in its opinion or the opinion of its


 




    	 	-68-	 



     


    

 


counsel, may expose the Administrative
Agent to liability or that is contrary to any Loan Document or Applicable Law, including for the avoidance of doubt any action
that may be in violation of the automatic stay under any Debtor Relief Law or that may affect a forfeiture, modification or termination
of property of a Defaulting Lender in violation of any Debtor Relief Law, and the Administrative Agent shall in all cases be fully
justified in failing or refusing to act hereunder or under any other Loan Document unless it first receives further assurances
of its indemnification from the Lenders that it may require, including prepayment of any related expenses and any other protection
it requires against any and all costs, expenses and liabilities it may incur in taking or continuing to take any such action; in
no event shall the Administrative Agent be required to expend or risk any of its own funds or otherwise incur any liability, financial
or otherwise, in the performance of its duties hereunder or in the exercise of any of its rights or powers;


 


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


 


(iv)        shall
not incur any liability for not performing any act of fulfilling any duty, obligation or responsibility hereunder by reason of
any occurrence beyond the control of the Administrative Agent (including but not limited to any act or provision of any present
or future law or regulation or Governmental Authority, any act of God or war, civil unrest, local or national disturbance or disaster,
any act of terrorism or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility).


 


(b)          Neither
the Administrative Agent nor any of its directors, officers, employees or agents shall not be liable for any action taken or not
taken by it (i) with the consent or at the request or direction of the Required Lenders (or such other number or percentage of
the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances
as provided in Section 9.2 and Section 7.1), which consent or direction to the Administrative Agent may solicit
at any time, or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction
by final and nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until
notice describing such Default is given to the Administrative Agent in writing by the Borrower, a Lender referring to this Agreement,
describing such Default and stating that such notice is a “Notice of Default” or “Notice of Event of Default”.
The Administrative Agent shall take such action with respect to such Default as may be directed by the Required Lenders in accordance
with the terms of this Agreement; provided that unless and until the Administrative Agent has received any such direction from
the Required Lenders, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such
action, with respect to any such Default as it shall deem advisable or in the best interest of the Lenders.


 




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(c)          The
Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report
or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any covenant, agreement or other term or condition set forth herein or therein or the occurrence of any Default, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document,
or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt
of items expressly required to be delivered to the Administrative Agent.


 


(d)          Nothing
in this Agreement shall require the Administrative Agent or any of its Related Parties to carry out any “know your customer”
or other checks in relation to any Person on behalf of any Lender and each Lender confirms to the Administrative Agent that it
is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to
such checks made by the Administrative Agent or any of its Related Parties.


 


(e)          The
Administrative Agent shall be entitled to take any action or refuse to take any action which the Administrative Agent regards as
necessary for the Administrative Agent to comply with any Applicable Law, regulation or court order or the rules, operating procedures
or market practice of any relevant stock exchange or other market or clearing system.


 


Section 8.4           Reliance
by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying
upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message,
Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise
authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone
and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining
compliance with any condition hereunder to the making of a Loan, that by its terms must be fulfilled to the satisfaction of a Lender,
the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have
received notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal
counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, at the expense of the
Borrower and/or the Lenders, as applicable, 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 8.5           Delegation
of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under
any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent
and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective
Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the
Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication
of the facilities as well as activities as Administrative Agent. The Administrative


 




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Agent shall not be responsible for the negligence
or misconduct of any sub-agent except to the extent that a court of competent jurisdiction determines in a final and nonappealable
judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agent.


 


Section 8.6           Resignation
of Administrative Agent.


 


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


 


(b)          If
the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof,
the Required Lenders may, to the extent permitted by Applicable Law, by notice in writing to the Borrower and such Person remove
such Person as Administrative Agent and, in consultation with the Borrower, appoint a successor. If no such successor shall have
been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall
be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become
effective in accordance with such notice on the Removal Effective Date.


 


(c)          With
effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring or removed Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case
of any Collateral held by the Administrative Agent on behalf of the Lenders under any Loan Document, the retiring or removed Administrative
Agent shall continue to hold such Collateral until such time as a successor Administrative Agent is appointed), and (ii) except
for any indemnity payments owed to the retiring or removed Administrative Agent, all payments, communications and determinations
provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such
time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a
successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of
the rights, powers, privileges and duties of the retiring or removed Administrative Agent (other than any rights to indemnity payments
owed to the retiring or removed Administrative Agent), and the retiring or removed Administrative Agent shall be discharged from
all of its duties and obligations hereunder or under the other Loan Documents. The fees payable by the Borrower to a successor
Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such
successor. After the retiring or removed Administrative Agent’s resignation or removal


 




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hereunder and under the other Loan Documents,
the provisions of this Article and Section 9.3 shall continue in effect for the benefit of such retiring or removed
Administrative Agent, its sub-agents and their respective Related Parties in respect of any action taken or omitted to be taken
by any of them while the retiring or removed Administrative Agent was acting as Administrative Agent.


 


Section 8.7           Non-Reliance
on Administrative Agent and Other Lenders. Each Lender acknowledges and agrees that the extensions of credit made hereunder
are commercial loans and not investments in a business enterprise or securities. Each Lender represents that it is engaged in making,
acquiring or holding commercial loans in the ordinary course of its business and that it has, independently and without reliance
upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information (which
may contain material, non-public information within the meaning of the United States securities laws concerning the Borrower and
its Affiliates) as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender
also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of
their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make
its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement
or any document furnished hereunder or thereunder.


 


Section 8.8           No
Other Duties, etc.


 


Anything herein to the
contrary notwithstanding, none of the Bookrunners or Arrangers listed on the cover page hereof shall have any powers, duties or
responsibilities under this Agreement or any other Loan Document, except in its capacity, as applicable, as the Administrative
Agent or a Lender hereunder.


 


Section 8.9           Enforcement.
Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies
hereunder and under the other Loan Documents against any Loan Party shall be vested exclusively in, and all actions and proceedings
at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance
with Section 8.1 for the benefit of all the Lenders; provided that, the foregoing shall not prohibit (a) the
Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity
as Administrative Agent) hereunder and under the other Loan Documents, (b) any Lender from enforcing its right to payment when
due of the principal of and interest on its Loans, fees and other amounts owing to such Lender under the Loan Documents, (c) any
Lender from exercising setoff rights in accordance with Section 9.8 (subject to the terms of Section 2.18),
or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding
relative to any Loan Party under any Debtor Relief Law; and provided further that, if at any time there is no Person acting
as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise
ascribed to the Administrative Agent pursuant to this Article VIII, and (ii) in addition to the matters set forth in
clauses (b), (c), (d) and (e) of the preceding proviso and subject to Section 2.18,
any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by
the Required Lenders.


 




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Section 8.10         Administrative
Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial
proceeding under any other Applicable Law relative to any Loan Party, the Administrative Agent (irrespective of whether the principal
of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative
Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding
or otherwise:


 


(a)          to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims
of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances
of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the
Administrative Agent under Sections 2.11 and 9.3) allowed in such judicial proceeding; and


 


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


 


and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make
such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments
directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements
and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.11
and 9.3.


 


Section 8.11         Collateral
and Guaranty Matters. (a) The Lenders irrevocably authorize the
Administrative Agent, at its option and in its sole and absolute discretion,


 


(i)          to
release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (v) upon termination of
all Commitments and payment in full of all Obligations (other than contingent indemnification obligations), (w) that is sold or
otherwise disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition permitted
under the Loan Documents, (x) subject to Section 9.2, if approved, authorized or ratified in writing by the Required
Lenders, (y) relating to Collateral consisting of a debt instrument if the Indebtedness evidenced thereby has been paid in full,
or (z) where such release (A) corrects manifest error in the Administrative Agent’s sole and absolute discretion or (B) is
expressly permitted under the Loan Documents;


 


(ii)         to
subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any
Lien on such property that is permitted by Section 6.3(e) or to any Permitted Encumbrance; and


 




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(iii)        to
release any Guarantor from its obligations under the Loan Documents if such Person ceases to be a Subsidiary as a result of a transaction
permitted under the Loan Documents.


 


Upon request by the Administrative
Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate
its interest in particular types or items of property, or to release any Guarantor from its obligations under the Loan Documents
pursuant to this Section 8.11.


 


(b)          The
Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding
the existence, value or collectability of any Collateral, the existence, priority or perfection of the Administrative Agent’s
Lien thereon, or any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative Agent be responsible
or liable to the Lenders for any failure to monitor, maintain or insure any portion of the Collateral.


 


(c)          The
Administrative Agent may refrain from enforcing the Collateral unless instructed by the Required Lenders. The Administrative Agent
may, subject to any contrary instructions from the Required Lenders, cease enforcement at any time.


 


Section 8.12         Lender
Provided Hedging Agreements and Lender Provided Financial Service Products. No holder of Secured Obligations in respect of
Lender Provided Hedging Agreements or Lender Provided Financial Service Products shall have any right to notice of any action or
to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral
(including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent
expressly provided in the Loan Documents. Notwithstanding any other provision of this Article VIII to the contrary, the
Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with
respect to, such Secured Obligations unless the Administrative Agent has received written notice of such Secured Obligations, together
with such supporting documentation as the Administrative Agent may reasonably request, from the applicable Lender or Affiliate
of a Lender.


 


Section 8.13         Merger.
Any entity into which the Administrative Agent in its individual capacity may be merged or converted or with which it may be consolidated,
or any corporation resulting from any merger, conversion or consolidations which the Administrative Agent in its individual capacity
may be party, or any corporation to which substantially all of the corporate trust or agency business of the Administrative Agent
in its individual capacity may be transferred, shall be the Administrative Agent under this Agreement without further action.


 


Article
IX


 


Miscellaneous


 


Section 9.1           Notices;
Effectiveness; Electronic Communication.


 


(a)          Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in


 




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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, sent by telecopy or electronic communication as follows:


 


(i)          if
to the Borrower or any other Loan Party, to it at 875 Howard Street, Suite 320, San Francisco, CA 94103, Attention: General Counsel
/Chief Financial Officer / Treasurer (Telephone No. (877) 215-5230 ext. 18083/19763; E-mail: alejandro.scannapieco@globant.com
with copies to matias.corvalan@globant.com and gcoffice@globant.com), with a copy to Sistemas Globales S.A., Ing. Butty 240, Laminar
Tower, 9th Floor, Ciudad Autónoma de Buenos Aires, 1001, Argentina, Attention: General Counsel /Chief Financial Officer
/ Treasurer;


 


(ii)         if
to the Administrative Agent, to HSBC Bank USA, N.A. at HSBC Bank USA, National Association, Corporate Trust Loan Agency, 425 5th
Avenue (8E6), New York, NY 10018 (Telecopy No. (917) 229-6659; Telephone No. (212) 535-7253; E-mail: ctlany.loanagency@us.hsbc.com);
and


 


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


 


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


 


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


 


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


 




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or communication shall be deemed to have been
sent at the opening of business on the next Business Day for the recipient.


 


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


 


(d)          Platform.


 


(i)          The
Borrower (on behalf of itself and each other Loan Party) agrees that the Administrative Agent may, but shall not be obligated to,
make the Communications (as defined below) (including of materials and/or information provided by or on behalf of the Borrower
hereunder (collectively, the “Borrower Materials”)) available to the other Lenders by posting the Communications
on the Platform.


 


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


 


Section 9.2           Waivers;
Amendments.


 


(a)          No
failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder 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 and the Lenders hereunder are cumulative and are not exclusive of any rights or
remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower
therefrom shall in any event be effective unless the same shall be permitted by clause (b) of this Section, and then
such waiver or consent shall be effective only in the specific


 




    	 	-76-	 



     


    

 


instance and for the purpose for which given.
Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless
of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time.


 


(b)          No
Loan Document nor any provision thereof may be waived, amended or modified except, in the case of this Agreement, pursuant to an
agreement or agreements in writing entered into by the Borrower and the Required Lenders or, in the case of any other Loan Document,
by an agreement in writing entered into 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 (it being understood and agreed that a waiver of any condition
precedent set forth in Section 4.1 or the waiver of any Default, Event of Default, mandatory prepayment or mandatory reduction
of the Commitments shall not constitute an increase of any Commitment of any Lender);


 


(ii)         reduce
the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written
consent of each Lender directly affected thereby (it being understood and agreed that a waiver of an increase to the Applicable
Rate pursuant to Section 2.12(c) shall require the consent of only the Required Lenders);


 


(iii)        postpone
the scheduled date of payment (it being understood and agreed that a waiver of a Default shall require the consent of only the
Required Lenders) of the principal amount of any Loan, or any interest thereon, or any fees payable hereunder, or reduce the amount
of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent
of each Lender directly affected thereby;


 


(iv)        change
Sections 2.18(b), Section 2.18(c), and Section 7.2 in a manner that would alter the pro rata sharing
of payments required thereby, without the written consent of each Lender;


 


(v)         release
any Guarantor from a Guaranty (other than in connection with the transactions permitted under Section 6.4 or the sale of
such Guarantor in a transaction permitted under Section 6.5) or release all or substantially all of the Collateral in any
transaction or series of related transactions (other than as authorized in Section 8.11 or as otherwise specifically permitted
or contemplated in this Agreement or the Security Agreement), in each case without the written consent of each Lender;


 


(vi)        change
any provision of this Section or the definition of “Required Lenders” or any other provision hereof specifying
the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant
any consent hereunder, without the written consent of each Lender; or


 




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(vii)       amend,
modify or otherwise affect the rights or duties of the Administrative Agent hereunder without the prior written consent of the
Administrative Agent.


