# EDGAR Filing Document

**Accession Number:** 0002089161
**File Stem:** 0001193125-26-018407
**Filing Date:** 2026-1
**Character Count:** 1866254
**Document Hash:** bc22d0571e775422cbf29c26fb646c48
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-018407.hdr.sgml**: 20260410

**ACCESSION NUMBER**: 0001193125-26-018407

**CONFORMED SUBMISSION TYPE**: DRS/A

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260121

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Encore Inc.
- **CENTRAL INDEX KEY:** 0002089161
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AMUSEMENT & RECREATION SERVICES [7900]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 464573857
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DRS/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-08570
- **FILM NUMBER:** 26549476

**BUSINESS ADDRESS:**
- **STREET 1:** 5100 N. RIVER ROAD, SUITE 300
- **CITY:** SCHILLER PARK
- **STATE:** IL
- **ZIP:** 60176
- **BUSINESS PHONE:** 847-450-7203

**MAIL ADDRESS:**
- **STREET 1:** 5100 N. RIVER ROAD, SUITE 300
- **CITY:** SCHILLER PARK
- **STATE:** IL
- **ZIP:** 60176

##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**As confidentially submitted to the Securities and Exchange Commission on January 21, 2026.** 

**Registration No. 333-** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Amendment No. 1** 

**to** 

**FORM S-1** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

## Encore Inc.
**(Exact Name of Registrant as Specified in its Charter)** 

---

| | | |
|:---|:---|:---|
| **Delaware** | **7389** | **46-4573857** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(Primary Standard Industrial**<br> **Classification Code Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

**5100 N. River Road, Suite 300** 

**Schiller Park, IL 60176** 

**(866) 351-1144** 

**(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)** 

**Benjamin E. Erwin** 

**Chief Executive Officer** 

**5100 N. River Road, Suite 300** 

**Schiller Park, IL 60176** 

**(866) 351-1144** 

**(Name, address, including zip code, and telephone number, including area code, of agent for service)** 

***Copies to:***

---

| | | |
|:---|:---|:---|
| **Joshua Ford Bonnie**<br> **Jonathan R. Ozner<br>Katharine L. Thompson**<br> **Simpson Thacher & Bartlett LLP**<br> **900 G Street, N.W.<br>Washington, D.C. 20001<br>Telephone: (202) 636-5500** | **J. Whitney Markowitz**<br> **Chief Legal Officer and Secretary**<br> **5100 N. River Road, Suite 300**<br> **Schiller Park, Illinois 60176**<br> **(866) 351-1144** | **Jason M. Licht**<br> **Latham & Watkins LLP**<br> **555 Eleventh Street, N.W.**<br> **Washington, D.C. 20004**<br> **Telephone: (202) 637-2200** |

---

Approximate date of commencement of the proposed sale of the securities to the public: **As soon as practicable after the Registration Statement is declared effective.**

If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.** 

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.** 

**SUBJECT TO COMPLETION, DATED JANUARY 21, 2026** 

**PRELIMINARY PROSPECTUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares**![LOGO](g23359g21a01.jpg)

## Encore Inc.
**Common Stock** 

**$ per share** 

This is the initial public offering of shares of common stock of Encore Inc. We are offering shares in this offering. Prior to this offering, there has been no public market for our common stock. We currently expect the initial public offering price to be between $ and $ per share of common stock. We intend to apply to list our shares of common stock on the (" ") under the trading symbol "ECR."

After the completion of this offering, entities controlled by affiliates of Blackstone Inc. ("Blackstone") will continue to beneficially own or control a majority of the voting power of shares eligible to vote in the election of our directors. As a result, we will be a "controlled company" within the meaning of the corporate governance standards. See "Management—Controlled Company Exception" and "Principal Stockholders."

**Investing in shares of our common stock involves risks. See "[Risk Factors](#toc23359_2)" beginning on page 18 to read about factors you should consider before buying shares of the common stock.** 

**Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.** 

---

| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
|  Initial public offering price | $| $|
|  Underwriting discounts and commissions<sup>(1)</sup> | $| $|
|  Proceeds, before expenses, to Encore Inc. | $| $|

---

(1) Please see the section entitled "Underwriting" for a description of compensation payable to the
underwriters.

To the extent that the underwriters sell more than shares of our common stock, the underwriters have the option to purchase up to an additional shares of common stock from us at the initial public offering price less the underwriting discounts and commission, within 30 days from the date of this prospectus.

The underwriters expect to deliver the shares of our common stock against payment in New York, New York on or about , 2026.

***Joint Lead Book-Running Managers***

(\* in alphabetical order)

---

| | | |
|:---|:---|:---|
| **BofA Securities\*** | **Goldman Sachs & Co. LLC\*** | **Morgan Stanley\*** |

---

**The date of this prospectus is , 2026.** 

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
|  [Summary](#toc23359_1) | 1 |
|  [Risk Factors](#toc23359_2) | 18 |
|  [Forward-Looking Statements](#toc23359_3) | 49 |
|  [Market and Industry Data](#toc23359_4) | 50 |
|  [Trademarks, Service Marks, Trade Names and Copyrights](#toc23359_5) | 50 |
|  [Use of Proceeds](#toc23359_6) | 51 |
|  [Dividend Policy](#toc23359_7) | 52 |
|  [Capitalization](#toc23359_8) | 53 |
|  [Dilution](#toc23359_9) | 54 |
|  [Management's Discussion and Analysis of Financial Condition and Results of Operations](#toc23359_10) | 56 |
|  [Business](#toc23359_11) | 77 |

---

---

| | |
|:---|:---|
|  | **Page** |
|  [Management](#toc23359_12) | 90 |
|  [Certain Relationships and Related Person Transactions](#toc23359_13) | 117 |
|  [Principal Stockholders](#toc23359_14) | 120 |
|  [Description of Certain Indebtedness](#toc23359_15) | 122 |
|  [Description of Capital Stock](#toc23359_16) | 125 |
|  [Certain U.S. Federal Income Tax Consequences to Non-U.S. Holders](#toc23359_17) | 133 |
|  [Shares Eligible for Future Sale](#toc23359_18) | 136 |
|  [Underwriting](#toc23359_19) | 138 |
|  [Legal Matters](#toc23359_20) | 145 |
|  [Experts](#toc23359_21) | 145 |
|  [Where You Can Find More Information](#toc23359_22) | 145 |
|  [Index to Financial Statements](#toc23359_23) | F-1 |

---

Neither we nor the underwriters have authorized anyone to provide you with information different from that contained in this prospectus, any amendment or supplement to this prospectus, or any free writing prospectus prepared by us or authorized to be provided on our behalf. Neither we nor the underwriters take any responsibility for, or can provide any assurance as to the reliability of, any information other than the information in this prospectus, any amendment or supplement to this prospectus, or any free writing prospectus prepared by us or authorized to be provided on our behalf. The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of shares of our common stock. Our business, financial condition, results of operations, and prospects may have changed since that date.

We and the underwriters are offering to sell, and seeking offers to buy, shares of our common stock only in jurisdictions where offers and sales are permitted. Neither we nor any of the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside of the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the shares of common stock and the distribution of this prospectus outside of the United States.

Through and including , 2026 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.

Unless indicated otherwise, the information included in this prospectus assumes no exercise by the underwriters of their option to purchase up to an additional shares of common stock from us and that the shares of common stock to be sold in this offering are sold at $ per share of common stock, which is the midpoint of the estimated price range set forth on the front cover of this prospectus.

i

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**About This Prospectus** 

Certain monetary amounts, percentages, and other figures included in this prospectus have been subject to rounding adjustments. Percentage amounts included in this prospectus have been calculated, in some cases, not on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this prospectus may vary from those obtained by performing the same calculations using the figures, on the face of our consolidated financial statements included elsewhere in this prospectus. Certain other amounts that appear in this prospectus may not sum due to rounding.

In July 2025, we changed our name from PSAV Intermediate Corp. to Encore Inc. We will not distinguish between our prior and current name and will refer to our current name throughout this prospectus.

**Certain Definitions** 

As used in this prospectus, unless otherwise noted or the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Blackstone" refers to investment funds associated with Blackstone Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Encore," the "Company," "we," "us," "our," and
"its" refer to Encore Inc. and its consolidated subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Goldman Sachs" refers to investment funds associated with Goldman Sachs & Co. LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Principal Stockholders" refer collectively to Blackstone and Goldman Sachs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Group RevPAR" is a hospitality industry metric that measures total guest hotel room revenue
generated by group bookings (blocks of guest hotel rooms sold simultaneously in a group of 10 or more rooms), divided by total number of available guest hotel rooms. We use this metric as calculated by CoStar Group (formerly STR). CoStar is an
independent, third-party market research company that collects and compiles the data used to calculate Group RevPAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Senior Secured Credit Facilities" refer collectively to the Term Loan Facility and the Revolving
Credit Facility (each as defined herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SVR" is a calculation of the revenue of our venues on a comparable basis compared to the same venues
in the prior period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "W Capital" refers to investment funds associated with W Capital Management, LLC.

ii

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**SUMMARY** 

*This summary highlights information contained elsewhere in this prospectus and does not contain all of the information you should consider before investing in shares of our common stock. You should read this entire prospectus carefully, including the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" as well as the consolidated financial statements and the related notes thereto included elsewhere in this prospectus before you decide to invest in shares of our common stock.* 

**Our Mission** 

As the world's leading business-to-business ("B2B") live events company based on annual revenue and number of events serviced, Encore fulfills a purpose to connect and inspire people through the transformative power of events. We believe authentic, in-person engagement is more important than ever in today's rapidly digitizing world. Our mission is to be an invaluable partner on our customers' journeys, combining the power of our technical team members, innovative production services, and differentiated global footprint to create impactful events.

**Our Business Overview** 

***Company Description***

Encore is the global leader in B2B live event production based on annual revenue and number of events serviced. We sit at the intersection of in-person experiences, the need for technology to create immersive experiences, and the importance of the venues where these events take place. We are active in 21 countries and serve under a preferred contract designation for on-site event production services across approximately 2,200 venues globally as of December 31, 2024. Our more than 12,000 talented team members operate as an embedded partner throughout the hospitality and corporate events ecosystem. Our platform combines scale, technical depth, and operational integration, which has allowed us to deliver more than 400,000 events annually over each of the last three years to a diverse customer base. In the year ended December 31, 2024, our customer base included approximately 98% of Fortune 500 companies and we served approximately 100,000 customers globally.

In-person engagement remains a powerful medium for building trust, launching products, connecting with peers, and fostering authentic collaboration. As live events continue to grow in strategic importance, organizations are increasingly relying on professional production partners to deliver immersive, technology-enabled experiences. Our capabilities span the entire event lifecycle, encompassing strategic planning, creative direction, on-site execution, and post-event analytics. We believe our ability to deliver these services at scale, with consistency and quality, positions us as the partner of choice for our customers holding events and the venue partners hosting them, further distinguishing us from our competitors. We offer robust production services like show production, project management, and talent management, including the delivery of event technology such as audiovisual ("AV") systems, lighting, rigging, power distribution, internet services, light-emitting diode ("LED") screens, immersive tech, and live streaming.

Our competitive advantage is rooted in our operating model. Our more than 12,000 team members, including over 3,000 with technical lead certifications as of December 31, 2024, represent one of the industry's largest collections of event production talent. These teams live, work, and deliver events in many of the world's most important meeting and event geographies. We support events in these locations' unique event venues including our contracted venue footprint spanning approximately 2,200 hotels, convention centers, corporate campuses, stadiums, arenas, and other non-hotel venues in 21 countries across North America, Europe, the Middle East, Australia, and Asia as of December 31, 2024. Our centralized infrastructure and asset-light model enable scalable delivery and operational flexibility, while our variable cost structure (which accounted for

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

approximately 75% of our operating expenses for the year ended December 31, 2024) supports resilience through industry seasonality. We also have visibility into our U.S. revenue, with approximately 95% of such revenue for the year ended December 31, 2024 generated through event venues with whom we have multi-year contracts, including long-term master service agreements ("MSAs"), and individual venue contracts. These relationships, many of which span over a decade, provide stable economics and seek to enable consistent growth. In addition, our customer-direct model continues to expand, deepening relationships with customers and unlocking new revenue streams outside of our venue network.

For the year ended December 31, 2024, we generated $3.2 billion in revenue, $(176.1) million in net loss, and $428.8 million in adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA"), representing a net loss margin of (5.4)% and Adjusted EBITDA Margin of 13.2%. For a reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to the most directly comparable GAAP financial measures, information about why we consider Adjusted EBITDA and Adjusted EBITDA Margin useful, and a discussion of the material risks and limitations of these measures, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures."

***History and Evolution***

Our journey to become the world's leading B2B live events company began more than 85 years ago. From our humble beginnings in the 1930s showing movies on barns in communities without access to technology, to our early innovations in Las Vegas, where technological expertise met a new brand of hospitality, we have always been driven by a desire to bring people together. Our transformation has been shaped by a series of strategic inflection points that have expanded our capabilities, deepened our customer relationships, and positioned us for the next era of accelerated growth.

The 2019 combination of Encore and PSAV, our legacy brand prior to 2021, was a transformative milestone, adding scale in Las Vegas, enhancing our credibility in high-end, large-scale event production, and developing a significant Asia Pacific presence with a leading Australia platform.

We navigated the global pandemic by taking a long-term view and further entrenching our team members with our key customers and venue partners, along with strengthening our highest trained technical talent. This helped our business to rebound rapidly beginning in late 2021 and return to pre-pandemic revenue levels by 2022. We used this period to accelerate investments in capabilities supporting our larger events, unified a dozen global brands under the Encore name, and invested in immersive technologies and digital infrastructure to meet rising demand for hybrid and in-person events. We also expanded our customer-direct model and deepened strategic partnerships with our hotel, convention center, and stadium venue partners.

Today, we are entering our next era of growth. Our multi-pronged strategy is focused on innovating new products to increase average revenue per event, improving capture rates within our venue footprint, expanding internationally, and getting closer to key customer accounts to grow our share of wallet and activate adjacent markets such as experiential marketing.

***Core Services and Capabilities***

Our integrated platform delivers a comprehensive suite of event production services built to address the needs of customers and venues in today's dynamic live events landscape. Our end-to-end capabilities provide one-stop solutions supporting the entire event journey. We continually innovate, developing best practices to deliver more than 400,000 events annually over each of the last three years and investing in the latest event technologies to offer customers new ways to create impactful experiences. We believe this positions us to deliver services that are scalable and reliable, supporting every level of event from intimate corporate meetings to large-scale, high-impact conferences and experiential activations.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

Our capabilities span the entire event lifecycle, encompassing strategic planning, creative direction, on-site execution, and post-event analytics. We offer event technology such as AV systems, lighting, rigging, power distribution, internet services, LED screens, immersive tech, and live streaming, alongside robust production services like show production, project management, and talent management. Our creative services team specializes in branding, content development, experience design, digital engagement, and event analytics. Additionally, we provide general contracting and fabrication services, including exhibit design, 3D printing, and event infrastructure, enabling a true end-to-end solution for our customers.

We execute through our centralized talent operating model. From our talent acquisition teams sourcing specific skills and competencies to our global training programs developing proprietary technical certifications, our workforce is built to serve today's complex event industry. Leveraging the density of talent in each major market, our operations are designed to place the most qualified individuals at each venue for every customer.

***Business Model***

We believe that the strength of our business model lies in the combination of our large technical workforce alongside the industry's largest hotel, convention center, and stadium venue footprint. Our ability to offer end-to-end event production solutions, at scale, in many of the major meeting markets positions us to serve customers and venue partners around the globe. The quality and breadth of our offerings, and trust we have earned from customers and venue partners, has resulted in growing our diversified and visible revenue streams. Our long-term MSAs with leading hotel chains are a powerful endorsement at thousands of venues across the globe, while our individual venue contracts at nearly all of our approximately 2,200 venues establish Encore as the exclusive on-site provider of event technologies, resulting in significant capture within these venues. While these contracts do not preclude outside event technology providers coming into the venues to support individual events, and event planners retain the option to use outside providers, the contracts do prevent non-Encore team members and technology from being in-house at these venues. Furthermore, these agreements are structured with revenue-based commissions, ensuring economic alignment and shared incentives for growth and service excellence between us and the venue. From 2019 through 2025, we had an approximately 80% capture rate within venues with which we have an existing relationship.

We established our customer-direct model to build deep, strategic relationships with high-value corporate and association customers. As part of this strategy, we are focused on executing events for our customers where it matters most across all venue formats, irrespective of their geographic location. We offer tailored solutions and seek to expand wallet share within these accounts to drive incremental growth and fulfill bespoke event experiences that meet the evolving needs of our customers. Our international footprint extends to 21 countries and more than 800 international venues, positioning us to capitalize on the expanding global demand for live events. We have adopted a flexible approach that enables us to serve events of all sizes, ranging from small meetings under $10,000 to large-scale conferences and trade shows exceeding $1,000,000, demonstrating both operational agility and market reach.

**Our Industry** 

***Market Size and Segmentation***

We estimate the event production services total addressable market ("TAM") to be between $60 billion to $85 billion globally, which is anticipated to grow 6% to 8% annually through 2030. We estimate our market opportunity through an evaluation of growth opportunities within our near-core markets, potential expansion opportunities into adjacent markets, and entry into additional new geographies across our core and near-core markets where we do not currently operate. This market encompasses a broad spectrum of

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

event types and customer segments, ranging from corporate meetings and trade shows to experiential marketing activations, live music, and sporting events.

Our core market serves corporate events taking place in hotels, which we estimate represents a TAM of $10 billion to $15 billion annually. As a partner for many leading hotel chains and venues worldwide, we have established ourselves as a go-to provider for in-person corporate meetings, conferences, and executive gatherings. We operate in this core market through our long-term, multi-year contracts and deep, strategic relationships, providing us with high revenue retention and a stable foundation for growth. We believe we have set the industry standard for delivering seamless, technology-enabled experiences within hotel environments, while also serving as a central player in the global corporate events ecosystem.

Building on this strong foundation, we are strategically growing in near-core markets where we serve many of the same event planner customers but in more diverse venue types that are part of the evolving landscape of live events. Our near-core market, including trade shows, non-hotel corporate events, and experiential marketing, which we estimate accounts for an additional $30 billion to $40 billion in TAM, offering significant opportunities for growth as organizations seek more immersive and innovative event formats. Beyond this, our adjacent markets, which represents a potential future opportunity for expansion, encompass live music, sports, and TV and film production, which we estimate contributes a further $20 billion to $30 billion in TAM. This expansion underscores the increasing convergence of business, entertainment, and media, and highlights our ability to offer production services across a diverse array of event types in today's dynamic experience economy.

***Key Industry Trends***

The event production industry has a long history dating back to the earliest technologies being used to amplify the impact of in-person gatherings. It grew rapidly late in the twentieth century due to the proliferation of larger ballrooms in hotels, growth in travel, and increased interest in communities bringing individuals together, and continues to evolve today.

*Importance of in-person meetings post-pandemic*: Live event volumes have surged back since the COVID-19 pandemic as communities prioritize reconnection. In today's increasingly digital world, organizations are leveraging innovative formats to build trust, deepen engagement, and deliver more impactful experiences. Over this period, the events industry has experienced a steady shift toward technological sophistication and increased complexity of events.

*Increasing event complexity and spend*: Many organizations are investing more in their events by prioritizing enhanced production value, advanced technology integration and creative storytelling to maximize the impact on their varied audiences. We have seen average corporate event spend in our core market rise at a compound annual growth rate of 8% to 10% since 2019, driven by greater complexity, inflation, and a shift toward larger, more immersive experiences.

*Technology enablement and innovation*: The proliferation of hybrid and virtual events has expanded the reach of live experiences, while immersive technologies such as LED walls, advanced AV, and interactive digital platforms are elevating the quality and impact of in-person gatherings. As we increasingly apply artificial intelligence ("AI") to assist our sales teams and customers with product recommendations as well as with building event and exhibit designs and renderings for customer proposals and presentations, along with the use of data analytics to optimize event planning, personalize attendee experiences, and evaluate return on invested capital, we believe our investments in enterprise-grade technology ensure we remain at the forefront of this trend by offering customers access to cutting-edge solutions and coordinated execution.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

*Growth in alternative venues and formats*: The industry is moving beyond traditional hotel venues to include alternative spaces, such as corporate campuses, convention centers, arenas, and experiential environments.

*Sustainability and ESG considerations*: Many of our customers are increasingly seeking solutions that minimize environmental impact, promote responsible resource use, and align with broader corporate sustainability and environmental, social, and governance ("ESG") goals.

**Our Market Opportunity** 

***Industry Dynamics***

Despite meaningful growth potential, the live events industry faces several challenges that require strategic focus and operational efficiency. Some industry dynamics in our industry landscape include:

*Event production as a mission-critical factor*: Event production is a cornerstone of the entire event experience and forms the foundation for every other element. While event technology can be a smaller budget item, its impact is disproportionately high, with any misstep potentially jeopardizing the event experience. We believe that flawless execution is essential to the complexity and interdependence of technical, creative, and logistical components. A single error in event production can create significant reputational and financial risk. As expectations rise and events become more immersive and tech-enabled, the need for reliable, expert production partners is more critical than ever.

*Complex event logistics*: The event production industry involves significant event-to-event customization and the integration of digital and physical components, requiring tailored labor, logistics, and equipment solutions. This high degree of variability and operational complexity makes it difficult to achieve economies of scale and consistent operating leverage, as resources must be flexibly allocated and managed for every unique customer's needs.

*Fragmented ecosystem*: The event production landscape is characterized by a fragmented ecosystem of service providers, including a mix of regional AV companies, experiential marketing agencies, technology providers, and local production firms, particularly outside of the United States, making it difficult for venues and planners to manage execution and ensure consistency across geographies. Customers are under pressure to deliver immersive, tech-enabled experiences while managing budgets and demonstrating return on investment.

***The Encore Solution***

*Qualified technical talent and expertise*: Our highly skilled technical workforce is the foundation of our value proposition, powering reliable execution across every event. With deep expertise, rigorous training, and a culture of service excellence, our team is equipped to solve complex production challenges and deliver immersive experiences at scale.

*Economies of scale*: We benefit from economies of scale that venues value due to more intermittent operations and different strategic priorities. We utilize our large network and efficient processes to generate cost advantages, service reliability, and scale density across the globe.

*Venue relationships*: Our weighted average contract life with our venue partners is approximately five years as of December 31, 2024. This long-term contractual structure supports growth and, in combination with our revenue-based commission model, ensures we are aligned economically with our venue partners.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

*Pre-engineered production templates*: To address scalability challenges, we are developing standardized production templates that streamline event workflows and minimize variable cost increases. These templates reduce the need for bespoke solutions and enable more efficient resource allocation and cost management while maintaining high service quality and event consistency.

*Focus on enterprise events*: Recognizing the strategic importance of enterprise events as a promotional tool in a competitive market, we are actively expanding our footprint into new geographic markets and event categories. We believe this strategy will allow us to capture emerging opportunities and diversify our revenue base.

*Infrastructure support*: For high-stakes events where flawless execution is essential, we provide not only creative and technology services, but also robust infrastructure support. This includes the design, setup, and management of essential event infrastructure such as staging, rigging, power distribution, lighting grids, internet connectivity, and temporary structures. We believe this mitigates risk for our customers and is designed to seamlessly deliver events for our customers.

*Digital integration*: Software is not a substitute for our on-site capabilities. While technology platforms are increasingly prevalent, our integrated approach combines digital solutions with physical execution to deliver superior outcomes for complex customer events.

**Our Competitive Strengths** 

We are the world's leading B2B live events company, providing innovative, technology-enabled solutions supporting corporate and institutional customers who depend on us to execute mission critical events. We sustain this leadership by harnessing a distinctive set of competitive advantages, including:

***Highly Trained Technical Workforce***

With more than 12,000 team members, including over 3,000 with technical lead certifications, our teams are equipped to manage events of all sizes and complexities. Our commitment to talent development is reflected in our training programs and certification processes. We also possess strong employee engagement and retention, achieving an 87% retention rate compared to the hospitality industry average of 53% in 2024.

***Global Scale and Venue Density***

We have delivered more than 400,000 events annually across 21 countries through a network of approximately 2,200 venue partners, totaling more than 1.2 million events from 2022 to 2024. Our extensive branch network and centralized distribution support our improved resource deployment, equipment utilization, and rapid responses to our customers' needs.

***Long-Term Partnerships and Revenue Visibility***

Our business is anchored by long-standing partnerships with leading hotel chains and individual venues. We have visibility into our U.S. revenue, with approximately 95% of such revenue generated through venues operating under leading hotel chains such as Accor, Hilton, Hyatt, IHG, and Marriott, with whom we have multi-year contracts, including long-term MSAs and individual venue contracts. We sign contracts at the individual venue for each of our approximately 2,200 venues whereby they establish Encore as the exclusive on-site provider of event technologies in that property. While these contracts do not preclude outside event technology providers coming into the venues to support individual events, and event planners retain the option to use outside providers, the contracts do prevent non-Encore team members and technology from being in-house at these venues. We maintain multi-year MSAs with leading hotel chains and direct contracts with individual venues, generating revenue in 2024 from 98% of the same global venues we did in 2023.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

***Integrated End-to-End Capabilities***

We serve as a single partner across planning, creative, production, technology, and execution. We offer a comprehensive suite of services that spans the entire event lifecycle, including strategic planning, creative direction, advanced AV solutions, scenic design, digital engagement, and on-site execution.

***Technology Leadership and Innovation***

We invest in advanced event technology to ensure our customers benefit from the latest innovations in AV, lighting, rigging, and digital engagement. We leverage our technology and customer management tools to execute events that satisfy different customer requests. By integrating AI to assist our sales teams and customers with product recommendations as well as with building event and exhibit designs and renderings for customer proposals and presentations, along with the use of data analytics, we strive to optimize event planning, resource allocation, and customer experience in real time.

***Financial Profile***

Our financial profile is characterized by strong growth, high capital efficiency and market outperformance, although we have experienced an increase in net loss and accumulated deficit from 2023 to 2024. For the year ended December 31, 2024, we generated $3.2 billion in revenue, $(176.1) million in net loss, and $428.8 million in Adjusted EBITDA, representing a net loss margin of (5.4)% and Adjusted EBITDA Margin of 13.2%. For the year ended December 31, 2023, we generated $3.1 billion in revenue, $(132.0) million in net loss, and $425.3 million in Adjusted EBITDA, representing a net loss margin of (4.3)% and Adjusted EBITDA Margin of 13.8%.

***Commitment to Sustainability and ESG***

In 2025, we earned an EcoVadis Silver Medal sustainability rating across the global group, received Great Place to Work certifications in 13 countries, and were named to Fortune's "100 Best Companies to Work For" list.

***World-Class Management Team***

We are led by a globally diverse executive team with deep expertise across operations, technology, and customer experience.

**Customers and Partners** 

Our platform is built on long-standing relationships with customers and venue partners, enabling us to deliver value across the live events ecosystem.

***Diverse and Blue-Chip Customer Base***

In the year ended December 31, 2024, our customer base included approximately 98% of Fortune 500 companies and we served approximately 100,000 customers globally. Our customers span professional services, technology, healthcare, industrials, financial institutions, consumer brands, non-profits, and government agencies.

***Venue Partnerships***

We maintain multi-year MSAs with leading hotel chains and direct contracts with individual venues, generating revenue in 2024 from 98% of the same global venues we did in 2023. In the United States,

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

approximately 95% of such revenue is generated through event venues with whom we have multi-year contracts, including long-term MSAs, and individual venue contracts in 2024. While these contracts do not preclude outside event technology providers coming into the venues to support individual events, and event planners retain the option to use outside providers, the contracts do prevent non-Encore team members and technology from being in-house at these venues. Our relationships with our top 20 venues average 13 years and include prestigious hospitality brands such as Accor, Hilton, Hyatt, IHG, and Marriott.

***Delivering Value to Both Sides of the Marketplace***

For venues, we leverage our technical expertise, branch network and distribution capabilities to deliver value to both venue partners and event planners. We support events from basic AV to fully immersive multi-day conferences for all event sizes. For event planners and corporate customers, we offer a one-stop shop for event production, creative direction, and technology enablement, backed by in-house certified teams that ensure quality events across regions.

***Unlocking Growth in New Markets and Through New Models***

We continue to unlock growth through strategic expansion in key markets and innovative service models. We reinforce this foothold with long-term contracts and strategic venue partnerships, backed by our proven track record of delivering high-impact events for leading corporations and associations.

***Supporting Customer Success Through Innovation and Service***

We deliver high-quality event experiences at scale by combining our skilled technical workforce with smart technology. Our technology tools support dynamic pricing, product recommendations, event rendering, and real- time troubleshooting that enable our teams to optimize event planning, resource allocation, and customer experience.

**Growth Strategies** 

***Multiple Levers to Accelerate Growth***

![LOGO](g23359g33a33.jpg)

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

Against a positive backdrop for demand of in-person events, we are executing a multi-pronged plan to expand our market share, deepen customer relationships, and unlock new revenue streams across the global live events ecosystem.

***Increasing Average Revenue Per Event***

We focus on introducing new products and services, including immersive technologies for our customers, into partner properties to drive event value and engagement. Through our investments, we have achieved nearly 75% growth in average revenue per event from 2019 to 2024, reflecting widespread adoption by customers.