 


Notwithstanding anything
herein to the contrary, the Administrative Agent may, with the consent of the Borrower only, amend, modify or supplement this Agreement
or any other Loan Document to cure any ambiguity, omission, defect or inconsistency.


 


Section 9.3           Expenses;
Indemnity; Damage Waiver.


 


(a)          Costs
and Expenses. The Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative
Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, which
shall be limited to one primary counsel and, to the extent appropriate, one local counsel in each relevant jurisdiction) in connection
with (A) the syndication of the facilities, the preparation, negotiation, execution, delivery, recordation and filing (including
all recording and filing fees, and all mortgage, intangible and other taxes) (it being understood and agreed that the Borrower
shall not be responsible for the payment of any such fees, charges or disbursements incurred by any Lender or counsel for such
Lender other than HSBC in its role as Administrative Agent) and (B) administration of this Agreement and the other Loan Documents,
or any amendment, modification or waiver of the provisions hereof or thereof (whether or not the transactions contemplated hereby
or thereby shall be consummated), and (ii) all reasonable and documented out-of-pocket expenses incurred by the Administrative
Agent, any Lender (including the fees, charges and disbursements of any counsel for the Administrative Agent or any Lender, which
shall be limited to one primary counsel for the Administrative Agent and the Lenders (taken as a whole), one local counsel (in
each reasonably necessary jurisdiction) and one special counsel (for each reasonably necessary specialty) and, in the case of a
conflict of interest of any of the foregoing counsel, one additional local and/or special counsel (as applicable)), in connection
with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including
its rights under this Section, or (B) in connection with the Loans made hereunder, including all such reasonable and documented
out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans.


 


(b)          Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and each Related
Party of each of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each
Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and
disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any Person (including
the Borrower or any other Loan Party) arising out of, in connection with, or as a result of (i) the execution or delivery of this
Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties
hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby,
(ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous
Materials on or from any property owned or operated by the Borrower or any Subsidiary (except to the extent such presence or release
is (A) attributable solely to the


 




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gross negligence or willful misconduct of any
Lender (as determined by a court of competent jurisdiction by a final, nonappealable judgment) and (B) occurred following such
Lender’s taking possession of the property due to (x) the foreclosure on such property by such Lender or (y) such Lender
having become successor-in-interest to any Loan Party with respect to such property), or any Environmental Liability related in
any way to the Borrower or any Subsidiary, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating
to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower
or any other Loan Party, and regardless of whether any Indemnitee is a party thereto; provided that, such indemnity shall
not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined
by a court of competent jurisdiction by final and nonappealable judgment to (A) have resulted (i) from the gross negligence or
willful misconduct of such Indemnitee or (ii) a claim brought by the Borrower or any other Loan Party against an Indemnitee for
breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such
Loan Party has obtained a final and nonappealable judgment in its favor on such claim, or (B) have arisen out of any dispute that
does not involve an act or omission of any Loan Party or any Subsidiary and that is brought by an Indemnitee against another Indemnitee;
provided, further, that the Borrower shall only be responsible for the fees, charges and disbursements of one primary
counsel for the Administrative Agent and the Lenders (taken as a whole), one local counsel (in each reasonably necessary jurisdiction)
and one special counsel (for each reasonably necessary specialty) and, in the case of a conflict of interest of any of the foregoing
counsel, one additional local and/or special counsel (as applicable). This Section 9.3(b) shall not apply with respect
to Taxes other than any Taxes that represent losses, claims, damages, liabilities and related expenses arising from any non-Tax
claim.


 


(c)          Reimbursement
by Lenders. To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under clause (a)
or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof) or any Related Party of the
Administrative Agent, each Lender severally agrees (i) to pay with respect to clause (a) of this Section, and (ii)
indemnify with respect to clause (b) of this Section, Administrative Agent (or any such sub-agent) or such Related
Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought based on each Lender’s share of the Total Credit Exposure at such time) of such unpaid
amount (including any such unpaid amount in respect of a claim asserted by such Lender); provided that, the unreimbursed
expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against
the Administrative Agent (or any such sub-agent) in its capacity as such, or against any Related Party acting for the Administrative
Agent (or any such sub-agent) in connection with such capacity. The obligations of the Lenders under this clause (c)
are subject to the provisions of Section 2.18(e).


 


(d)          Waiver
of Consequential Damages, etc. To the fullest extent permitted by Applicable Law, the Borrower shall not assert, and hereby
waives, any claim against any Indemnitee, and in no event shall any Indemnitee be liable, on any theory of liability, for loss
of profits, goodwill, reputation, business opportunity or for indirect, special, punitive, consequential or exemplary 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 contemplated hereby or thereby, any Loan, or


 




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the use of the proceeds thereof, whether or
not the Indemnitee has been advised of the possibility of damages. No Indemnitee referred to in clause (b) above shall
be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it
through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other
Loan Documents or the transactions contemplated hereby or thereby.


 


(e)          Payments.
All amounts due under this Section shall be payable not later than 10 days after demand therefor.


 


(f)           Survival.
Each party’s obligations under this Section shall survive the termination of the Loan Documents and payment of the other
Obligations.


 


Section 9.4           Successors
and Assigns.


 


(a)          Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any
of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender, and no Lender
may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions
of clause (b) of this Section, (ii) by way of participation in accordance with the provisions of clause (d)
of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of clause (e)
of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors
and assigns permitted hereby, Participants to the extent provided in clause (d) of this Section and, to the extent
expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable
right, remedy or claim under or by reason of this Agreement.


 


(b)          Assignments
by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Commitments and the Loans at the time owing to it); provided that, any
such assignment shall be subject to the following conditions:


 


(i)          Minimum
Amounts.


 


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


 


(B)         in
any case not described in clause (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this
purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding
balance of the Loans of the assigning Lender subject to each such assignment (determined as of the


 




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date the Assignment and Assumption
with respect to such assignment is delivered to the Administrative Agent or, if a “Trade Date” is specified
in the Assignment and Assumption, as of the Trade Date) shall not be less than $5,000,000, unless each of the Administrative Agent
and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be
unreasonably withheld or delayed).


 


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


 


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


 


(A)         the
consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default
has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or
an Approved Fund; 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


 


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


 


(iv)        Assignment
and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee of $3,500; provided that, the Administrative Agent may, in its sole and absolute
discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender,
shall deliver to the Administrative Agent an Administrative Questionnaire.


 


(v)         No
Assignment to Certain Persons. No such assignment shall be made to (A) the Borrower or any of the Borrower’s Affiliates
or Subsidiaries, or (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder,
would constitute a Defaulting Lender or a Subsidiary thereof.


 


(vi)        No
Assignment to Natural Persons. No such assignment shall be made to a natural Person (or a holding company, investment vehicle
or trust for,


 




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or owned and operated for the primary
benefit of, a natural Person or relative(s) thereof).


 


(vii)       Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such
assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the
assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution
thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other
compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata
share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor
hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the
Administrative Agent and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate)
its full pro rata share of all Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the
event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under Applicable
Law without compliance with the provisions of this clause, then the assignee of such interest shall be deemed to be a Defaulting
Lender for all purposes of this Agreement until such compliance occurs.


 


Subject to acceptance and recording thereof
by the Administrative Agent pursuant to clause (c) of this Section, from and after the effective date specified in
each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.14
and 9.3 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided
that, except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute
a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Any assignment
or transfer by a Lender of rights or obligations under this Agreement that does not comply with this clause 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 (d)
of this Section.


 


(c)          Register.
The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at its offices at 452 Fifth
Avenue, New York, NY 10018 a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names
and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive
absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is


 




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recorded in the Register pursuant to the terms
hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower
and any Lender, at any reasonable time and from time to time upon reasonable prior notice. Upon its receipt of a duly completed
Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s Administrative Questionnaire (unless
the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in clause (b) of
this Section and any written consent to such assignment required by clause (b) of this Section, 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
this Agreement, 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
clause (c).


 


(d)          Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations
to any Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the
primary benefit of, a natural Person, or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”)
in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment
and/or the Loans owing to it); provided that, (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (iii)
the Borrower, the Administrative Agent and Lenders shall continue to deal solely and directly with such Lender in connection with
such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for
the indemnity under Section 2.17(e) with respect to any payments made by such Lender to its Participant(s).


 


Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that, such agreement
or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification
or waiver described in the first proviso to Section 9.2(b) that affects such Participant. The Borrower agrees that
each Participant shall be entitled to the benefits of Sections 2.14, 2.16 and 2.17 (subject to the requirements
and limitations therein, including the requirements under Section 2.17(g) and Section 2.17(h) (it being understood
that the documentation required under Section 2.17(g) and Section 2.17(h) 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; provided that, such Participant (A) agrees to be subject to the provisions of Section 2.19
as if it were an assignee under clause (b) of this Section, and (B) shall not be entitled to receive any greater
payment under Section 2.14 or Section 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. Each Lender that sells a participation agrees, at
the Borrower’s request


 




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and expense, to use reasonable efforts to cooperate
with the Borrower to effect the provisions of Section 2.19(b) with respect to any Participant. To the extent permitted
by Applicable Law, each Participant also shall be entitled to the benefits of Section 9.8 as though it were a Lender;
provided that, such Participant agrees to be subject to Section 2.18(c) 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 the Loan Documents (the “Participant Register”); provided
that, no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of
any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its
other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that
such commitment, loan, or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.
The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose
name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding
any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall
have no responsibility for maintaining a Participant Register.


 


(e)          Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this
Section shall not apply to any such pledge or assignment of a security interest; provided that, no such pledge or assignment
shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a
party hereto.


 


Section 9.5           Survival.
All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments
delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto
and shall survive the execution and delivery of this Agreement and the making of any Loans, regardless of any investigation made
by any such other party or on its behalf and notwithstanding that the Administrative Agent 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 so long as the principal of or any accrued interest on any Loan or any fee or any other amount payable
under any Loan Document is outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions
of Sections 2.14, 2.16, 2.17, 2.18 and 9.3, 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
Obligations, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof.


 


Section 9.6           Counterparts;
Integration; Effectiveness; Electronic Execution.


 


(a)          Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement
and the other Loan Documents, and any separate letter agreements


 




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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 4.1,
this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative
Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.
Delivery of an executed counterpart of a signature page of this Agreement by telecopy or in electronic (i.e., “pdf”
or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement.


 


(b)          Electronic
Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like
import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of
a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or
any other similar state laws based on the Uniform Electronic Transactions Act.


 


Section 9.7           Severability.
Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability
of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate
such provision in any other jurisdiction.


 


Section 9.8           Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of their respective Affiliates
is hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable Law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held, and other
obligations (in whatever currency) at any time owing, by such Lender or any such Affiliate, to or for the credit or the account
of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such Loan Party now or hereafter
existing under this Agreement or any other Loan Document to such Lender or its respective Affiliates, irrespective of whether or
not such Lender or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations
of the Borrower or such Loan Party may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender different
from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided that, in the event
that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to
the Administrative Agent for further application in accordance with the provisions of Section 2.21 and, pending such
payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative
Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing
in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights
of each Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other
rights of setoff) that such Lender or its respective Affiliates may have. Each Lender agrees to notify the Borrower and the


 




    	 	-85-	 



     


    

 


Administrative Agent promptly after any such
setoff and application; provided that, the failure to give such notice shall not affect the validity of such setoff and
application.


 


Section 9.9           Governing
Law; Jurisdiction; Etc.


 


(a)          Governing
Law. This Agreement and the other Loan Documents and any claim, controversy, dispute or cause of action (whether in contract
or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other
Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by, and construed
in accordance with, the law of the State of New York, without regard to conflicts of law principals except Title 14 of Article 5
of the New York General Obligations law.


 


(b)          Jurisdiction.
The Borrower irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind
or description, whether in law or equity, whether in contract or in tort or otherwise, against the Administrative Agent, any Lender
or any Related Party of the foregoing in any way relating to this Agreement or any other Loan Document or the transactions relating
hereto or thereto, in any forum other than the courts of the State of New York sitting in New York County, and of the United States
District Court for the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto
irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any action,
litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, in
any way relating to this Agreement or any other Loan Document or the transactions relating hereto or thereto may be heard and determined
in such New York State court or, to the fullest extent permitted by Applicable Law, in such federal court. Each of the parties
hereto agrees that a final judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by Applicable Law. Nothing in this Agreement or in any other
Loan Document shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding
relating to this Agreement or any other Loan Document against the Borrower, any other Loan Party or their properties in the courts
of any jurisdiction.


 


(c)          Waiver
of Venue. The Borrower irrevocably and unconditionally waives, to the fullest extent permitted by Applicable Law, any objection
that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement
or any other Loan Document in any court referred to in clause (b) of this Section. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance
of such action or proceeding in any such court.


 


(d)          Service
of Process. Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 9.1.
Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by Applicable
Law.


 


Section 9.10         Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE


 




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LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.


 


Section 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         Treatment
of Certain Information; Confidentiality.


 


Each of the Administrative
Agent and the Lenders and agree to maintain the confidentiality of the Information (as defined below), except that Information
may be disclosed: (a) to its Affiliates and to its Related Parties (it being understood that the Persons to whom such disclosure
is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential),
(b) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related
Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent
required by Applicable Law or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the
exercise of any remedy hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any
other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially
the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in,
any of its rights and obligations under this Agreement, or (ii) any actual or prospective party (or its Related Parties) to any
swap, derivative, credit insurance or other transaction under which payments are to be made by reference to the Borrower and its
obligations, this Agreement or payments hereunder, (g) with the consent of the Borrower, or (h) to the extent such Information
(x) becomes publicly available other than as a result of a breach of this Section, or (y) becomes available to the Administrative
Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower or any
Subsidiary. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and information
about this Agreement to market data collectors, similar service providers to the lending industry (including league table providers)
and service providers to the Administrative Agent and the Lenders in connection with the administration of this Agreement, the
other Loan Documents, and the Commitments.