***Increasing Capture Rate Within Existing Venues***

Although we are the preferred on-site provider in many locations, event planners often retain the option to use outside providers. Our current approximate 80% capture rate for our existing venues from 2019 to the first half of 2025 presents a 20% upside within our existing footprint. We have implemented a strategic plan with venue partners to improve our infrastructure and services capture through commission-aligned incentives and local decision authority to speed approvals.

***New Unit Footprint Expansion***

We are expanding our venue footprint into marquee venues and non-traditional meeting spaces through partnerships with hotels, convention centers, corporate campuses, and experiential environments.

***Deepening Direct Client Relationships***

We maintain dedicated account management across our highest-value direct relationships. Our specialized sales force works to secure multi-year contracts, new business development, and high-end production and experiential sales.

***Significant International Expansion***

With our footprint across 21 countries and more than 800 international venues, we are expanding into high-growth markets including Spain and Singapore, supported by existing MSAs with leading hotel chains like Accor, Hilton, Hyatt, IHG, and Marriott.

***Accretive Acquisitions***

We have completed 12 acquisitions between 2012 and 2019 at a pace of one to two tuck-in deals per year, generating synergies, expanding our geographic reach, and enhancing our capabilities in strategic customer markets. Although M&A activity paused for us during and in the initial years following the pandemic, we completed the acquisition of two companies in the fourth quarter of 2025.

In November 2025, we acquired Eclipse, a UK-based event production company, further expanding our capabilities and reach in the United Kingdom. In December 2025, we acquired FIRST, a leading global provider of embedded event solutions in corporate campuses, expanding our in-house capabilities to large corporate campuses for some of the world's leading companies. Both of these acquisitions reinforce our disciplined approach to scaling and creating value by complementing organic growth with inorganic growth.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

***TAM Expansion Opportunities***

We are broadening our presence beyond traditional hotel venues into near-core markets, including trade shows, non-hotel corporate events and experiential marketing, with an estimated additional $30 billion to $40 billion in TAM. We also have the opportunity to expand into adjacent markets, including live music, sporting events, TV and film production, with an estimated further $20 billion to $30 billion in TAM.

**Our Principal Stockholders** 

Blackstone (NYSE: BX) is the world's largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone's $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds.

Goldman Sachs (NYSE: GS) is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals.

After the completion of this offering, Blackstone will beneficially own or control approximately % of the voting power of our shares eligible to vote in the election of our directors (or % if the underwriters exercise in full their option to purchase additional shares of common stock). As a result, Blackstone will control the outcome of matters submitted to our stockholders for approval, and we will be a "controlled company" within the meaning of the corporate governance standards. Under these corporate governance standards, a company of which more than 50% of the voting power for the election of directors is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance standards, including the requirements (1) that a majority of our board of directors consist of independent directors, (2) that our board of directors have a compensation committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities, and (3) that our board of directors have a nominating and governance committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities. Although we do not intend to rely on these "controlled company" exemptions from these corporate governance requirements, if we do rely on such exemptions in the future, you will not have the same protections afforded to stockholders of companies that are subject to all of these corporate governance requirements. In the event that we cease to be a "controlled company" and our common stock continues to be listed on the , we will be required to comply with these provisions within the applicable transition periods.

Encore Global LP currently owns 100% of our common stock outstanding. All existing owners of Encore Inc., including Blackstone, Goldman Sachs, W Capital, members of management and other current and former employees currently own their respective shares indirectly through Encore Global LP. Prior to this offering, all preferred units in Encore Global LP, which are presently held by Blackstone and W Capital, will convert into common units of Encore Global LP (the "Conversion"). Encore Global LP will then distribute out all shares of our common stock that it owns to our existing owners, who will as a result become our direct stockholders. Certain members of our management and other employees who hold phantom interests in Encore Global LP will receive restricted stock units, which, if the corresponding phantom unit was unvested, will be subject to continued vesting. We refer to these transactions as the "Reorganization Transactions."

We intend to enter into separate stockholders agreements with each of our Principal Stockholders in connection with this offering. Among other things, these agreements will grant each of the Principal Stockholders the right to designate an agreed number of individuals to our board of directors. See "Certain Relationships and Related Person Transactions—Stockholders Agreements" for a description of these agreements.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Investment Risks** 

An investment in shares of our common stock involves substantial risks and uncertainties that may materially adversely affect our business, financial condition, results of operations and cash flows. Some of the more significant challenges and risks relating to an investment in our company include, among other things, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unfavorable economic conditions have adversely effected, and in the future could adversely affect, our business,
financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Global or local travel industry disruptions, particularly those affecting the hotel and airline industries, could
adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our operations and operating results have been, and may in the future be, materially impacted by a pandemic or
other public health emergency, such as the COVID-19 pandemic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our failure to retain a significant number of our current venue partners and hotel chains or renew our existing
venue partner contracts and hotel chain MSAs could have a material adverse effect on our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our failure to maintain the number or quality of properties covered by our venue partner contracts or maintain
the number of hotel chains for which we are the preferred provider could have a material adverse effect on our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The widespread adoption of more effective virtual meeting technologies could reduce the number of events held at
our venue partners, the size and scope of such events, including reduced demand for our services at events, or the attendance at such events, which could adversely affect our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Potential venue partners may be reluctant to switch to a new preferred provider of event technology services,
which may adversely affect our growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If venues reduce their outsourcing or use of preferred providers, it could have a material adverse effect on our
business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our success depends on our ability to maintain the value and reputation of our brand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to comply with requirements imposed by applicable law or other governmental regulations, we could
become subject to lawsuits, investigations and other liabilities and restrictions on our operations that could significantly and adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to comply with requirements imposed by applicable laws or other governmental regulations related to
privacy and data security, we could become subject to lawsuits, investigations and other liabilities and restrictions on our operations that could significantly and adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We conduct a portion of our business in foreign countries, and we expect to continue expanding our operations
into additional foreign countries where we may be impacted by operational and political risks that are greater than in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our substantial indebtedness could adversely affect our financial condition, our ability to operate our business,
react to changes in the economy or our industry, pay our debts and could divert our cash flow from operations for debt payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blackstone controls us, and its interests may conflict with ours or yours in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon the listing of our shares on the     , we will be a "controlled company"
within the meaning of the rules of the    and, as a result, will qualify for "controlled company" exemptions from certain corporate governance requirements. You will not have the same protections afforded to
stockholders of companies that are subject to such requirements.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

Before you invest in our common stock, you should carefully consider all of the information in this prospectus, including matters set forth under the heading "Risk Factors."

**Corporate Information** 

Encore Inc. (formerly known as PSAV Intermediate Corp.) was incorporated in Delaware on November 8, 2013. Our principal executive offices are located at 5100 N. River Road, Suite 300, Schiller Park, Illinois 60176 and our telephone number is (866) 351-1144. We maintain a website at *www.encoreglobal.com*. The reference to our website is intended to be an inactive textual reference only. **The information contained on, or that can be accessed through, our website is not part of this prospectus.** 

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**The Offering** 

Common stock offered by us shares (or shares if the underwriters exercise in full their option to purchase additional shares of common stock).

Common stock outstanding after giving effect to this offering shares (or shares if the underwriters exercise in full their option to purchase additional shares of common stock).

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|:---|:---|
| Use of proceeds  | We estimate that the proceeds to Encore Inc. from this offering, after deducting estimated underwriting discounts and commissions, will be approximately $ million (or $ million if the underwriters exercise in full their option to purchase additional shares of common stock). |

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Encore Inc. intends to use the proceeds (net of underwriting discounts and commissions) from this offering to repay a portion of the outstanding indebtedness under our Term Loan Facility totaling approximately $ million and the remainder for general corporate purposes and to bear all of the expenses of this offering. We estimate these offering expenses (excluding underwriting discounts and commissions) will be approximately $ million. See "Use of Proceeds."

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| | |
|:---|:---|
| Voting rights  | Each share of our common stock entitles its holder to one vote on all matters to be voted on by stockholders generally. |

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| | |
|:---|:---|
| Dividend policy  | We have no current plans to pay dividends on our common stock following this offering. The declaration, amount and payment of any future dividends will be at the sole discretion of our board of directors. Our board of directors may take into account general economic and business conditions, our financial condition and operating results, our available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax and regulatory restrictions and implications on the payment of dividends by us to our stockholders or by our subsidiaries to us, and such other factors as our board of directors may deem relevant. See "Dividend Policy." |

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| | |
|:---|:---|
| Controlled company  | Upon the closing of this offering, Blackstone will beneficially own or control approximately % of the voting power of our shares eligible to vote in the election of our directors (or % if the underwriters exercise in full their option to purchase additional shares of common stock). As a result, we will be a "controlled company" under the rules. As a controlled company, we qualify for exemptions from certain corporate governance requirements of the . |

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Risk factors See "Risk Factors" for a discussion of risks you should carefully consider before deciding to invest in our common stock.

Proposed trading symbol "ECR."

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

In this prospectus, unless otherwise indicated, the number of shares of common stock outstanding and the other information based thereon does not reflect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of common stock issuable upon exercise of the underwriters' option to
purchase additional shares of common stock from us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of common stock that may be granted under the Encore Inc. 2026 Omnibus
Incentive Plan (the "Omnibus Incentive Plan"). See "Management—Executive Compensation—Omnibus Incentive Plan."

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Summary Historical Financial and Other Data** 

The following tables present the summary historical consolidated financial and other data for Encore Inc. and its subsidiaries for the periods and at the dates indicated. The summary consolidated statements of operations data and statements of cash flow data presented below for the years ended December 31, 2025, 2024 and 2023 and the summary consolidated balance sheet data as of December 31, 2025 and 2024 have been derived from the consolidated financial statements of Encore Inc. included elsewhere in this prospectus.

Historical results are not necessarily indicative of the results expected for any future period. You should read the summary historical consolidated financial data below, together with the consolidated financial statements and related notes thereto included elsewhere in this prospectus, as well as "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Description of Certain Indebtedness" and the other information included elsewhere in this prospectus.

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| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| **(Amounts in thousands, other than share and per share data)** | **2025** | **2024** | **2023** |
|  **Summary Statements of Operations Data:** |  |  |  |
|  **Revenue** | $— | $**3239322** | $**3088850** |
|  **Operating expenses**: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenue<sup>(1)</sup> |  | 2591795 | 2462698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general, and administrative expenses<sup>(1)</sup> |  | 245580 | 223604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation |  | 75443 | 72058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venue incentive amortization |  | 26107 | 22283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangibles |  | 91716 | 93553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** |  | **3030641** | **2874196** |
|  **Income from operations** |  | **208681** | **214654** |
|  Loss on debt extinguishment |  | (11698) | **—** |
|  Other (expense) income, net |  | (8592) | 3179 |
|  Interest expense |  | (320130) | (313678) |
|  **Loss before tax expense** |  | **(131739)** | **(95845)** |
|  Income tax expense |  | (44380) | (36166) |
|  **Net loss** | $— | $**(176119)** | $**(132011)** |
|  **Net loss per common share:** |  |  |  |
|  Basic and Diluted | $| $(166044) | $(124460) |
|  **Weighted average common shares outstanding:** |  |  |  |
|  Basic and Diluted |  | 1061 | 1061 |

---

(1) Exclusive of depreciation of the Company's property and equipment, venue incentive amortization and
amortization of its intangible assets.

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **(Amounts in thousands)** | **2025** | **2024** |
|  **Summary Balance Sheet Data (at period end):** |  |  |
|  Cash and cash equivalents | $| $69973 |
|  Goodwill and intangible assets, net |  | 1483891 |
|  Total assets |  | 2235389 |
|  Long-term debt (including current portion) |  | 2350000 |
|  Total liabilities |  | 2758937 |
|  Total shareholders' deficit |  | (523548) |

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

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| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| **(Amounts in thousands)** | **2025** | **2024** | **2023** |
|  **Summary Statements of Cash Flows Data:** |  |  |  |
|  Net cash provided by operating activities | $| $106782 | $81445 |
|  Net cash used in investing activities |  | (114252) | (95446) |
|  Net cash used in financing activities |  | (116703) | (26324) |

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| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| ***(*Amounts in thousands, except percentages)** | **2025** | **2024** | **2023** |
|  **Other financial data:** |  |  |  |
|  Net loss | $— | $(176119) | $(132011) |
|  Net loss margin | % | (5.4)% | (4.3)% |
|  Adjusted EBITDA<sup>(1)</sup> | $— | $428837 | $425342 |
|  Adjusted EBITDA Margin<sup>(1)</sup> | % | 13.2% | 13.8% |
|  Worldwide venue count<sup>(2)</sup> |  | 2162 | 2151 |
|  Worldwide event count<sup>(3)</sup> |  | 412000 | 416000 |
|  U.S. average revenue per event<sup>(4)</sup> | $— | $9000 | $8300 |
|  U.S. same venue revenue growth | % | 6.5% | 14.9% |
|  International same venue revenue growth | % | 2.0% | 25.2% |

---

(1) We report our financial results in accordance with generally accepted accounting principles in the United States
("GAAP"), however, management believes that Adjusted EBITDA and Adjusted EBITDA Margin, non-GAAP measures, provide users of our financial information with useful supplemental information enabling a
comparison of our performance across periods. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide visibility to the underlying continuing operating performance of our business. Management uses Adjusted EBITDA and Adjusted EBITDA Margin to
evaluate and manage the performance of our business, make resource allocation decisions, and compensate key personnel as they provide further understanding with respect to the results of our operations. Additionally, we believe such metrics are
widely used by investors, securities analysis, ratings agencies and other parties in evaluating performance, liquidity and debt-service capabilities.

We define Adjusted EBITDA as net loss before interest expense, income taxes, depreciation, amortization of intangibles, transaction-related expenses, long-term incentive plan payments, gain or loss on disposal of assets, gains or losses on foreign currency transactions, amortization of venue incentives, equity-based compensation expense, severance related to restructuring and other cost saving initiatives, lease termination expense, loss on debt extinguishment, one-time costs associated with system implementations and certain other one-time consulting and professional fee costs. Adjusted EBITDA excludes venue incentive amortization to enhance comparability across periods by removing the variability of the up-front payments associated with securing long-term commitments from our venue partners; this is also consistent with how management evaluates operating performance, allocates capital, and makes strategic decisions. We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue.

Adjusted EBITDA is not a liquidity measure and should not be considered as discretionary cash available to us to reinvest in the growth of our business or to distribute to stockholders or as a measure of cash that will be available to us to meet our obligations.

Our non-GAAP financial measures may not be comparable to similarly titled measures used by other companies, have limitations as analytical tools and should not be considered in isolation, or as substitutes for analysis of our operating results as reported under GAAP. Additionally, we do not consider our non-GAAP financial measures as superior to, or a substitute for, the equivalent measures calculated and presented in accordance with GAAP.

To properly and prudently evaluate our business, we encourage you to review the financial statements included elsewhere in this prospectus and not rely on a single financial measure to evaluate our business. We also strongly urge you to review the reconciliation to the corresponding GAAP financial measures set forth in this prospectus.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

The following table sets forth a reconciliation of net loss to Adjusted EBITDA and net loss margin to Adjusted EBITDA Margin for the periods presented.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| **(Amounts in thousands)** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  Net loss | $| $| (176119) | $| (132011) |
|  Interest expense |  |  | 320130 |  | 313678 |
|  Income tax expense |  |  | 44380 |  | 36166 |
|  Amortization of intangibles |  |  | 91716 |  | 93553 |
|  Depreciation |  |  | 75443 |  | 72058 |
|  Venue incentive amortization |  |  | 26107 |  | 22283 |
|  Debt refinancing costs and loss on debt extinguishment<sup>(a)</sup> |  |  | 16455 |  | 1203 |
|  Stock-based compensation expense |  |  | 1224 |  | 1743 |
|  Long-term incentive plan payments<sup>(b)</sup> |  |  | 6600 |  | 6742 |
|  Loss on disposal of assets |  |  | 6502 |  | 4940 |
|  Foreign currency transaction loss (gain) |  |  | 8342 |  | (3186) |
|  Operational initiatives<sup>(c)</sup> |  |  | 6457 |  | 5850 |
|  IT system implementation costs<sup>(d)</sup> |  |  | 1295 |  | 2263 |
|  Other |  |  | 305 |  | 60 |
|  Adjusted EBITDA | $| $| 428837 | $| 425342 |
|  Net loss margin% |  |  | (5.4)% |  | (4.3)% |
|  Adjusted EBITDA Margin% |  |  | 13.2% |  | 13.8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount represents $11,698 non-cash and non-operating loss on refinancing of our debt facilities in 2024, along with $4,757 of certain professional fees incurred in conjunction with the 2024 Refinancing Transactions (as defined herein) in connection
with our Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount represents a long-term incentive plan put in place for select senior-level employees as a cash retention
tool provided to bridge to a future liquidity event that was unexpectedly deferred as a result of the impact of the COVID-19 pandemic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount represents expenses related to severance and related benefits paid to employees pursuant to restructuring
and workforce reduction plans, legal and tax consulting fees for advice on legal entity restructuring plans and costs associated with termination of leases and associated moving costs for properties that were either eliminated or consolidated into
other facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount represents third-party costs incurred with the implementation of enterprise IT systems.

(2) Actual value.

(3) Actual value rounded to the nearest thousand.

(4) Actual value rounded to the nearest hundred.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**RISK FACTORS** 

*Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below and the other information set forth in this prospectus before deciding to invest in shares of our common stock. If any of the following risks actually occur, our business, results of operation, financial condition, cash flows, and prospects may be materially adversely affected. The risks and uncertainties described below are not the only risks and uncertainties that we face. References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not such factors have occurred in the past. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also materially and adversely affect our business, results of operations, and financial condition. In such case, the trading price of our common stock could decline and you may lose all or part of your investment. The risks discussed below also include forward-looking statements, and our actual results may differ substantially from those discussed in these forward-looking statements. See "Forward-Looking Statements" in this prospectus.* 

**Risks Related to our Business and Industry** 

***Unfavorable economic conditions have adversely affected, and in the future could adversely affect, our business, financial condition and results of operations.***

National and international economic downturns have reduced, and in the future could reduce, demand for our services, which may result in the loss of business or increased pressure to negotiate new contract or renewals on less favorable terms than our generally preferred terms. Economic hardship among our venue partners and customers has in the past adversely impacted and may continue to negatively affect our business in the future. During periods of economic slowdown and recession, many consumers have historically reduced their discretionary spending. The hotels and convention centers where we provide our services are particularly sensitive to an economic downturn, as expenditures to hold or attend conventions or other events requiring our event technology services are funded to a partial or total extent by discretionary income. For example, worldwide event count declined slightly from 2023 to 2024, from approximately 416,000 to approximately 412,000. This decrease put negative pressure on our U.S. and international SVR growth, which also slowed from 14.9% to 6.5% and 25.2% to 2.0%, respectively, over the same time period. Economic downturns that impact our financial condition may be caused by inflation, supply chain disruptions, including those caused by global events or conflicts, geopolitics, global energy shortages, major central bank policy actions including interest rate increases, increased U.S. trade tariffs and trade disputes with other countries, public health crises, or other factors. The COVID-19 pandemic and the Global Financial Crisis each negatively affected the number of events held at our venue partners and the amount of consumer and corporate spending on such events. Further, because our exposure to customers of our event technology services is limited in large part by our dependence on our venue partners to attract those customers to hold their events at their properties, our ability to respond to such a reduction in events, and therefore our revenue, is limited. There are many other factors that could reduce the numbers of events at a venue, attendance at any such events, or decrease discretionary income, including global calamities, such as COVID-19, Ebola or Zika outbreak or a flu or other pandemic, acts of terrorism, particularly acts that impact hotels or the travel industry, and the national and global military, diplomatic and financial response to such acts or other threats, public concern over potential terrorism and safety incidents, natural disasters, including hurricanes and earthquakes, labor disruptions, short-term weather conditions or more prolonged climate change-related conditions, and adverse economic conditions which would adversely affect our revenue, profits, and results of operations.

***Global or local travel industry disruptions, particularly those affecting the hotel and airline industries, could adversely affect our business.***

Our business depends largely on the ability and willingness of people to travel and congregate at prominent places of assembly. Factors adversely affecting the travel industry, and particularly the airline and hotel industries, generally also adversely affect our business and results of operations. Such factors include high or rising fuel prices, increased security and passport requirements, increased frequency of flight delays or accidents,

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

increased costs associated with air travel, reduction in travel caused by growing public awareness of its environmental impacts, acts of terrorism, public concern over potential terrorism and safety incidents, international political instability and hostilities, the imposition of heightened security standards or bans on visitors from particular countries outside the United States, delays in acquiring visas for travel to the United States, outbreaks of contagious disease or the potential for infection, or acts of nature (including those that may be related to climate change or otherwise), such as earthquakes, storms, hurricanes, wildfires, and other natural disasters. Any of these factors, or other unexpected events that affect the availability and pricing of air travel and accommodations, could adversely affect our business, financial condition and results of operations. Physical risks from climate change may lead to an increase in the frequency, severity, or duration of certain adverse weather conditions and natural disasters such as hurricanes, tornadoes, earthquakes, storms, wildfires, droughts, extreme temperatures, or flooding, each of which could cause more significant business interruptions, increased costs, increased liabilities, and decreased revenue than what we have experienced in the past from such events. Moreover, the costs of protecting against such incidents could reduce the profitability of our operations.

***Our operations and operating results have been, and may in the future be, materially impacted by a pandemic or other public health emergency, such as the COVID-19 pandemic.***

A major epidemic or pandemic, such as the COVID-19 pandemic, or the threat or perceived threat of such an event, has in the past adversely affected and could in the future adversely affect attendance at our events by discouraging public assembly and prompting cancellation of events due to health concerns. Although we saw a return to normal business operations following the COVID-19 pandemic, it is unclear to what extent a resurgence of COVID-19, including variants thereof, or another pandemic or public health emergency, could result in renewed government or league-mandated capacity restrictions or vaccination/mask requirements, resulting in events being cancelled or postponed, or otherwise materially impact our operations. Governmental regulations enacted in response to the COVID-19 pandemic or another pandemic or public health emergency have in the past impacted, and could in the future impact our ability to provide services for our venue partners.

Our business is particularly sensitive to reductions in travel and discretionary consumer spending. A pandemic such as COVID-19, or the fear of a new pandemic or public health emergency, has in the past impeded and could in the future impede economic activity in impacted regions and globally over the long-term leading to a decline in discretionary spending on travel and attendance at conventions or other events held by our venue partners. To the extent a pandemic or other public health emergency adversely affects our business and financial results, it may also have the effect of heightening many of the other risks described in this "Risk Factors" section, such as those relating to our liquidity, indebtedness and our ability to comply with the covenants contained in the agreements that govern our indebtedness.

***Our failure to retain a significant number of our current venue partners and hotel chains or renew our existing venue partner contracts and hotel chain MSAs could have a material adverse effect on our business, financial condition and results of operations.***

A significant portion of our business depends on our ability to retain our current venue partners and hotel chains and renew our existing venue partner contracts and hotel chain MSAs. We may not be able to renew existing venue partner contracts and hotel chain MSAs on the same or more favorable terms. Our current venue partners may work with our competitors, cease operations, elect to provide event technology services in-house, diversify their preferred providers, reduce their cooperation with our sales representatives or terminate contracts with us. Also, consolidation within the hotel industry may result in our current venue partners being owned by hotel chains that we do not have an MSA with, that work with our competitors or that provide their event technology services in-house. While our MSAs and individual service agreements generally do not provide for termination upon a change of control, we may not be able to enter into an MSA with the acquiring hotel chain or renew our venue partner contracts with the individual hotel properties when they expire.

In addition, while we enter into MSAs with major hotel chains, individual hotel properties typically make separate decisions as to their event technology services providers. Although our inability to renew hotel chain MSAs will not automatically terminate our relationships with the individual hotel properties, we rely heavily on

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

existing MSAs with major hotel chains. The corporate offices of major hotel chains may influence the decisions of their individual properties. For example, if the hotel chain discontinues its relationship with us in favor of another service provider or an in-house solution, our relationship with the properties under that brand may suffer even though, in nearly all cases, we negotiate with each property individually. As of 2024, 95% of our U.S. revenue is generated through event venues with whom we have multi-year contracts, including long-term MSAs, and individual venue contracts. Any loss of a major hotel chain relationship and subsequent individual relationships with venues under that brand, may lead to significant lost revenue or result in additional costs to complete sales of our event technology services, any of which could materially adversely affect our results of operations.

The failure to renew a significant number of our existing contracts or MSAs could have a material adverse effect on our business, financial condition and results of operations.

***Our failure to maintain the number or quality of properties covered by our venue partner contracts or maintain the number of hotel chains for which we are the preferred provider could have a material adverse effect on our business, financial condition and results of operations.***

Our business and revenue growth depends on our ability to deliver the services for which we are the preferred provider at our venue partners and obtain new venue partners. While our contracts with our venue partners and hotel chain MSAs generally allow us to be the exclusive on-site provider of services, customers can bring in their own technologies or use other parties that are not located on-site at these locations. While these contracts do not preclude outside event technology providers coming into the venues to support individual events, and event planners retain the option to use outside providers, the contracts do prevent non-Encore team members and technology from being in-house at these venues. In addition, such contracts do not generally provide any minimum revenue or event commitments. Accordingly, our ability to generate or increase revenue at these venues depends on a variety of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to obtain and retain attractive venues for which we serve as preferred provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to obtain leads for events from our venue partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the quality, price and appeal of our event technology services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to integrate new technologies into our event technology services to avoid obsolescence and provide
scalability and meet evolving customer preferences; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to market our services effectively and differentiate ourselves from our competitors or the
venue's in-house solutions.

This risk is heightened by the concentrated nature of the hospitality industry, which is dominated by a relatively small number of major hotel chains that are focused on hosting large business-oriented events. If we are unable to maintain and grow our network of hotel chains and venues, we may be unable to satisfy our customers' needs, lose market share or incur additional costs to support our customers, all of which could have a material adverse effect on our business, financial condition or results of operations.

***The widespread adoption of more effective virtual meeting technologies could reduce the number of events held at our venue partners, the size and scope of such events, including reduced demand for our services at events, or the attendance at such events, which could adversely affect our business, financial condition and results of operations.***

Our business and growth strategies rely in part upon our customers' continued need for in-person meetings, conferences and trade shows. Should more effective virtual meeting technologies be developed, customers could choose to substitute these technologies for part or all of their in-person meetings, conferences and trade shows. The emergence of more effective virtual meeting technologies, the widespread adoption of virtual meeting technologies or changes in preferences of our customers could adversely affect our business, financial condition and results of operations.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

In addition, existing or potential venue partners and customers may elect to use self-operated solutions, including artificial intelligence, automated decision-making and/or machine learning systems and technologies (collectively, "AI" or "AI Technologies"), which could potentially eliminate certain business opportunities for us and/or introduce competing solutions. As technology advances, demand for our services at events at venue partners could be reduced as customers become more able to substitute readily available products for our services. If it becomes easier and more cost-effective for customers to host events without the type of services we provide, our business, financial condition and results of operations could be adversely affected.

***Potential venue partners may be reluctant to switch to a new preferred provider of event technology services, which may adversely affect our growth.***

Many large hotel chains, convention centers and other venues have existing relationships with event technology services providers and some may be reluctant to switch to a new preferred provider due to a variety of factors, including potential service disruptions associated with a change of providers and potential impact on revenue during the transition period. If we are unable to overcome these concerns, we may not be able to attract new venue partners, which could have a material adverse effect on our growth.

***If venues reduce their outsourcing or use of preferred providers, it could have a material adverse effect on our business, financial condition and results of operations.***

Our business and growth strategies depend in large part on the continuation of a current trend toward outsourcing services in general and event technology services in particular. Venues will outsource if they perceive that outsourcing allows them to provide quality services at a lower overall cost, generates incremental revenue for them and permits them to focus on their core business activities. We cannot be certain that this trend will continue or not be reversed or that venues that have outsourced functions will not decide to perform these functions themselves. Potential venue partners may seek to provide event technology services in-house in order to maintain control over the quality of the event technology services provided at their venues, enhance their customer relationships and increase their revenue. If the trend to outsource does not continue, or our venue partners elect to perform these event technology services in-house (due to consolidation in the hotel industry or otherwise), it could have a material adverse effect on our business, financial condition and results of operations.

Furthermore, some of our large hotel chain partners have retained a limited number of preferred partners to provide all or a large part of their required services across their portfolio of chain-owned hotels. We cannot be certain this dynamic will continue or not be reversed or, if it does continue, that we will be selected and retained as a preferred partner to provide event technology services. Unfavorable developments with respect to either outsourcing or the use of preferred partners could limit our ability to pursue and enter into venue contracts and have a material adverse effect on our business, financial condition and results of operations.