 


For purposes of this Article,
“Information” means all information received from the Borrower or any Subsidiary relating to the Borrower or
any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative


 




    	 	-87-	 



     


    

 


Agent, any Lender on a nonconfidential basis
prior to disclosure by the Borrower or any Subsidiary; provided that, in the case of information received from the Borrower
or any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person
required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with
its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information
as such Person would accord to its own confidential information.


 


Section 9.13         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 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 9.14         PATRIOT
Act. Each Lender that is subject to the requirements of the PATRIOT Act hereby notifies the Borrower that pursuant to the requirements
of the PATRIOT Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes
the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with
the PATRIOT Act.


 


Section 9.15         Acknowledgment
and Consent to Bail-In of EEA 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
EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down
and conversion powers of an EEA 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 an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA Financial Institution; and


 


(b)          the
effects of any Bail-in Action on any such liability, including, if applicable:


 


(i)          a
reduction in full or in part or cancellation of any such liability;


 


(ii)         a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred


 




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on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or
any other Loan Document; or


 


(iii)        the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.


 


Section 9.16         Judgment
Currency. This is an international loan transaction in which the specification of Dollars and the payment in New York is of
the essence, and the obligations of the Borrower and each other Loan Party under this Agreement and each of the other Loan Documents
to make payments in a specified currency (the “Contractual Currency”) shall not be discharged or satisfied by
any tender or recovery pursuant to any judgment expressed in or converted into any currency other than the Contractual Currency,
except to the extent such tender or recovery results in the effective receipt by the Recipient to which payment is owed, acting
in good faith and using commercially reasonable procedures in converting the currency so tendered into the Contractual Currency,
of the full amount of the Contractual Currency of the amounts payable to such Recipient under this Agreement. If, for the purpose
of obtaining or enforcing judgment against any Loan Party in any court or in any jurisdiction, it becomes necessary to convert
into or from any currency other than the Contractual Currency (such other currency being herein referred to as the “Judgment
Currency”) an amount due in the Contractual Currency, the conversion shall be made, at the rate of exchange at which,
in accordance normal banking procedures, the Recipient could purchase such Contractual Currency at the principal office of the
Recipient in New York, New York with the Judgment Currency on the Business Day next preceding the day on which such judgment becomes
effective. The obligation of the Borrower and each other Loan Party in respect of any sum due from it to the Recipient hereunder
or under any other Loan Document shall, notwithstanding the rate of exchange actually applied in rendering such judgment, be discharged
only to the extent that, on the Business Day following receipt by the Recipient of any sum adjudged to be due hereunder in the
Judgment Currency the Recipient may, in accordance with normal banking procedures, purchase and transfer the Contractual Currency
to New York, New York with the amount of the Judgment Currency so adjudged to be due, and the Borrower and each other Loan Party
hereby, as a separate obligation and notwithstanding any such judgment, agrees to indemnify the Recipient against, and to pay the
Recipient, on demand, in the Contractual Currency, the amount (if any) by which the sum originally due to the Recipient in the
Contractual Currency hereunder exceeds the amount of the Contractual Currency so purchased and transferred.


 


[Signature page follows]


 




    	 	-89-	 



     


    

 


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


 


	 	GLOBANT, LLC,
	 	as Borrower
	 	 	 
	 	By	/s/ Alejandro Scannapieco
	 	Name:	Alejandro Scannapieco
	 	Title:	Chief Financial Officer


 


[Signature Page – Credit Agreement]


 




     


     


    

 


	 	HSBC BANK USA, NATIONAL ASSOCIATION,

 as Administrative Agent
	 	 	 
	 	By	/s/ Vanessa Printz
	 	Name:	Vanessa Printz
	 	Title:	Senior Vice President 19402

Commercial Banking

HSBCBank USA, N.A.


 


[Signature Page – Credit Agreement]


 




     


     


    

 


	 	HSBC BANK USA, NATIONAL ASSOCIATION, 

as Lender
	 	 	 
	 	By	/s/ Vanessa Printz
	 	Name:	Vanessa Printz
	 	Title:	Senior Vice President 19402

Commercial Banking

HSBCBank USA, N.A.


 


[Signature Page – Credit Agreement]


 




     


     


    

 


	 	CITIBANK, N.A.,
	 	as Lender
	 	 	 
	 	By  	/s/ Jaewon Hwang
	 	Name:	Jaewon Hwang
	 	Title:	Director


 


[Signature Page – Credit Agreement]


 




     


     


    

 


Schedule 2.1


 


Commitments


 


	Lender	 	Commitment	 	 	Percentage	 
	 	 	 	 	 	 	 
	HSBC Bank USA, N.A.	 	$	20,000,000	 	 	 	50	%
	 	 	 	 	 	 	 	 	 
	Citibank, N.A.	 	$	20,000,000	 	 	 	50	%
	 	 	 	 	 	 	 	 	 
	Total:	 	$	40,000,000	 	 	 	100	%




 




     


     


    

 


Schedule 3.6


 


Disclosed Matters


 


		1.	Globant, LLC is currently under examination by the Internal
Revenue Service (“IRS”) regarding payroll and employment taxes primarily in connection with services performed by
employees of certain of our subsidiaries in the United States from 2013 to 2015. Such examination is currently in progress and,
at this stage, we cannot make any predictions about the final outcome of this matter. Management estimates that the amount of
possible loss as of June 30, 2017 could range between $300,000 and $500,000.



 




     


     


    

 


Schedule 3.11


 


Insurance


 


[see attached]


 






     


     


    

 




 


 


 





CERTIFICATE
OF LIABILITY INSURANCE GLOBA01 OP ID: LM DATE (MM/DD/YYYY) 06/20/2017 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY
AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER
THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING
INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL
INSURED, the policy(ies) must be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain
policies may require an endorsement. A statement on this certificate does not confer rights to the certificate
holder in lieu of such endorsement(s). PRODUCER Sweet & Baker Ins. Brokers Inc 44 Second
Street San Francisco, CA 94105-3440 Richard Weingart (415)512-2122 CONTACT NAME Sweet and Baker Insurance Brok PHONE (A/C, No,
Ext):415-512-2100 Fax (a/c, No): 415-512-1115 E-MAIL ADDRESS: INSURER(S) AFFORDING COVERAGE NAIC # insurer
a :The Hartford 11000 insured Globant, LLC 875 Howard Street San Francisco,
CA 94103 INSURER B : INSURER C : INSURER D : INSURER E : INSURER F : COVERAGES CERTIFICATE NUMBER: REVISION NUMBER: THIS
IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED.
NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY
BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND
CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. insr
ltr TYPE OF INSURANCE addl
insd subr wvd POLICY NUMBER POLICY EFF (MM/DD/YYYY) POLICY EXP (MM/DD/YYYY) LIMITS A X COMMERCIAL GENERAL LIABILITY X 57UUNZM9229
02/06/2017 02/06/2018 EACH OCCURRENCE $ 1,000,000
CLAIMS-MADE X OCCUR DAMAGE TO RENTED PREMISES (Ea occurrence) $ 300,000
 MED EXP (Any one person) $ 10,000  PERSONAL & ADV INJURY $ 1,000,000
GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $ 2,000,000 X POLICY
project LOC PRODUCTS - COMP/OP AGG $ 2,000,000 OTHER: $ A
AUTOMOBILE LIABILITY 57UUNZM9229 02/06/2017 02/06/2018 COMBINED SINGLE LIMIT (Ea accident) $ 2,000,000
ANY AUTO BODILY INJURY (Per person) $ ALL OWNED AUTOS HIRED AUTOS SCHEDULED AUTOS NON-OWNED AUTOS BODILY INJURY (Per
accident) $ X X PROPERTY DAMAGE (Per accident) $ $ A
UMBRELLA LIAB EXCESS LIAB X OCCUR CLAIMS-MADE 57RHUZM8888 02/06/2017 02/06/2018
EACH OCCURRENCE $ 4,000,000 X  AGGREGATE $ 4,000,000
DED X RETENTION $ 10,000 $
A WORKERS COMPENSATION AND EMPLOYERS' LIABILITY Y / N ANY PROPRIETOR/PARTNER/EXECUTIVE
OFFICER/MEMBER EXCLUDED? (Mandatory in NH) If yes, describe under DESCRIPTION
OF OPERATIONS below N / A 57WEZU8722 03/22/2017 03/22/2018 PER OTH- STATUTE ER
E.L. EACH ACCIDENT $ 1,000,000 E.L. DISEASE - EA EMPLOYEE $ 1,000,000
E.L. DISEASE - POLICY LIMIT $ 1,000,000 A Property Special Form, RC 57UUNZM9229
DED $500 02/06/2017 02/06/2018 BPP/TIB 2,000,000 BI ALS DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additional
Remarks Schedule, may be attached if more space is required) 10 days notice of cancellation for non-payment of premium and 30
days notice for all other cancellations. HSBC Bank USA, N.A,as Administrative Agent, and its successors and assigns are named
additional insured respects the written contract with the named insured. * Attn: Insurance Department CERTIFICATE HOLDER CANCELLATION
HSBC Bank USA, N.A, as Administrative Agent and its successors and assigns *P O Box 1165 Buffalo, NY 14203 SHOULD ANY OF THE ABOVE
DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS.
AUTHORIZED REPRESENTATIVE ACORD 25 (2014/01) © 1988-2014 ACORD CORPORATION. All rights reserved. The ACORD name and logo
are registered marks of ACORD 







 






     


     


    




 





THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ
IT CAREFULLY.


 


POLICY CHANGES


 


This endorsement forms a part of the Policy numbered below:


 





	POLICY NUMBER: 57 UUN ZM9229 K2 	 
	CHANGE NUMBER: 004
	 
	Policy Change Effective Date: 07/17/17 
	Named Insured: GLOBAL LLC


































 





	Producer's Name:	SWEET
    & BAKER INS BROKE INC
	Pro Rata Factor:	.797






  


Description of Change(s):


 


ANY CHANGES IN YOUR PREMIUM WILL BE REFLECTED IN YOUR NEXT BILLING
STATEMENT. IF YOU ARE ENROLLED IN REPETITIVE EFT DRAWS FROM YOUR BANK ACCOUNT, CHANGES IN PREMIUM WILL CHANGE FUTURE DRAW AMOUNTS.


 


THIS IS NOT A BILL.


 


NO PREMIUM DUE AT POLICY CHANGE EFFECTIVE DATE.


 


PROPERTY CHOICE


 


HARTFORD FIRE INSURANCE COMPANY


 


PROPERTY CHOICE COVERAGE PART IS CHANGED


 


PREMISES 1 IS REVISED


 


LOSS PAYEE(S):


 


LENDER'S LOSS PAYABLE IS ADDED:


SEE LOSS PAYABLE PROVISIONS


 


FORM NUMBERS OF COVERAGE PARTS AND ENDORSEMENTS
ADDED TO THIS POLICY AT ENDORSEMENT ISSUE: SEE ABOVE FOR COMPANY NAME


 


IH12011185 LENDERS LOSS PAYEE(S)


 


	Countersigned by 		07/19/17
	(Where required by law)	Authorized Representative	Date


 


Form HM 12 01 01 07T


 






     


     


    




 


POLICY
NUMBER: 57 UUN ZM9229


CHANGE NUMBER:   004

 





 


THIS ENDORSEMENT CHANGES THE
POLICY. PLEASE READ IT CAREFULLY.


 


This endorsement modifies insurance provided
under the following:


 


LENDERS LOSS PAYEE(S)


 


PROPERTY CHOICE COVERAGE PART


 


HSBC BANK USA, NA


AS ADMINISTRATIVE AGENT ITS SUCCESSORS AND/OR
ASSIGNS


P.O. BOX 1165


BUFFALO, NY 14203


RE: LOC 001 875 HOWARD ST SAN FRANCISCO, CA 94103


 


Form IH 12 01 11 85   SEQ.NO.    01      Printed
in U.S.A.








 




     


     


    

  


Schedule 3.13


 


Subsidiaries; Equity Interests


 


	Company	 	Country of incorporation	 	Shareholders
	Globant S.A. (sociedad unipersonal)	 	Spain	 	100% Globant S.A. (Luxembourg)
	Software Product Creation S.L.	 	Spain	 	100% Globant S.A. (Spain)
	Sistemas Colombia S.A.S.	 	Colombia	 	
        99.99% Globant S.A. (Spain)

        00.01% Software Product Creation SL

	Globant, LLC	 	USA	 	100% Globant S.A. (Spain)
	Ratio Cypress LLC	 	USA	 	100% Globant, LLC
	L4 Mobile LLC	 	USA	 	100% Globant, LLC
	Point Source LLC	 	USA	 	100% Globant, LLC
	Sistemas Globales Uruguay S.A.	 	Uruguay	 	100% Globant S.A. (Spain)
	Difier S.A.	 	Uruguay	 	100% Globant S.A. (Spain)
	Sistemas UK Ltd.	 	England & Wales	 	100% Globant S.A. (Spain)
	We Are London Ltd.	 	England & Wales	 	100% Globant S.A. (Spain)
	Huddle Investment LLP	 	England & Wales	 	
        93.125% Globant S.A. (Luxembourg)

        06.875% Globant S.A. (Spain)

	Sistemas Globales Chile – Asesorías Limitada	 	Chile	 	
        95.00% Globant S.A. (Spain)

        05.00% Software Product Creation S.L.