***Our success depends on our ability to maintain the value and reputation of our brand.***

Additionally, our reputation could be harmed if we fail, or are perceived to fail, to comply with various regulatory requirements or if we fail to meet stakeholder expectations in a number of areas such as health and

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

safety; privacy and data security; diversity and inclusion; group events with controversial groups or speakers; sustainability; responsible tourism; environmental stewardship; supply chain management; climate change; human rights; circular economy; geopolitical crises; philanthropy and support for local communities; and corporate governance. Various policymakers, including the European Union and State of California, have adopted or are considering adopting requirements for companies to undertake certain disclosures or other actions regarding climate or other environmental and social matters that have historically been addressed primarily through corporate responsibility programs. Policymakers' approaches are not uniform, which may increase the cost or complexity of compliance and any associated risks. We manage a broad range of corporate responsibility matters, taking into consideration their expected impact on the sustainability of our business over time, and the potential impact of our business on society and the environment. Such efforts can be costly and complex, and we may not ultimately accomplish our desired goals or initiatives, either as intended or at all. Despite our efforts, consumer travel preferences may shift due to sustainability-related concerns or costs. In addition, stakeholder expectations regarding such matters are evolving, and navigating these issues will require us to successfully manage engagement with stakeholders of differing, or in some cases conflicting, views on these matters. Adverse incidents with respect to our corporate responsibility efforts could impact the value of our brands or our reputation, the cost of our operations, and relationships with investors and stakeholders, all of which could adversely affect our business and results of operations.

The continued expansion in the use and influence of social media has compounded the potential scope of negative publicity that could be generated, lead to litigation or governmental investigations, or damage our reputation. Negative incidents could lead to tangible adverse effects on our business, including lost customers, boycotts, disruption of access to our digital platforms, loss of development opportunities, or reduced colleague retention and increased recruiting difficulties. Any decline in the reputation or perceived quality of our brands or corporate image could adversely affect our market share, business, financial condition, or results of operations. Many of our suppliers, customers, and other stakeholders may be subject to similar risks, which may expand or create new risks, including in ways that may not be known to us.

***Competition in our industry could adversely affect our results of operations.***

There is significant competition in the event technology services business from local, regional, national and international companies, of varying sizes, many of which have substantial technical capabilities, venue relationships or financial resources. We compete with such providers for preferred provider contracts with venue partners and hotel chains as well as for event contracts with our customers. Our ability to successfully compete for venue partners and hotel chains depends on our ability to provide the event technology services demanded by their customers at a competitive price, our experience and expertise, the availability of adequately trained personnel, access to equipment and our ability to generate revenue opportunities. Certain of our competitors have been and may in the future be willing to underbid us or accept a lower profit margin or expend more capital in order to obtain or retain venue or customer relationships. Also, certain regional and local service providers may be better established than we are within a specific geographic region. In addition, existing or potential venue partners and customers may elect to use self-operated solutions, including AI Technologies, eliminating the opportunity for us to serve them or compete for the account. While we have a significant U.S. presence and continue to expand internationally, certain of our competitors may offer a broader range of services or have more established presences in certain international markets than we do. Therefore, we may be placed at a competitive disadvantage for venue partners and customers who require multiservice or multinational services. While most venue partners and customers focus primarily on quality of service, venue partners and customers are also price sensitive. If existing or future competitors seek to gain venue partners, customers or accounts by reducing prices, we may be required to lower prices, which could reduce our revenue and profits, which, in turn, could have a material adverse effect on our business, financial condition and results of operations.

***Any acquisition that we make or strategic relationship that we enter into could disrupt our business and have a material adverse effect on our business, financial condition and results of operations.***

We continuously review acquisition opportunities that we believe will complement, enhance, or expand our current business or that might otherwise offer us growth opportunities. At any given time, we may be evaluating

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

one or more acquisitions or engaging in acquisition negotiations. We cannot be sure that we will be able to continue to identify acquisition candidates or joint venture partners on commercially reasonable terms or at all. Furthermore, we may not realize the anticipated benefits from our recent or future acquisitions or strategic relationships. Likewise, we cannot be sure we will be able to obtain necessary financing for acquisitions on commercially reasonable terms, or at all. Such financing could be restricted by the terms of our debt agreements, or it could be more expensive than our current debt. The amount of such debt financing for acquisitions could be significant and the terms of such debt instruments could be more restrictive than our current covenants. In addition, our ability to control the planning and day-to-day operations of our strategic relationships and other less than majority-owned affiliates may be subject to numerous restrictions imposed by the applicable agreements and majority stockholders. The parties to any strategic relationships that we may enter into may also have interests which differ from ours, which could adversely impact the success of any such strategic relationship. Additionally, these businesses may be subject to laws, rules and other circumstances, and have risks in their operations, which may be similar to, or different from, those to which we are subject. Any of the foregoing risks could result in a material negative effect on our business and results of operations or adversely impact the value of our investments.

The process of integrating acquired operations into our existing operations may result in operating and contract difficulties, such as the failure to retain venue partners, customers or management and technical personnel and problems coordinating and integrating services, personnel and technology. In addition, cost savings that we expect to achieve, for example, from the elimination of duplicative expenses and the realization of economies of scale or synergies, may take longer than expected to realize or may ultimately be smaller than we expect. Also, in connection with any acquisition, we could fail to discover liabilities of the acquired company for which we may be responsible as a successor owner or operator in spite of any investigation we make prior to the acquisition, or significant compliance issues, such as anti-corruption issues, which require remediation, resulting in additional unanticipated costs, risk creation and potential reputational harm. In addition, labor laws in certain countries may require us to retain more employees than would otherwise be optimal from entities we acquire. Such integration difficulties may divert significant financial, operational and managerial resources from our existing operations and make it more difficult to achieve our operating and strategic objectives, which could have a material adverse effect on our business, financial condition or results of operations. Similarly, our business depends on effective information technology and financial reporting systems. Delays in or poor execution of the integration of these systems could disrupt our operations and increase costs and could also potentially adversely impact the effectiveness of our disclosure controls and internal controls over financial reporting.

Possible future acquisitions could also result in additional debt and related interest expense or contingent liabilities and amortization expenses related to intangible assets being incurred, which could have a material adverse effect on our business, financial condition, results of operations and cash flow. In addition, goodwill resulting from business combinations represents a significant portion of our assets. If goodwill were deemed to be impaired, we would need to take a charge to earnings to write down the goodwill to its fair value, which would adversely affect our results of operations. To the extent we pay for any acquisitions using cash, it would reduce our cash reserves, and to the extent the purchase price is paid in equity interests, it could be dilutive to our then existing equity holders. We cannot ensure that any acquisition or strategic relationship that we enter into will not have a material adverse effect on our business, financial condition and results of operations.

***We often face a long cycle to secure new agreements with venues and hotel chains as well as long implementation periods that require significant resource commitments, which result in a long lead time before we generate revenue from new relationships.***

We often face a long cycle to secure a new contract with a venue or a hotel chain, and when we first execute an MSA with a new hotel chain, it may take 30 days to six months or longer before we can enter into agreements with individual venues. If we are successful in obtaining a new venue partner, that is generally followed by a long implementation period in which the services are planned in detail and we obtain the requisite equipment and

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

personnel. During this time, a venue contract is also negotiated and agreed. As a result, there is an extended period before we commence providing the related services and receiving related revenue. We typically incur significant business development expenses during this period with both venues and hotel chains. Furthermore, even if we succeed in developing a relationship with a potential new venue partner or hotel chain and begin to plan the services in detail, a potential venue partner may choose a competitor or decide to perform the event technology services in-house prior to the time a final contract is signed. If we enter into an MSA with a new hotel chain, we still need to enter into new contracts with venues within the hotel chain before we can generate revenue. If we enter into a contract with a venue partner, we will not generate any revenue until we are successful in selling our services to the customers holding events at the venue partner's property, which can be 30 days to six months once the contract is signed. Our venue partners may also experience delays in obtaining internal approvals or delays associated with technology or system implementations, further lengthening the implementation cycle. Once a contract is signed, we generally incur upfront costs and prepayments at the outset of the contract, hire new employees and obtain new equipment in order to provide services to a new venue partner. We may face significant difficulties in hiring such employees and incur significant costs before we generate corresponding revenue. If we are not successful in obtaining contractual commitments, in maintaining contractual commitments after the implementation cycle or in reducing the duration of unprofitable initial periods in our contracts, it could have a material adverse effect on our business, financial condition and results of operations.

***Our business may suffer if we lose key management personnel, are unable to hire and retain sufficient qualified personnel or if labor costs increase.***

We believe much of our future growth and success depends on the continued availability, service and well-being of key executive and management talent. These personnel possess business and technical capabilities that are difficult to replace and any loss could harm our business. We are dependent on a large and skilled workforce to implement our services at our venue locations. Our success depends in part upon our ability to attract, train and retain a sufficient number of employees who understand and appreciate our culture and are able to represent our brand effectively and establish credibility with our venue partners and customers. If we are unable to hire and retain employees capable of meeting our business needs and expectations, our business and brand image may be impaired. Any failure to meet our staffing needs or any material increase in turnover rates of our employees may adversely affect our business, financial condition and results of operations. From time to time, we have had difficulty in hiring and retaining qualified technical and sales personnel. We will continue to have significant requirements to hire such personnel. At times when the United States or other geographic regions have experience reduced levels of unemployment or a general scarcity of labor like we have seen in recent periods, there may be a shortage of qualified workers at all levels requiring us to incur higher costs to train new employees. Given that our workforce requires large numbers of skilled workers and managers, low levels of unemployment, a general difficulty finding sufficient employees or mismatches between the labor markets and our skill requirements can compromise our ability in certain areas of our businesses to continue to provide quality service or compete for new business.

We are also impacted by the costs and other effects of compliance with United States and international regulations affecting our workforce. These regulations are increasingly focused on employment issues, including pay transparency, wage and hour, healthcare, immigration, retirement and other employee benefits and workplace practices. Compliance and claims of non-compliance with these regulations could result in liability and expense to us and may impede our ability to attract and retain talent. Historically, we have also regularly hired a large number of part-time and seasonal workers. Any difficulty we may encounter in hiring such workers could result in significant increases in labor costs, which could have a material adverse effect on our business, financial condition and results of operations. Competition for labor has at times resulted in wage increases in the past and future competition could substantially increase our labor costs.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

***We rely on third-party equipment suppliers to perform key functions of our business operations enabling our provision of services to our clients. These third parties may act in ways or experience risks that could harm our business.***

Some of the equipment we utilize in providing our services consists of equipment that we rent from various suppliers. To the extent our suppliers cannot supply us with equipment or necessary replacement parts in a timely manner or significantly increase their prices or provide us with faulty equipment, our equipment costs may increase and we may be unable to provide our services in a timely manner or may be liable for our inability to provide the contracted services. In addition, ongoing trade disputes, including those between the United States and China, as well as increased tariffs, the imposition of new or expanded export or import controls by the United States or other countries, as well as new or expanded economic sanctions, may increase the price we and our suppliers pay for certain equipment and replacement parts. These factors could result in a material adverse effect on our business, financial condition and results of operations. Notwithstanding our contracts with these equipment suppliers, many factors outside our control could harm these relationships and the availability, capability or willingness of these suppliers to provide equipment on acceptable terms. The partial or complete loss of these suppliers, or a significant adverse change in our or our venues' relationships with any of these contractors, could result in service delays, reputational damage and/or added costs that could harm our business and customer relationships to the extent we are unable to replace them in a timely or cost-effective fashion For example, past labor shortages and other labor disputes at our primary distributors have exacerbated supply chain issues impacting our business. If one of our suppliers were to violate the law, or engage in conduct that results in adverse publicity, our reputation may be harmed simply due to our association with that supplier. A cyber, weather or other incident could also disrupt our distributors' operations and, therefore, impact our business in the short term. Similarly, a sudden termination of the relationship with a significant provider in other geographic areas could in the short term adversely affect our ability to provide services and disrupt our client relationships in such areas, which could have a material adverse effect on our business, financial condition, cash flows and results of operations.

***Increased spending on digital marketing and advertising, or other marketing channels, could reduce the amount spent on in-person trade shows.***

The success of our trade shows depends on the willingness of companies to continue committing marketing budget allocations towards in-person shows and live events. Alternative channels for marketing spend such as digital, social media and telemarketing could draw marketing budgets away from in-person trade shows and live events. Moreover, digital marketing and social media have experienced meaningful growth over the last several years and, although we have not observed a material decline in demand for our trade shows as a result of the increasing use of the internet and social media for advertising and marketing, the increasing influence of online marketing and any resulting reductions or eliminations of the budgets our participants allocate to our trade shows could have a material adverse effect on our business, financial condition, cash flows and results of operations.

***We are subject to payment network rules and rely on our venue partners for billing and collection for event technology services provided at their venues, which exposes us to certain risks.***

Under the majority of our venue partner contracts, the venue partners are responsible for billing and payment collection for the event technology services that we provide at their venues. The venues' commissions are typically not dependent on such collections. As a result, if our venue partners do not bill and collect on a timely basis, do not vigorously pursue such billing and collection activities, do not pay us on a timely basis after collection, do not pay us at all or experience financial difficulty, our receipt of payment for the services that we have provided may be delayed or may not occur. In addition, such billing and collection activities could adversely impact our relationships with our customers in the event of billing or collection disputes. We also retain the risk that our customers may default on the payment for our services. As a result, these billing and collection activities could have a material adverse effect on our business, financial condition and results of operations.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

We and our venue partners may also process payment card data in the conduct of our business. We may be subject to specific industry standards, and are, and may in the future become, subject to additional obligations. For example, we are subject to the Payment Card Industry Data Security Standard, or PCI DSS. The PCI DSS requires companies to adopt certain measures to ensure the security of cardholder information, including using and maintaining firewalls, adopting proper password protections for certain devices and software, and restricting data access. Noncompliance with PCI DSS can result in penalties ranging from $5,000 to $100,000 per month by credit card companies, litigation, damage to our reputation, and revenue losses.

Further, the payment card networks could adopt new operating rules or interpret or re-interpret existing rules in ways that might prohibit us from providing certain services to some customers, be costly to implement, or difficult to follow. Compliance does not guarantee a completely secure environment and notwithstanding the results of a compliance assessment there can be no assurance that payment card brands will not request further compliance assessments or set forth additional requirements to maintain access to credit card processing services. Compliance is an ongoing effort and the requirements evolve as new threats are identified. In the event that we were to lose PCI DSS compliance status (or fail to renew compliance under a future version of the PCI DSS), or if our information security systems are breached or compromised, we may be liable for card-issuing banks' costs, subject to fines and higher transaction fees and lose our ability to accept credit and debit card payments from our clients, process electronic funds transfers or facilitate other types of online payments. We also rely on third-party vendors to process payment card data, who may be subject to PCI DSS, and our business may be negatively affected if our third-party vendors are fined or suffer other consequences as a result of PCI DSS noncompliance.

***Continued or further unionization of our workforce may increase our costs and work stoppages could damage our business.***

We rely in part on unionized labor in the United States and we have employees represented by works councils in the European Union. The continued or further unionization of a significantly greater portion of our workforce could increase our overall costs at the affected locations and adversely affect our flexibility to run our business in the most efficient manner to remain competitive or acquire new business. Labor disputes, which may be more likely when collective bargaining agreements are being negotiated, could harm our relationship with our employees or employees of our venue partners, result in increased regulatory inquiries and enforcement by governmental authorities and deter customers. Further, adverse publicity related to a labor dispute could harm our reputation and reduce customer demand for our services. Moreover, any significant increase in the number of work stoppages at our various operations could adversely affect our business, financial condition or results of operations.

In addition, labor unions representing employees of some of our current and prospective venues have occasionally opposed the outsourcing services trend as they believed that current union jobs for their memberships might be lost. In these cases, unions typically seek to prevent public sector entities from outsourcing and if that fails, ensure that jobs that are outsourced continue to be unionized, which can reduce our pricing and operational flexibility with respect to such businesses.

***We may incur significant liability as a result of our participation in multiemployer defined benefit pension plans.***

Under some of the collective bargaining agreements to which we are a party, we are obligated to contribute to multiemployer defined benefit pension plans. As a contributing employer to such plans, should we trigger either a "complete" or "partial" withdrawal, or should the plan experience a "mass" withdrawal, we could be subject to withdrawal liability for our proportionate share of any unfunded vested benefits which may exist for a particular plan. In addition, if a multiemployer defined benefit pension plan fails to satisfy the minimum funding standards, we could be liable to increase our contributions to meet minimum funding standards. Also, if another participating employer withdraws from the plan or experiences financial difficulty, including bankruptcy, our

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

obligation could increase. In addition, we have received notices from some of the plans pursuant to which we are a contributing employer that such plans are in critical status. Should we withdraw from these plans or any others in critical status, it would subject us to withdrawal liability. We proactively monitor the financial status of these and the other multiemployer defined benefit pension plans in which we participate. In addition, any increased funding obligations for underfunded multiemployer defined benefit pension plans could have a material adverse effect on our financial condition and results of operations.

***Our business is contract intensive and may lead to disputes with venue partners or customers.***

Our business is contract intensive and we are parties to many contracts with venue partners, hotel chains and customers in the U.S. and international markets. Our contracts provide that customer billings, and for some contracts the sharing of profits and losses, are based on our determinations of costs of service. Contract terms under which we base these determinations and, for certain government contracts, regulations governing our cost determinations, may be subject to differing interpretations which could result in disputes with our clients from time to time. We also pay commissions to our venue partners from revenue generated from our customers within the respective venue. While such commission rates typically vary depending on the venue and event technology services provided, any adverse changes to these commission rates with our venue partners could negatively impact our pricing and deter customers. Venue partners also generally have the right to audit our contracts, and we periodically review our compliance with contract terms and provisions. If venue partners or customers were to dispute our contract determinations, the resolution of such disputes in a manner adverse to our interests could negatively affect revenue and operating results. While we do not believe any reviews, audits or other such matters should result in material adjustments, if a large number of our venue partner or customer arrangements were modified in response to any such matter, the effect could be materially adverse to our business, financial condition or results of operations.

***Our business is subject to seasonal and cyclical fluctuations, which may contribute to variation in our financial condition and results of operations.***

The event and convention industries are seasonal in nature. The periods during which our venue partners experience higher volumes of events vary from property to property, depending principally upon location and the customer base that they serve. We generally expect our revenue to be lower in the third quarter of each year due to the slower summer meeting season than the other quarters, with the second quarter generally being the highest. In addition, the hospitality industry is cyclical and demand generally follows the general economy on a lagged basis. The seasonality and cyclicality of our business and our ability to effectively manage these trends may contribute to fluctuations in our financial condition and results of operations.

***Currency and interest rate fluctuations and volatility in global currency markets may have a significant impact on our reported revenues and earnings.***

Our financial statements are expressed in U.S. dollars and are, therefore, subject to movements in exchange rates on the translation of the financial information of our businesses whose functional currencies are not U.S. dollars. We receive revenues and incur expenses in many currencies and are thereby exposed to the impact of fluctuations in various currency rates and the disruption of global financial markets.

Exchange rate movements in our currency exposures may cause fluctuations in our consolidated financial results. As our operations outside of the United States continue to expand, we expect this trend to continue. In particular, we have exposure to the Canadian dollar, Mexican peso, Euro and Emirati dirham. We do have exposure to other currencies, but they account for less than 1% of our global revenue.

We monitor the financial stability of the foreign countries in which we operate. Global markets continue to experience uncertainty, and external events such as tariffs, trade wars, regulatory uncertainty, international conflicts around the world, such as in Ukraine and the Middle East, increased tension between the United States

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

and China, and other legislative and regulatory changes each have caused, and may continue to cause, significant volatility in currency exchange rates. If global economic and market conditions, or economic conditions in Canada, the United Kingdom ("UK"), the European Union ("EU"), the United States or other key markets remain uncertain or deteriorate further, global credit markets may further weaken. General financial instability in countries in the EU could have a contagion effect on the region and contribute to the general instability and uncertainty in the EU. Events that adversely affect our Canadian, UK and EU clients and suppliers could in turn adversely affect our business, financial condition and results of operations.

***We may be required to recognize impairment charges related to goodwill, identified intangible assets and fixed assets that would reduce our reported assets and earnings.***

Goodwill and other identifiable intangible assets comprise a substantial portion of our total assets. We are required to test our goodwill and identifiable intangible assets with indefinite lives for impairment on the same date each year and on an interim basis if there are indicators of a possible impairment. We are also required to evaluate amortizable intangible assets and fixed assets for impairment if there are indicators of a possible impairment.

There is significant judgment required in the analysis of a potential impairment of goodwill, identified intangible assets and fixed assets. If, as a result of a general economic slowdown, deterioration in one or more of the markets in which we operate or impairment in our financial performance and/or future outlook, the estimated fair value of our long-lived assets decreases, we may determine that one or more of our long-lived assets is impaired. An impairment charge would be determined based on the estimated fair value of the assets. Recognition of an impairment would reduce our reported assets and earnings, and any such impairment charge could have a material adverse effect on our business, financial condition and results of operations.

**Risks Related to Legal, Regulatory and Security Matters** 

***If we fail to comply with requirements imposed by applicable law or other governmental regulations, we could become subject to lawsuits, investigations and other liabilities and restrictions on our operations that could significantly and adversely affect our business.***

We are subject to governmental regulation at the federal, state, international, national, provincial and local levels in many areas of our business, such as employment laws, wage and hour laws, discrimination laws, immigration laws, human health and safety laws, import and export controls and customs laws, economic sanctions and embargoes, anti-money laundering, environmental laws, corporate sustainability reporting laws, false claims or whistleblower statutes, minority, women and disadvantaged business enterprise statutes, tax codes, antitrust and competition laws, consumer protection statutes, procurement regulations, intellectual property laws, supply chain laws, government funded entitlement programs, government assistance programs, cost and accounting principles, the U.S. Foreign Corrupt Practices Act ("FCPA"), the United Kingdom Bribery Act 2010 ("UK Bribery Act"), other anti-corruption laws, lobbying laws, and data privacy and security laws.

From time to time, government agencies have conducted reviews and audits of certain of our practices as part of routine inquiries or investigations of providers of services under government contracts, or otherwise. Like others in our business, we also receive requests for information from government agencies in connection with these reviews and audits. While we attempt to comply with all applicable laws and regulations, there can be no assurance that we are in full compliance with all applicable laws and regulations or interpretations of these laws and regulations at all times, or that we will be able to comply with any future laws, regulations or interpretations of these laws and regulations.

If we fail to comply with applicable laws and regulations, including those referred to above, we may be subject to investigations, criminal sanctions or civil remedies, including fines, penalties, damages, reimbursement, injunctions, seizures, disgorgements or debarments from government contracts. The cost of

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

compliance or the consequences of non-compliance, including debarments, could have a material adverse effect on our business, financial condition and results of operations, cause reputational harm and impede our growth and retention efforts. In addition, the laws and regulations described above, and associated regulatory guidance, are subject to change and may be unclear or conflicting. Government agencies may make changes in the regulatory frameworks within which we operate that may require either the corporation as a whole or individual businesses to incur substantial increases in costs in order to comply with such laws and regulations.

***If we fail to comply with requirements imposed by applicable laws or other governmental regulations related to privacy and data security, we could become subject to lawsuits, investigations and other liabilities and restrictions on our operations that could significantly and adversely affect our business.***

The global data protection landscape is rapidly evolving, and we are or may become subject to numerous state, federal and foreign laws, requirements and regulations regarding privacy and the collection, storage, sharing, use, processing, transfer, disclosure and protection of personal data (which may also be referred to as "personal information", "personally identifiable information" or similar terms), the scope of which are changing, may be subject to differing interpretations, and may be inconsistent between states within a country or between countries.

For example, the European Union's General Data Protection Regulation ("EU GDPR") and the UK's General Data Protection Regulation (the "UK GDPR" and, together with the "EU GDPR", the "GDPR") impose strict requirements for processing the personal data of individuals within the European Economic Area ("EEA") or the United Kingdom, respectively, and could make it more difficult and/or more costly for us to use and share personal data. Under GDPR, fines of up to the higher of 4% of the annual global revenues of the infringer or €20 million for the EU GDPR, or £17.5 million for the UK GDPR, can be imposed for the most serious violations. Since we are subject to the supervision of relevant data protection authorities under multiple legal regimes (including under both the EU GDPR and the UK GDPR), we could be fined under each of those regimes independently in respect of the same breach. In addition to fines, a breach of the GDPR may result in regulatory investigations, reputational damage, orders to cease/change our data processing activities, enforcement notices, assessment notices (for a compulsory audit) and/ or civil claims (including class actions). Among other requirements, the GDPR regulates transfers of personal data subject to the GDPR to third countries that have not been found to provide adequate protection to such personal data, including the United States, and the efficacy and longevity of current transfer mechanisms between the EEA, and the United States remains uncertain. Case law from the Court of Justice of the European Union states that reliance on the standard contractual clauses ("SCCs") – a standard form of contract approved by the European Commission as an adequate personal data transfer mechanism—alone may not necessarily be sufficient in all circumstances and that transfers must be assessed on a case-by-case basis. On July 10, 2023, the European Commission adopted its Adequacy Decision in relation to the new EU-US Data Privacy Framework ("DPF"), rendering the DPF effective as a GDPR transfer mechanism to U.S. entities self-certified under the DPF. On October 12, 2023, the UK Extension to the DPF came into effect (as approved by the UK Government), as a data transfer mechanism from the UK to U.S. entities self-certified under the DPF.

We expect the existing legal complexity and uncertainty regarding international personal data transfers to continue. As a result, we may have to make certain operational changes and to implement revised standard contractual clauses and other relevant documentation for new data transfers. As supervisory authorities issue further guidance on personal data export mechanisms, including circumstances where the SCCs cannot be used, and/or start taking enforcement action, we could suffer additional costs, complaints and/or regulatory investigations or fines, and/or if we are otherwise unable to transfer personal data between and among countries and regions in which we operate, it could affect the manner in which we provide our services, the geographical location or segregation of our relevant systems and operations, and could adversely affect our financial results.

In addition, we are or may in the future become subject to laws and regulations in the U.S. and other foreign jurisdictions, which are designed to protect the personal data of our clients and other third parties with whom we

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

conduct business. These laws, only certain of which are named here, may require us to adopt and modify our data processing practices and policies and incur substantial compliance-related costs and expenses. For example, the California Consumer Privacy Act, as amended by the California Privacy Rights Act, and all regulations thereto (collectively, "CCPA"), requires covered businesses that process the personal information of California residents to, among other things: (i) provide certain disclosures to California residents regarding the business's collection, use, and disclosure of their personal information; (ii) receive and respond to requests from California residents to access, delete, and correct their personal information, to opt out of the "sales" or "sharing" (as such terms are defined by the CCPA) of their personal information, and to limit certain uses and disclosures of their sensitive personal information; and (iii) enter into specific contractual provisions with certain recipients (e.g., service providers) of California residents' personal information. Additional compliance investment and potential business process changes may also be required. Numerous other U.S. states have enacted comprehensive data privacy laws, and additional states are considering such legislation. The obligations imposed by existing privacy laws and other laws that may be enacted at the federal, state, and international level in the future could have potentially conflicting requirements, could make compliance challenging, and may require us to modify our data processing practices and policies and to incur substantial costs in order to comply with such laws and to defend against potential class-action litigation or actions brought by regulatory authorities. Any failure or perceived failure by us to comply with applicable data privacy and cybersecurity laws, rules or regulations could result in significant regulatory penalties and fines, affect our compliance with contracts entered into with our customers, partners, collaborators and other third-parties, and could have an adverse effect on our reputation, business and financial condition.

These and other data privacy and security laws and their interpretations continue to develop and evolve and may be inconsistent from jurisdiction to jurisdiction. For example, the EU has proposed certain simplifications to the EU GDPR, and is also currently consulting on potential simplification of other data privacy and security related laws. This may to increase divergence between the UK and EEA regimes. Non-compliance with these laws could result in penalties or significant legal liability. Although we take reasonable efforts to comply with all applicable laws and regulations, we cannot assure you that we will not be subject to regulatory action, including fines, in the event of an incident or other inquiry or investigation. Any failure or perceived failure by us or our employees, representatives, contractors, consultants, collaborators, or other third parties to comply with such requirements or adequately address privacy and security concerns, even if unfounded, could result in additional cost and liability to us, damage our reputation, and adversely affect our business and results of operations. Further, we or our third-party service providers could be adversely affected if legislation or regulations are expanded to require changes in our or our third-party service providers' business practices or if governing jurisdictions interpret or implement their legislation or regulations in ways that negatively affect our or our third-party service providers' business, financial condition or results of operations.

***We conduct a portion of our business in foreign countries, and we expect to continue expanding our operations into additional foreign countries where we may be impacted by operational and political risks that are greater than in the United States.***

We have international operations and are further expanding our business internationally. Conducting and expanding our international operations may subject us to other risks that we do not generally face in the United States, and may increase our exposure to the inherent risks of doing business in international markets. Depending on the market, these risks include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in managing the staffing of our international operations, including hiring and retaining qualified
employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in establishing our services at new venues and hotel chains and developing brand recognition in new
jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties and increased expense introducing corporate policies and controls in our international operations;

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased expense related to localization of our services, including language translation and the creation of
localized agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potentially adverse tax consequences, including the complexities of foreign value added tax systems, restrictions
on the repatriation of earnings and changes in tax rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exchange rate and interest rate fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased expense to comply with foreign laws and legal standards, including laws that regulate pricing and
promotion activities, and the import and export of information technology, which can be difficult to monitor and are often subject to change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased expense to comply with U.S. laws, including the FCPA, Office of Foreign Assets Control regulations and
relevant import/export control laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased expense to comply with laws that apply to foreign operations, including the UK Bribery Act and other
similar anti-corruption or anti-bribery laws, and UK, EU and other relevant economic sanctions and import/export controls laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• longer accounts receivable payment cycles and difficulties in collecting accounts receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased financial accounting and reporting burdens and complexities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tariffs, sanctions, or other protectionist measures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to, including further deterioration of, the relationship between the United States and China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• political, social and economic instability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unfavorable economic and business conditions in the markets in which we have international operations or into
which we may expand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• civil disturbances, adverse changes in diplomatic relations, geopolitical turmoil, including terrorism, war, or
political or military coups (including, without limitation, the ongoing wars in Ukraine and the Middle East); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced or varied protection for intellectual property rights.