	Global Systems Outsourcing S. de R.L. de C.V.	 	Mexico	 	
        99.99% Globant S.A. (Spain)

        00.01% IAFH Global S.A.

	IAFH Global S.A.	 	Argentina	 	
        99.9989% Globant S.A. (Spain)

        00.0011% Software Product Creation S.L.

	Sistemas Globales S.A.	 	Argentina	 	
        99.9978% Globant S.A. (Spain)

        00.0022% Software Product Creation S.L.

	Huddle Group S.A.	 	Argentina	 	
        98.60% Globant S.A. (Spain)

        01.40% Sistemas Globales Chile - Asesorías Ltda.

	Globers S.A.	 	Argentina	 	
        95.00% IAFH Global S.A.

        05.00% Sistemas Globales S.A.

	Dynaflows S.A.	 	Argentina	 	66.73% Sistemas Globales S.A.
	Globant Brasil Consultoria Ltda.	 	Brazil	 	
        99.99% Globant S.A. (Spain)

        00.01% Software Product Creation SL

	Globant Peru S.A.C.	 	Peru	 	
        99.99% Globant S.A. (Spain)

        00.01% Software Product Creation S.L.

	Globant Canada Corp.	 	Canada	 	100% Globant S.A. (Spain)
	Globant India Pvt. Ltd.	 	India	 	89.28% Globant S.A. (Spain)


 




     


     


    

 


Schedule 3.20


 


Labor Matters


 


None.


 




     


     


    

 


Schedule 6.2


 


Existing Indebtedness


 


Globant, LLC


 


Standby Letter of Credit in favor of 251 PAS
LLC, in the aggregate principal amount of $287,100.00


 




     


     


    

 


Schedule 6.3


 


Existing Liens


 


None.


 




     


     


    

 


Schedule 6.6


 


Existing Investments


 


None.


 




     


     


    

 


EXHIBIT A


 


[FORM OF]


 


NOTE


 


	[__________]	[______________], 2017


 


FOR VALUE RECEIVED, the
undersigned, GLOBANT, LLC (the “Borrower”), hereby promises to pay to the order of [________________] (together
with its successors and permitted assigns, the “Lender”), on the Maturity Date, the principal sum of [_______]
DOLLARS ($[_________]) or, if less, the aggregate unpaid principal amount of all Loans, made by the Lender to the Borrower pursuant
to the Credit Agreement, dated as of August 3, 2017, among the Borrower, the Lenders party thereto, and HSBC Bank USA, N.A., as
Administrative Agent (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”). The Borrower further promises to pay the unpaid principal amount, and interest on the unpaid principal amount,
of the Loans evidenced hereby from time to time at the rates, on the dates, and otherwise as provided in the Credit Agreement.


 


Payments of both principal
and interest are to be made without setoff or counterclaim in Dollars in same day or immediately available funds to the account
designated by the Administrative Agent pursuant to the Credit Agreement.


 


The Lender is authorized
to record the amount and the date on which each Loan is made and each payment of principal with respect thereto in its records;
provided that any failure to so record such information shall not in any manner affect any obligation of the Borrower under
the Credit Agreement or this Note.


 


This Note may only be assigned as provided in the Credit
Agreement.


 


The Borrower hereby waives
presentment for payment, demand, protest and notice of dishonor of this Note.


 


This Note is one of the
Notes referred to in, and is entitled to the benefits of, the Credit Agreement and the other Loan Documents. Capitalized terms
used but not defined herein have the respective meanings set forth in the Credit Agreement.


 


THIS REVOLVING NOTE IS
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.


 




    	RESTRICTED	A-1	 



     


    

 


IN WITNESS WHEREOF, the Borrower has caused
this Note to be duly executed and delivered as of the day and year first above written.


 


	 	GLOBANT, LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 


 


Note Signature Page


 




     


     


    

 


EXHIBIT B


 


[FORM OF]


 


ASSIGNMENT AND ASSUMPTION


 


This Assignment and
Assumption (the “Assignment and Assumption”) is dated as of the Assignment Effective Date set forth below
and is entered into by and between [the][each]1 Assignor identified in item 1 below ([the][each, an]
“Assignor”) and [the][each]2 Assignee identified in item 2 below ([the][each, an]
“Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the
Assignees]3 hereunder are several and not joint.]4 Capitalized terms used but not defined herein shall
have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit
Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee. The Standard Terms and
Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a
part of this Assignment and Assumption as if set forth herein in full.


 


For an agreed consideration,
[the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee
hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard
Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below
(i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective
capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the
respective Assignors] under the respective facilities identified below and (ii) to the extent permitted to be assigned under Applicable
Law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors
(in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with
the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or
in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice
claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant
to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant
to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”).
Each such sale and assignment is without recourse to


 







 






1 For bracketed language
here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed
language. If the assignment is from multiple Assignors, choose the second bracketed language. 


2 For
bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose
the first bracketed language. If the assignment is to multiple Assignees, choose the second bracketed language.


3 Select
as appropriate.


4 Include
bracketed language if there are either multiple Assignors or multiple Assignees.


 




    	RESTRICTED	B-1	 



     


    

 


[the][any] Assignor and, except as expressly
provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor.


 


	1.	Assignor[s]:	 	 


 


	 	 	 
	 	[Assignor [is] [is not] a Defaulting Lender]	 


 


	2.	Assignee[s]:	 	 


 


	 	 	 
	 	[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]


 


	3.	Borrower(s):	Globant, LLC	 


 


	4.	Administrative Agent:	HSBC Bank USA, N.A., as the administrative agent under the Credit Agreement


 


5.                             Credit Agreement:      The
Credit Agreement, dated as of August 3, 2017 (as amended, amended and restated, supplemented or otherwise modified from time to
time), among Globant, LLC, the Lenders that are parties thereto, HSBC Bank USA, N.A., as Administrative Agent


 


	6.	Assigned Interest[s]:



 


	 	 	 	 	 	 	Aggregate Amount	 	 	 	Percentage	 	 
	 	 	 	 	 	 	of	 	Amount of	 	Assigned of	 	 
	 	 	 	 	Facility	 	Commitment/Loans	 	Commitment/	 	Commitment/	 	CUSIP
	Assignor[s]1	 	Assignee[s]2	 	Assigned3	 	for all Lenders4	 	Loans Assigned8	 	Loans5	 	Number
	 	 	 	 	 	 	$	 	$	 	%	 	 
	 	 	 	 	 	 	$	 	$	 	%	 	 
	 	 	 	 	 	 	$	 	$	 	%	 	 


 


	[7.	Trade Date:	______________]6


 





 






1 List each Assignor, as
appropriate.


2 List each Assignee, as
appropriate.


3 Fill in the appropriate terminology for the
types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g., “Revolving
Commitment,” “Term [A][B] Commitment,” etc.)


4 Amount to be adjusted by
the counterparties to take into account any payments or prepayments made between the Trade Date and the Assignment Effective Date.


5 Set forth, to at least 9 decimals, as a
percentage of the Commitment/Loans of all Lenders thereunder.


6 To be completed if the Assignor(s) and the
Assignee(s) intend that the minimum assignment amount is to be determined as of the Trade Date.


 




    	RESTRICTED	B-2	 



     


    

 


Assignment Effective Date:        [____________],
20[__] [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER
THEREFOR.]


 


The terms set forth in this Assignment and Assumption are hereby
agreed to:


 


	 	ASSIGNOR[S]7
	 	[NAME OF ASSIGNOR]
	 	 	 	 
	 	By:	 
	 	 	Title:	 
	 	 	 	 
	 	[NAME OF ASSIGNOR]
	 	 	 	 
	 	By:	 
	 	 	Title:	 
	 	 	 	 
	 	ASSIGNEE[S]8
	 	[NAME OF ASSIGNEE]
	 	 	 	 
	 	By:	 
	 	 	Title:	 
	 	 	 	 
	 	[NAME OF ASSIGNEE]
	 	 	 	 
	 	By:	 
	 	 	Title:	 


 





 






7 Add additional signature
blocks as needed. Include both Fund/Pension Plan and manager making the trade (if applicable).


8 Add additional signature
blocks as needed. Include both Fund/Pension Plan and manager making the trade (if applicable).


 




    	RESTRICTED	B-3	 



     


    

 


[Consented to and]9 Accepted:


 


	HSBC BANK USA, N.A., as	 
	Administrative Agent	 
	 	 	 
	By: 	            	 
	Title:	 	 
	 	 	 
	[Consented to:]10	 
	 	 	 
	[RELEVANT PARTY FULL NAME ALL CAPS]	 
	 	 	 
	By:	 	 
	Title:	 	 


 





 






9 To be added only if
the consent of the Administrative Agent is required by the terms of the Credit Agreement.


10 To be added only if
the consent of the Borrower and/or other parties is required by the terms of the Credit Agreement.


 




    	RESTRICTED	B-4	 



     


    

 


ANNEX 1


 


[GLOBANT, LLC
CREDIT AGREEMENT DATED AS OF AUGUST 3, 2017 AMONG GLOBANT, LLC, THE LENDERS PARTY THERETO, AND HSBC BANK USA, N.A., AS
ADMINISTRATIVE AGENT]


 


STANDARD TERMS AND CONDITIONS
FOR ASSIGNMENT AND ASSUMPTION


 


1.             Representations
and Warranties.


 


1.1           Assignor[s].
[The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][the relevant] Assigned
Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full
power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate
the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to
(i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document,
(ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any Collateral
thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated
in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or
any other Person of any of their respective obligations under any Loan Document.


 


1.2.          Assignee[s].
[The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Sections 9.4(b)(iii), (v)
and (vi) of the Credit Agreement (subject to such consents, if any, as may be required under Section 9.4(b)(iii)
of the Credit Agreement), (iii) from and after the Assignment Effective Date, it shall be bound by the provisions of the Credit
Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a
Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned
Interest, and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced
in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the
opportunity to receive copies of the most recent financial statements delivered pursuant to Section 5.1 thereof, as applicable,
and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this
Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it 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 Assignment and Assumption and to purchase [the][such] Assigned Interest and
(vii) attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the
Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and without
reliance on the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as
it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan
Documents and (ii) it will perform in accordance with their terms


 




    	RESTRICTED	B-I-1	 



     


    

 


all of the obligations that, by the terms of the Loan Documents,
are required to be performed by it as a Lender.


 


2.             Payments.
From and after the Assignment Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned
Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which
have accrued to but excluding the Assignment Effective Date and to [the][the relevant] Assignee for amounts which have accrued
from and after the Assignment Effective Date. Notwithstanding the foregoing, the Administrative Agent shall make all payments of
interest, fees or other amounts paid or payable in kind from and after the Assignment Effective Date to [the][the relevant] Assignee.


 


3.             General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together
shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy
or in electronic format shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This
Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.


 




    	RESTRICTED	B-I-2	 



     


    

 


EXHIBIT C


 


[FORM OF]


 


SECURITY AGREEMENT


 


SECURITY AGREEMENT,
dated as of [         ], 20[__] (as amended, amended and restated, supplemented
or otherwise modified from time to time, this “Agreement”), by and between Globant, LLC, a Delaware limited
liability company (together with its successors and assigns, the “Grantor”) and HSBC Bank USA, N.A., as Administrative
Agent (in such capacity, and together with any successor in such capacity, the “Administrative Agent”), for
the benefit of the Secured Parties.


 


The Borrower, the Lenders
party thereto from time to time and the Administrative Agent are parties to that certain Credit Agreement, dated as of August 3,
2017 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
providing, subject to the terms and conditions thereof, for the making of extensions of credit and other financial accommodations
to the Borrower.


 


To induce the Lenders
to enter into the Credit Agreement and to extend credit and other financial accommodations thereunder, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Grantor has agreed to grant a security interest
in the Collateral (as hereinafter defined) as security for the Secured Obligations (as defined in the Credit Agreement). Accordingly,
the parties hereto agree as follows:


 


ARTICLE I


DEFINITIONS; TERMS GENERALLY;
ETC.


 


Section 1.1           Definitions.
   Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement.


 


Section 1.2          Certain
Uniform Commercial Code Terms.    As used herein, the terms “Accession”, “Account”, “As-Extracted
Collateral”, “Chattel Paper”, “Commodity Account”, “Commodity Contract”,
“Deposit Account”, “Document”, “Electronic Chattel Paper”, “Equipment”,
“Fixture”, “General Intangible”, “Goods”, “Instrument”,
“Inventory”, “Investment Property”, “Letter of Credit Right”, “Payment
Intangible”, “Proceeds”, “Promissory Note”, “Software” and “Tangible
Chattel Paper” have the respective meanings set forth in Article 9 of the NYUCC, and the terms “Certificated
Security”, “Entitlement Holder”, “Financial Asset”, “Instruction”,
“Securities Account”, “Security”, “Security Certificate”, “Security
Entitlement”, “Supporting Obligation” and “Uncertificated Security” have the respective
meanings set forth in Article 8 of the NYUCC.


 


Section 1.3           Additional
Definitions.    In addition, as used herein:


 


“Collateral”
has the meaning set forth in Article III.


 


“Contingent
Secured Obligations” means obligations of the Grantor in respect of (a) acceptances created for the benefit of the
Grantor by any Secured Party under any Loan


 




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Document, and (b) any other claim that may
be payable to any Secured Party by the Grantor under any Loan Document that is not yet due and payable.


 


“Excluded
Accounts” means (a) Deposit Accounts the balance of which consists exclusively of (i) withheld income taxes and federal,
state or local employment taxes in such amounts as are required in the reasonable judgment of the Borrower to be paid to the Internal
Revenue Service or state or local government agencies with respect to current or former employees of any one or more of the Grantors
and (ii) amounts required to be paid over to an employee benefit plan pursuant to DOL Reg. Sec. 25 10.3-102 on behalf of or for
the benefit of employees of one or more Grantors or amounts used for workers’ compensation and similar expenses of one or
more Grantors, (b) all segregated Deposit Accounts constituting (and the balance of which consists solely of funds set aside in
connection with) tax accounts, payroll accounts, trust accounts, social security accounts, any other fiduciary accounts and insurance
accounts and (c) certain other Deposit Accounts or Securities Accounts of a Grantor, as the Administrative Agent shall determine
in its sole and absolute discretion.


 


“Grantor”
has the meaning set forth in the preamble hereto.


 


“Initial
Pledged Shares” means the Shares of each Issuer beneficially owned by the Grantor on the date hereof and identified
in Annex III (Part A).


 


“Issuers”
means, collectively, (a) the respective Persons identified on Annex III (Part A) under the caption “Issuer”,
(b) any other Person that shall at any time be a Subsidiary of the Grantor, and (c) the issuer of any equity securities hereafter
owned by the Grantor.


 


“Motor Vehicles”
means motor vehicles, tractors, trailers and other like property, if the title thereto is governed by a certificate of title
or ownership.


 


“NYUCC”
means the Uniform Commercial Code as in effect from time to time in the State of New York.


 


“Pledged Shares”
means, collectively, (a) the Initial Pledged Shares and (b) all other Shares of any Issuer (subject to the last paragraph of
Article III) now or hereafter owned by the Grantor, together in each case with (i) all certificates representing the same, (ii)
all shares, securities, moneys or other property representing a dividend on or a distribution or return of capital on or in respect
of the Pledged Shares, or resulting from a split-up, revision, reclassification or other like change of the Pledged Shares or otherwise
received in exchange therefor, and any warrants, rights or options issued to the holders of, or otherwise in respect of, the Pledged
Shares, and (iii) without prejudice to any provision of any of the Loan Documents prohibiting any merger or consolidation by an
Issuer, all Shares of any successor entity of any such merger or consolidation.


 


“Shares”
means shares of capital stock of a corporation, limited liability company interests, partnership interests and other ownership
or equity interests of any class in any Person (regardless of whether such interests constitute “securities” or “general
intangibles” under applicable law).


 




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ARTICLE II


REPRESENTATION AND WARRANTIES


 


The Grantor represents and
warrants to the Administrative Agent and the other Secured Parties on and as of the date hereof that:


 


Section 2.1           Organizational
Matters; Enforceability, Etc.


 


(a)          The
Grantor is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization. The execution,
delivery and performance of this Agreement, and the grant of the security interests pursuant hereto, (i) are within the Grantor’s
powers and have been duly authorized by all necessary limited liability company action, (ii) do not require any consent or approval
of, registration or filing with, or any other action by, any Governmental Authority, except for (1) such as have been obtained
or made and are in full force and effect and (2) filings and recordings in respect of the security interests created pursuant hereto,
(iii) will not violate any Applicable Law or the charter, by-laws or other organizational documents of the Grantor or any order
of any Governmental Authority binding upon the Grantor or its property, (iv) will not violate or result in a default under any
indenture, agreement or other instrument binding upon the Grantor or any of its assets, or give rise to a right thereunder to require
any payment to be made by any such Person, and (v) except for the security interests created pursuant hereto, will not result in
the creation or imposition of any Lien on any asset of the Grantor.


 


(b)          This
Agreement has been duly executed and delivered by the Grantor and constitutes, a legal, valid and binding obligation of the Grantor,
enforceable against the Grantor in accordance with its terms, except as such enforceability may be limited by (i) bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors’ rights generally and (ii) the application of general principles
of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).


 


(c)          Neither
the Grantor nor any of its Subsidiaries is an “investment company” as defined in, or subject to regulation under, the
Investment Company Act of 1940.


 


Section 2.2           Title.
   The Grantor is the sole beneficial owner of the Collateral and no Lien exists upon the Collateral (and no right or option to
acquire the same exists in favor of any other Person) other than (a) the security interest created or provided for herein, which
security interest constitutes a valid first and prior perfected Lien on the Collateral, and (b) the Liens expressly permitted by
the Loan Documents.


 


Section 2.3           Names;
Filing Details; Etc.    The full and correct legal name, type of organization, jurisdiction of organization and mailing address
of the Grantor as of the date hereof are correctly set forth in Annex I. Annex I correctly specifies (a) the place
of business of the Grantor or, if the Grantor has more than one place of business, the location of the chief executive office of
the Grantor and (b) each location where any financing statement naming the Grantor as debtor is currently on file. The financing
statements containing the description of the Collateral that have been prepared for filing in the office specified in Annex
I hereto constitute all the filings and recordations that are, as of the Effective Date, necessary to publish notice of and


 




    		C-3	 



     


    

 


protect the validity of and
to establish a legal, valid and perfected security interest in favor of the Administrative Agent (for the benefit of the Secured
Parties) in respect of all Collateral in which a security interest may be perfected by filing such financing statements.


 


Section 2.4           Changes
in Circumstances.    The Grantor has not (a) within the period of four months prior to the date hereof, changed its location
(as defined in Section 9-307 of the NYUCC), (b) within the period of five years prior to the date hereof, except as specified
in Annex I, heretofore changed its name, or (c) within five years prior to the date hereof, except as specified in Annex
II, heretofore become a “new debtor” (as defined in Section 9-102(a)(56) of the NYUCC) with respect to a currently
effective security agreement previously entered into by any other Person.


 


Section 2.5           Pledged
Shares.


 


(a)          The
Initial Pledged Shares constitute (i) 100% of the issued and outstanding Shares of each Issuer that is a Domestic Subsidiary and
Foreign Subsidiary that is not a CFC, in each case, beneficially owned by the Grantor on the date hereof (other than any Shares
held in a Securities Account referred to in Annex IV), whether or not registered in the name of the Grantor and (ii) in
the case of each Issuer that is a Foreign Subsidiary that is a CFC, (A) 65% of the issued and outstanding shares of voting stock
of such Issuer and (B) 100% of all other issued and outstanding shares of capital stock of whatever class of such Issuer beneficially
owned by the Grantor on the date hereof, in each case whether or not registered in the name of the Grantor. Annex III (Part
A) correctly identifies, as at the date hereof, the respective Issuers of the Initial Pledged Shares and (in the case of any
corporate Issuer) the respective class and par value of such Shares and the respective number of such Shares (and registered owner
thereof) represented by each such certificate.


 


(b)          The
Initial Pledged Shares are, and all other Pledged Shares in which the Grantor shall hereafter grant a security interest pursuant
to Article III will be, (i) duly authorized, validly existing, fully paid and non-assessable (in the case of any Shares
issued by a corporation) and (ii) duly issued and outstanding (in the case of any Shares in any other entity), and none of such
Pledged Shares are or will be subject to any contractual restriction, or any restriction under the organizational documents of
the respective Issuer thereof, upon the transfer of such Pledged Shares (except for any such restriction contained herein or in
the Loan Documents, or under such organizational documents).


 


Section 2.6           Promissory
Notes.    Annex III (Part B) sets forth a complete and correct list of all Promissory Notes (other than any held in
a Securities Account referred to in Annex IV) held by the Grantor on the date hereof having an aggregate principal amount
in excess of $500,000.


 


Section
2.7           Deposit Accounts, Securities Accounts and
Commodity Accounts.    Annex IV sets forth a complete and correct list of all Deposit Accounts, Securities
Accounts and Commodity Accounts of the Grantor on the date hereof.


 




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Section 2.8           Commercial
Tort Claims.    Annex V sets forth a complete and correct list of all commercial tort claims of the Grantor in existence
on the date hereof in an amount in excess of $100,000.


 


ARTICLE III


COLLATERAL


 


As collateral security
for the payment in full when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations, the Grantor
hereby pledges and grants to the Administrative Agent, for the ratable benefit of the Secured Parties, a security interest in all
of the Grantor’s right, title and interest in, to and under the following property, in each case whether tangible or intangible,
wherever located, and whether now owned by the Grantor or hereafter acquired and whether now existing or hereafter coming into
existence (all of the property described in this Article III being collectively referred to herein as “Collateral”):


 


(a)          all
Accounts:


 


(b)          all
As-Extracted Collateral;


 


(c)          all
Chattel Paper;


 


(d)          all
Deposit Accounts;


 


(e)          all
Documents;


 


(f)           all
Equipment;


 


(g)          all
Fixtures;


 


(h)          all
General Intangibles;


 


(i)           all
Goods not covered by the other clauses of this Article III;


 


(j)           the
Pledged Shares;


 


(k)          all
Instruments, including all Promissory Notes;


 


(l)           all
Inventory;


 


(m)         all
Investment Property not covered by other clauses of this Article III, including all Securities, all Securities Accounts
and all Security Entitlements with respect thereto and Financial Assets carried therein, and all Commodity Accounts and Commodity
Contracts;


 


(n)          all
Letter of Credit Rights;


 


(o)          all
commercial tort claims, as defined in Section 9-102(a)(13) of the NYUCC, arising out of the events described in Annex V;


 




    		C-5	 



     


    

 


(p)          all
other tangible and intangible personal property whatsoever of the Grantor (excluding, for the avoidance of doubt, Intellectual
Property); and


 


(q)          all
Proceeds of any of the Collateral, all Accessions to and substitutions and replacements for, any of the Collateral, and all offspring,
rents, profits and products of any of the Collateral, and, to the extent related to any Collateral, all books, correspondence,
credit files, records, invoices and other papers (including all tapes, cards, computer runs and other papers and documents in the
possession or under the control of the Grantor or any computer bureau or service company from time to time acting for the Grantor),


 


IT BEING UNDERSTOOD,
HOWEVER, that the security interest created by this Agreement shall not extend to and the terms “Collateral” and other
terms defining the components of the Collateral in the foregoing clauses (a) through (q) shall not include, and none of the representations,
warranties, covenants or any other provisions herein or in any other Loan Document shall be deemed to apply to, any of the following:
(A) in the case of any of the foregoing that consists of general or limited partnership interests in a general or limited partnership
or limited liability company to the extent the security interest granted herein is prohibited by the applicable organizational
instrument pursuant to which such partnership or limited liability company is formed; (B) any lease, license, contract, property
rights or agreement to which the Grantor is a party (or to any of its rights or interests thereunder) if the grant of such security
interest (i) would constitute or result in either (x) the abandonment, invalidation or unenforceability of any right, title or
interest of the Grantor therein or (y) in a breach or termination pursuant to the terms of, or a default under, any such lease,
license, contract, property rights or agreement, (ii) requires consent, approval, license or authorization from any Governmental
Authority or any other Person, or (iii) is prohibited by or is a violation of any Applicable Law (in each case other than to the
extent that any such term would be rendered ineffective by Section 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code
as in effect in the relevant jurisdiction); (C) the voting stock of any Issuer that is a Foreign Subsidiary that is a CFC in excess
of 65% of the aggregate issued and outstanding voting stock of such Issuer; (D) any lease, license or other agreement or any property
or rights of the Grantor subject to a purchase money security interest, capital lease obligation or similar arrangements (including
permitted refinancings thereof), in each case, to the extent permitted under the Loan Documents, if and for so long as the agreement
pursuant to which such Lien is granted (or the document providing such capital lease or similar arrangements) prohibits, or requires
the consent of any Person (other than any Loan Party) as a condition to, the creation of any other Lien with respect to such lease,
license, other agreement, property or rights unless such consent has been received and is in effect; and (E) any Excluded Accounts.


 


ARTICLE IV


FURTHER ASSURANCES; REMEDIES.


 


In furtherance of the
grant of the security interest pursuant to Article III, the Grantor hereby agrees with the Administrative Agent and the
other Secured Parties as follows:


 


Section 4.1           Delivery
and Other Perfection.    The Grantor shall promptly from time to time give, execute, deliver, file, record, authorize or obtain
all such financing statements, continuation statements, notices, instruments, documents, agreements or consents or other papers


 




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as may be necessary or desirable
in the judgment of the Administrative Agent, to create, preserve, perfect, maintain the perfection of or validate the security
interest granted pursuant hereto or to enable the Administrative Agent to exercise and enforce its rights on behalf of the Secured
Parties hereunder with respect to such security interest, and without limiting the foregoing, shall:


 


(a)          if
any of the Pledged Shares, Investment Property or Financial Assets constituting part of the Collateral are received by the Grantor,
forthwith take such action as the Administrative Agent, may reasonably deem necessary or appropriate to duly record or otherwise
perfect the security interest created hereunder in such Collateral;


 


(b)          promptly
upon the reasonable request from the Administrative Agent, deliver to the Administrative Agent any and all Instruments constituting
part of the Collateral, endorsed and/or accompanied by such instruments of assignment and transfer in such form and substance as
the Administrative Agent, may request; provided that (other than in the case of the promissory notes described in Annex
III (Part B)) so long as no Event of Default shall have occurred and be continuing, the Grantor may retain for collection in
the ordinary course any Instruments received by the Grantor in the ordinary course of business and the Administrative Agent shall,
promptly upon request of the Grantor, make appropriate arrangements for making any Instrument delivered by the Grantor available
to the Grantor for purposes of presentation, collection or renewal (any such arrangement to be effected, to the extent requested
by the Administrative Agent, against trust receipt or like document);


 


(c)          promptly
upon the reasonable request of the Administrative Agent, enter into such control agreements, each in form and substance reasonably
acceptable to the Administrative Agent, as may be required to perfect the security interest created hereby in any and all Deposit
Accounts and Securities Accounts to the extent permitted by Applicable Law;


 


(d)          promptly
upon request of the Administrative Agent, (i) maintain all Electronic Chattel Paper in excess of $50,000 so that the Administrative
Agent has control of such Electronic Chattel Paper in the manner specified in Section 9-105 of the Uniform Commercial Code of the
applicable jurisdiction and (ii) obtain the consent of the issuer to an assignment of proceeds of the applicable letter of credit
with respect to any Letter of Credit Rights not constitution Supporting Obligation and are in excess of $50,000, and will promptly
furnish to the Administrative Agent true copies thereof;


 


(e)          keep
books and records relating to the Collateral, which shall be full and accurate in all material respects, and stamp or otherwise
mark such books and records in such manner as the Administrative Agent may reasonably require in order to reflect the security
interests granted by this Agreement; and


 


(f)           permit
representatives designated by the Administrative Agent or any Secured Party, 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 the expense of the Grantor and at such reasonable times and as often as reasonably
requested; provided that when a Default exists the Administrative Agent or any Secured Party (or any of their respective
representatives) may do


 




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any of the foregoing at the
expense of the Grantor at any time during normal business hours and without advance notice; provided, further, that
unless an Event of Default shall have occurred and be continuing, the Grantor shall have been afforded a reasonable opportunity
to be present at any such discussion.