The occurrence of one or more of these events could negatively affect our international operations, restrict or limit our business activities in certain areas, and/or subject us to sanction for noncompliance, even if inadvertent, and, consequently, have a material adverse effect on our business, financial condition and results of operations. Further, operating in international markets requires us to devote significant management attention and financial resources to implement our controls and systems in new markets, comply with local laws and regulations, including fulfilling financial reporting and records retention requirements, and overcome the numerous new challenges inherent in managing international operations, such as challenges based on differing languages and cultures, as well as differing regulatory and compliance environments, and challenges related to the timely hiring, integration and retention of a sufficient number of skilled personnel to carry out operations in an environment with which we are not familiar.

Any additional expansion of our international operations through acquisitions or through organic growth could increase these risks. Due to the additional uncertainties and risks of doing business in foreign jurisdictions, international acquisitions tend to entail risks and require additional oversight and management attention that are typically not attendant to acquisitions made within the United States. In addition, the rate of usage of event technology services in international markets and the pricing of such services may be significantly lower than in the United States. We cannot be certain that the investment and additional resources required to establish, acquire or integrate operations in other countries will produce desired levels of revenue or profitability.

***Healthcare reform legislation could have an impact on our business.***

The costs of employee healthcare insurance have been increasing in recent years due to rising healthcare costs, legislative changes, and general economic conditions. We cannot predict what other healthcare programs

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

and regulations will ultimately be implemented at the federal or state level or the effect of any future legislation or regulations on our business, results of operations and cash flows. In addition, we cannot predict when and if the U.S. Congress will repeal and/or replace certain healthcare programs and regulations at the federal level and the impact that such changes could have on our business. The impact of newly enacted laws, future legislative proposals, and executive orders that may bring significant changes to the healthcare industry is uncertain. A continued increase in healthcare costs or additional costs or other future healthcare reform laws imposed by the U.S. Congress or state legislatures could have a negative impact on our financial position, results of operations and cash flows.

***We may be subject to periodic litigation and regulatory proceedings, including Fair Labor Standards Act and state wage and hour class action lawsuits, which may adversely affect our business and financial performance.***

From time to time, we may be involved in lawsuits and regulatory actions, including class action lawsuits that are brought or threatened against us for alleged violations of the Fair Labor Standards Act and state wage and hour laws. We have been a party to such actions in the past and are currently party to certain actions, and an adverse outcome of any such claim could have a material effect on our business, financial condition or results of operations.

***Changes in accounting standards, subjective assumptions and estimates used by management related to complex accounting matters could have a material adverse effect on our business, financial condition and results of operations.***

GAAP and related accounting pronouncements, implementation guidance and interpretations with regard to a wide range of matters, such as revenue recognition, leases, stock-based compensation, asset impairments, valuation reserves, income taxes and fair value accounting, are highly complex and involve many subjective assumptions, estimates and judgments made by management. Changes in these rules or their interpretations or changes in underlying assumptions, estimates or judgments made by management could have a material adverse effect on our business, financial condition and results of operations.

***Our business, reputation and operations may suffer in the event of information technology system failures, cyberattacks or vulnerabilities in our information technology systems or those of our third-party vendors.***

We are increasingly utilizing information technology systems to enhance the efficiency of our business and to improve the overall experience of our customers. We maintain confidential and proprietary information as well as personal data about our potential, current and former customers, employees, contractors, and other third parties (collectively, "Confidential Information") in these systems. Our systems (or those of our third-party service providers, strategic partners, contractors or consultants, and other vendors) are subject to damage or interruption from power outages, computer or telecommunication failures, computer viruses and catastrophic events. Such systems are also vulnerable to an increasing threat of rapidly evolving cyber-based attacks, including as a result of malicious software, denial-of-service attacks, malicious penetration, malicious code, social engineering and phishing attacks, ransomware, computer viruses and other malware, misconfigurations, "bugs" or other vulnerabilities, quantum-based attacks, data and security breaches, telecommunication and electrical failures, human error, fraud, unauthorized access or improper actions by third parties, insiders, employees or contractors, attempts to fraudulently induce employees, contractors, or others to disclose information, and the exploitation of software and operating vulnerabilities. Further, as with other companies, we are at risk of attacks by a growing list of adversaries through new and increasingly sophisticated methods of attacks, including methods that take advantage of remote work arrangements, weather, natural disasters, war, terrorism, pandemic or other natural or geopolitical events, and sophisticated nation-state and nation-state-supported actors. If we or our third-party vendors were to experience a significant cybersecurity breach of our or their information technology systems or data, the costs associated with the investigation, remediation and potential notification of the breach to counterparties, regulatory authorities, and data subjects could be material.

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

In addition, there is no guarantee that our remediation efforts will be successful. If we do not allocate and effectively manage the resources necessary to build and sustain the proper technology and cybersecurity infrastructure, we could suffer significant business disruptions, such as transaction errors, processing inefficiencies, data loss or the loss of or damage to intellectual property or other proprietary information.

The development and maintenance of these systems is costly and requires ongoing monitoring and updating as technologies change and efforts to overcome security measures become more sophisticated. Although we have developed systems and processes that are designed to protect customer, employee and other data and to prevent security breaches or incidents (which could result in data loss or other harm or loss, including financial expenses), such measures cannot provide absolute security or certainty. There can also be no assurance that our and our third-party service providers', strategic partners', contractors', consultants', and collaborators' cybersecurity risk management program and processes, including policies, controls or procedures, will be fully implemented, complied with or effective in protecting our systems, networks and Confidential Information. Penetration of our network or other misappropriation or misuse of or unauthorized access to or disclosure of Confidential Information could cause interruptions in our operations and subject us to, among other things, increased costs, litigation, inquiries, investigations and actions from governmental authorities and other third parties as well as financial or other liabilities.

We and certain of our service providers may from time to time be subject to cyberattacks and security incidents. While we do not believe that we have experienced any material system failure, accident or security breach to date, if such an event were to occur it could result in a material adverse impact on our business. If a security breach or other incident were to result in the unauthorized access to or unauthorized use, disclosure, release or other processing of personal data, it may be necessary to notify individuals, governmental authorities, supervisory bodies, the media and other parties pursuant to privacy and security laws. Any security compromise affecting us, our service providers, strategic partners, other contractors, consultants, or our industry, whether real or perceived, could harm our reputation, erode confidence in the effectiveness of our security measures and lead to regulatory scrutiny. To the extent that any disruption or security breach were to result in a loss of, or damage to, our data or systems, or inappropriate disclosure of Confidential Information, we could incur liability, including litigation exposure, penalties and fines, we could become the subject of regulatory action or investigation, our competitive position could be harmed and the further development and commercialization of our products and services could be delayed. Furthermore, federal, state and international laws and regulations can expose us to enforcement actions and investigations by regulatory authorities, and potentially result in regulatory penalties, fines and significant legal liability, if our information technology security efforts fail. Any adverse impact to the availability, integrity or confidentiality of our or third-party systems or Confidential Information can result in legal claims or proceedings (such as class actions), regulatory investigations and enforcement actions, fines and penalties, negative reputational impacts that cause us to lose existing or future customers, and/or significant incident response, system restoration or remediation and future compliance costs. We may also be exposed to a risk of loss or litigation and potential liability, which could materially and adversely affect our business, results of operations or financial condition.

Attacks upon information technology systems are increasing in their frequency, levels of persistence, sophistication and intensity, and are being conducted by sophisticated and organized groups and individuals with a wide range of motives and expertise. Furthermore, because the techniques used to obtain unauthorized access to, or to sabotage, systems change frequently and often are not recognized until launched against a target, we may be unable to anticipate these techniques or implement adequate preventative measures. We may also experience security breaches that may remain undetected for an extended period. Even if identified, we may be unable to adequately investigate or remediate incidents or breaches due to attackers increasingly using tools and techniques – including artificial intelligence – that are designed to circumvent controls, to avoid detection, and to remove or obfuscate forensic evidence.

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

***Our and our third-party vendors' use of AI Technologies and the rapid development and integration of AI Technologies into our business may expose us to regulatory, operational, reputational, and other risks.***

In the ordinary course of our business, we utilize AI Technologies, including the use of generative AI Technologies, to assist our sales teams and customers with product recommendations as well as with building event and exhibit designs and renderings for customer proposals and presentations. The use of AI Technologies within our business operations must be managed effectively and responsibly, including to avoid the use of outputs that are false, biased, or inconsistent with our values and strategies. Failure to properly manage our use of such AI Technologies could also lead to other harms and risks, including the unauthorized access to personal data and sensitive information and could harm our reputation and competitive position. At the same time, if we fail to keep pace with the rapid evolution of AI Technologies, our competitive position and business results could suffer.

As with many innovations, the development and use of AI Technologies presents risks, challenges, and unintended consequences that could affect our business. For example, AI Technologies' algorithms and training methodologies may be flawed, and datasets used in AI training, development, or operations may be insufficient, inaccurate, of poor quality, or reflect unwanted forms of bias. Third-party AI capabilities that are integrated with our platforms could also produce false or "hallucinatory" inferences about customer data or enterprises, or other information or subject matter.

The regulatory framework for AI Technologies is rapidly evolving as many federal, state, and foreign governmental bodies and agencies have introduced or are currently considering additional laws and regulations. Additionally, existing laws and regulations may be interpreted in ways that would affect the operation of AI Technologies used in our business. As a result, implementation standards and enforcement practices are likely to remain uncertain for the foreseeable future, and we cannot yet determine the impact future laws, regulations, standards, or market perception of their requirements may have on our business and may not always be able to anticipate how to respond to these laws or regulations.

It is possible that new laws and regulations will be adopted in the United States and in other non-U.S. jurisdictions, or that existing laws and regulations, including competition and antitrust laws, may be interpreted in ways that would limit our ability to use AI Technologies for our business, or require us to change the way we use AI Technologies in a manner that negatively affects the performance of our products, services, and business. The regulatory issues relating to the accuracy, explainability, transparency, bias and other potential issues with AI Technologies are complex and evolving rapidly.

For example, the EU has introduced the EU Artificial Intelligence Act (the "EU AI Act"), which establishes a risk-based governance framework which categorises AI Technologies based on the risks associated with their intended purposes (e.g., "unacceptable" or "high" risk) in the EEA market. Uses of AI Technologies that pose "unacceptable" risk (including, for example, the use of AI Technologies for social scoring) are prohibited outright and in due course material requirements are due to be imposed on both the providers and deployers of AI Technologies posing a "high" risk. It also sets out requirements in respect of general-purpose AI models and generative AI Technologies. The majority of the substantive requirements are due to apply from August 2, 2026. The EU AI Act applies to companies that develop, use and/or provide AI in the EEA and – depending on the AI use case – includes requirements around transparency, conformity assessments and monitoring, risk assessments, human oversight, security, and accuracy, and fines for breach of up to 7% of worldwide annual turnover. The EU is currently considering targeted amendments to the EU AI Act. If the EU AI Act becomes fully applicable in its current form, it will have a material impact on the way AI is regulated in the EEA. In parallel, the EU has introduced revisions to the EU Product Liability Directive, which entered into force on December 8, 2024 and EU Member States must implement into their national laws by December 9, 2026, which may facilitate certain claims for damages in respect of AI Technologies. Additionally, California enacted certain laws that regulate the use of AI Technologies and provide consumers with additional protections around companies' use of AI Technologies, such as requiring companies to disclose certain uses of generative AI. Other states have also

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

passed AI-focused legislation, such as Colorado's Artificial Intelligence Act, which is due to go into effect on June 30, 2026, will require developers and deployers of "high risk" AI Technologies to implement certain safeguards against algorithmic discrimination, and Utah's Artificial Intelligence Policy Act, which establishes disclosure requirements and accountability measures for the use of generative AI in certain consumer interactions. We cannot predict how the EU AI Act and other U.S. federal, state, and local laws and regulations as well as other international laws and regulations related to AI Technologies may develop, or how they will be applied or interpreted by regulators and courts, and they may result in our business practices, or the business practices of other operators in the industries in which we operate, changing in a manner which adversely affects our business, financial condition, and results of operations.

The legal and regulatory landscape surrounding AI Technologies is rapidly evolving and uncertain, including with respect to intellectual property ownership and license rights, cybersecurity, and data protection laws, among others, and has not yet been fully addressed by courts or regulators. The evolving legal, regulatory***,*** and compliance framework for AI Technologies may also impact our ability to protect our own data and intellectual property against infringing use. Any actual or perceived failure to comply with evolving regulatory frameworks around the development and use of AI Technologies could adversely affect our business, results of operations and financial condition. In addition, the rapid evolution of AI Technologies will require the application of resources by us to develop, test and maintain our products, solutions and operations to help ensure that AI Technologies are implemented responsibly in order to minimize unintended, harmful impact. Any misrepresentation, intentional or unintentional, of our capabilities or initiatives relating to AI Technologies could also erode trust among customers and lead to investigations and enforcement actions from regulators. There can be no assurance that our use of AI Technologies will enhance our products, services or operations or otherwise result in our intended outcomes.

While we are in the process of analyzing and implementing certain mitigation measures and governance related to the proliferation of AI Technologies, such measures may be inadequate or may not satisfy a growing number of legal and regulatory requirements related to AI Technologies. We may need to expend resources to adjust our products or services in certain jurisdictions if the laws, regulations, or decisions are not consistent across jurisdictions. Further, the cost to comply with such laws, regulations, or decisions and/or guidance interpreting existing laws, could be significant and could increase our operating expenses (such as by imposing additional reporting obligations regarding our use of AI Technologies). Such an increase in operating expenses, as well as any actual or perceived failure to comply with such laws and regulations, could adversely affect our business, financial condition and results of operations.

***Any failure to obtain, maintain, protect or enforce our intellectual property rights, or the failure of the strength or scope of our intellectual property rights, could harm our business, financial condition and results of operations.***

We rely on a combination of confidentiality agreements and other contractual provisions, and patent, copyright, trademark, and trade secret laws to protect our intellectual property rights, including the proprietary aspects of our brands, technology and proprietary data. These legal measures afford only limited protection, and competitors or others may gain access to or use our intellectual property and proprietary information. Our success will depend, in part, on preserving our trade secrets and maintaining the security of our confidential information and know-how. Our trade secrets, confidential information and know-how could be subject to unauthorized use, misappropriation, or disclosure to unauthorized parties, despite our efforts to enter into confidentiality agreements with our employees, consultants, venue partners, customers and collaborators who have access to such information. There can be no guarantee that others will not infringe our trademarks or other intellectual property, independently develop similar processes and technology, duplicate any of our processes, technology or services, or design around our intellectual property to avoid any infringement. Our trademarks could be challenged, forcing us to re-brand services, resulting in loss of brand recognition and requiring us to devote resources to advertising and marketing new brands. Failure to protect, monitor and control the use of our intellectual property rights could negatively impact our ability to compete and cause us to incur significant

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

expenses. The intellectual property laws and other statutory and contractual arrangements we currently depend upon may not provide sufficient protection in the future to prevent the infringement, use or misappropriation of our trademarks, proprietary data and technology, and may not provide an adequate remedy if our intellectual property rights are infringed, misappropriated or otherwise violated. Any changes in, or unexpected court interpretations of, intellectual property laws may compromise our ability to enforce our trademarks, trade secrets and other intellectual property rights. Although we take measures designed to protect our intellectual property, there can be no assurance that such measures will be adequate or sufficient. In addition, the growing need for product integration and global data, along with increased competition and technological advances, puts increasing pressure on us to share our intellectual property with others, including venue partners and customers who wish to integrate our services with their systems. We may be unable to detect the unauthorized use of, or take appropriate steps to enforce, our intellectual property rights. Moreover, policing unauthorized use of intellectual property rights can be difficult and expensive, and adequate remedies may not be available. Litigation may be necessary to enforce our intellectual property rights, to protect our trade secrets and to determine the validity and scope of our proprietary rights. Any future litigation, regardless of outcome, could result in substantial expense and diversion of resources and management attention and we may not prevail in any such litigation, which could have a material adverse effect on our business, financial condition and results of operations.

***We could incur costs as a result of any claim of infringement, misappropriation or other violation by us of another party's intellectual property rights.***

While we take measures designed to avoid infringing, misappropriating or otherwise violating the intellectual property of third parties, we cannot be certain that our products and technologies and the conduct of our business does not and will not infringe, misappropriate, or otherwise violate the intellectual property rights of others. In recent years, there has been significant litigation in the United States involving patents and other intellectual property rights. Companies are increasingly bringing and becoming subject to lawsuits alleging infringement of proprietary rights, particularly patent rights, and third parties may hold patents or have pending patent applications, which could be related to the use of equipment, related software or content in our events. These risks have been amplified by the increase in third parties, which we refer to as non-practicing entities, whose primary business is to assert such claims. From time to time, intellectual property litigation may be brought against us. An adverse determination in such proceedings could prevent us from offering our products or services to others. Moreover, any settlement or adverse judgment resulting from such claims could require us to pay substantial damages or obtain a (potentially costly) license to continue to use the disputed intellectual property, or otherwise restrict or limit the conduct of our business in certain ways. Our liability insurance may not cover potential claims of this type adequately or at all. Regardless of the merits of any such intellectual property litigation, we may be required to expend management time and financial resources on the defense of such claims, and any adverse outcome of any such claim or the above referenced review could have a material adverse effect on our business, financial condition or results of operations.

***Changes in, new interpretations of or changes in the enforcement of the governmental regulatory framework may affect our contracts and contract terms and may reduce our revenue or profits.***

A portion of our revenue, both in the United States and internationally, is derived from business with government entities, which includes business with U.S. federal, state and local governments and agencies, as well as international governments and agencies. Changes or new interpretations in, or changes in the enforcement of, the statutory or regulatory framework applicable to services provided under government contracts or bidding procedures, including an adverse change in government spending policies or appropriations, budget priorities or revenue levels, could result in fewer new contracts or contract renewals, modifications to the methods we apply to price government contracts, or in contract terms of shorter duration than we have historically experienced. Any of these changes could result in lower revenue or profits than we have historically achieved, which could have an adverse effect on our business, financial condition, and results of operations.

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

***If tax laws change or we experience adverse outcomes resulting from examination of our tax returns or disagreements with taxing authorities, it could adversely affect our business, financial condition, and results of operations.***

We are subject to tax in the United States and in certain foreign jurisdictions in which we operate. The United States and many countries in Europe, as well as a number of other countries and organizations, have recently proposed or recommended changes to existing tax laws or have enacted new laws that could significantly increase our tax obligations in many countries where we do business, or require us to change the manner in which we operate our business. For example, in August 2022, the Inflation Reduction Act (the "IRA") was signed into law. The IRA, among other things, includes a new 15% corporate minimum tax as well as a 1% excise tax on corporate stock repurchases, subject to certain exceptions. In addition, in July 2025, the One Big Beautiful Bill Act (the "OBBBA") was signed into law. The OBBBA introduced significant changes to numerous areas of U.S. federal income tax law, including permanency of certain provisions in the 2017 Tax Cuts and Jobs Act, and changes to R&D expensing, bonus depreciation, and international tax provisions. Other developments include certain proposals by the Organization for Economic Co-operation and Development arising from its Base Erosion and Profit Shifting project and the implementation of the global minimum tax under the Pillar Two model rules. The application and interpretation of these laws in different jurisdictions affect our operations in complex ways and are subject to change, and some changes may be retroactively applied. Additional guidance with respect to any of these rules or other changes in tax law could materially affect our financial position, tax obligations, and effective tax rate.

In addition, we are subject to the examination of our income and other tax returns by the United States Internal Revenue Service (the "IRS") and other tax authorities. We regularly assess the likelihood of adverse outcomes resulting from such examinations to determine the adequacy of our provision for income taxes. Although we believe we have made appropriate provisions for taxes in the jurisdictions in which we operate, changes in the tax laws or challenges from tax authorities under existing tax laws could adversely affect our business, financial condition, and results of operations.

***Our business is subject to export controls, economic sanctions and similar laws and regulations of the United States and other jurisdictions in which we operate, and the failure to comply with such laws and regulations could materially adversely affect our reputation and results of operations.***

Our business is subject to sanctions and trade controls laws and regulations, such as those administered and enforced by the U.S. Department of the Treasury's Office of Foreign Assets Control, the U.S. Department of State, the U.S. Department of Commerce, the United Nations Security Council and other relevant authorities. Our failure to comply with these laws and regulations may expose us to reputational harm as well as significant penalties, including criminal fines, imprisonment, civil fines, disgorgement of profits, injunctions and debarment from government contracts, as well as other remedial measures. Investigations of alleged violations can be expensive and disruptive. Despite our compliance efforts, we cannot assure that our employees or representatives will not take actions for which we may be held responsible, and any resulting violations could materially adversely affect our reputation, business, financial condition and results of operations.

***The imposition of new or additional trade restrictions by the United States or other countries in which we operate could adversely impact our business, financial condition, and results of operations.***

The U.S. government has implemented or announced significant new tariffs on products manufactured in a wide range of countries outside the United States, including Canada, China, Mexico, and countries in Southeast Asia. These actions have prompted retaliatory tariffs or potential retaliatory tariffs by a number of these countries and have impacted the trade relations of the United States with various countries, including Canada. A determination, for instance, of Canadian governmental authorities or businesses to cancel or not renew contracts, or otherwise reduce business, with U.S. companies as a result of current trade tensions could adversely impact our financial results. While certain of these announced tariffs have been delayed, a number of new tariffs remain

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

in effect, and the U.S. government may in the future impose, reimpose, increase, or pause tariffs, and countries subject to such tariffs have imposed, and in the future may impose new or additional tariffs, reciprocal tariffs, or retaliatory trade measure. The imposition such new or additional trade restrictions, as well as the escalation of trade disputes and any resulting downturns in the global economy, could materially and adversely affect our business, financial condition, and results of operations.

***Our business is subject to anti-corruption laws and regulations, including those imposed by United States and the United Kingdom, and the failure to comply with such laws and regulations could materially adversely affect our reputation and results of operations.***

Our business is subject to anti-corruption and anti-bribery laws, regulations, or rules in various jurisdictions in which we operate, including the FCPA and UK Bribery Act. These laws generally prohibit us and our officers, directors, employees and agents and business partners acting on our behalf from corruptly authorizing, promising, offering, or providing, either directly or indirectly, payments or anything else of value to government officials to obtain or retain business or otherwise secure an improper advantage. Certain of these laws further prohibit private sector bribery and accepting bribes, and the FCPA also requires us to maintain books, records, and accounts that accurately reflect our transactions and dispositions of our assets and to maintain a system of adequate internal accounting controls. A violation of the FCPA, the UK Bribery Act or other applicable anti-corruption and anti-bribery laws could subject us to significant sanctions, including civil or criminal fines and penalties, disgorgement of profits, injunctions and debarment from government contracts, and other remedial measures, all of which could harm our reputation, business, financial condition and results of operations. Responding to allegations of misconduct may also result in a significant diversion of management's attention and resources and significant defense costs and other professional fees. Despite our compliance efforts, we cannot assure that our employees or representatives will not take actions for which we may be held responsible, and any resulting violations could materially adversely affect our reputation, business, financial condition and results of operations.

**Risks Related to Our Indebtedness** 

***Our substantial indebtedness could adversely affect our financial condition and our ability to operate our business, react to changes in the economy or our industry and pay our debts and could divert our cash flow from operations for debt payments.***

We have a substantial amount of debt, which requires significant interest and principal payments. As of December 31, 2024 we had $2,350 million in total indebtedness outstanding. See "Description of Certain Indebtedness." Subject to the limits contained in the Credit Agreement (as defined herein) that governs the Senior Secured Credit Facilities, we may be able to incur substantial additional debt from time to time to finance working capital, capital expenditures, investments or acquisitions, or for other purposes. See "Description of Certain Indebtedness." If we do so, the risks related to our high level of debt could increase. Specifically, our high level of debt could have important consequences, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it may be difficult for us to satisfy our obligations, including debt service requirements under our outstanding
debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to obtain additional financing for working capital, capital expenditures, debt service requirements,
acquisitions or other general corporate purposes may be impaired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a substantial portion of cash flow from operations may be required to be dedicated to the payment of principal
and interest on our indebtedness, therefore reducing our ability to use our cash flow to fund our operations, capital expenditures, future business opportunities and other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are more vulnerable to economic downturns and adverse industry conditions and our flexibility to plan for, or
react to, changes in our business or industry is more limited;

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to capitalize on business opportunities and to react to competitive pressures, as compared to our
competitors, may be compromised due to our high level of debt and the restrictive covenants in the Credit Agreement that governs the Senior Secured Credit Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to borrow additional funds or to refinance debt may be limited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential or existing customers may choose not to contract with us due to concerns over our ability to meet our
financial obligations.

We are a holding company, and our consolidated assets are owned by, and our business is conducted through, our subsidiaries. Revenue from these subsidiaries is our primary source of funds for debt payments and operating expenses. If our subsidiaries are restricted from making distributions to us, our ability to meet our debt service obligations or otherwise fund our operations may be impaired. Moreover, there may be restrictions on payments by subsidiaries to their parent companies under applicable laws, including laws that require companies to maintain minimum amounts of capital and to make payments to stockholders only from profits. As a result, although a subsidiary of ours may have cash, we may not be able to obtain that cash to satisfy our obligation to service our outstanding debt or fund our operations.

Our ability to make scheduled payments on and to refinance our indebtedness depends on and is subject to our financial and operating performance, which in turn is affected by general and regional economic, financial, competitive, business and other factors, all of which are beyond our control, including the availability of financing in the international banking and capital markets. We cannot assure you that our business will generate sufficient cash flow from operations or that future borrowings will be available to us in an amount sufficient to enable us to service our debt, to refinance our debt or to fund our other liquidity needs. For the years ended December 31, 2025, 2024 and 2023, our interest expense was $, $320.1 million and $313.7 million, respectively, and our income from operations was $, $208.7 million and $214.7 million, respectively. Our interest payments exceeded our income from operations, with interest expense constituting approximately %, 153.4% and 126.3% of our income from operations for the years ended December 31, 2025, 2024 and 2023, respectively. If our cash flows and capital resources are insufficient to fund our debt service obligations, we could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures, dispose of any material assets or operations, seek additional debt or equity capital, or restructure or refinance our indebtedness. Any refinancing or restructuring of our indebtedness could be at higher interest rates and may require us to comply with more onerous covenants that could further restrict our business operations. Moreover, in the event of a default, the holders of our indebtedness could elect to declare such indebtedness be due and payable and/or elect to exercise other rights, such as the lenders under the Revolving Credit Facility terminating their commitments thereunder and ceasing to make further loans or the lenders under the Senior Secured Credit Facilities instituting foreclosure proceedings against their collateral, any of which could materially adversely affect our results of operations and financial condition.

***Our debt agreements impose significant operating and financial restrictions on our subsidiaries, which could prevent us from capitalizing on business opportunities.***

The Credit Agreement that governs the Senior Secured Credit Facilities imposes significant operating and financial restrictions on our subsidiaries. These restrictions limit the ability of our subsidiaries to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur additional indebtedness and make guarantees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• create liens on assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into sale and leaseback transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in mergers or consolidations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell assets;

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make fundamental changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay dividends and distributions or repurchase our capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make investments, loans and advances, including acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in certain transactions with affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make changes in the nature of their business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make prepayments of junior debt.

As a result of these restrictions, we are limited as to how we conduct our business and we may be unable to raise additional debt or equity financing to compete effectively or to take advantage of new business opportunities. The terms of any future indebtedness we may incur could include similar or more restrictive covenants. We cannot assure you that we will be able to maintain compliance with these covenants in the future and, if we fail to do so, that we will be able to obtain waivers from the lenders or amend the covenants.

Our failure to comply with the restrictive covenants described above as well as other terms of other indebtedness or the terms of future indebtedness from time to time could result in an event of default, which, if

not cured or waived, could result in our being required to repay these borrowings before their due date. If we are forced to refinance these borrowings on less favorable terms or are unable to refinance these borrowings, our results of operations and financial condition could be adversely affected.

***Servicing our indebtedness will require a significant amount of cash. Our ability to generate sufficient cash depends on many factors, some of which are not within our control.***

Our ability to make payments on our indebtedness and to fund planned capital expenditures will depend on our ability to generate cash in the future. To a certain extent, this is subject to general economic, financial, competitive, legislative, regulatory and other factors that are beyond our control. If we are unable to generate sufficient cash flow to service our debt and meet our other commitments, we may need to restructure or refinance all or a portion of our debt, sell material assets or operations or raise additional debt or equity capital. We may not be able to take any of these actions on a timely basis, on commercially reasonable terms or at all, and these actions may not be sufficient to meet our capital requirements. In addition, the terms of our existing or future debt arrangements could restrict us from effecting any of these alternatives.

***Despite our current level of indebtedness, we may still be able to incur substantially more debt. This could further exacerbate the risks to our financial condition described above.***

We may be able to incur significant additional indebtedness in the future, and we may do so to, among other things, fund acquisitions as part of our growth strategy. Although the Credit Agreement that governs the Senior Secured Credit Facilities contains restrictions on the incurrence of additional indebtedness, these restrictions are subject to a number of qualifications and exceptions, and we could incur substantial additional indebtedness in compliance with these restrictions. Any such additional indebtedness would increase our leverage, requiring us to devote more of our cash flow from operations to the payment of principal and interest on such indebtedness and increasing our vulnerability to general economic and industry conditions. These restrictions also will not prevent us from incurring obligations that do not constitute indebtedness. The Senior Secured Credit Facilities include uncommitted incremental facilities that will allow us the option to increase the amount available under such facilities. See "Description of Certain Indebtedness." Availability of such incremental facilities will be subject to satisfaction of applicable conditions and the receipt of commitments by existing or additional financial institutions.

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Risks Related to this Offering and Ownership of our Common Stock** 

***Blackstone controls us, and its interests may conflict with ours or yours in the future.***

Immediately following this offering and the application of net proceeds therefrom, Blackstone will beneficially own or control approximately % of the voting power of our shares eligible to vote in the election of our directors (or % if the underwriters exercise in full their option to purchase additional shares of common stock). Moreover, our Principal Stockholders, including Blackstone, will have the right to designate individuals to our board in accordance with the stockholders agreements we intend to enter into in connection with this offering. See "Certain Relationships and Related Person Transactions—Stockholders Agreements." Even when Blackstone ceases to own shares of our stock representing a majority of the total voting power, if Blackstone continues to own a significant percentage of our stock, it will still be able to significantly influence the composition of our board of directors and the approval of actions requiring stockholder approval through its voting power. Accordingly, for such period of time, Blackstone will have significant influence with respect to our management, business plans, and policies, including the appointment and removal of our officers. In particular, if Blackstone continues to own a significant percentage of our stock, Blackstone may be able to prevent a change of control of our company or a change in the composition of our board of directors and could preclude any unsolicited acquisition of our company. The concentration of ownership could deprive you of an opportunity to receive a premium for your shares of common stock as part of a sale of our company and ultimately might affect the market price of our common stock.

***Our amended and restated certificate of incorporation will not limit the ability of our Principal Stockholders and W Capital to compete with us, and they may have investments in businesses whose interests conflict with ours.***

Our Principal Stockholders, W Capital and their respective affiliates engage in a broad spectrum of activities, including investments in businesses that may compete with us. In the ordinary course of their business activities, our Principal Stockholders, W Capital and their respective affiliates may engage in activities where their interests conflict with our interests or those of our stockholders. Our amended and restated certificate of incorporation provides that we will renounce any interest or expectancy that we would otherwise have in, and the right to be offered to participate in, any business opportunity that from time to time may be presented to our Principal Stockholders and W Capital, subject to limited exceptions, or any of their respective affiliates or any of our directors who are not employed by us (including any non-employee director who serves as one of our officers in both their director and officer capacities) or their affiliates. See "Description of Capital Stock—Conflicts of Interest." Our Principal Stockholders, W Capital and their respective affiliates also may pursue acquisition opportunities that may be complementary to our business, and, as a result, those acquisition opportunities may not be available to us. In addition, our Principal Stockholders and W Capital may have an interest in our pursuing acquisitions, divestitures, and other transactions that, in their judgment, could enhance their investment, even though such transactions might involve risks to us and our stockholders.

***We are a holding company with no operations of our own and we are accordingly dependent upon distributions from our subsidiaries to pay taxes and pay dividends.***

We are a holding company and our operations are conducted entirely through our subsidiaries. Our ability to generate cash to pay applicable taxes at assumed tax rates and pay cash dividends we declare, if any, is dependent on the earnings and the receipt of funds from our subsidiaries via dividends or intercompany loans. Deterioration in the financial condition, earnings or cash flow of our subsidiaries for any reason could limit or impair their ability to pay such distributions. Additionally, to the extent that we need funds and our subsidiaries are restricted from making such distributions under applicable law or regulation or under the terms of our financing arrangements, or are otherwise unable to provide such funds, it could materially adversely affect our liquidity and financial condition.

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

***Upon the listing of our shares on the , we will be a "controlled company" within the meaning of the rules of the and, as a result, will qualify for "controlled company" exemptions from certain corporate governance requirements. If we rely on such exemptions in the future, you will not have the same protections afforded to stockholders of companies that are subject to such requirements.***

After the completion of this offering, Blackstone will be party to a stockholders agreement as described in "Certain Relationships and Related Person Transactions—Stockholders Agreements" and will beneficially own or control approximately % of the voting power of our shares eligible to vote in the election of our directors (or % if the underwriters exercise in full their option to purchase additional shares of common stock). As a result, Blackstone will control the outcome of matters submitted to our stockholders for approval, and we will be a "controlled company" within the meaning of the corporate governance standards. Under these corporate governance standards, a company of which more than 50% of the voting power in the election of directors is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements. For example, controlled companies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not required to have a board of directors that is composed of a majority of "independent
directors," as defined under    rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not required to have a compensation committee that is composed entirely of independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not required to have a nominating and corporate governance committee that is comprised entirely of
independent directors.

Although we do not intend to rely on these "controlled company" exemptions from these corporate governance requirements, if we do rely on such exemptions in the future, you will not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of .

***We will incur increased costs and become subject to additional regulations and requirements as a result of becoming a public company, which could lower our profits, make it more difficult to run our business or divert management's attention from our business.***

As a public company, we will be required to commit significant resources and management time and attention to the requirements of being a public company, which will cause us to incur significant legal, accounting and other expenses that we have not incurred as a private company, including costs associated with public company reporting requirements. We also will incur costs associated with the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act") and related rules implemented by the Securities and Exchange Commission (the "SEC") and , and compliance with these requirements will place significant demands on our legal, accounting, and finance staff and on our financial and information systems. In addition, we might not be successful in implementing these requirements. The expenses incurred by public companies generally for reporting and corporate governance purposes have been increasing. We expect these rules and regulations to increase our legal and financial compliance costs and to make some activities more time-consuming and costly, although we are currently unable to estimate these costs with any degree of certainty. These laws and regulations also could make it more difficult or costly for us to obtain certain types of insurance, including director and officer liability insurance, and we may be forced to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. These laws and regulations could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors, our board committees or as our executive officers. Furthermore, if we are unable to satisfy our obligations as a public company, we could be subject to delisting of our common stock, fines, sanctions and other regulatory action and potentially civil litigation.

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

***Failure to comply with requirements to design, implement and maintain effective internal controls could have a material adverse effect on our business and stock price.***

As a privately held company, we were not required to evaluate our internal control over financial reporting in a manner that meets the standards of publicly traded companies required by Section 404(a) of the Sarbanes-Oxley Act ("Section 404").

As a public company, we will have significant requirements for enhanced financial reporting and internal controls. The process of designing and implementing effective internal controls is a continuous effort that requires us to anticipate and react to changes in our business and the economic and regulatory environments and to expend significant resources to maintain a system of internal controls that is adequate to satisfy our reporting obligations as a public company. If we are unable to establish or maintain appropriate internal financial reporting controls and procedures, it could cause us to fail to meet our reporting obligations on a timely basis, result in material misstatements in our consolidated financial statements, and harm our results of operations. In addition, we will be required, pursuant to Section 404, to furnish a report by management on, among other things, the effectiveness of our internal control over financial reporting in the second annual report following the completion of this offering. This assessment will need to include disclosure of any material weaknesses identified by our management in our internal control over financial reporting. The rules governing the standards that must be met for our management to assess our internal control over financial reporting are complex and require significant documentation, testing, and possible remediation. Testing and maintaining internal controls may divert our management's attention from other matters that are important to our business. Additionally, our independent registered public accounting firm will be required to attest to the effectiveness of our internal control over financial reporting on an annual basis, beginning with our second annual report, assuming we are an accelerated or large accelerated filer.

We are currently in the process of updating our control processes and automating certain of our procedures and systems in anticipation of becoming a public company, but our internal controls over financial reporting currently do not meet all of the standards contemplated by Section 404 that we will eventually be required to meet. Because we currently do not have comprehensive documentation of our internal controls and have not yet tested our internal controls in accordance with Section 404, we cannot conclude in accordance with Section 404 that we do not have a material weakness in our internal controls or a combination of significant deficiencies that could result in the conclusion that we have a material weakness in our internal controls.

In connection with updating our control processes and the implementation of the necessary procedures and practices related to internal control over financial reporting, we may identify deficiencies that we may not be able to remediate in time to meet the deadline imposed by the Sarbanes-Oxley Act for compliance with the requirements of Section 404. In addition, we may encounter problems or delays in completing the remediation of any deficiencies identified by our independent registered public accounting firm in connection with the issuance of their attestation report. Our testing, or the subsequent testing (if required) by our independent registered public accounting firm, may reveal deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses. Any material weaknesses could result in a material misstatement of our annual or quarterly consolidated financial statements or disclosures that may not be prevented or detected.

***If securities or industry analysts do not publish research or reports about our business, or if they downgrade their recommendations regarding our common stock, our stock price and trading volume could decline.***

The trading market for our common stock will be influenced by the research and reports that industry or securities analysts publish about us or our business. If any of the analysts who cover us downgrade our common stock or publish inaccurate or unfavorable research about our business, our common stock price may decline. If analysts cease coverage of us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause our common stock price or trading volume to decline and our common stock to be less liquid.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

***There has been no prior market for our common stock and an active trading market for our common stock may never develop or be sustained, which may cause shares of our common stock to trade at a discount from their initial offering price and make it difficult to sell the shares of common stock you purchase.***

Prior to this offering, there has not been a public trading market for shares of our common stock. The initial public offering price per share of common stock will be determined by agreement among us and the representatives of the underwriters, and may not be indicative of the price at which shares of our common stock will trade in the public market after this offering. If you purchase shares of our common stock, you may not be able to resell those shares at or above the initial public offering price. We cannot predict the extent to which investor interest in the Company will lead to the development of an active trading market on the or how liquid that market might become. An active public market for our common stock may not develop or be sustained after the offering. If an active public market does not develop or is not sustained, it may be difficult for you to sell your shares of common stock at a price that is attractive to you, or at all. The market price of our common stock may decline below the initial public offering price.

***The market price of shares of our common stock may be volatile or may decline regardless of our operating performance, which could cause the value of your investment to decline.***

Even if a trading market develops, the market price of our common stock may be highly volatile and could be subject to wide fluctuations. Securities markets worldwide experience significant price and volume fluctuations. This market volatility, as well as general economic, market or political conditions, could reduce the market price of shares of our common stock, regardless of our operating performance. In addition, our operating results could be below the expectations of public market analysts and investors due to a number of potential factors, including variations in our quarterly operating results or dividends, if any, to stockholders, additions or departures of key management personnel, failure to meet analysts' earnings estimates, publication of research reports about our industry, litigation and government investigations, changes or proposed changes in laws or regulations or differing interpretations or enforcement thereof affecting our business, adverse market reaction to any indebtedness we may incur or securities we may issue in the future, changes in market valuations of similar companies or speculation in the press or investment community, announcements by our competitors of significant contracts, acquisitions, dispositions, strategic partnerships, joint ventures, or capital commitments, adverse publicity about the industries we participate in or individual scandals, and in response the market price of shares of our common stock could decrease significantly. You may be unable to resell your shares of common stock at or above the initial public offering price.

Stock markets and the price of our common stock may experience extreme price and volume fluctuations. In the past, following periods of volatility in the overall market and the market price of a company's securities, securities class action litigation has often been instituted against these companies. This litigation, if instituted against us, could result in substantial costs and a diversion of our management's attention and resources.

***Because we have no current plans to pay cash dividends on our common stock, you may not receive any return on your investment unless you sell your common stock for a price greater than that which you paid for it.***

We have no current plans to pay cash dividends following this offering. The declaration, amount and payment of any future dividends on shares of our common stock will be at the sole discretion of our board of directors. Our board of directors may take into account general and economic conditions, our financial condition and results of operations, our available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax and regulatory restrictions and implications on the payment of dividends by us to our stockholders or by our subsidiaries to us and such other factors as our board of directors may deem relevant. In addition, our ability to pay dividends is limited by the Senior Secured Credit Facilities and may be limited by covenants of other indebtedness we or our subsidiaries incur in the future. As a result, you may not receive any return on an investment in our common stock unless you sell your shares of our common stock for a price greater than that which you paid for it.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

***Investors in this offering will suffer immediate and substantial dilution.***

The initial public offering price per share of common stock will be substantially higher than our pro forma net tangible book value per share immediately after this offering. As a result, you will pay a price per share of common stock that substantially exceeds the per share book value of our tangible assets after subtracting our liabilities. In addition, you will pay more for your shares of common stock than the amounts paid by the pre-IPO owners. See "Dilution."

***You may be diluted by the future issuance of additional common stock in connection with our incentive plans, acquisitions or otherwise.***

After this offering we will have shares of common stock authorized but unissued. Our amended and restated certificate of incorporation authorizes us to issue these shares of common stock and options, rights, warrants and appreciation rights relating to common stock for the consideration and on the terms and conditions established by our board of directors in its sole discretion, whether in connection with acquisitions or otherwise. Additionally, we have reserved an aggregate of shares of common stock for issuance under our Omnibus Incentive Plan. For additional information concerning the awards under our Omnibus Incentive Plan or other equity incentive plans that we intend to grant in connection with this offering or that will be outstanding at the time of this offering, see "Summary—The Offering." Any common stock that we issue, including under our Omnibus Incentive Plan or other equity incentive plans that we may adopt in the future, would dilute the percentage ownership held by the investors who purchase common stock in this offering.

***We may issue preferred stock whose terms could materially adversely affect the voting power or value of our common stock.***

Our amended and restated certificate of incorporation will authorize us to issue, without the approval of our stockholders, one or more series of preferred stock having such designations, preferences, limitations and relative rights, including preferences over our common stock respecting dividends and distributions, as our board of directors may determine. The terms of one or more series of preferred stock could adversely impact the voting power or value of our common stock. For example, we might grant holders of preferred stock the right to elect some number of our directors in all events or on the happening of specified events or the right to veto specified transactions. Similarly, the repurchase or redemption rights or liquidation preferences we might assign to holders of preferred stock could affect the residual value of the common stock.

***If we or our existing investors sell additional shares of our common stock after this offering or are perceived by the public markets as intending to sell them, the market price of our common stock could decline.***

The sale of substantial amounts of shares of our common stock in the public market, or the perception that such sales could occur, could harm the prevailing market price of shares of our common stock. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell shares of our common stock in the future at a time and at a price that we deem appropriate. Upon completion of this offering, we will have a total of shares of our common stock outstanding, or shares if the underwriters exercise in full their option to purchase additional shares of our common stock. All of the shares of our common stock sold in this offering will be freely tradable without restriction or further registration under the Securities Act, by persons other than our "affiliates," as that term is defined under Rule 144 of the Securities Act. See "Shares Eligible for Future Sale."

The remaining outstanding shares of common stock held by our pre-IPO owners and management after this offering will be subject to certain restrictions on resale. We, our officers, directors and certain holders of our outstanding shares of common stock immediately prior to this offering, including our Principal Stockholders and W Capital, will sign lock-up agreements with the underwriters that will, subject to certain customary exceptions, restrict the sale of the shares of our common stock held by them for 180 days following

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

the date of this prospectus. The representatives of the underwriters may, in their sole discretion, release all or any portion of the shares of common stock subject to lock-up agreements. See "Underwriting" for a description of these lock-up agreements. See "Shares Eligible for Future Sale—Lock-Up Agreements."

Upon the expiration of the lock-up agreements described above, all of such shares will be eligible for resale in the public market, subject, in the case of shares held by our affiliates, to volume, manner of sale and other limitations under Rule 144. We expect that our Principal Stockholders will continue to be considered affiliates following the expiration of the lock-up period based on their expected share ownership and their board nomination rights, as applicable. Certain of our other stockholders may also be considered affiliates at that time. However, subject to the expiration or waiver of the 180 day lock-up period, the holders of these shares of common stock will have the right, subject to certain exceptions and conditions, to require us to register their shares of common stock under the Securities Act, and they will have the right to participate in future registrations of securities by us. Registration of any of these outstanding shares of common stock would result in such shares becoming freely tradable without compliance with Rule 144 upon effectiveness of the registration statement. See "Shares Eligible for Future Sale."

We intend to file one or more registration statements on Form S-8 under the Securities Act to register shares of our common stock or securities convertible into or exchangeable for shares of our common stock issued pursuant to our Omnibus Incentive Plan. Any such Form S-8 registration statements will automatically become effective upon filing. Accordingly, shares registered under such registration statements will be available for sale in the open market.

In the future, we may also issue our securities in connection with investments or acquisitions. The amount of shares of our common stock issued in connection with an investment or acquisition could constitute a material portion of our then outstanding shares of common stock. As the lock-up period or other restrictions on resale end, the market price of our shares of common stock could drop significantly if the holders of these restricted shares sell them or are perceived by the market as intending to sell them. These factors could also make it more difficult for us to raise additional funds through future offerings of our common stock or other securities or to use our common stock as consideration for acquisitions of other businesses, investments or other corporate purposes.

***Anti-takeover provisions in our organizational documents and Delaware law might discourage or delay acquisition attempts for us that you might consider favorable.***

Our amended and restated certificate of incorporation and amended and restated bylaws that will become effective immediately prior to the consummation of this offering will contain provisions that may make the merger or acquisition of our company more difficult without the approval of our board of directors. Among other things, these provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• would allow us to authorize the issuance of shares of one or more series of preferred stock, including in
connection with a stockholder rights plan, financing transactions or otherwise, the terms of which series may be established and the shares of which may be issued without stockholder approval, and which terms may include super voting rights, special
approval rights, special or preferential rights to dividends or distributions upon a liquidation, dissolution or winding up, conversion rights, redemption rights, or other rights, powers, or preferences prior or superior to the rights of the holders
of common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prohibit stockholder action by consent in lieu of a meeting at any time when Blackstone ceases to be entitled to
designate a Designated Director (as defined herein) unless such action is recommended by all directors then in office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide for certain limitations on convening special stockholder meetings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish advance notice requirements for nominations for elections to our board of directors or for proposing
other items of business that can be acted upon by stockholders at annual or special meetings.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

We have elected not to be governed by Section 203 of the General Corporation Law of the State of Delaware (the "DGCL"), which is Delaware's anti-takeover statute that, subject to certain exceptions and approvals, restricts "business combinations," including specified mergers, asset sales, stock sales and other transactions, between a corporation and its subsidiaries, on the one hand, and any interested stockholder (generally defined to mean a person who, together with such person's affiliates and associates, owns 15% or more of the outstanding voting stock of the corporation), on the other, for a three-year period following the time the person became an interested stockholder. However, our amended and restated certificate of incorporation contains similar provisions providing that we may not engage in certain "business combinations" with any "interested stockholder" for a three-year period following the time that the stockholder became an interested stockholder, unless the transaction fits within an enumerated exception, such as board approval of the business combination or the transaction that resulted in a person becoming an interested stockholder prior to the time such person became an interested stockholder. Our amended and restated certificate of incorporation provides that our Principal Stockholders and their affiliates, and any of their respective direct or indirect transferees, and any group as to which such persons are a party, do not constitute "interested stockholders" for purposes of this provision. See "Description of Capital Stock—Anti-Takeover Effects of Our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws and Certain Provisions of Delaware Law—Business Combinations." These anti-takeover provisions and other provisions under Delaware law could discourage, delay or prevent a transaction involving a change in control of our company, including actions that our stockholders may deem advantageous, or negatively affect the trading price of our common stock. These provisions could also discourage proxy contests and make it more difficult for you and other stockholders to elect directors of your choosing and to cause us to take other corporate actions you desire. For further discussion of these and other such anti-takeover provisions, see "Description of Capital Stock—Anti-Takeover Effects of Our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws and Certain Provisions of Delaware Law."

***Our amended and restated certificate of incorporation will designate the Court of Chancery of the State of Delaware or the federal district courts of the United States of America, as applicable, as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with the Company or the Company's directors, officers, or other employees.***

Our amended and restated certificate of incorporation will provide that, unless we consent to the selection of an alternative forum, the Court of Chancery of the State of Delaware will, to the fullest extent permitted by law, be the sole and exclusive forum for: (i) any derivative action or proceeding brought on our behalf; (ii) any action asserting a breach of fiduciary duty owed by any current or former director, officer, stockholder or employee of the company to the company or our stockholders; (iii) any action asserting a claim against us arising under the DGCL, our amended and restated certificate of incorporation or our bylaws or as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware; or (iv) any action asserting a claim against us that is governed by the internal affairs doctrine.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

Any person or entity purchasing or otherwise acquiring any interest in any shares of our capital stock shall be deemed to have notice of and to have consented to the forum provision in our amended and restated certificate of incorporation. This choice-of-forum provision may limit a stockholder's ability to bring a claim in a different judicial forum, including one that it may find favorable or convenient for a specified class of disputes with the Company or the Company's directors, officers, other stockholders, or employees or result in increased costs for a stockholder to bring a claim, particularly if they do not reside in or near Delaware, each of which may discourage lawsuits against us or our directors, officers, other stockholders, or employees. Alternatively, if a court were to find this provision of our amended and restated certificate of incorporation inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions, which could materially adversely affect our business, financial condition, and results of operations and result in a diversion of the time and resources of our management and board of directors.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**FORWARD-LOOKING STATEMENTS** 

This prospectus contains forward-looking statements that reflect our current views with respect to, among other things, our operations, our financial performance, and our industry. Forward-looking statements include all statements that are not historical facts. These forward-looking statements are included throughout this prospectus, including in the sections entitled "Summary," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Business" and relate to matters such as our industry, business strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources, and other financial and operating information. We may, in some cases, use words such as "anticipate," "assume," "believe" "contemplate," "continue," "could," "estimate," "expect," "foreseeable," "intend," "may," "plan," "potentially," "predict," "project," "seek," "should," "will," or "would," or similar words or phrases that convey uncertainty of future events or outcomes, to identify forward-looking statements in this prospectus. Factors that may cause actual results to differ from expected results include those discussed under "Risk Factors" and elsewhere in this prospectus.

The forward-looking statements contained in this prospectus are based on management's current expectations and are subject to uncertainty and changes in circumstances. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. There are a number of factors, many of which are beyond our control, that could cause actual results to differ materially from the results anticipated by these forward-looking statements. For a more detailed discussion of these and other factors, see the information under the section "Risk Factors" herein and "Management's Discussion and Analysis of Financial Condition and Results of Operations." These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this prospectus. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual results may vary in material respects from those expressed or implied in these forward-looking statements.

The forward-looking statements included in this prospectus speak only as of the date of this prospectus or as of the date they are made, as applicable. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments, or other strategic transactions we may make. Except as otherwise required by law, we disclaim any intent or obligation to update any "forward-looking statement" made in this prospectus to reflect changed assumptions, the occurrence of unanticipated events, or changes to future operating results over time.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**MARKET AND INDUSTRY DATA** 

This prospectus includes market and industry data and forecasts that we have derived from independent consultant reports, publicly available information, various industry publications, other published industry sources and our internal data and estimates. Independent consultant reports, industry publications and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable.

Although we believe that these third-party sources are reliable, we do not guarantee the accuracy or completeness of this information, and neither we nor the underwriters have independently verified this information. Some market data and statistical information are also based on our good faith estimates, which are derived from management's knowledge of our industry and such independent sources referred to above. Certain market, ranking and industry data included elsewhere in this prospectus, including the size of certain markets and our size or position and the positions of our competitors within these markets, including our services relative to our competitors, are based on estimates of our management. These estimates have been derived from our management's knowledge and experience in the markets in which we operate, as well as information obtained from surveys, reports by market research firms, our customers, distributors, suppliers, trade and business organizations and other contacts in the markets in which we operate and have not been verified by independent sources. Certain internal data and estimates are based upon information obtained from trade and business organizations and other contacts in the markets in which we operate, internal surveys, and our management's understanding of industry conditions. Although we believe that such information is reliable, we have not had all of this information verified by any independent sources. Unless otherwise noted, all of our market share and market position information presented in this prospectus is an approximation. Our market share and market position in each of our segments, unless otherwise noted, is based on our revenue relative to the estimated revenue in the markets we served. References herein to us being the leader in a market or segment refer to our belief that we have a leading market share position in each specified market based on revenue, unless the context otherwise requires. As there are no publicly available sources supporting this belief, it is based solely on our internal analysis of our revenue as compared to our estimates of revenue of our competitors. In addition, the discussion herein regarding our various end markets is based on how we define the end markets for our offerings, which offerings may be either part of larger overall end markets or end markets that include other offerings.

In addition, assumptions and estimates of our and our industry's future performance are subject to a high degree of uncertainty and risk due to a variety of factors, including those described in "Risk Factors." These and other factors could cause our future performance to differ materially from our assumptions and estimates. See "Forward-Looking Statements." As a result, you should be aware that market, ranking, and other similar industry data included in this prospectus, and estimates and beliefs based on that data, may not be reliable. Neither we nor the underwriters can guarantee the accuracy or completeness of any such information contained in this prospectus.

**TRADEMARKS, SERVICE MARKS, TRADE NAMES AND COPYRIGHTS** 

We own or have the right to use the trademarks, service marks, trade names and copyrights used in connection with our business. All trademarks, service marks, trade names and copyrights referred to in this prospectus are the property of their respective owners. Solely for convenience, the trademarks, service marks, trade names and copyrights referred to in this prospectus are without the <sup>®</sup>, <sup>TM</sup>, <sup>SM</sup>, or <sup>©</sup> symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks, service marks, trade names and copyrights.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**USE OF PROCEEDS** 

We estimate that the proceeds to us from this offering at an assumed initial public offering price of $ per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, after deducting estimated underwriting discounts and commissions, will be approximately $ million (or $ million if the underwriters exercise in full their option to purchase additional shares of common stock). A $1.00 increase or decrease in the assumed initial public offering price of $ per share would increase or decrease, as applicable, the proceeds to us from this offering by approximately $ million, assuming the number of shares offered by us remains the same as set forth on the cover page of this prospectus and after deducting the estimated underwriting discounts and commissions.

We intend to use the proceeds (net of underwriting discounts and commissions) from this offering to repay a portion of the outstanding indebtedness under our Term Loan Facility totaling approximately $ million and the remainder for general corporate purposes and to bear all of the expenses of this offering. We estimate these offering expenses (excluding underwriting discounts and commissions) will be approximately $ million. The Term Loan Facility matures on December 5, 2031. Borrowings under the Term Loan Facility bear interest at a rate per annum equal to the SOFR (as defined herein), plus the Applicable Rate (as defined herein). See "Description of Certain Indebtedness." The proceeds from the Term Loan Facility were used by us to (i) repay the Prior Credit Facilities (as defined herein) and (ii) pay related fees, costs, premiums and expenses.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**DIVIDEND POLICY** 

We have no current plans to pay dividends on our common stock as a public company. Any decision to declare and pay dividends in the future will be made at the sole discretion of our board of directors and will depend on, among other things, our results of operations, cash requirements, financial condition, contractual restrictions and other factors that our board of directors may deem relevant. Because we are a holding company and have no direct operations, we will only be able to pay dividends from funds we receive from our subsidiaries. In addition, our ability to pay dividends will be limited by covenants in our existing indebtedness and may be limited by the agreements governing any indebtedness we or our subsidiaries may incur in the future.

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**CAPITALIZATION** 

The following table sets forth our consolidated cash and cash equivalents and capitalization as of December 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an actual basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an as adjusted basis giving effect to the Reorganization Transactions and the sale by us of shares of common
stock in this offering at an assumed initial public offering price of $ per share (the midpoint of the estimated price range set forth on the cover page of this prospectus) and the application of the proceeds therefrom as
described in "Use of Proceeds."

The information below is illustrative only and our capitalization following this offering will be adjusted based on the actual initial public offering price and other terms of this offering determined at pricing. Cash and cash equivalents are not components of our total capitalization. You should read this table together with the other information contained in this prospectus, including "Use of Proceeds," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the historical financial statements and related notes thereto included elsewhere in this prospectus.