 


Notwithstanding anything
to the contrary herein or in any other Loan Document, the Grantor shall not be required to (i) take any collateral perfection action
other than the filing of Uniform Commercial Code financing statements or (ii) bear the costs or expenses of any collateral perfection
other than as described in clause (i), in each case, except following the request of the Administrative Agent following
the occurrence and during the continuance of an Event of Default.


 


Section 4.2           Other
Financing Statements or Control.    Except as otherwise permitted under the Loan Documents, the Grantor shall not (a) file
or suffer to be on file, or authorize or permit to be filed or to be on file, in any jurisdiction, any financing statement or like
instrument with respect to any of the Collateral in which the Administrative Agent is not named as the sole secured party, except
for any filing or instrument made in connection with any Liens permitted by the Loan Documents or (b) cause or permit any Person
other than the Grantor or the Administrative Agent to have “control” (as defined in Section 9-104, 9-105, 9-106 or
9-107 of the NYUCC) of any Deposit Account, Electronic Chattel Paper, or Investment Property or Letter of Credit Right constituting
part of the Collateral.


 


Section 4.3           Preservation
of Rights.    The Administrative Agent shall not be required to take steps necessary to preserve any rights against prior
parties to any of the Collateral.


 


Section 4.4           Special
Provisions Relating to Certain Collateral.


 


(a)          Pledged
Shares.


 


(i)          The
Grantor will cause the Pledged Shares to constitute at all times (1) 100% of the total number of Shares of each Issuer that is
a Domestic Subsidiary and a Foreign Subsidiary that is not a CFC, then issued and outstanding owned by the Grantor and (2) in the
case of each Issuer that is a Foreign Subsidiary that is a CFC, 65% of the total number of Shares of voting stock of such Issuer
and 100% of the total number of Shares of all other classes of capital stock of such Issuer then issued and outstanding owned by
the Grantor.


 


(ii)         So
long as no Event of Default shall have occurred and be continuing, the Grantor shall have the right to exercise all voting, consensual
and other powers of ownership pertaining to the Pledged Shares for all purposes not inconsistent with the terms of this Agreement,
the Loan Documents or any other instrument or agreement referred to herein or therein; and the Administrative Agent shall execute
and deliver to the Grantor or cause to be executed and delivered to the Grantor all such proxies, powers of attorney, dividend
and other orders, and all such instruments, without recourse, as the Grantor may reasonably request for the purpose of enabling
the Grantor to exercise the rights and powers that it is entitled to exercise pursuant to this Section 4.4(a)(ii).


 




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(iii)        Unless
and until an Event of Default shall have occurred and be continuing, the Grantor shall be entitled to receive and retain any dividends,
distributions or proceeds on the Pledged Shares paid in cash out of earned surplus.


 


(iv)        If
an Event of Default shall have occurred and be continuing, whether or not the Administrative Agent exercises any available right
to declare any Secured Obligations due and payable or seeks or pursues any other relief or remedy available to it under Applicable
Law or under this Agreement, the Loan Documents or any other agreement relating to such Secured Obligation, all dividends and other
distributions on the Pledged Shares shall be paid directly to the Administrative Agent, for the benefit of the Secured Parties,
and retained by it in a cash collateral account as part of the Collateral, subject to the terms of this Agreement, and, if the
Administrative Agent shall so request in writing, the Grantor agrees to execute and deliver to the Administrative Agent appropriate
additional dividend, distribution and other orders and documents to that end, provided that if such Event of Default is
cured, any such dividend or distribution theretofore paid to the Administrative Agent shall, upon request of the Grantor (except
to the extent theretofore applied to the Secured Obligations), be returned by the Administrative Agent to the Grantor.


 


(b)          Chattel
Paper. The Grantor will cause each original of each item of Chattel Paper at any time constituting part of the Collateral,
and (ii) cause each such original and each copy thereof to bear a conspicuous legend, in form and substance reasonably satisfactory
to the Administrative Agent, indicating that such Chattel Paper is subject to the security interest granted hereby and that purchase
of such Chattel Paper by a Person other than the Administrative Agent without the consent of the Administrative Agent would violate
the rights of the Administrative Agent.


 


Section 4.5           Remedies.


 


(a)          Rights
and Remedies Generally upon an Event of Default. If an Event of Default shall have occurred and is continuing, the Administrative
Agent shall have all of the rights and remedies with respect to the Collateral of a secured party under the NYUCC (whether or not
the Uniform Commercial Code is in effect in the jurisdiction where the rights and remedies are asserted) and such additional rights
and remedies to which a secured party is entitled under the Applicable Law in effect in any jurisdiction where any rights and remedies
hereunder may be asserted, including the right, to the fullest extent permitted by Applicable Law, to exercise all voting, consensual
and other powers of ownership pertaining to the Collateral as if the Administrative Agent were the sole and absolute owner thereof
(and the Grantor agrees to take all such action as may be appropriate to give effect to such right); and without limiting the foregoing,
the Administrative Agent may in each case, at any time after the occurrence and during the continuation of an Event of Default:


 


(i)          in its
name or in the name of the Grantor or otherwise, demand, sue for, collect or receive any money or other property at any time payable
or receivable on account of or in exchange for any of the Collateral, but shall be under no obligation to do so;


 




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(ii)         make
any reasonable compromise or settlement deemed desirable with respect to any of the Collateral and may extend the time of payment,
arrange for payment in installments, or otherwise modify the terms of, any of the Collateral;


 


(iii)        require
the Grantor to notify (and the Grantor hereby authorizes the Administrative Agent so to notify) each account debtor in respect
of any Account, Chattel Paper or General Intangible, and each obligor on any Instrument, constituting part of the Collateral that
such Collateral has been assigned to the Administrative Agent hereunder, and to instruct that any payments due or to become due
in respect of such Collateral shall be made directly to the Administrative Agent or as it may direct (and if any such payments,
or any other Proceeds of Collateral, are received by the Grantor they shall be held in trust by the Grantor for the benefit of
the Administrative Agent and as promptly as possible remitted or delivered to the Administrative Agent for application as provided
herein);


 


(iv)        require
the Grantor to assemble the Collateral at such place or places, reasonably convenient to the Administrative Agent and the Grantor,
as the Administrative Agent may direct;


 


(v)         apply
any cash collateral account and any money or other property therein to payment of the Secured Obligations;


 


(vi)        require
the Grantor to cause the Pledged Shares to be transferred of record into the name of the Administrative Agent or its nominee (and
the Administrative Agent agrees that if any of such Pledged Shares is transferred into its name or the name of its nominee, the
Administrative Agent will thereafter promptly give to the Grantor copies of any notices and communications received by it with
respect to such Pledged Shares); and


 


(vii)       sell,
lease, assign or otherwise dispose of all or any part of the Collateral, at such place or places as the Administrative Agent deems
best, and for cash or for credit or for future delivery (without thereby assuming any credit risk), at public or private sale,
without demand of performance or notice of intention to effect any such disposition or of the time or place thereof (except such
notice as is required by applicable statute and cannot be waived), and the Administrative Agent or anyone else may be the purchaser,
lessee, assignee or recipient of any or all of the Collateral so disposed of at any public sale (or, to the extent permitted by
Applicable Law, at any private sale) and thereafter hold the same absolutely, free from any claim or right of whatsoever kind,
including any right or equity of redemption (statutory or otherwise), of the Grantor, any such demand, notice and right or equity
being hereby expressly waived and released. The Administrative Agent may, without notice or publication, adjourn any public or
private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for the sale, and
such sale may be made at any time or place to which the sale may be so adjourned.


 




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The Proceeds of each collection,
sale or other disposition under this Section 4.5, including by virtue of the exercise of any license granted to the Administrative
Agent in Section 4.4(b), shall be applied in accordance with Section 4.9.


 


(b)          Certain
Securities Act Limitations. The Grantor recognizes that, by reason of certain prohibitions contained in the Securities Act
of 1933, as amended, and applicable state securities laws, the Administrative Agent may be compelled, with respect to any sale
of all or any part of the Collateral, to limit purchasers to those who will agree, among other things, to acquire the Collateral
for their own account, for investment and not with a view to the distribution or resale thereof. The Grantor acknowledges that
any such private sales may be at prices and on terms less favorable to the Secured Parties than those obtainable through a public
sale without such restrictions, and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have
been made in a commercially reasonable manner and that the Administrative Agent shall have no obligation to engage in public sales
and no obligation to delay the sale of any Collateral for the period of time necessary to permit the issuer thereof to register
it for public sale.


 


(c)          Notice.
The Grantor agrees that to the extent the Administrative Agent is required by Applicable Law to give reasonable prior notice of
any sale or other disposition of any Collateral, ten (10) Business Days’ notice shall be deemed to constitute reasonable
prior notice.


 


Section 4.6           Deficiency.
   If the proceeds of sale, collection or other realization of or upon the Collateral pursuant to Section 4.5 are insufficient
to cover the costs and expenses of such realization and the payment in full of the Secured Obligations, the Grantor shall remain
liable for any deficiency.


 


Section 4.7           Locations;
Names, Etc.    Without at least thirty (30) days’ prior written notice to the Administrative Agent, the Grantor shall
not (i) change its location (as defined in Section 9-307 of the NYUCC), (ii) change its name from the name shown as its current
legal name on Annex I, or (iii) agree to or authorize any modification of the terms of any item of Collateral that would
result in a change thereof from one Uniform Commercial Code category to another such category (such as from a General Intangible
to Investment Property), if the effect thereof would be to result in a loss of perfection of, or diminution of priority for, the
security interests created hereunder in such item of Collateral, or the loss of control (within the meaning of Section 9-104, 9-105,
9-106 or 9-107 of the NYUCC) over such item of Collateral.


 


Section 4.8           Private
Sale.    The Administrative Agent shall incur no liability as a result of the sale of the Collateral, or any part thereof,
at any private sale pursuant to Section 4.5 conducted in a commercially reasonable manner. The Grantor hereby waives any
claims against the Administrative Agent or any Secured Party arising by reason of the fact that the price at which the Collateral
may have been sold at such a private sale was less than the price that might have been obtained at a public sale or was less than
the aggregate amount of the Secured Obligations, even if the Administrative Agent accepts the first offer received and does not
offer the Collateral to more than one offeree.


 




    		C-11	 



     


    

 


Section 4.9           Application
of Proceeds.    Except as otherwise expressly provided herein, the Proceeds of any collection, sale or other realization of
all or any part of the Collateral pursuant hereto, and any other cash at the time held by the Administrative Agent under this Article
IV, shall be applied by the Administrative Agent in accordance with Section 7.2 of the Credit Agreement.


 


For purposes hereof,
whenever this Agreement contemplates that cash collateral shall be provided for Contingent Secured Obligations, such cash collateral
shall be effected by the payment to the Administrative Agent of any amount that will be deposited into a cash collateral account
to be held by the Administrative Agent as collateral security for the payment of such Contingent Secured Obligations as and when
they become due and payable.


 


Section 4.10         Attorney-in-Fact.
   Without limiting any rights or powers granted by this Agreement to the Administrative Agent while no Event of Default has occurred
and is continuing, upon the occurrence and during the continuance of any Event of Default the Administrative Agent is hereby appointed
the attorney-in-fact of the Grantor for the purpose of carrying out the provisions of this Article IV and taking any action
and executing any instruments that the Administrative Agent may deem necessary or advisable to accomplish the purposes hereof,
which appointment as attorney-in-fact is irrevocable and coupled with an interest. Without limiting the generality of the foregoing,
so long as the Administrative Agent shall be entitled under this Article IV to make collections in respect of the Collateral,
the Administrative Agent shall have the right and power to receive, endorse and collect all checks made payable to the order of
the Grantor representing any dividend, payment or other distribution in respect of the Collateral or any part thereof and to give
full discharge for the same.


 


Section 4.11         Perfection
and Recordation.    The Grantor authorizes the Administrative Agent to file Uniform Commercial Code financing statements describing
the Collateral as “all assets” or “all personal property and fixtures” or words of similar effect of the
Grantor (provided that no such description shall be deemed to modify the description of Collateral set forth in Article III).


 


Section 4.12         Termination
and Release.