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| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** |
| **(Amounts in thousands, other than per share data)** | **Actual** | **As Adjusted<sup>(1)</sup>** |
|  Cash and cash equivalents | $| $|
|  Debt: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolving Credit Facility | $| $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan Facility | $| $|
|  Total debt | $| $|
|  Stockholders' equity: | $| $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, $0.001 par value per share, no shares authorized, issued and outstanding, actual; shares authorized and shares issued and outstanding, as adjusted |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total capitalization** | $| $|

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(1) To the extent we change the number of shares of common stock sold by us in this offering from the shares we
expect to sell or we change the initial public offering price from the $ per share assumed initial public offering price, representing the midpoint of the estimated price range set forth on the cover page of this
prospectus, or any combination of these events occurs, the net proceeds to us from this offering and each of as adjusted cash, total stockholders' equity and total capitalization may increase or decrease. A $1.00 increase (decrease) in the
assumed initial public offering price per share, assuming no change in the number of shares to be sold, would increase (decrease) the net proceeds that we receive in this offering and each of as adjusted cash, total stockholders' equity and
total capitalization by approximately $ million. An increase (decrease) of 1,000,000 shares in the expected number of shares to be sold in the offering, assuming no change in the assumed initial offering price per share,
would increase (decrease) our net proceeds from this offering and each of as adjusted cash, total stockholders' equity and total capitalization by approximately $ million.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**DILUTION** 

If you invest in shares of our common stock in this offering, your investment will be immediately diluted to the extent of the difference between the initial public offering price per share of common stock and the pro forma net tangible book value per share of common stock after this offering. Dilution results from the fact that the per share offering price of the shares of common stock is substantially in excess of the as adjusted net tangible book value per share attributable to our existing owners.

Our pro forma net tangible book deficit as of December 31, 2025, was approximately $, or $ per share of common stock. Pro forma net tangible book deficit represents the amount of total tangible assets less total liabilities, and pro forma net tangible book deficit per share of common stock represents pro forma net tangible book deficit divided by the number of shares of common stock outstanding.

After giving effect to this offering and the application of the proceeds therefrom as described in "Use of Proceeds," our pro forma net tangible book deficit as of December 31, 2025, would have been $, or $ per share of common stock. This represents an immediate decrease in net tangible book deficit of $ per share of common stock to our existing owners and an immediate dilution in net tangible book deficit of $ per share of common stock to investors in this offering.

The following table illustrates this dilution on a per share of common stock basis assuming the underwriters do not exercise their option to purchase additional shares of common stock:

---

| | |
|:---|:---|
|  Assumed initial public offering price per share of common stock | $|
|  Pro forma net tangible book deficit per share of common stock as of December 31, 2025 | $— |
|  Increase in as adjusted net tangible book value per share of common stock attributable to investors in this offering | $— |
|  Pro forma net tangible book deficit per share of common stock after the offering | $|
|  Dilution in pro forma net tangible book deficit per share of common stock to investors in this offering | $|

---

The following table summarizes, as of December 31, 2025, the total number of shares of common stock purchased from us, the total cash consideration paid to us, and the average price per share paid by existing owners and by new investors. As the table shows, new investors purchasing shares in this offering will pay an average price per share substantially higher than our existing owners paid. The table below reflects an assumed initial public offering price of $ per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, for shares purchased in this offering and excludes underwriting discounts and commissions and estimated offering expenses payable by us:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares of Common Stock <br>Purchased** | **Shares of Common Stock <br>Purchased** | **Total Consideration** | **Average<br>Price Per**<br>**Share of**<br>**Common Stock** |
|  | **Number** | **Percent** | **Percent** | **Average<br>Price Per**<br>**Share of**<br>**Common Stock** |
|  Pre-IPO owners<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |  |  | $nan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | $|
|  Investors in this offering<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |  |  | $nan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |  |  | $nan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | $|

---

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

Each $1.00 increase in the assumed offering price of $ per share would increase total consideration paid by investors in this offering by $ million, assuming the number of shares offered by us remains the same and after deducting estimated underwriting discounts and commissions. A $1.00 decrease in the assumed initial public offering price per share would result in equal changes in the opposite direction.

If the underwriters were to exercise in full their option to purchase additional shares, the percentage of shares of our common stock held by new investors in this offering would be %.

The dilution information above is for illustrative purposes only. Our net tangible book deficit following the consummation of this offering is subject to adjustment based on the actual initial public offering price of our shares and other terms of this offering determined at pricing.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** 

*You should read the following discussion and analysis of our financial condition and results of operations together with the sections titled "Summary—Summary Historical Financial and Other Data" and our consolidated financial statements and the related notes included elsewhere in this prospectus. This discussion contains forward-looking statements that involve risks and uncertainties about our business and operations. Our actual results and the timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those we describe under "Risk Factors" and elsewhere in this prospectus. See "Forward-Looking Statements."* 

**Overview** 

Encore is the global leader in B2B live event production based on annual revenue and number of events serviced. We sit at the intersection of in-person experiences, the need for technology to create immersive experiences, and the importance of the venues where these events take place. We are active in 21 countries and serve under a preferred contract designation for on-site event production services across approximately 2,200 venues globally as of December 31, 2024. Our more than 12,000 talented team members operate as an embedded partner throughout the hospitality and corporate events ecosystem. Our platform combines scale, technical depth, and operational integration, which has allowed us to deliver more than 400,000 events annually over each of the last three years to a diverse customer base. In the year ended December 31, 2024, our customer base included approximately 98% of Fortune 500 companies and we served approximately 100,000 customers globally.

In-person engagement remains a powerful medium for building trust, launching products, connecting with peers, and fostering authentic collaboration. As live events continue to grow in strategic importance, organizations are increasingly relying on professional production partners to deliver immersive, technology-enabled experiences. Our capabilities span the entire event lifecycle, encompassing strategic planning, creative direction, on-site execution, and post-event analytics. We believe our ability to deliver these services at scale, with consistency and quality, positions us as the partner of choice for our customers holding events and the venue partners hosting them, further distinguishing us from our competitors. We offer robust production services like show production, project management, and talent management, including the delivery of event technology such as AV systems, lighting, rigging, power distribution, internet services, LED screens, immersive tech, and live streaming. Our creative services team specializes in branding, content development, experience design, digital engagement, and event analytics. Additionally, we provide general contracting and fabrication services, including exhibit design, 3D printing, and event infrastructure, enabling a true end-to-end solution for our customers.

Our competitive advantage is rooted in our operating model. Our more than 12,000 team members, including over 3,000 with technical lead certifications as of December 31, 2024, represent one of the industry's largest collections of event production talent. These teams live, work, and deliver events in many of the world's most important meeting and event geographies. We support events in these locations' unique event venues including our contracted venue footprint spanning approximately 2,200 hotels, convention centers, corporate campuses, stadiums, arenas, and other non-hotel venues in 21 countries across North America, Europe, the Middle East, Australia, and Asia as of December 31, 2024. Our centralized infrastructure and asset-light model enable scalable delivery and operational flexibility, while our variable cost structure (which accounted for approximately 75% of our operating expenses for the year ended December 31, 2024) supports resilience through industry seasonality. We also have visibility into our U.S. revenue, with approximately 95% of such revenue for the year ended December 31, 2024 generated through event venues with whom we have multi-year contracts, including long-term MSAs, and individual venue contracts. These relationships, many of which span over a decade, provide stable economics and seek to enable consistent growth. In addition, our customer-direct model continues to expand, deepening relationships with customers and unlocking new revenue streams outside of our venue network.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

We believe that the strength of our business model lies in the combination of our large technical workforce alongside the industry's largest hotel, convention center, and stadium venue footprint. Our ability to offer end-to-end event production solutions, at scale, in many of the major meeting markets positions us to serve customers and venue partners around the globe. The quality and breadth of our offerings, and trust we have earned from customers and venue partners, has resulted in growing our diversified and visible revenue streams. Our long-term MSAs with leading hotel chains is a powerful endorsement at thousands of venues across the globe, while our individual venue contracts at nearly all of our approximately 2,200 venues establish Encore as the exclusive on-site provider of event technologies, resulting in significant capture within these venues. While these contracts do not preclude outside event technology providers coming into the venues to support individual events, and event planners retain the option to use outside providers, the contracts do prevent non-Encore team members and technology from being in-house at these venues. Furthermore, these agreements are structured with revenue-based commissions, ensuring economic alignment and shared incentives for growth and service excellence between us and the venue. From 2019 through 2025, we had an approximately 80% capture rate within venues with which we have an existing relationship.

For the year ended December 31, 2024, we generated $3.2 billion in revenue, $(176.1) million in net loss, and $428.8 million in Adjusted EBITDA, representing a net loss margin of (5.4)% and Adjusted EBITDA Margin of 13.2%. For a reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to the most directly comparable GAAP financial measures, information about why we consider Adjusted EBITDA and Adjusted EBITDA Margin useful, and a discussion of the material risks and limitations of these measures, please see "—Non-GAAP Measures."

**Factors Affecting Our Business and the Comparability of Our Results** 

***Business Demand and General Economic Conditions***

The demand for our services is closely linked to the performance of the global general economy and is sensitive to corporate discretionary spending levels. Among other factors, declines in business demand due to adverse general economic conditions, risks reducing or otherwise negatively affecting travel patterns, including pandemics, lower customer confidence and adverse geopolitical conditions can reduce the amount of revenue we are able to generate. Further, competition in the event technology services business affects our ability to sustain or increase rates charged to our customers. As a result, changes in customer demand and general business cycles have historically subjected and could in the future subject our revenues to significant volatility. While we believe our diverse customer base limits our exposure to any particular industry or geography, global economic conditions may impact overall levels of corporate spending on travel and meetings, which can directly affect our business and results of operations.

***Group Revenue Per Available Room ("Group RevPAR")***

In the United States, business meeting and event activity historically has been highly correlated with the hospitality industry metric Group RevPAR, which is calculated by CoStar Group (formerly STR). CoStar is an independent, third-party market research company that collects and compiles the data used to calculate Group RevPAR. As a metric, Group RevPAR measures total guest hotel room revenue generated by group bookings (blocks of guest hotel rooms sold simultaneously in a group of 10 or more rooms), divided by total number of available guest hotel rooms. Because meetings and events generally require lodging for their participants, event activity typically correlates with Group RevPAR at nearby hotels, regardless of whether the events themselves are held on-site at hotels or at other nearby venues. As we provide event technology services primarily in leading hotels in the luxury and upper upscale market segments, we refer to Group RevPAR for hotels in these segments as they closely align with our business.

***Master Service and Venue Agreements***

We depend on long-term contracts with venue partners and MSAs with hotel chain owners and management groups which makes us a preferred provider to companies and other business groups holding meetings and events

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

in those venues. The success and sustainability of our business depends on our ability to perform under these agreements and maintain strong relationships with these partners. These relationships are critical to preserving our existing footprint as contracts mature and generating new opportunities for expansion that support our growth strategy. Our continued growth is influenced by several factors, including the demand for in-person meetings, our ability to retain existing venue partners and hotel chain and ownership group relationships, and the successful renewal of expiring contracts and MSAs. We believe we have maintained positive relationships with our customers, hotel chain owners, venue partners, and we are committed to the continued growth and development of these relationships. These relationships exist with a diverse group of customers, owners, and venues and are not significantly concentrated with any single party.

***Seasonality***

The global live event industry is seasonal in nature. The periods during which our venue partners experience higher or lower levels of demand vary from property to property, depending principally upon their location and customer base. Based on historical results, we generally expect our revenues to be lower in the third quarter of each year than in the other quarters. Further, a significant portion of the expenses we incur, such as revenue-based commissions paid to venue partners, subrental equipment costs and some of our labor costs, are directly related to the number of events that occur in a given period and therefore vary with revenue levels.

***Technically-skilled Workforce***

Our business is labor-intensive, benefiting from and depending on the technical breadth and depth of our global workforce. Our business requires a highly skilled workforce trained in audio, lighting, staging, event platforms and engagement tools, show production and management, event branding, content development and exhibit design and fabrication services. We rely on the ability to attract and retain employees with relevant experience and knowledge to continue to serve our customers and address their changing needs. We make significant investments in training and development and numerous benefit programs to support our team members in their career journeys. The growth of our business has been enabled by talent management that prioritizes the growth and geographic diversification of our technically-skilled workforce. As a result, retention and training of our technically-skilled workforce is paramount.

***Foreign Currency Fluctuations***

Due to our global operations, we generate a portion of our revenue and incur a portion of our expenses in currencies other than the U.S. dollar. As a result, our revenue, cost of revenue, operating expenses and certain assets, liabilities and commitments fluctuate as the value of such currencies fluctuate in relation to the U.S. dollar. Appreciation of the U.S. dollar against these other currencies generally will have a negative impact on our reported revenue and profits while depreciation of the U.S. dollar against these other currencies will generally have a positive effect on reported revenue and profits. We do not enter into foreign currency exchange contracts to mitigate this risk. Unless otherwise indicated, the effect of foreign currency translation on the period-to-period comparisons presented below are not material.

**Key Business and Financial Metrics Used by Management** 

In addition to revenue, our management uses a variety of financial and operational metrics to analyze our performance. We evaluate the performance of each segment and the performance of our business as a whole based on revenue, SVR, SVR spread to Group RevPAR in the United States, Adjusted EBITDA, Adjusted EBITDA Margin, net new venue revenue, average revenue per event and venue count. We view these metrics as important factors in evaluating our financial performance, profitability and growth, and we review these measurements frequently to analyze trends and make decisions.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

***SVR Growth***

We calculate the revenue of our venues on a comparable basis versus the same venues in the prior period to help measure our performance excluding the impact of new venues and acquisitions as well as to help benchmark our performance against Group RevPAR growth. We define same venues as locations where we have been the preferred on-site provider for at least 13 months. A new location or a location from an acquisition is not included in SVR until the 13<sup>th</sup> month post-opening or acquisition. Locations that are closed (either permanently due to the venue closing or loss of the contract or for three or more months for renovations) are removed from SVR from the month of closure (and the corresponding period of the prior year). Revenue from non-venue based services is not included in this metric.

***SVR Spread to Group RevPAR***

To measure our U.S. performance against the industry, we compare SVR in the United States against Group RevPAR, a metric for which we have historically been able to achieve above industry growth, reflecting our track record of outstanding customer service and our increasing suite of technological and production offerings.

***Event Count***

Represents the number of events we support taking place both in contracted venues where Encore is the preferred onsite provider as well as other in other venues or non-traditional meeting spaces.

***Average Revenue Per Event***

As customers have come to expect more advanced technologies and experiential elements in their events, we have used average revenue per event as a key performance metric to measure our success in capturing a share of the increasingly higher spend per event. We calculate average revenue per event by dividing total revenue from events generated in a reporting period by the number of events delivered during that same period. For purposes of this metric, we do not include non-event revenue as well as revenue and events from our Hargrove business in the U.S. which delivers services outside of our venues and is more cyclical in nature and can vary materially from year to year.

***Venue Count***

We define venues as locations where we are contracted to provide event technology services (including locations where the contract has lapsed but we continue to provide services). For venues where the contract has lapsed and there has been no revenue attributed to services delivered at that venue in the quarter, management inquires as to whether the venue should remain as an active venue or should be classified as closed and removed from the count. A venue would remain in the count if we still have equipment or personnel dedicated to the venue and/or we expect to have revenue going forward; for example, in a highly seasonal location or one closed for short-term renovation. Management believes venue count is a useful measure of our ability to maintain our existing revenue base and continue to grow our revenue by expanding the venues at which we provide event technology services to our customers.

***Net New Venue Revenue***

We define net new venue revenue as current year revenue from locations that have been open for less than 13 full months less the prior year revenue from venues where we are no longer contracted to be the preferred on-site provider or where operations have permanently ceased during the year. Management believes net new venue revenue is a useful measure of our ability to successfully expand our venue footprint and is another important driver of revenue growth.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

***Adjusted EBITDA and Adjusted EBITDA Margin***

We define Adjusted EBITDA as net loss before interest expense, income taxes, depreciation, amortization of intangibles, transaction-related expenses, long-term incentive plan payments, gain or loss on disposal of assets, gains or losses on foreign currency transactions, amortization of venue incentives, equity-based compensation expense, severance related to restructuring and other cost saving initiatives, lease termination expense, loss on debt extinguishment, one-time costs associated with system implementations and certain other one-time consulting and professional fee costs. We make venue incentive payments for long-term exclusivity privileges with certain venue partners that are not indicative of current period operating results or revenue, and Adjusted EBITDA excludes the related venue incentive amortization to enhance comparability across periods. We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue. For a reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP measure, see "—Non-GAAP Measures."

**Principal Components of our Results of Operations** 

***Revenue***

We generate revenue as an event production partner to our customers, offering event technology, production, exhibit and trade show services, which can include audio, LED & display, lighting, staging, event platforms and engagement tools, show production and management, event branding, content development and exhibit design and fabrication services, all supported with highly trained and skilled technicians. We primarily provide these services in venues, including hotels and convention centers, which we have contracted with to be the preferred on-site provider of event technology services. Our customers, including corporations, event organizers, trade associations and meeting planners, hire us through our on-site presence at those venues to plan and execute their events. We also provide event technology services to certain customers at other locations where we do not have a contractual relationship. Our revenue is impacted by the mix of event technology services (i.e. number or types of pieces of equipment and level of technical support) required by our customers at any given event.

We enter into long-term contracts (typically three to six years) with venues to be the preferred on-site provider of event technology services. We also sign MSAs with top hotel chains and ownership groups (including top U.S. leading hotel companies such as Accor, Hilton, Hyatt, IHG, and Marriott) naming us as a preferred event technology services provider for each of the venues in a given hotel chain or ownership group. Each local venue then executes an individual contract if it elects to partner with us.

***Cost of Revenue***

Cost of revenue principally includes revenue-based commissions, workforce costs, the cost of equipment subrentals and other venue and customer-facing operations costs.

We pay commissions to our venue partners from revenue generated from our customers within the respective venue. The commission is typically based on a percentage of revenue that is established in our contract with the venue. Commission rates typically vary by the different types of venues and event technology services, and our overall commission expense is impacted accordingly. We may reduce the commission rates for specific events upon mutual agreement with the venue partner or set formulas in the contractual commission rates to share in the pricing discounts given to our customers via a commission reduction. Under certain contracts with our venue partners, minimum commission rates or amounts may apply. The vast majority of our contracts provide that we are the only event technology provider that is permitted to pay a commission to that venue, though venue partners and event planners retain the option to use outside providers. We believe this commission structure aligns the incentives of our venue partners with our own as we both seek to maximize revenue.

Our direct labor costs are comprised of the salaries, wages and associated benefits of our workforce that are directly associated with providing services to our customers. Approximately 33% of our labor costs are for fixed salaries with the balance for variable expenses, including hourly employees and outside labor. Direct labor costs also include associated incentives, benefits, payroll taxes and workers compensation insurance. Labor costs are impacted by our ability to efficiently staff events, market wage conditions, our union agreements and by the costs of incentives, benefits and insurance.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

Equipment subrental includes our cost to rent equipment required to deliver services to our customers. While we own most of the equipment used to provide our services, we rent equipment in situations where we either do not own the required equipment (typically more specialized equipment) or where our owned equipment is being used for other events. Our equipment subrental costs are impacted by our ability to maximize the utilization of owned equipment as well as the pricing we are able to obtain from providers of rental equipment. We maintain a network of approximately 70 global warehouse locations in key markets to help maximize our equipment utilization.

Other cost of revenue includes supplies, freight, travel and other expenses from our venue and customer-facing operations such as supplies, freight, travel, rent, utilities, telecom, repairs and maintenance, personal property taxes and credit card processing fees.

***Selling, General and Administrative Expenses***

Selling, general and administrative ("SG&A") expenses consisting of salaries, incentives, stock-based compensation and fringe benefits for certain of our operations, sales, marketing and indirect enabling functions such as executive, finance, legal, human resources and information technology, not included within cost of revenue. Additionally, SG&A expenses include travel costs, professional fees, corporate level rent and other occupancy costs and certain insurance costs. After the consummation of this offering, we expect to incur significant additional expenses in connection with being a public company that we have previously not incurred, including compliance with the Sarbanes-Oxley Act and the Exchange Act, increased investor relations functions, stock exchange fees, registrar and transfer agent fees, incremental audit fees, incremental director and officer liability insurance costs and director and officer compensation. In future periods, we expect to issue long-term equity incentive awards to our directors, officers, key employees and consultants. The result will be an increase in our SG&A in future periods as the grant-date value of the awards will be recognized as an expense over the vesting term of the awards.

***Venue Incentive Amortization***

We defer certain up-front incentive payments offered to customers in connection with signing or renewing venue contracts, which are typically three to six years in length (collectively referred to as venue incentives) and generally provide us with the right to be the preferred on-site provider of event technology services at a venue. We capitalize the estimated costs of capital equipment provided to venues and/or installation service obligations incurred in connection with these venue incentive payments and amortize them over the life of the contract. Venue incentives that are deferred are refundable to us, on a pro rata basis in the rare event a venue cancels their exclusivity arrangement with us before the end of a contract period.

***Other (Expense) Income, Net***

Other (expense) income, net primarily consists of foreign currency transaction gains and losses.

***Interest Expense***

Interest expense primarily consists of interest on borrowings and the amortization of costs incurred to obtain long-term financing. Our interest income is not material.

***Income Tax Expense***

We record a provision for income taxes for the anticipated tax consequences of our reported results of operations using the asset and liability method. Deferred income taxes are recognized by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts of

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

existing assets and liabilities and their respective tax basis as well as net operating loss and tax credit carryforwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The measurement of deferred tax assets is reduced, if necessary, by a valuation allowance for any tax benefits for which future realization is uncertain.

Although we believe our assumptions, judgments and estimates are reasonable, changes in tax laws or our interpretation of tax laws and the resolution of any tax audits could significantly impact the amounts provided for income taxes in our consolidated financial statements.

**Results of Operations** 

The following tables set forth our results of operations for the periods presented:

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| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| *(in thousands, except percentages)* | **2025** | **2024** | **2023** |
|  **Revenue** | $— | $**3239322** | $**3088850** |
|  **Operating expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenue<sup>(1)</sup> |  | 2591795 | 2462698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general, and administrative expenses<sup>(1)</sup> |  | 245580 | 223604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation |  | 75443 | 72058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venue incentive amortization |  | 26107 | 22283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangibles |  | 91716 | 93553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** |  | **3030641** | **2874196** |
|  **Income from operations** |  | **208681** | **214654** |
|  Loss on debt extinguishment |  | (11698) |  |
|  Other (expense) income, net |  | (8592) | 3179 |
|  Interest expense |  | (320130) | (313678) |
|  **Loss before tax expense** |  | **(131739)** | **(95845)** |
|  Income tax expense |  | (44380) | (36166) |
|  **Net loss** | $— | $**(176119)** | $**(132011)** |
|  **Other financial data:** |  |  |  |
|  Net loss | $— | $(176119) | $(132011) |
|  Net loss margin | % | (5.4)% | (4.3)% |
|  Adjusted EBITDA | $— | $428837 | $425342 |
|  Adjusted EBITDA Margin |  | 13.2% | 13.8% |
|  Worldwide venue count<sup>(2)</sup> |  | 2162 | 2151 |
|  Worldwide event count<sup>(3)</sup> |  | 412000 | 416000 |
|  U.S. average revenue per event<sup>(4)</sup> | $— | $9000 | $8300 |
|  U.S. same venue revenue growth | % | 6.5% | 14.9% |
|  International same venue revenue growth | % | 2.0% | 25.2% |

---

(1) Exclusive of depreciation of the Company's property and equipment, venue incentive amortization and
amortization of its intangible assets.

(2) Actual value.

(3) Actual value rounded to the nearest thousand.

(4) Actual value rounded to the nearest hundred.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

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| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
|  **Cost of revenue:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue-based commissions | $| $1169081 | $1106684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workforce expense |  | 1051896 | 983795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subrental expense |  | 155964 | 158435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | 214854 | 213784 |
|  **Total cost of revenue** | $| $2591795 | $2462698 |

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***Year Ended December 31, 2025 Compared to Year Ended December 31, 2024***

*<u>Revenue</u>*

Revenue by $ million, or %, from $3,239.3 million for the year ended December 31, 2024 to $ million for the year ended December 31, 2025, primarily driven by .

*<u>Cost of Revenue</u>*

Total cost of revenue by $ million, or %, from $2,591.8 million for the year ended December 31, 2024 to $ million for the year ended December 31, 2025, primarily driven by .

*<u>Selling, General and Administrative Expenses</u>*

SG&A by $ million, or %, from $245.6 million for the year ended December 31, 2024 to $ million for the year ended December 31, 2025, primarily driven by .

*<u>Depreciation</u>*

Depreciation by $ million, or %, from $75.4 million for the year ended December 31, 2024 to $ million for the year ended December 31, 2025. The increase was primarily due to .

*<u>Venue Incentive Amortization</u>*

Venue incentive amortization by $ million, or %, from $26.1 million for the year ended December 31, 2024 to $ million for the year ended December 31, 2025, primarily due to .

*<u>Amortization of Intangibles</u>*

Amortization of intangibles by $ million, or %, from $91.7 million for the year ended December 31, 2024 to $ million for the year ended December 31, 2025, primarily driven by .

*<u>Other (Expense) Income, net</u>*

Other (expense) income, net by $ million, or %, from $8.6 million of expense for the year ended December 31, 2024 to $ million for the year ended December 31, 2025, primarily driven by .

*<u>Interest Expense</u>*

Interest expense by $ million, or %, from $320.1 million for the year ended December 31, 2024 to $ million for the year ended December 31, 2025 primarily due to .

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

*<u>Income Tax Expense</u>*

Income tax expense by $ million, or %, from $44.4 million for the year ended December 31, 2024 to $ million for the year ended December 31, 2025. Our effective income tax rate was -33.7% and % for the years ended December 31, 2024 and 2025, respectively. The rates differ from the U.S. federal statutory rate due to .

***Year Ended December 31, 2024 Compared to Year Ended December 31, 2023***

*<u>Revenue</u>*

Revenue for the year ended December 31, 2024 increased by $150.5 million, or 4.9% compared to the year ended December 31, 2023. This growth reflects a 5.9% increase in SVR, which accounts for 87.3% of our consolidated revenue for 2024 showing strong continued growth within our existing customer base. SVR benefited from an 8.4% increase in average revenue per event in the U.S., reflecting the strong mix shift to larger, more complex events and the utilization of more products and services by our customers. In addition, event count in the United States was relatively consistent between years. SVR growth was partially offset by a 15.5% decline in our non-venue business, which accounts for 7.7% of our consolidated revenue for 2024. The decline in our non-venue revenue during 2024 reflects several one-time events that we supported in 2023 that did not recur in 2024.

*<u>Cost of Revenue</u>*

Cost of revenue for the year ended December 31, 2024 increased by $129.1 million, or 5.2%, compared to the year ended December 31, 2023. The primary year over year drivers above the increase in revenue were costs associated with revenue-based commissions and workforce expense, partially offset by decreases in sub-rental expense and other cost of revenue items.

The primary driver in the increase in revenue-based commissions from 2023 to 2024 was a change in the mix of revenue from events taking place outside of contracted venues, with several non-commissionable events in 2023 not recurring in 2024. Workforce spend increased both as a result of an overall increase in skilled technical headcount to support more complex events and higher overall per employee compensation reflecting annual wage growth and associated benefit costs. Subrental expenses declined as a percentage of revenue year over year, reflecting continued investment in capital assets reducing our need to rent equipment from external vendors.

*<u>Selling, General and Administrative Expenses</u>*

SG&A for the year ended December 31, 2024 increased by $22.0 million, or 9.8% compared to the year ended December 31, 2023. As a percentage of revenue, SG&A expenses increased by 0.3%, primarily reflecting annual wage growth and associated benefit costs, partially offset by a reduction in SG&A headcount. Additionally, we saw an increase in professional and consulting fees associated with non-recurring transactions, notably our 2024 Refinancing Transactions (as defined herein) in the fourth quarter of 2024.

*<u>Depreciation</u>*

Depreciation increased by $3.3 million, or 4.7%, from $72.1 million for the year ended December 31, 2023 to $75.4 million for the year ended December 31, 2024. The increase was primarily due to a full year of depreciation on approximately $95.4 million of property and equipment placed in service during 2023 and an increase in capital expenditures in 2024 compared to 2023 as the supply chain continued to recover from the impacts of the COVID-19 pandemic, resulting in additional depreciation expense during 2024.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

*<u>Venue Incentive Amortization</u>*

Venue incentive amortization increased by $3.8 million, or 17.2%, from $22.3 million for the year ended December 31, 2023 to $26.1 million for the year ended December 31, 2024, primarily due to the increase in up front signing bonuses associated with new or renewed venue agreements and MSAs in 2024 compared to 2023.

*<u>Amortization of Intangibles</u>*

Amortization of intangibles decreased by $1.8 million, or 2.0%, from $93.6 million for the year ended December 31, 2023 to $91.7 million for the year ended December 31, 2024, primarily driven by certain intangible assets that became fully amortized during the year ended December 31, 2023.

*<u>Other (Expense) Income, net</u>*

Other (expense) income, net decreased by $11.8 million, or 370.3%, from $3.2 million of income for the year ended December 31, 2023 to $8.6 million of expense for the year ended December 31, 2024, primarily reflecting the impact of changes in foreign exchange rates.

*<u>Interest Expense</u>*

Interest expense increased by $6.4 million, or 2.1%, from $313.7 million for the year ended December 31, 2023 to $320.1 million for the year ended December 31, 2024 primarily due to higher average interest rates across the Senior Secured Credit Facilities (as defined herein) during 2024.