 


(a)          When
all Commitments shall have expired or terminated and all Secured Obligations (other than unasserted contingent indemnification
liabilities) have been paid in full, this Agreement shall terminate and the Collateral shall be automatically released from the
Liens granted hereunder and the other Loan Documents without further action by any Person. The Administrative Agent shall forthwith
cause to be assigned, transferred and delivered, against receipt but without any recourse, warranty or representation whatsoever,
any remaining Collateral and money received in respect thereof, to or on the order of the Grantor and to be released and canceled
all licenses and rights referred to in Section 4.4(b). The Administrative Agent shall also, at the expense of the Grantor,
execute and deliver to the Grantor upon such termination such Uniform Commercial Code termination statements, and such other documentation
as shall be reasonably requested by the Grantor to effect the termination and release of the liens on the Collateral as required
by this Section 4.12.


 




    		C-12	 



     


    

 


(b)          Upon
any sale, lease, transfer or other disposition of any item of Collateral of the Grantor and upon the release of the Grantor from
its obligations under its Guaranty, in each case permitted by, and in accordance with, the terms of the Loan Documents, the Administrative
Agent will, at the Grantor’s expense, execute and deliver to the Grantor upon such release or termination such Uniform Commercial
Code amendment statements or termination statements, as the case may be and such other documentation as shall be reasonably requested
by the Grantor to effect the release of the liens on such item of Collateral or Grantor and return all such Collateral in its possession
to the Grantor.


 


Section 4.13         Standard
of Care.    The powers conferred on the Administrative Agent under this Agreement are solely to protect its interest in the
Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody and preservation of the
Collateral in its possession and the accounting for monies actually received by it, the Administrative Agent shall have no other
duty as to the Collateral, whether or not the Administrative Agent or any of the other Lenders has or is deemed to have knowledge
of any matters, or as to the taking of any necessary steps to preserve rights against any parties or any other rights pertaining
to the Collateral. The Administrative Agent hereby agrees to exercise reasonable care in respect of the custody and preservation
of the Collateral. The Administrative Agent shall be deemed to have exercised reasonable care in the custody and preservation of
the Collateral in its possession if such Collateral is accorded treatment substantially equal to that which the Administrative
Agent accords its own property.


 


ARTICLE V


MISCELLANEOUS.


 


Section 5.1           Notices.
   All notices and other communications provided for herein shall be in writing and shall be delivered pursuant to Section 9.1
of the Credit Agreement.


 


Section 5.2           No
Waiver.    No failure or delay or course of dealing on the part of the Secured Parties in the exercise of any power, right
or privilege hereunder or under any other Loan Document shall impair such power, right or privilege or be construed to be a waiver
of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude
other or further exercise thereof or of any other power, right or privilege. The rights, powers and remedies given to the Administrative
Agent and each Secured Party hereby are cumulative and shall be in addition to and independent of all rights, powers and remedies
existing by virtue of any statute or rule of law or in any of the other Loan Documents or any of the Lender Provided Hedging Agreements
or any Lender Provided Financial Service Product. Any forbearance or failure to exercise, and any delay in exercising, any right,
power or remedy hereunder shall not impair any such right, power or remedy or be construed to be a waiver thereof, nor shall it
preclude the further exercise of any such right, power or remedy.


 


Section 5.3           Amendments,
Etc.     The terms of this Agreement may be waived, altered or amended only by an instrument in writing duly executed by the
Grantor and the Administrative Agent.


 




    		C-13	 



     


    

 


Section 5.4           Expenses.


 


(a)          The
Grantor agrees to reimburse the Administrative Agent for all reasonable and documented out-of-pocket expenses incurred by it (including
the reasonable fees, charges and disbursements of legal counsel) in connection with the syndication of the facilities, the preparation,
negotiation, execution, delivery, recordation and filing (including all recording and filing fees, and all mortgage, intangible
and other taxes) (subject, in each case, to the limitations expressly set forth in any other Loan Document) and administration
of the Loan Documents, or any amendment, modification or waiver of the provisions thereof (whether or not the transactions contemplated
thereby shall be consummated), sums paid or incurred to pay by the Grantor or any other Loan Party under the Loan Documents and
costs to verify the Collateral.


 


(b)          The
Grantor further agrees to reimburse each Secured Party upon demand for all reasonable and documented out-of-pocket expenses incurred
by such Secured Party in connection with the enforcement or protection of its rights in connection with any Loan Document, including
its rights under this Section, and all reasonable and documented out-of-pocket expenses incurred during any workout, restructuring
or negotiations in respect of any Secured Obligations; (ii) the negotiation of any restructuring or “work out”, whether
or not consummated, of any Secured Obligations; (iii) the enforcement or protection of its rights in connection with any Loan Document;
and (iv) any claim, litigation, investigation or proceeding relating to any Loan Document.


 


(c)          To
the extent that the Grantor for any reason fails to indefeasibly pay any amount required under clause (a) to be paid by
it to the Administrative Agent (or sub-agent thereof) or any Related Party, each Lender severally agrees to pay to the Administrative
Agent (or any sub-agent) or such Related Party, as the case may be, such Lender’s pro rata share (determined
as of the time that the applicable unreimbursed expense or payment is sought based on each Lender’s share of the Total Credit
Exposure at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender);
provided that the unreimbursed expense or payment, as the case may be, was incurred by or asserted against the Administrative
Agent (or any sub-agent) or against any Related Party acting for the Administrative Agent (or any sub-agent) in connection with
such capacity. The obligations of the Lenders under this clause are several and not joint.


 


(d)          All
amounts due under this Section shall be payable promptly after demand therefor.


 


Section 5.5           Successors
and Assigns.    This Agreement shall be binding upon the parties hereto and their respective successors and assigns and shall
inure to the benefit of the parties hereto and the successors and assigns of the Secured Parties. The Grantor’s rights and
obligations hereunder and any interest therein may not be assigned or delegated by the Grantor without the prior written consent
of the Administrative Agent (and any purported assignment or delegation without such consent shall be null and void).


 


Section 5.6           Counterparts.
   This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart
of a signature page of this Agreement by telecopy or in electronic (i.e., “pdf” or “tif’) format shall
be effective as delivery of a manually executed counterpart of this Agreement.


 




    		C-14	 



     


    

 


Section 5.7           Governing
Law; Jurisdiction; Service of Process and Venue.


 


(a)          Governing
Law. This Agreement and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based
upon, arising out of or relating to this Agreement and the transactions contemplated hereby shall be governed by, and construed
in accordance with, the law of the State of New York, without regard to conflicts of law principals except Title 14 of Article
5 of the New York General Obligations law.


 


(b)          Consent
to Jurisdiction. The Grantor irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding
of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Administrative Agent,
any other Secured Party or any Related Party of the foregoing in any way relating to this Agreement or the transactions relating
hereto, in any forum other than the courts of the State of New York sitting in New York County, and of the United States District
Court for the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably
and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any action, litigation
or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, in any way relating
to this Agreement or the transactions relating hereto may be heard and determined in such New York State court or, to the fullest
extent permitted by Applicable Law, in such federal court. Each of the parties hereto agrees that a final judgment in any such
action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by Applicable Law. Nothing in this Agreement shall affect any right that the Administrative Agent or any
other Secured Party may otherwise have to bring any action or proceeding relating to this Agreement against the Grantor or its
properties in the courts of any jurisdiction. The Grantor irrevocably and unconditionally waives, to the fullest extent permitted
by Applicable Law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out
of or relating to this Agreement in any court referred to in this clause (b) of this Section. Each of the parties hereto
hereby irrevocably waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance
of such action or proceeding in any such court. Each party hereto irrevocably consents to service of process in the manner provided
for notices in Section 5.1. Nothing in this Agreement will affect the right of any party hereto to serve process in any
other manner permitted by Applicable Law.


 


Section 5.8           WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT,
IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.


 




    		C-15	 



     


    

 


Section 5.9           Headings.
   Article and Section headings 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 5.10         Severability.
   Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability
of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate
such provision in any other jurisdiction.


 


Section 5.11         Entire
Agreement.    This Agreement and the other Loan Documents represent the entire agreement among the parties relating to the
subject matter hereof and thereof, and supersede any and all previous agreements and understandings, oral or written, relating
to the subject matter hereof.


 


Section 5.12         No
Fiduciary Relationship.    The Secured Parties and the Administrative Agent may have economic interests that conflict with
those of the Grantor, its stockholders and/or its Affiliates. The Grantor agrees that nothing in the Loan Documents or otherwise
will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Secured Party
or the Administrative Agent, on the one hand, and the Grantor, its stockholders or its Affiliates, on the other. The Grantor acknowledges
and agrees that (a) the transactions contemplated by the Loan Documents (including the exercise of rights and remedies hereunder
and thereunder) are arm’s-length commercial transactions and (B) in connection therewith and with the process leading thereto
(i) no Secured Party nor the Administrative Agent has assumed an advisory or fiduciary responsibility in favor of the Grantor,
its stockholder or its Affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with
respect thereto) or the process leading thereto (irrespective of whether any Secured Party or the Administrative Agent has advised,
is currently advising or will advise the Grantor, its stockholders or its Affiliates on other matters) or any other obligation
to the Grantor except the obligations expressly set forth in the Loan Documents and (ii) each Secured Party and the Administrative
Agent is acting solely as principal and not as the agent or fiduciary for the Grantor, its management, stockholders, creditors
or any other Person. The Grantor acknowledges and agrees that the Grantor has consulted its own legal and financial advisors to
the extent it deemed appropriate and it is responsible for making its own independent judgment with respect to such transactions
and the process leading thereto. The Grantor agrees that it will not claim that the Administrative Agent or any Secured Party has
rendered advisory services of any nature or respect, or owes any fiduciary or similar duty to the Grantor, in connection with such
transaction or the process leading thereto.


 


Section 5.13         Setoff.
   If an Event of Default shall have occurred and be continuing, each Lender, each other Secured Party and each of their respective
Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable Law, to set off
and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held,
and other obligations (in whatever currency) at any time owing, by such Lender, such other Secured Party or any such Affiliate,
to or for the credit or the account of the Grantor against any and all of the obligations of the Grantor or any other Loan Party
now or hereafter existing under this Agreement or any other Loan Document to such Lender or such


 




    		C-16	 



     


    

 


other Secured Party or their
respective Affiliates, irrespective of whether or not such Lender, such other Secured Party or Affiliate shall have made any demand
under this Agreement or any other Loan Document and although such obligations of the Grantor or such Loan Party may be contingent
or unmatured or are owed to a branch, office or Affiliate of such Lender or such other Secured Party different from the branch,
office or Affiliate holding such deposit or obligated on such indebtedness.


 


[Signature Page Follows]


 




    		C-17	 



     


    

 


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


 


	 	GLOBANT, LLC
	 	 	 	 
	 	By	 
	 	 	Name:	 
	 	 	Title:	 


 


Signature Page to Security Agreement


 




     


     


    

 


	 	HSBC BANK USA, N.A.,

                                             as Administrative Agent

	 	 	 	 
	 	By	 
	 	 	Name:	 
	 	 	Title:	 


 


Signature Page to Security Agreement


 




     


     


    

 


ANNEX I


to Security Agreement


 


NAMES, LOCATIONS AND FILING DETAILS


 


[See Sections 2.3, 2.4
and 4.7]


 


Names


 


	Grantor’s

correct legal

name:	 	Previous

names:	 	Additional

names:	 	Type of

organization:	 	Jurisdiction of organization
	Globant, LLC	 	N/A	 	N/A	 	Limited Liability Company	 	Delaware


 


Principal Place of Business


 


	Grantor:	 	Principal Place of Business:
	Globant, LLC	 	875 Howard Street, Suite 320, San Francisco, CA 94103


 


Changes in Circumstances


 


None.


 


Filing Office


 


	Grantor:	 	Filing Office:
	Globant, LLC	 	Delaware Secretary of State


 


Annex I to Security Agreement


 




     


     


    

 


ANNEX II


to Security Agreement


 


NEW DEBTOR EVENTS


 


[See Section 2.4]


 


None.


 


Annex II to Security Agreement


 




     


     


    

 


ANNEX III


to Security Agreement


 


PLEDGED SHARES AND PROMISSORY NOTES


 


[See definition of “Issuers” and
“Initial Pledged Shares” in Section 1.3 and Sections 2.5, 2.6,


3(j), 3(k) and 4.1(b)]


 


Part A


 


Pledged Stock, Pledged Partnership Interests
and Pledged LLC Interests


 


	Grantor:	 	Issuer:	 	Class of

Equity

Interest:	 	Par

Value:	 	Certificate

No(s).	 	No. of

Shares/

Units	 	Percentage of

Outstanding

Shares/Units
	Globant, LLC	 	L4 Mobile LLC	 	Membership Interest	 	N/A	 	N/A	 	100%	 	100%
	Globant, LLC	 	Ratio Cypress LLC	 	Membership Interest	 	N/A	 	N/A	 	100%	 	100%
	Globant, LLC	 	Point Source LLC	 	Membership Interest	 	N/A	 	N/A	 	100%	 	100%


 


Part B


 


Pledged Notes


 


None.


 


Annex III to Security Agreement


 




     


     


    

 


ANNEX IV


to Security Agreement


 


LIST OF DEPOSIT ACCOUNTS, AND SECURITIES
ACCOUNTS AND COMMODITY


ACCOUNTS


 


[See Section 2.7]


 


Securities Accounts


 


	Grantor	 	Type of Account	 	Name of Approved Securities

Intermediary	 	Account

Number
	Globant, LLC	 	Asset	 	J.P. Morgan	 	 


 


Commodity Accounts


 


None.


 


Deposit Accounts


 


	Grantor	 	Type of Account	 	Name of Approved

Depositary Bank	 	Account Number
	Globant, LLC	 	Checking	 	Citibank	 	 
	Globant, LLC	 	Checking	 	Citibank	 	 
	Globant, LLC	 	Checking	 	HSBC	 	 
	Globant, LLC	 	Savings	 	HSBC	 	 
	Globant, LLC	 	Checking	 	Bridge Bank	 	 


 


Annex IV to Security Agreement


 




     


     


    

 


ANNEX V


to Security Agreement


 


LIST OF COMMERCIAL TORT CLAIMS


 


[See Sections 2.8 and 3(o)]


 


None.