*<u>Income Tax Expense</u>*

Income tax expense increased by $8.2 million, or 22.7%, from $36.2 million for the year ended December 31, 2023 to $44.4 million for the year ended December 31, 2024 primarily due to an increase in the valuation allowance on deferred tax assets for disallowed interest carryforwards. Our effective income tax rate was -37.7% and -33.7% for the years ended December 31, 2023 and 2024, respectively. The rates differ from the U.S. federal statutory rate due to state income taxes (net of federal benefit), the impact of non-deductible expenses (including meals and entertainment expenses), the inclusion of global intangible low-taxed income ("GILTI"), and the changes in the valuation allowances during the period.

**Our Segments** 

We operate our business through two segments: U.S. and International. They are organized based on the geographic location of the operations and both segments provide event technology services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **U.S.**: Covers operations in the United States and Puerto Rico where we provide event technology,
production, trade show and exhibition services to customers at over 1,300 venues and outside of those venues across both geographies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **International**: Covers our operations in Canada, Mexico, Europe, the Middle East, Asia, Australia and the
Pacific, where we provide event technology, production, trade show and exhibition services to customers at more than 800 venues and to customers outside of those venues.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

The following table sets forth our results of operations for our segments for the periods presented:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| **U.S. segment** | **2025** | **2024** | **2023** |
|  **Revenue** | $| $2708081 | $2544546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue-based commissions |  | 1043193 | 980658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workforce expense |  | 843078 | 778615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-rental expense |  | 121610 | 116859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other cost of revenue expenses |  | 161214 | 158885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses |  | 166257 | 153706 |
|  **Segment profit** | $| $**372729** | $**355823** |

---

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| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| **International segment** | **2025** | **2024** | **2023** |
|  **Revenue** | $| $&nbsp;&nbsp;&nbsp;&nbsp;531241 | $&nbsp;&nbsp;&nbsp;&nbsp;544304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue-based commissions |  | 125888 | 126026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workforce expense |  | 208818 | 205180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-rental expense |  | 34354 | 41576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other cost of revenue expenses |  | 53640 | 54899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses |  | 44400 | 43963 |
|  **Segment profit** | **$** | $**64141** | $**72660** |

---

U.S. segment revenue by % for the year ended December 31, 2025 compared to the year ended December 31, 2024 driven by .

U.S. segment results reflect a strong performance in 2024, with revenue increasing 6.4% for the year ended December 31, 2024 compared to the year ended December 31, 2023, driven by strong SVR performance which increased by 6.5% year over year, above industry Group RevPAR for the same period. Average revenue per event increased by approximately 8.4% year over year in the U.S., reflecting our capture of larger, more complex events. Total revenue generated within our venues increased 7.8% year over year. Revenue from our Hargrove brand which is delivered outside of our venues declined $23.2 million year over year primarily due to lower demand from government and related entities.

U.S. segment profit by % for the year ended December 31, 2025 compared to the year ended December 31, 2024, reflecting .

U.S. segment profit increased by 4.8% for the year ended December 31, 2024 compared to the year ended December 31, 2023, reflecting strong flow-through from increased revenue, partially offset by lower income from non-venue revenue generated by our Hargrove brand and an increase in certain costs as a percentage of revenue. Workforce costs supporting our revenue generating activities increased as a percentage of revenue by approximately 0.5%, reflecting higher skilled technical headcount to support more complex events. Across both SG&A and workforce supporting revenue generating activities, we recorded higher overall per employee compensation reflecting annual wage growth and associated benefit costs, partially offset by a reduction in SG&A headcount. These were offset by decreases across subrental costs, revenue-based commissions and other cost of revenue items as a percentage of revenue.

International segment results for the year ended December 31, 2025 compared to the year ended December 31, 2024 reflecting .

International segment results for the year ended December 31, 2024 compared to the year ended December 31, 2023, reflected challenging operating environments across most regions, notably Canada and

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

Europe where economic headwinds persisted during 2024, resulting in customers cancelling or scaling back events, impacting segment revenue and overall operating performance. Additionally, there were several significant large events in 2023 that did not recur in 2024, also impacting international segment results.

In terms of segment profit, the International segment's results for the year ended December 31, 2024 compared to the year ended December 31, 2023, primarily reflect the decrease in revenue as noted above, along with higher workforce costs driven by both an increase in headcount and an increase in the underlying per employee compensation costs reflecting annual wage growth and associated benefit costs.

**Non-GAAP Measures** 

***Adjusted EBITDA and Adjusted EBITDA Margin***

We define Adjusted EBITDA as net loss before interest expense, income taxes, depreciation, amortization of intangibles, transaction-related expenses, long-term incentive plan payments, gain or loss on disposal of assets, gains or losses on foreign currency transactions, amortization of venue incentives, equity-based compensation expense, severance related to restructuring and other cost saving initiatives, lease termination expense, loss on debt extinguishment, one-time costs associated with system implementations and certain other one-time consulting and professional fee costs. Adjusted EBITDA excludes all venue incentive amortization to enhance comparability across periods by removing the variability of the up-front costs associated with securing long-term commitments from our venue partners; this is also consistent with how management evaluates operating performance, allocates capital, and makes strategic decisions. We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue. Management believes Adjusted EBITDA and Adjusted EBITDA Margin are useful because they allow management to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods, capital structure, investments in securing and renewing venue relationships or other items that we believe are not indicative of our ongoing operating performance. Management also believes the inclusion of Adjusted EBITDA is meaningful to our investors to enhance their understanding of our financial performance and is frequently used by securities analysts, investors and other interested parties as a supplemental measure of financial performance.

Adjusted EBITDA and Adjusted EBITDA Margin are not recognized terms under GAAP and should not be considered as alternatives, either in isolation or as a substitute, for net loss or other measures of financial performance or liquidity, including cash flows, derived in accordance with GAAP. Further, Adjusted EBITDA and Adjusted EBITDA Margin have limitations as analytical tools, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA and Adjusted EBITDA Margin do not reflect changes in, or cash requirements for, our working
capital needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA and Adjusted EBITDA Margin do not reflect our interest expense, or the cash requirements
necessary to service interest or principal payments, on our indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA and Adjusted EBITDA Margin do not reflect income tax expenses or the cash requirements to pay our
taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA and Adjusted EBITDA Margin do not reflect historical cash expenditures or future requirements for
capital expenditures or contractual commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA and Adjusted EBITDA Margin do not reflect the effect on earnings or changes resulting from
matters that we consider not to be indicative of our future operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• although depreciation and amortization are non-cash charges, the assets
being depreciated and amortized will often have to be replaced in the future, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA and Adjusted EBITDA Margin do not reflect any cash requirements for such replacements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other companies in our industry may calculate Adjusted EBITDA and Adjusted EBITDA Margin differently, limiting
their usefulness as comparative measures.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

Because of these limitations, Adjusted EBITDA should not be considered as discretionary cash available to us to reinvest in the growth of our business, return to our stockholders through share repurchases and dividends or as measures of cash that will be available to us to meet our obligations.

The table below provides a reconciliation of net loss to Adjusted EBITDA and net loss margin to Adjusted EBITDA Margin:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  Net loss | $— | $(176119) | $(132011) |
|  Interest expense |  | 320130 | 313678 |
|  Income tax expense |  | 44380 | 36166 |
|  Amortization of intangible assets |  | 91716 | 93553 |
|  Depreciation |  | 75443 | 72058 |
|  Venue incentive amortization<sup>(1)</sup> |  | 26107 | 22283 |
|  Debt refinancing costs and loss on debt extinguishment<sup>(2)</sup> |  | 16455 | 1203 |
|  Stock-based compensation expense |  | 1224 | 1743 |
|  Long-term incentive plan payments<sup>(3)</sup> |  | 6600 | 6742 |
|  Loss on disposal of assets |  | 6502 | 4940 |
|  Foreign currency transaction loss (gain) |  | 8342 | (3186) |
|  Operational initiatives<sup>(4)</sup> |  | 6457 | 5850 |
|  IT system implementation costs<sup>(5)</sup> |  | 1295 | 2263 |
|  Other |  | 305 | 60 |
|  **Adjusted EBITDA** | $— | $**428837** | $**425342** |
|  Net loss margin | % | (5.4)% | (4.3)% |
|  Adjusted EBITDA Margin | % | 13.2% | 13.8% |

---

(1) Amount represents amortization of reimbursable up-front venue incentive payments, which we do not consider
representative of a normal, cash operating expense necessary to operate our business as these payments are not incurred in connection with our revenue-generating activities on an event-by-event basis, nor are the payments directly tied to output or
current performance. Rather, the payments reflect our long-term commitment to be a venue partner's on-site service provider, ensuring the smooth and on-site delivery of conferences and events to our venue partners' customers over an
extended period of time.

The adjustment is intended to enhance comparability and to provide investors, when read in conjunction with the GAAP financial measures we utilize, with a meaningful measure of operating performance by excluding the non-cash amortization of long-term incentive arrangements that are not linked to the current period output or performance of our business and therefore are not indicative of current period operating results.

(2) Amount represents non-cash and non-operating loss on refinancing of our debt facilities in 2024, along with certain professional fees incurred in conjunction with the 2024 Refinancing Transactions.

(3) Amount represents a long-term incentive plan put in place for select senior-level employees as a cash retention
tool provided to bridge to a future liquidity event that was unexpectedly deferred as a result of the impact of the COVID-19 pandemic.

(4) Amount represents expenses related to severance and related benefits paid to employees pursuant to restructuring
and workforce reduction plans, legal and tax consulting fees for advice on legal entity restructuring plans and costs associated with termination of leases and associated moving costs for properties that were either eliminated or consolidated into
other facilities.

(5) Amount represents third-party costs incurred with the implementation of enterprise IT systems.

**Liquidity and Capital Resources** 

***Overview***

Our principal liquidity requirements historically have been to service our debt, meet our working capital, venue incentives, capital expenditure needs and to finance acquisitions. Our principal sources of liquidity are cash generated from operating activities, funds from borrowings and existing cash on hand. As of December 31, 2024, we had $74.3 million of cash, cash equivalents and restricted cash and $231.3 million of available borrowing capacity under our $250.0 million revolving credit facility (the "Revolving Credit Facility") (with no draws and $18.7 million of letters of credit outstanding).

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

We believe that cash generated through operations and our financing arrangements will be sufficient to meet working capital requirements, anticipated venue incentives, capital expenditures and scheduled debt payments for at least the next 12 months. We refinanced our debt in December 2024, extending the maturity of our Revolving Credit Facility to 2029 and Term Loan Facility (as defined herein) through 2031. We anticipate that to the extent that we require additional liquidity it will be funded through the incurrence of other indebtedness, equity financings or a combination thereof. We cannot provide any assurance that we will be able to obtain this additional liquidity on reasonable terms, or at all. Additionally, our liquidity and our ability to meet our obligations and fund our capital requirements are also dependent on our future financial performance, which is subject to general economic, financial and other factors that are beyond our control. Accordingly, we cannot assure that our business will generate sufficient cash flow from operations or that future borrowings will be available under our credit facility or otherwise to meet our liquidity needs. We are currently evaluating several potential acquisitions; if we decide to pursue one or more significant acquisitions, we may incur additional debt or sell additional equity to finance such acquisitions.

*<u>Cash Flow Analysis</u>*

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
|  **Net cash (used in) provided by:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating activities | $| $106782 | $81445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investing activities |  | (114252) | (95446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing activities |  | (116703) | (26324) |

---

***Net Cash Provided By Operating Activities***

Net cash provided by operating activities consists primarily of net income adjusted for non-cash items, including depreciation and amortization, cash outflows for venue incentives and payment of in-kind interest and the effect of working capital changes.

Net cash provided by operating activities for 2025 by $ million compared to 2024, reflecting .

Net cash provided by operating activities was $25.3 million higher in 2024 compared to 2023, with the increase year over year primarily reflecting an $85.8 million improvement in our use of working capital, partially offset by $44.1 million increase in our net loss and a $16.4 million unfavorable movement in other adjustments. The improvement in our working capital primarily reflects a $50.0 million increase in the change in accrued expenses and other liabilities, primarily driven by a $33.2 million change in the interest payable on our Term Loan Facility, a $27.6 million increase in the change in our trade accounts payable balance due to timing of vendor invoices, a $20.9 million change in the increase in our current income tax liability and a $14.0 million unfavorable change in our trade accounts receivable.

***Net Cash Used in Investing Activities***

Investing activities consist primarily of capital expenditures for growth and maintenance. Growth capital expenditures generally describe the purchase of equipment for new venues and other new facilities, while maintenance capital expenditures generally are for replacement of existing equipment at the end of its useful life, equipment upgrades and service expansion at existing venues as well as corporate systems and related infrastructure.

Net cash used in investing activities for 2025 by $ compared to 2024, reflecting .

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

Net cash used in investing activities increased by $18.8 million in 2024 compared to 2023, with the increase year over year reflecting our continued expansion into new venues, our continued investment in existing venues and replacement of obsolete equipment.

***Net Cash Used in Financing Activities***

Financing activities consist primarily of borrowings and repayments under the Senior Secured Credit Facilities. Outside of scheduled principal payments, and the drawdown and repayment of our Revolving Credit Facility, our financing activities relate to specific transactions as discussed below.

Net cash used in financing activities by $ million during 2025 compared to 2024, primarily reflecting .

Net cash used in financing activities increased by $90.4 million in 2024 compared to 2023 as a result of the $615.9 million increase in net borrowings on account of our 2024 Refinancing Transactions, partially offset by $533.4 million capital contribution from our parent following their issuance of Class D preferred equity (the "Class D Preferred Units"). The increase also reflects $12.4 million of deferred financing fees that were paid and a $4.5 million decrease in payments for property and equipment financed by the seller.

For additional information on our debt obligations see "Note 9–Long-Term Debt" to our audited consolidated financial statements included elsewhere in this prospectus.

For additional information on the issuance of the Class D preferred shares see the section entitled "Certain Relationships and Related Person Transactions" included elsewhere in this prospectus.

**Credit Facilities** 

In December 2024, we entered into a credit agreement (the "Credit Agreement") to refinance our then outstanding first lien term loan and second lien term loan (collectively, the "Prior Credit Facilities"), replacing them with a term loan with an initial aggregate principal amount of $2,350 million with a maturity of December 5, 2031 (the "Term Loan Facility") and a revolving credit facility with aggregate commitments of $250.0 million, maturing on December 5, 2029 (the "Revolving Credit Facility," and together with the Term Loan Facility, the "Senior Secured Credit Facilities"). The proceeds from the Term Loan Facility, initial borrowings from the Revolving Credit Facility and a capital contribution from our parent were used by the Company to (i) repay the Prior Credit Facilities and (ii) pay related fees, costs, premiums and expenses (collectively, we refer to this series of transactions as the "2024 Refinancing Transactions").

***Credit Agreement***

The Term Loan Facility and the Revolving Credit Facility bear interest at a rate per annum equal to the Term Secured Overnight Financing Rate ("SOFR") (or, at the Company's option, the Base Rate (as defined in the Credit Agreement)), plus the Applicable Rate. The Applicable Rate is 5.0% for SOFR loans and following the delivery of our consolidated financial statements for the fiscal quarter ending March 31, 2025, may be reduced by 0.25% so long as certain leverage ratios as set forth in the Credit Agreement are met. SOFR is defined as the SOFR Reference Rate for a tenor comparable to the applicable interest period (at a period of one, three, six or (if agreed by all relevant lenders) twelve months at the Company's election) and is subject to a floor of 0.75%. The Revolving Credit Facility is subject to a commitment fee rate of 0.5% per annum in respect to any unused capacity (for which purpose any outstanding swing line loans are considered unused and any outstanding letters of credit are considered used). For the year ended December 31, 2024, the Company paid $72,000 of fees under the Revolving Credit Facility.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

***Term Loan Facility***

Beginning with the quarter ended June 30, 2025, we must make mandatory quarterly amortization payments on the Term Loan Facility in an amount of $5.9 million. Additionally, we are also required to make mandatory prepayments on the Term Loan Facility related to the calculated Excess Cash Flow ("ECF") amount (as defined in the Credit Agreement) within five (5) business days following the delivery of the our annual consolidated financial statements (commencing with the year ending December 31, 2025), in the aggregate amount of the Applicable ECF Percentage (as defined in the Credit Agreement) times the calculated ECF amount, less certain deductions and subject to certain minimum thresholds specified in the Credit Agreement. The Applicable ECF Percentage is defined as 50.0% if the Consolidated First Lien Net Leverage Ratio (as defined in the Credit Agreement) as of the last day of the applicable fiscal year is greater than 4.5x, 25% if the Consolidated First Lien Net Leverage Ratio as of the last day of the applicable fiscal year is less than or equal to 4.5x but greater than 4.0x, and 0% if the Consolidated First Lien Net Leverage Ratio as of the last day of the applicable fiscal year is less than or equal to 4.0x. We are also required to make other mandatory prepayments as defined in the Credit Agreement related to certain asset sales and casualty events (less certain deductions and subject to reinvestment rights and minimum thresholds).

***Revolving Credit Facility***

The Revolving Credit Facility includes an option to borrow funds under the terms of a swingline loan sub-facility, subject to a sublimit of $15.0 million and includes capacity for $50.0 million of letters of credit, which are subject to utilization fees in the amount of the Applicable Rate. As of December 31, 2024, we had issued letters of credit under the Revolving Credit Facility with an aggregate face value of $18.75 million and there was $231.25 million available for borrowing. Outside of the Revolving Credit Facility, we also had arrangements with banks that were party to the Prior Credit Facilities to issue letters of credit with an aggregate face value of $4.1 million at December 31, 2024. These additional outstanding letters of credit were fully cash collateralized by the Company at December 31, 2024, but were replaced with letters of credit issued under the Revolving Credit Facility by June 2025 and the related cash collateral under the Prior Credit Facilities was returned to the Company.

***Financial Covenants and Terms***

Commencing with the quarter ending June 30, 2025, the Consolidated First Lien Net Leverage Ratio shall not exceed 8.33 to 1.00 as of the last day of any fiscal quarter if more than 40% of the Revolving Credit Facility is utilized (subject to certain exclusions) as of such day. The Consolidated First Lien Net Leverage Ratio is calculated as Consolidated First Lien Net Debt to Consolidated EBITDA, as each term is defined in the Credit Agreement, for the trailing 12 months (the "Springing Financial Covenant"). Consolidated EBITDA, as defined in the Credit Agreement, is not a measurement of financial performance under GAAP and differs from Adjusted EBITDA, a non-GAAP metric defined elsewhere in this prospectus. There were no borrowings outstanding on the Revolving Credit Facility at December 31, 2024.

The Springing Financial Covenant and other ratios related to incurrence-based covenants (measured only upon the taking of certain actions, including the incurrence of additional indebtedness) under the Credit Agreement are calculated in part based on financial measures analogous to Adjusted EBITDA as presented elsewhere in this prospectus, which financial measures are determined at the AVSC Holding Corp. (a wholly owned subsidiary of Encore Inc.) level and adjust for certain additional items, including without limitation certain pro-forma "run rate" cost savings, operating expense reductions, operating improvements and synergies. These incremental adjustments, as calculated pursuant to such agreement, provide us with a net benefit to Adjusted EBITDA for ratio calculation purposes of $ million, for the year ended December 31, 2025, relative to Adjusted EBITDA as presented elsewhere in this prospectus. Obligations under the Credit Agreement are secured by a first priority lien on substantially all of our assets, including the capital stock of our domestic subsidiaries, subject to customary exceptions and carve outs.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

The Credit Agreement contains customary affirmative and negative covenants, including limitations on the ability of the Company and its subsidiaries to incur indebtedness, create liens, dispose of assets, make restricted payments and make investments or acquisitions, among other things, subject to customary exceptions. Events of default under the Credit Agreement include, among other things and subject to customary grace periods, failure to make applicable principal or interest payments when they are due, cross defaults, breach of certain covenants and representations or change in control. At the occurrence of such an event, the administrative agent, at the request of the lenders, may terminate the commitments and declare the outstanding principal and accrued interest thereon and all fees and other obligations to be due and payable and exercise other rights and remedies provided for in the Credit Agreement. We were not in default of any of our loan provisions at December 31, 2024.

**Contractual Obligations** 

The following table summarizes our contractual obligations and commitments as of December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
| **<u>Contractual Obligations</u>**<br>*(in thousands)*  | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **More than 5 Years** |
|  Long-term debt | $| $| $| $| $|
|  Estimated interest payments |  |  |  |  |  |
|  Operating lease obligations |  |  |  |  |  |
|  Venue contracts<sup>(1)</sup> |  |  |  |  |  |
|  **Total** | **$** | **$** | **$** | **$** | **$** |

---

1 Venue contracts include fixed annual incentives, fixed minimum guarantees and other incentives that are paid over time.

We have excluded our liability for uncertain tax positions from the table above because we are unable to make a reasonable estimate of the timing of payments.

The above table does not reflect estimated contractual obligations under the multi-employer pension plans in which our union employees participate. We are party to various collective bargaining agreements that require us to provide to the employees subject to these agreements specified wages and benefits, as well as to make contributions to multi-employer pension plans. Our multi-employer pension plan contribution rates generally are specified in the collective bargaining agreements (usually on an annual basis), and contributions are made to the plans on a "pay-as-you-go" basis based on our union employee payrolls. Our obligations for contributions to multi-employer pension plans cannot be determined for future periods because the location and number of union employees that we have employed at any given time and the plans in which they may participate vary depending on the need for union resources.

**Off-Balance Sheet Arrangements** 

We have no off-balance sheet arrangements that have or are likely to have a current or future material effect on our financial condition, changes in financial condition, revenue, expenses, results of operations, liquidity, capital expenditures or capital resources.

**Recent Accounting Pronouncements** 

For a discussion of new accounting pronouncements recently adopted and not yet adopted, see Note 3 to the audited consolidated financial statements included elsewhere in this prospectus for information.

**Critical Accounting Policies and Estimates** 

The discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, the reported amounts of revenues and expenses during the reporting periods and the related disclosures in the consolidated financial statements and accompanying footnotes. We evaluate these estimates and assumptions on an ongoing basis, using our historical experiences and various other factors that we believe reflect the current conditions and circumstances within which we are operating. While we believe our estimates, assumptions and judgments are reasonable, they are based on information available when they are made. Actual results may differ significantly from these estimates due to changes in judgments, assumptions and conditions as a result of unforeseen events or otherwise, which could have a material effect on our financial position or results of operations. Management evaluated our critical accounting estimates and noted no material changes in the underlying methods, key assumptions, or judgments from the prior period to the current period. Based on current facts and materiality, reasonably possible changes in these assumptions are not expected to have a material effect on our consolidated results; accordingly, we provide qualitative sensitivity analysis only.

Our significant accounting policies are discussed in "Note 2 – Significant Accounting Policies" to our audited consolidated financial statements included elsewhere in this prospectus; however, the following discussion pertains to accounting policies we believe are most critical to the portrayal of our financial condition and results of operations or that require significant, difficult, subjective or complex judgments or estimates. Other companies in similar businesses may use different estimation policies and methodologies, which may affect the comparability of our financial statements, financial condition, results of operations and cash flows to those of other companies.

***Revenue Recognition***

For single-day events, we recognize revenue once our performance obligations to our customers are fulfilled, which is typically at the conclusion of each day's events. For multi-day events, trade shows or exhibitions which span multiple days, we recognize revenue over time, which is typically at the conclusion of each day's events. Revenue related to contracts for rigging, power and other installations is recognized at a point in time once the installation has been completed. In all instances, we recognize revenue using the input method, which we believe accurately reflects the actual resource consumption in line with the delivery of our performance obligations.

We evaluate whether it is appropriate to present the gross amount that our customers pay for our services as revenue, and the related commissions paid to the venue as cost of revenue, or to recognize the net amount (gross revenue less the related commissions paid to the venue) as revenue. We negotiate and execute contracts directly with our customers, which means we have the sole discretion in establishing the price, maintaining the risk before the specified event has concluded and we have delivered the agreed upon services and technology. As a result, the Company's revenue is primarily reported on the gross basis., with commissions paid to venues recorded as a cost of revenue.

Our contracts are generally short-term and contain a single performance obligation, which limits the degree of estimation required. We do not offer significant financing terms or variable consideration, and we provide only assurance-type warranties, which are not considered separate performance obligations.

***Venue Incentives***

We enter into long-term contracts with venue operators for the right to be the exclusive on-site provider of audiovisual and event technology services and to receive customer referrals from the venue operator over the contract period. While these contracts do not preclude outside event technology providers coming into the venues to support individual events, and event planners retain the option to use outside providers, the contracts do prevent non-Encore team members and technology from being in-house at these venues. We defer certain up-front cash payments and the estimated cost of capital equipment and/or installation services obligations incurred in connection with signing new venue contracts or renewing existing venue contracts. In the event the contract is early terminated

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

by the venue operator, the venue operator must repay a ratable portion of the cash payment and the value of the capital equipment and/or installation services obligations based on the remaining contract period. Venue incentives are amortized over the life of the contract with the venue operator, which typically range from three to six years. We review our venue incentives for impairment whenever events or changes in circumstances indicate the carrying amount of the venue incentives may not be recoverable.

***Impairment of Goodwill***

We evaluate goodwill for impairment annually, or more often if a triggering event occurs between annual tests which are performed as of October 1<sup>st</sup> each year.

As part of our evaluation of goodwill for potential impairment, we exercise judgment to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• perform a qualitative assessment to determine whether it is more likely than not that the fair value of a
reporting unit is less than its carrying value. Factors we consider when making this determination include assessing macroeconomic conditions, industry, market and customer conditions, the overall financial performance of the reporting unit, changes
in management or strategy and any reporting unit specific events that may change the carrying amount of net assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decide whether to bypass the qualitative assessment and perform a quantitative assessment. Factors we consider
when making this determination include negative changes in the Company's financial performance or general economic conditions since the previous quantitative assessment was performed, the amount by which the fair value exceeded the carrying
value at the time of the previous assessment and the period of time that has passed since such quantitative assessment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• perform a quantitative analysis to identify both the existence and the amount of an impairment loss. The
estimated fair value is calculated using either an income approach based on the present value of discounted cash flows or the market approach, or a combination of both methods, to the respective reporting unit's carrying value, which includes
goodwill.

Changes in the estimates and assumptions used in our impairment analysis, or changes in the factors that we consider would affect these estimates and assumptions, such as those described above, could result in impairment losses, which could be material.

***Impairment of Long-Lived Assets***

We periodically evaluate whether current events or circumstances indicate that the carrying value of our property, plant and equipment, ROU assets and definite-lived intangible assets may not be recoverable. If circumstances indicate that the carrying value may not be recoverable, we estimate future undiscounted net cash flows expected to be generated by the asset over its remaining useful life, including any residual value. If that amount is less than the carrying value of the asset, we recognize an impairment loss equal to the amount by which the carrying value exceeds the fair value of the asset. Changes in the estimates and assumptions used in our impairment analysis, or changes in the factors that we consider would affect these estimates and assumptions, such as those described above, could result in impairment losses, which could be material.

***Income Taxes***

The determination of our income tax positions involves consideration of uncertainties, changing fiscal policies, tax laws, court rulings, regulations, and related legislation. We record a provision for income taxes for the anticipated tax consequences of our reported results of operations using the asset and liability method. Deferred income taxes are recognized by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis as well as net operating loss and tax credit carryforwards. The effect on deferred tax assets and

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The measurement of deferred tax assets is reduced, if necessary, by a valuation allowance for any tax benefits for which future realization is uncertain.

Although we believe our assumptions, judgments and estimates are reasonable, changes in tax laws or our interpretation of tax laws and the resolution of any tax audits could significantly impact the amounts provided for income taxes in our consolidated financial statements.

In evaluating our ability to recover our deferred tax assets, in full or in part, we consider all available positive and negative evidence, including our past operating results, and our forecast of future earnings, future taxable income and prudent and feasible tax planning strategies. The assumptions utilized in determining future taxable income require significant judgment and are consistent with the plans and estimates we are using to manage the underlying businesses. Actual operating results in future years could differ from our current assumptions, judgments and estimates. However, we believe that it is more likely than not that most of the deferred tax assets recognized on our consolidated balance sheets will ultimately be realized.

We did not recognize certain tax benefits from uncertain tax positions within the provision for income taxes. We may recognize a tax benefit only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. Due to uncertainties in any tax audit outcome, our estimates of the ultimate settlement of our unrecognized tax positions may change and the actual tax benefits may differ significantly from the estimates.

We record interest and penalties in the provision for income taxes on our consolidated statements of operations.

The GILTI regime effectively imposes a worldwide minimum tax on foreign earnings. U.S. shareholders of controlled foreign corporations ("CFC") are subjected to current taxation on most income earned through a CFC. GILTI inclusions may be reduced by a special deduction and foreign tax credits when available. Our accounting policy election with respect to GILTI tax is to treat taxes due on future U.S. inclusion in taxable income as a current period expense when incurred.

On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was enacted in the U.S. The OBBBA includes significant changes to U.S. tax law, including making permanent certain provisions originally enacted under the Tax Cuts and Jobs Act, such as 100% bonus depreciation, the immediate expensing for domestic research and experimental costs, and the limitation on the deductibility of business interest expense. We are currently evaluating the potential impact of the OBBBA on our consolidated financial statements and related disclosures.

**Quantitative and Qualitative Disclosure About Market Risk** 

We are exposed to changes in interest rates and foreign currency exchange rates because we finance certain operations through variable rate debt instruments and denominate our transactions in a variety of foreign currencies. Changes in these interest rates and foreign currency exchange rates may have an impact on future cash flow and earnings.