 


Annex V to Security Agreement


 




     


     


    

 


EXHIBIT D-1


 


[FORM OF]


 


U.S. TAX COMPLIANCE CERTIFICATE


(For Foreign Lenders That Are Not
Partnerships For U.S. Federal Income Tax Purposes)


 


Reference is hereby made to the Credit Agreement,
dated as of August 3, 2017 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among GLOBANT, LLC, the Lenders party thereto, and HSBC BANK USA, N.A., as Administrative Agent.


 


Pursuant to the provisions of Section 2.17
of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as
well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within
the meaning of Section 881(c)(3)(A) of the IRC, (iii) it is not a ten percent shareholder of the Borrower within the meaning of
Section 871(h)(3)(B) of the IRC and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section
881(c)(3)(C) of the IRC.


 


The undersigned has furnished the Administrative
Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing this certificate, the
undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the
Borrower and the Administrative Agent and (2) the undersigned shall have at all times furnished the Borrower and the Administrative
Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be
made to the undersigned or in either of the two calendar years preceding such payments. Unless otherwise defined herein, terms
defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.


 


	[LENDER FULL NAME ALL CAPS]	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 


 


Date: [________] [__], 20[_]


 




    	 	D-1-1	 



     


    

 


EXHIBIT D-2


 


[FORM OF]


 


U.S. TAX COMPLIANCE CERTIFICATE


(For Foreign Participants That Are
Not Partnerships For U.S. Federal Income Tax Purposes)


 


Reference is hereby made to the Credit Agreement,
dated as of August 3, 2017 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among GLOBANT, LLC, the Lenders party thereto and HSBC BANK USA, N.A., as Administrative Agent.


 


Pursuant to the provisions of Section 2.17
of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation
in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the IRC,
(iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the IRC and (iv) it is
not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the IRC.


 


The undersigned has furnished its participating
Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees
that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing
and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate
in either the calendar year in which each payment is to be made to the undersigned or in either of the two calendar years preceding
such payments.


 


Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.


 


	[PARTICIPANT FULL NAME ALL CAPS]	 
	 	 	 
	By:	          	 
	Name:	 	 
	Title:	 	 


 


Date: [________] [__], 20[_]


 




    	 	D-2-1	 



     


    

 


EXHIBIT D-3


 


[FORM OF]


 


U.S. TAX COMPLIANCE CERTIFICATE


(For Foreign Participants That Are
Partnerships For U.S. Federal Income Tax Purposes)


 


Reference is hereby made to the Credit Agreement,
dated as of August 3, 2017 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among GLOBANT, LLC, the Lenders party thereto and HSBC BANK USA, N.A., as Administrative Agent.


 


Pursuant to the provisions of Section 2.17
of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect
of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such
participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members
is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the
meaning of Section 881(c)(3)(A) of the IRC, (iv) none of its direct or indirect partners/members is a ten percent shareholder of
the Borrower within the meaning of Section 871(h)(3)(B) of the IRC and (v) none of its direct or indirect partners/members is a
controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the IRC.


 


The undersigned has furnished its participating
Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio
interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned
shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar
year in which each payment is to be made to the undersigned or in either of the two calendar years preceding such payments. Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement.


 


	[PARTICIPANT FULL NAME ALL CAPS]	 
	 	 	 
	By:	         	 
	Name:	 	 
	Title:	 	 


 


Date: [________] [__], 20[_]


 




    	 	D-3-1	 



     


    

 


EXHIBIT D-4


 


[FORM OF]


 


U.S. TAX COMPLIANCE CERTIFICATE


(For Foreign Lenders That Are Partnerships
For U.S. Federal Income Tax Purposes)


 


Reference is hereby made to the Credit Agreement,
dated as of August 3, 2017 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among GLOBANT, LLC, the Lenders party thereto and HSBC BANK USA, N.A., as Administrative Agent.


 


Pursuant to the provisions of Section 2.17
of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s)
evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are
the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension
of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect
partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business
within the meaning of Section 881(c)(3)(A) of the IRC, (iv) none of its direct or indirect partners/members is a ten percent shareholder
of the Borrower within the meaning of Section 871(h)(3)(B) of the IRC and (v) none of its direct or indirect partners/members is
a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the IRC.


 


The undersigned has furnished the Administrative
Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is
claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN
from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing
this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall
promptly so inform the Borrower and the Administrative Agent and (2) the undersigned shall have at all times furnished the Borrower
and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which
each payment is to be made to the undersigned or in either of the two calendar years preceding such payments.


 


Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.


 


	[LENDER FULL NAME ALL CAPS]	 
	 	 	 
	By:	    	 
	Name:	 	 
	Title:	 	 


 


Date: [________] [__], 20[_]


 




    	 	D-4-1	 



     


    

 


EXHIBIT E


 


[FORM OF]


 


BORROWING REQUEST


 


Date: [_______], 20[__]


 


HSBC Bank USA, N.A.,


Corporate Trust and Loan Agency


452 5th Avenue (8E6)


New York, NY 10018


 


Re:       GLOBANT, LLC Credit Agreement 


 


Ladies/Gentlemen:


 


Reference is hereby made
to the Credit Agreement, dated as of August 3, 2017 (as amended, amended and restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among GLOBANT, LLC (the “Borrower”), the Lenders party
thereto and HSBC BANK USA, N.A., as Administrative Agent. Capitalized terms used but not defined herein have the respective meanings
set forth in the Credit Agreement.


 


The Borrower irrevocably
requests the making of Loans as follows:


 


		1.	Date of Borrowing: [_____], [_____].



 


		2.	Aggregate Amount of Borrowing: $[__________]15
.



 


		3.	Type of Borrowing: [Base Rate Borrowing] [Eurodollar
Borrowing].



 


		[4.	Initial Interest Period for Eurodollar Borrowing: [______________]
month(s).]



 


		5.	Location and number of Borrower’s account to
which funds are to be disbursed:



 


Account Location:         [_____________________]


 


Account Number:          [_____________________]


 


The Borrower certifies
that on the date hereof:


 


		(a)	the representations and warranties of the Loan Parties
set forth in the Loan Documents are true and correct in all material respects (except to the extent already qualified by materiality,
in which case any such representation or



 


 






15 1,000,000 or a higher integral multiple of $500,000
in respect of a Eurodollar Loan; and $1,000,000 or a higher integral multiple of $500,000 in respect of a Base Rate Loan.


 




    	 	E-1	 



     


    

 


warranty shall be true and correct
in all respects) on and as of the date of the Borrowing requested hereby, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they shall be true and correct in all material respects (except to the extent
already qualified by materiality, in which case any such representation or warranty shall be true and correct in all respects)
as of such earlier date; and


 


		(b)	no Default or Event of Default exists or will exist
immediately after giving effect to such Borrowing.



 


[Signature page follows]


 




    	 	E-2	 



     


    

 


IN WITNESS WHEREOF, the
undersigned has caused this Borrowing Request to be executed and delivered by the undersigned authorized representative of the
Borrower hereunto duly authorized as of the date first above written.


 


	 	GLOBANT, LLC
	 	 	 
	 	By:	     
	 	Name: 	 
	 	Title:	 


 


Signature Page to Borrowing Request


 




     


     


    

 


EXHIBIT F


 


[FORM OF]


 


INTEREST ELECTION REQUEST


 


Date:[___________],
20[___]


 


HSBC Bank USA, N.A.,


Corporate Trust and Loan Agency


452 5th Avenue (8E6)


New York, NY 10018


 


		Re:	GLOBANT, LLC Credit Agreement



 


Ladies and Gentlemen:


 


Reference is made to the
Credit Agreement, dated as of August 3, 2017 (as amended, amended and restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”), among GLOBANT, LLC (the “Borrower”), the Lender party thereto
and HSBC BANK USA, N.A., as Administrative Agent. Capitalized terms used but not defined herein have the respective meanings set
forth in the Credit Agreement.


 


The Borrower irrevocably
requests the [conversion of Base Rate Loans to Eurodollar Loans][conversion of Eurodollar Loans to Base Rate Loans][continuation
of Eurodollar Loans for a new Interest Period] as follows:


 


		1.	Date of [conversion][continuation]: [_________],
20[___].



 


		2.	Aggregate principal amount of Loans to be [converted][continued]:
$[_____________].



 


		3.	Type of Borrowing: The Loans to be [converted][continued]
currently are [Base Rate Borrowings][Eurodollar Borrowings with an Interest Period ending on [_________], 20[_]].



 


		[4.	Interest Period for the Eurodollar Borrowing after [conversion][continuation]:
                                                                                 [_________] months.]



 


The Borrower certifies
that on the date hereof, no Event of Default exists.1


 


[Signature page follows]


 





 






1 Unless the Required Lenders otherwise consent
to the proposed conversion or continuation.


 




    	 	F-1	 



     


    

 


IN WITNESS WHEREOF, the
undersigned has caused this Interest Election Request to be executed and delivered by the undersigned authorized representative
of the Borrower hereunto duly authorized as of the date first above written.


 


	 	GLOBANT, LLC
	 	 	 
	 	By:	   
	 	Name:	 
	 	Title:	 


 


Signature Page to Interest Election Request


 




     


     


    

 


EXHIBIT G


 


[FORM OF]


 


COMPLIANCE CERTIFICATE


 


[DATE]


 


HSBC Bank USA, N.A., as Administrative Agent


Corporate Trust and Loan Agency


452 5th Avenue (8E6)


New York, NY 10018


 


		Re:	GLOBANT, LLC Credit Agreement



 


Ladies and Gentlemen:


 


Reference is hereby made
to the Credit Agreement, dated as of August 3, 2017 (as amended, amended and restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among GLOBANT, LLC (the “Borrower”), the Lenders party
thereto and HSBC BANK USA, N.A., as Administrative Agent. Capitalized terms used but not defined herein have the respective meanings
set forth in the Credit Agreement.


 


The undersigned Financial
Officer of the Borrower hereby certifies as of the date hereof that he/she is the of the Borrower, and that, as such, he/she is
authorized to execute and deliver this Compliance Certificate to the Administrative Agent on behalf of the Borrower, and that:


 


[Use following paragraph 1 for fiscal year-end
financial statements]


 


1.          Annual
Audit Report. Attached hereto as Schedule I are the year-end audited consolidated financial statements of Globant S.A.
required by Section 5.1(a) of the Credit Agreement for the fiscal year of the Borrower ended as of December 31, [___] (the
“Computation Date”).


 


[Use following paragraph 1 for fiscal quarter-end
financial statements]


 


1.          Quarterly
Financial Statements. Attached hereto as Schedule I are the Borrower-prepared consolidated (if applicable) financial
statements of the Borrower and Globant S.A. required by Section 5.1(b) of the Credit Agreement for the fiscal quarter of
the Borrower ended as of (the “Computation Date”)1 in form and substance as set forth in such section.


 


2.          Financial
Tests. The Borrower certifies and warrants to you that the attached Schedule II sets forth true and correct computations
as of the immediately preceding four fiscal


 





 






1The “Computation
Date” is the last day of the applicable fiscal quarter.


 




    	 	G-1	 



     


    

 


quarters ending on
_____________________ of the ratios and/or financial restrictions contained in Section 6.1 of the Credit
Agreement.


 


3.          Default.
The undersigned has reviewed and is familiar with the terms of the Credit Agreement and has made, or has caused to be made under
his/her supervision, a detailed review of the condition (financial or otherwise) of the Borrower as of the Computation Date and
for the accounting period then ended with the purpose of determining whether the Borrower was in compliance with the Credit Agreement
as of such date, and to the best knowledge of the undersigned, no Default has occurred and is continuing [, except as described
below:]2.


 


4.          Representations
and Warranties. The representations and warranties of the Loan Parties set forth in the Loan Documents are true and correct
in all material respects (except to the extent already qualified by materiality, in which case any such representation or warranty
shall be true and correct in all respects) on and as of the date hereof, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they shall be true and correct in all material respects (except to the extent
already qualified by materiality, in which case any such representation or warranty shall be true and correct in all respects)
as of such earlier date[, except as described below:]3.


 


5.          Changes
to IFRS. Since the date of the year-end audited consolidated financial statements of Globant S.A. required by Section 5.1(a)
of the Credit Agreement for the fiscal year of the Borrower ended as of December 31, [___], no changes in IFRS or the application
thereof has occurred[, except as described below:]4.


 


[Signature page follows]


 





 






2 If such an event has occurred and is continuing,
describe such event and the steps, if any, being taken to cure it.


3 If any representation or warranty if inaccurate
as of the date of this certificate, qualify any statement therein to make such representation or warranty accurate.


4 If such a change has occurred,
describe such change and specify the effects thereof on the financial statements accompanying the certificate.


 




    	RESTRICTED	I-2	 



     


    

 


IN WITNESS WHEREOF, the
undersigned has executed this Compliance Certificate as of the date first above written.


 


	 	GLOBANT, LLC
	 	 	 
	 	By:	    
	 	Name: 	 
	 	Title:	 


 


Signature Page to Compliance Certificate


 




     


     


    

 


SCHEDULE I


to Compliance Certificate


 


For the fiscal month/year ended on [___________],
20[__]


 


Financial Statements


 




    		Sch. I-1	 



     


    

 


 


 


SCHEDULE II


to Compliance Certificate


 


For the immediately preceding four fiscal quarters
ending on [__________], 20[__]


 


[as attached]


 






    		Sch. II-1