We manage these risks through normal operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments. By their nature, all such instruments involve risk, including the possibility that a loss may occur from the failure of another party to perform according to the terms of a contract (credit risk) or the possibility that future changes in market price may make a financial instrument less valuable or more onerous (market risk). As is customary for these types of instruments, we do not require

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

collateral or other security from other parties to these instruments. In management's opinion, there is no significant risk of loss in the event of nonperformance of the counterparties to these financial instruments. We do not use derivative financial instruments for trading or speculative purposes.

***Interest Rate Risk***

We are subject to market risks from fluctuation in interest rates on our variable-rate borrowings under our Term Loan Facility and Revolving Credit Facility. Our risk management philosophy is to limit our exposure to rising interest rates and minimize the negative impact on our earnings and cash flows and we do this by entering into interest rate derivatives to manage differences in the amount, timing and duration of known or expected cash payments on our Term Loan Facility and Revolving Credit Facility. These interest rate swaps have been designated as cash flow hedges, and involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchanging the underlying notional amount.

We record the gain or loss on our interest rate derivatives net of income taxes (inclusive of income tax valuation allowances, as applicable) in accumulated other comprehensive loss and subsequently reclassify amounts into interest expense in the same period during which the hedged transaction effects earnings. Amounts reported in accumulated other comprehensive loss will be reclassified to interest expense as interest payments are made on our variable-rate debt. Interest payables and receivables under the swap agreements are accrued and recorded as adjustments to interest expense on a monthly basis and reflected in the interest expense line of the consolidated statements of operations and through net loss under operating activities in the consolidated statements of cash flows.

We had million outstanding under our Term Loan Facility as of December 31, 2025. A hypothetical increase in interest rates of 100 basis points would have increased our annual interest expense by approximately $ million.

***Foreign Currency Risk***

As a result of our global operations, we generated approximately % of our sales and incurred a similar portion of our expenses in currencies other than the U.S. dollar in the year ended December 31, 2025. As a result, our revenue, cost of sales, operating expenses and certain assets and liabilities fluctuate as the value of such currencies fluctuate in relation to the U.S. dollar. In addition, the results of operations of some of our operating entities are reported in currencies other than the U.S. dollar and then translated into U.S. dollars at the applicable exchange rate for inclusion in our financial statements. As a result, appreciation of the U.S. dollar against these other currencies generally will have a negative impact on our reported sales and profits while depreciation of the U.S. dollar against these other currencies will generally have a positive effect on reported sales and profits. We do not currently hedge our foreign currency exposure. Our exposure is primarily related to the Canadian Dollar, British Pound, Euro, Australian Dollar, Mexican Peso and United Arab Emirates Dirham. A hypothetical 10% increase in the value of the U.S. dollar relative to the Canadian Dollar during the year ended December 31, 2025, would have decreased pre-tax income by $ million. This hypothetical calculation estimates the impact of translating results into U.S. dollars and does not include an estimate of the impact that a 10% change in the U.S. dollar against other currencies would have had on our foreign operations.

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**BUSINESS** 

**Our Mission** 

As the world's leading B2B live events company based on annual revenue and number of events serviced, Encore fulfills a purpose to connect and inspire people through the transformative power of events. We believe authentic, in-person engagement is more important than ever in today's rapidly digitizing world. Our mission is to be an invaluable partner on our customers' journeys, combining the power of our technical team members, innovative production services, and differentiated global footprint to create impactful events.

**Our Business Overview** 

***Company Description***

Encore is the global leader in B2B live event production based on annual revenue and number of events serviced. We sit at the intersection of in-person experiences, the need for technology to create immersive experiences, and the importance of the venues where these events take place. We are active in 21 countries and serve under a preferred contract designation for on-site event production services across approximately 2,200 venues globally as of December 31, 2024. Our more than 12,000 talented team members operate as an embedded partner throughout the hospitality and corporate events ecosystem. Our platform combines scale, technical depth, and operational integration, which has allowed us to deliver more than 400,000 events annually over each of the last three years to a diverse customer base. In the year ended December 31, 2024, our customer base included approximately 98% of Fortune 500 companies and we served approximately 100,000 customers globally.

In-person engagement remains a powerful medium for building trust, launching products, connecting with peers, and fostering authentic collaboration. As live events continue to grow in strategic importance, organizations are increasingly relying on professional production partners to deliver immersive, technology-enabled experiences. Our capabilities span the entire event lifecycle, encompassing strategic planning, creative direction, on-site execution, and post-event analytics. We believe our ability to deliver these services at scale, with consistency and quality, positions us as the partner of choice for our customers holding events and the venue partners hosting them, further distinguishing us from our competitors. We offer robust production services like show production, project management, and talent management, including the delivery of event technology such as AV systems, lighting, rigging, power distribution, internet services, LED screens, immersive tech, and live streaming.

Our competitive advantage is rooted in our operating model. Our more than 12,000 team members, including over 3,000 with technical lead certifications as of December 31, 2024, represent one of the industry's largest collections of event production talent. These teams live, work, and deliver events in many of the world's most important meeting and event geographies. We support events in these locations' unique event venues including our contracted venue footprint spanning approximately 2,200 hotels, convention centers, corporate campuses, stadiums, arenas, and other non-hotel venues in 21 countries across North America, Europe, the Middle East, Australia, and Asia as of December 31, 2024. Our centralized infrastructure and asset-light model enable scalable delivery and operational flexibility, while our variable cost structure (which accounted for approximately 75% of our operating expenses for the year ended December 31, 2024) supports resilience through industry seasonality. We also have visibility into our U.S. revenue, with approximately 95% of such revenue for the year ended December 31, 2024 generated through event venues with whom we have multi-year contracts, including long-term MSAs, and individual venue contracts. These relationships, many of which span over a decade, provide stable economics and seek to enable consistent growth. In addition, our customer-direct model continues to expand, deepening relationships with customers and unlocking new revenue streams outside of our venue network.

For the year ended December 31, 2024, we generated $3.2 billion in revenue, $(176.1) million in net loss, and $428.8 million in Adjusted EBITDA, representing a net loss margin of (5.4)% and Adjusted EBITDA

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

Margin of 13.2%. For a reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to the most directly comparable GAAP financial measures, information about why we consider Adjusted EBITDA and Adjusted EBITDA Margin useful, and a discussion of the material risks and limitations of these measures, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures."

***History and Evolution***

Our journey to become the world's leading B2B live events company began more than 85 years ago. From our humble beginnings in the 1930s showing movies on barns in communities without access to technology, to our early innovations in Las Vegas, where technological expertise met a new brand of hospitality, we have always been driven by a desire to bring people together. Our transformation has been shaped by a series of strategic inflection points that have expanded our capabilities, deepened our customer relationships, and positioned us for the next era of accelerated growth.

In the early 2010s, we began our transition from a venue-by-venue operating model to a network-based approach. This shift enabled us to more efficiently deploy technical talent and equipment to deliver better outcomes for our customers and venue partners. Instead of being limited by what was located on site, we were able to fully deploy our offerings throughout our network, maximizing our utility for such customers and venues. During this period, we also expanded our long-term venue relationships with strengthened MSAs, laying the foundation for scalable growth.

By the middle of the decade, we were more clearly articulating our commitment to deliver for both our meeting-planner customer and hotel-venue partner. We evolved our focus towards building a more diversified category-defining platform where we invested in the ability to deliver larger productions, offer digital technologies in the meeting space, and support customers better internationally. From 2012 to 2019, we complemented this organic growth with one to two tuck-in acquisitions annually to accelerate growth. The 2019 combination of Encore and PSAV, our legacy brand prior to 2021, was a transformative milestone, adding scale in Las Vegas, enhancing our credibility in high-end, large-scale event production, and developing a significant Asia Pacific presence with a leading Australia platform.

We navigated the global pandemic by taking a long-term view and further entrenching our team members with our key customers and venue partners, along with strengthening our highest trained technical talent. This helped our business to rebound rapidly beginning in late 2021 and return to pre-pandemic revenue levels by 2022. We used this period to accelerate investments in capabilities supporting our larger events, unified a dozen global brands under the Encore name, and invested in immersive technologies and digital infrastructure to meet rising demand for hybrid and in-person events. We also expanded our customer-direct model and deepened strategic partnerships with our hotel, convention center, and stadium venue partners.

Today, we are entering our next era of growth. Our multi-pronged strategy is focused on innovating new products to increase average revenue per event, improving capture rates within our venue footprint, expanding internationally, and getting closer to key customer accounts to grow our share of wallet and activate adjacent markets such as experiential marketing.

***Core Services and Capabilities***

Our integrated platform delivers a comprehensive suite of event production services built to address the needs of customers and venues in today's dynamic live events landscape. Our end-to-end capabilities provide one-stop solutions supporting the entire event journey. We continually innovate, developing best practices to deliver more than 400,000 events annually over each of the last three years and investing in the latest event technologies to offer customers new ways to create impactful experiences. We believe this positions us to deliver services that are scalable and reliable, supporting every level of event from intimate corporate meetings to large-scale, high-impact conferences and experiential activations.

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

Our capabilities span the entire event lifecycle, encompassing strategic planning, creative direction, on-site execution, and post-event analytics. We offer event technology such as AV systems, lighting, rigging, power distribution, internet services, LED screens, immersive tech, and live streaming, alongside robust production services like show production, project management, and talent management. Our creative services team specializes in branding, content development, experience design, digital engagement, and event analytics. Additionally, we provide general contracting and fabrication services, including exhibit design, 3D printing, and event infrastructure, enabling a true end-to-end solution for our customers.

We execute through our centralized talent operating model. From our talent acquisition teams sourcing specific skills and competencies to our global training programs developing proprietary technical certifications, our workforce is built to serve today's complex event industry. Leveraging the density of talent in each major market, our operations are designed to place the most qualified individuals at each venue for every customer.

***Business Model***

We believe that the strength of our business model lies in the combination of our large technical workforce alongside the industry's largest hotel, convention center, and stadium venue footprint. Our ability to offer end-to-end event production solutions, at scale, in many of the major meeting markets positions us to serve customers and venue partners around the globe. The quality and breadth of our offerings and trust we have earned from customers and venue partners, has resulted in growing our diversified and visible revenue streams. Our long-term MSAs with leading hotel chains is a powerful endorsement at thousands of venues across the globe, while our individual venue contracts at nearly all of our approximately 2,200 venues establish Encore as the exclusive on-site provider of event technologies, resulting in significant capture within these venues. While these contracts do not preclude outside event technology providers coming into the venues to support individual events, and event planners retain the option to use outside providers, the contracts do prevent non-Encore team members and technology from being in-house at these venues. Furthermore, these agreements are structured with revenue-based commissions, ensuring economic alignment and shared incentives for growth and service excellence between us and the venue. From 2019 through 2025, we had an approximately 80% capture rate within venues with which we have an existing relationship.

Our business is anchored by these long-standing partnerships with leading hotel chains and individual venues. Under our individual venue contracts, we pay minimum commission rates or amounts to the venue partner from revenue generated from our customers within the respective venue location. We also enter into MSAs with major hotel chain partners and hotel ownership groups. These MSAs name us as a preferred provider to the hotels within the chain or ownership group and establish the contractual framework and economics for the term of the agreement. Individual venues that are owned or managed by a hotel chain or hotel ownership group with which we have an MSA are encouraged, but not mandated, to contract with us for technology services. In most instances, our hotel chain and hotel ownership group MSAs range from four to six years.

Our individual venue contracts establish us as the exclusive on-site provider of event technologies at that particular venue. The individual venue contracts provide us with revenue diversification and greater pipeline visibility. The typical length of our individual venue contracts is approximately five years, allowing us to lock in economic upside for this duration.

We make certain up-front cash payments to venues in connection with entering into new multi-year contracts (including multi-year hotel chain and hotel ownership group MSAs and individual venue contracts), which we classify as venue incentives payments. As we receive customer referrals through venue partners and enter into contracts directly with our customers for individual events, we pay a revenue-based commission to the venue partner based on the revenue we earn for those events taking place in our venue partner locations.

Through referrals from and access to customers at our venue partner locations, we enter into contracts directly with our customers, which are generally short-term, contain a single performance obligation, and are on an event-by-event basis. We also enter into long-term MSAs with certain customers, such as large corporate customers or professional associations with regular event technology service needs, with whom we still enter into individual contracts directly for specific events and other single performance obligations during the term of these customer MSAs.

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

We established our customer-direct model to build deep, strategic relationships with high-value corporate and association customers. As part of this strategy, we are focused on executing events for our customers where it matters most across all venue formats, irrespective of their geographic location. We offer tailored solutions and seek to expand wallet share within these accounts to drive incremental growth and fulfill bespoke event experiences that meet the evolving needs of our customers. Our international footprint extends to 21 countries and more than 800 international venues, positioning us to capitalize on the expanding global demand for live events. We have adopted a flexible approach that enables us to serve events of all sizes, ranging from small meetings under $10,000 to large-scale conferences and trade shows exceeding $1,000,000, demonstrating both operational agility and market reach.

**Our Industry** 

***Market Size and Segmentation***

We estimate the event production services TAM to be between $60 billion to $85 billion globally, which is anticipated to grow 6% to 8% annually through 2030. We estimate our market opportunity through an evaluation of growth opportunities within our near-core markets, potential expansion opportunities into adjacent markets, and entry into additional new geographies across our core and near-core markets where we do not currently operate. This market encompasses a broad spectrum of event types and customer segments, ranging from corporate meetings and trade shows to experiential marketing activations, live music, and sporting events.

Our core market serves corporate events taking place in hotels, which we estimate represents a TAM of $10 billion to $15 billion annually. As a partner for many leading hotel chains and venues worldwide, we have established ourselves as a go-to provider for in-person corporate meetings, conferences, and executive gatherings. We operate in this core market through our long-term, multi-year contracts and deep, strategic relationships, providing us with high revenue retention and a stable foundation for growth. We believe we have set the industry standard for delivering seamless, technology-enabled experiences within hotel environments, while also serving as a central player in the global corporate events ecosystem.

Building on this strong foundation, we are strategically growing in near-core markets where we serve many of the same event planner customers but in more diverse venue types that are part of the evolving landscape of live events. Our near-core market, including trade shows, non-hotel corporate events, and experiential marketing, which we estimate accounts for additional $30 billion to $40 billion in TAM, offering significant opportunities for growth as organizations seek more immersive and innovative event formats. Beyond this, our adjacent markets, which represents a potential future opportunity for expansion, encompass live music, sports, and TV and film production, which we estimate contributes a further $20 billion to $30 billion in TAM. This expansion underscores the increasing convergence of business, entertainment, and media, and highlights our ability to offer production services across a diverse array of event types in today's dynamic experience economy.

***Key Industry Trends***

The event production industry has a long history dating back to the earliest technologies being used to amplify the impact of in-person gatherings. It grew rapidly late in the twentieth century due to the proliferation of larger ballrooms in hotels, growth in travel, and increased interest in communities bringing individuals together, and continues to evolve today.

*Importance of in-person meetings post-pandemic*: Live event volumes have surged back since the COVID-19 pandemic as communities prioritize reconnection.In today's increasingly digital world, organizations are leveraging innovative formats to build trust, deepen engagement, and deliver more impactful experiences. Over this period, the events industry has experienced a steady shift toward technological sophistication and increased complexity of events. The events industry has experienced a robust recovery following the pandemic, with the decline in small meeting volumes due to the use of technology substitutes like Zoom more than offset by

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

the rapid growth in medium and large in-person events, which has driven our core market TAM beyond pre-pandemic levels. The events industry generally considers events with event technology spend of between $10,000 and $100,000 to be medium-sized events, and events with event technology spend of more than $100,000 to be large events. While the total number of events across the industry remains below pre-pandemic volumes, a shift toward higher-value, more complex engagements has resulted in an event production industry that management believes is at its largest level, based on volume of medium and large events.

*Increasing event complexity and spend*: Many organizations are investing more in their events by prioritizing enhanced production value, advanced technology integration and creative storytelling to maximize the impact on their varied audiences. We have seen average corporate event spend in our core market rise at a compound annual growth rate of 8% to 10% since 2019, driven by greater complexity, inflation, and a shift toward larger, more immersive experiences. According to industry estimates, trade show event volumes are projected to fully recover by 2028 to pre-pandemic levels, with event count estimated to grow at a 1% to 3% compound annual growth rate and event spend estimated to increase 2 to 3% annually, driven by rising demand for premium, tech-enabled experiences. Non-hotel corporate events are also emerging as a major growth driver, expanding our market opportunity and competitive advantages. At the same time, experiential marketing continues to gain momentum as customers prioritize high-impact, engagement-focused activations. Across all markets, event budgets are increasingly allocated to technology, content creation, and attendee engagement.

*Technology enablement and innovation*: The proliferation of hybrid and virtual events has expanded the reach of live experiences, while immersive technologies such as LED walls, advanced AV, and interactive digital platforms are elevating the quality and impact of in-person gatherings. As we increasingly apply AI to assist our sales teams and customers with product recommendations as well as with building event and exhibit designs and renderings for customer proposals and presentations, along with the use of data analytics to optimize event planning, personalize attendee experiences, and evaluate return on invested capital, we believe our investments in enterprise-grade technology ensure we remain at the forefront of this trend by offering customers access to cutting-edge solutions and coordinated execution.

*Growth in alternative venues and formats*: The industry is moving beyond traditional hotel venues to include alternative spaces, such as corporate campuses, convention centers, arenas, and experiential environments. This trend is driven by customers' desire for unique, customizable experiences, the need to accommodate larger audiences, and more complex production requirements. We are oriented towards growth in these formats, activating different venue types across multiple cities with speed and consistency through our broad footprint and flexible operating model.

*Sustainability and ESG considerations*: Many of our customers are increasingly seeking solutions that minimize environmental impact, promote responsible resource use, and align with broader corporate sustainability and ESG goals. Our commitment to sustainability is demonstrated through our EcoVadis sustainability rating, investments in energy-efficient technologies, engagement in the communities we operate, and responsible employer practices. We believe these factors position us as a trusted choice for organizations seeking to enhance their responsible business profiles through live events.

**Our Market Opportunity** 

***Industry Dynamics***

Despite meaningful growth potential, the live events industry faces several challenges that require strategic focus and operational efficiency. Some industry dynamics in our industry landscape include:

*Event production as a mission-critical factor*: Event production is a cornerstone of the entire event experience and forms the foundation for every other element. While event technology can be a smaller budget item, its impact is disproportionately high, with any misstep potentially jeopardizing the event experience. We

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

believe that flawless execution is essential to the complexity and interdependence of technical, creative, and logistical components. A single error in event production can create significant reputational and financial risk. As expectations rise and events become more immersive and tech-enabled, the need for reliable, expert production partners is more critical than ever.

*Complex event logistics*: The event production industry involves significant event-to-event customization and the integration of digital and physical components, requiring tailored labor, logistics, and equipment solutions. This high degree of variability and operational complexity makes it difficult to achieve economies of scale and consistent operating leverage, as resources must be flexibly allocated and managed for every unique customer's needs.

*Fragmented ecosystem*: The event production landscape is characterized by a fragmented ecosystem of service providers, including a mix of regional AV companies, experiential marketing agencies, technology providers, and local production firms, particularly outside of the United States, making it difficult for venues and planners to manage execution and ensure consistency across geographies. Customers are under pressure to deliver immersive, tech-enabled experiences while managing budgets and demonstrating return on investment.

***The Encore Solution***

*Qualified technical talent and expertise*: Our highly skilled technical workforce is the foundation of our value proposition, powering reliable execution across every event. With deep expertise, rigorous training, and a culture of service excellence, our team is equipped to solve complex production challenges and deliver immersive experiences at scale.

*Economies of scale*: We benefit from economies of scale that venues value due to more intermittent operations and different strategic priorities. We utilize our large network and efficient processes to generate cost advantages, service reliability, and scale density across the globe.

*Venue relationships*: Our weighted average contract life with our venue partners is approximately five years as of December 31, 2024. This long-term contractual structure supports growth and, in combination with our revenue-based commission model, ensures we are aligned economically with our venue partners.

*Pre-engineered production templates*: To address scalability challenges, we are developing standardized production templates that streamline event workflows and minimize variable cost increases. These templates reduce the need for bespoke solutions and enable more efficient resource allocation and cost management while maintaining high service quality and event consistency.

*Focus on enterprise events*: Recognizing the strategic importance of enterprise events as a promotional tool in a competitive market, we are actively expanding our footprint into new geographic markets and event categories. We believe this strategy will allow us to capture emerging opportunities and diversify our revenue base.

*Infrastructure support*: For high-stakes events where flawless execution is essential, we provide not only creative and technology services, but also robust infrastructure support. This includes the design, setup, and management of essential event infrastructure such as staging, rigging, power distribution, lighting grids, internet connectivity, and temporary structures. We believe this mitigates risk for our customers and is designed to seamlessly deliver events for our customers.

*Digital integration*: Software is not a substitute for our on-site capabilities. While technology platforms are increasingly prevalent, our integrated approach combines digital solutions with physical execution to deliver superior outcomes for complex customer events.

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**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Our Competitive Strengths** 

We are the world's leading B2B live events company based on annual revenue and number of events serviced, providing innovative, technology-enabled solutions supporting corporate and institutional customers who depend on us to execute mission critical events. We sustain this leadership by harnessing a distinctive set of competitive advantages, including:

***Highly Trained Technical Workforce***

With more than 12,000 team members, including over 3,000 with technical lead certifications, our teams are equipped to manage events of all sizes and complexities. Our commitment to talent development is reflected in our training programs and certification processes. These efforts support the deployment of "Encore certified teams," a term we use to refer to our internal training and development certification for our team members, to promote quality and operational leadership across regions. We also possess strong employee engagement and retention, achieving an 87% retention rate compared to the hospitality industry average of 53% in 2024. Our workforce initiatives, business resource groups, and veteran support programs contribute to a positive culture and high levels of team member satisfaction.

***Global Scale and Venue Density***

We have delivered more than 400,000 events annually across 21 countries through a network of approximately 2,200 venue partners, totaling more than 1.2 million events from 2022 to 2024. Our extensive branch network and centralized distribution support our improved resource deployment, equipment utilization, and rapid responses to our customers' needs. Our asset-light operating model generally has approximately 75% variable cost which allows us to flex with demand and across economic cycles. We believe a key driver of our success is the density of our venue network, which provides access to high-value event opportunities and supports consistent delivery of quality and reliability as compared to our competitors. Additionally, our position as the preferred on-site provider for many venues, secured through MSAs and direct contracts, further strengthens our competitive advantage and enhances our visibility with customers and venue partners alike.

***Long-Term Partnerships and Revenue Visibility***

Our business is anchored by long-standing partnerships with leading hotel chains and individual venues. We have visibility into our U.S. revenue, with approximately 95% of such revenue generated through venues operating under leading hotel chains such as Accor, Hilton, Hyatt, IHG, and Marriott, with whom we have multi-year contracts, long-term MSAs and individual venue contracts. We sign contracts at the individual venue for each of our approximately 2,200 venues whereby they establish Encore as the exclusive on-site provider of event technologies in that property. While these contracts do not preclude outside event technology providers coming into the venues to support individual events, and event planners retain the option to use outside providers, the contracts do prevent non-Encore team members and technology from being in-house at these venues. Furthermore, the revenue-based commission models align incentives with our venue partners, fostering growth and service excellence. We aim to consistently deliver quality and reliability, minimize reliance on external vendors, and operate as an extension of the venue teams that we work alongside. This approach has earned us the reputation as a partner of choice for many venues and event planners. We maintain multi-year MSAs with leading hotel chains and direct contracts with individual venues, generating revenue in 2024 from 98% of the same global venues we did in 2023. We reinforce this stability with our diversified customer base, which spans professional services, associations, and other key sectors.

***Integrated End-to-End Capabilities***

We serve as a single partner across planning, creative, production, technology, and execution. We offer a comprehensive suite of services that spans the entire event lifecycle, including strategic planning, creative

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direction, advanced AV solutions, scenic design, digital engagement, and on-site execution. Our pre-engineered production templates and standardized workflows enable us to scale service delivery, control variable costs, and deliver consistency across all event sizes, geographies and formats. Our integrated model reduces the need to coordinate multiple vendors in a fragmented industry. Our ability to function as an extension of the customer's team makes us an established partner and a provider of choice for organizations seeking reliability, efficiency, and creative excellence.

***Technology Leadership and Innovation***

We invest in advanced event technology to ensure our customers benefit from the latest innovations in AV, lighting, rigging, and digital engagement. We leverage our technology and customer management tools to execute events that satisfy different customer requests. By integrating AI and data analytics, we strive to optimize event planning, resource allocation, and customer experience in real time. Our technology strategy is tightly aligned with our goals for revenue growth, margin improvement, and service excellence. In the ordinary course of our business, we use AI technology to assist our sales teams and customers with product recommendations as well as with building event and exhibit designs and renderings for customer proposals and presentations.

***Financial Profile***

Our financial profile is characterized by strong growth, high capital efficiency and market outperformance, although we have experienced an increase in net loss and accumulated deficit from 2023 to 2024. For the year ended December 31, 2024, we generated $3.2 billion in revenue, $(176.1) million in net loss, and $428.8 million in Adjusted EBITDA, representing a net loss margin of (5.4)% and Adjusted EBITDA Margin of 13.2%. For the year ended December 31, 2023, we generated $3.1 billion in revenue, $(132.0) million in net loss, and $425.3 million in Adjusted EBITDA, representing a net loss margin of (4.3)% and Adjusted EBITDA Margin of 13.8%. To measure our U.S. performance against the industry, we compare our SVR against Group RevPAR, a metric for which we have historically been able to achieve above industry growth, reflecting our track record of outstanding customer service and our increasing suite of technological and production offerings. Since 2013, and excluding the years impacted by the COVID-19 pandemic, our average annual U.S. SVR growth was 8.2%, whereas the average Group RevPAR growth rate was 3.8% per annum, showing our growth far exceeding the pace of industry growth, driven by our expanded solution set, increased technology adoption across event sizes, continued runway in infrastructure services, and strategic tools developed with venue partners to capture business. Our cost-effective operating model, centralized distribution, and utilization underpin our capital efficiency.

***Commitment to Sustainability and ESG***

In 2025, we earned an EcoVadis Silver Medal sustainability rating across the global group, received Great Place to Work certifications in 13 countries, and were named to Fortune's "100 Best Companies to Work For" list. We invest in energy-efficient technologies, responsible employer practices, and inclusion initiatives, in compliance with applicable law, to elevate our sustainability and ESG profile in the live events space. These efforts are complemented by our workforce initiatives, business resource groups, and veteran support programs, which foster a positive culture for all and contribute to high levels of team member satisfaction.

***World-Class Management Team***

We are led by a globally diverse executive team with deep expertise across operations, technology, and customer experience. At the helm is Benjamin Erwin, who has served as Chief Executive Officer since 2020, following prior roles as President and Chief Financial Officer at Encore. Mr. Erwin brings more than two decades of experience in corporate strategy, finance, and investor relations in a variety of industries. Since 2020, Becky A. Sheehan has served as Chief Financial Officer, bringing leadership experience from senior roles at Cars.com, FTD Group, Deloitte, and Arthur Andersen. Ms. Sheehan was the Chief Financial Officer at each of Cars.com (now Cars Commerce) (NYSE: CARS) and FTD (Nasdaq: FTD) during their respective initial public offerings.

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**Customers and Partners** 

Our platform is built on long-standing relationships with customers and venue partners, enabling us to deliver value across the live events ecosystem.

***Diverse and Blue-Chip Customer Base***

In the year ended December 31, 2024, our customer base included approximately 98% of Fortune 500 companies and we served approximately 100,000 customers globally. Our customers span professional services, technology, healthcare, industrials, financial institutions, consumer brands, non-profits, and government agencies. We have a low customer concentration risk, with our top 10 customers accounting for less than 3% of revenue in the aggregate for the year ended December 31, 2024, reflecting the depth and breadth of our customer relationships. Through our customer-direct model, we foster deep engagement with high-value accounts which enables us to deliver tailored services and long-term partnership development.

***Venue Partnerships***

We maintain multi-year MSAs with leading hotel chains and direct contracts with individual venues, generating revenue in 2024 from 98% of the same global venues we did in 2023. In the United States, approximately 95% of such revenue is generated through event venues with whom we have multi-year contracts, including long-term MSAs, and individual venue contracts in 2024. While these contracts do not preclude outside event technology providers coming into the venues to support individual events, and event planners retain the option to use outside providers, the contracts do prevent non-Encore team members and technology from being in-house at these venues. Our relationships with our top 20 venues average 13 years and include prestigious hospitality brands such as Accor, Hilton, Hyatt, IHG, and Marriott. We are an on-site provider of event technology and production services at approximately 2,200 venues across 21 countries, including hotels, convention centers, and alternative event spaces, delivering quality at scale.

***Delivering Value to Both Sides of the Marketplace***

For venues, we leverage our technical expertise, branch network and distribution capabilities to deliver value to both venue partners and event planners. We support events from basic AV to fully immersive multi-day conferences for all event sizes. For event planners and corporate customers, we offer a one-stop shop for event production, creative direction, and technology enablement, backed by in-house certified teams that ensure quality events across regions. We cherish our customers and believe that high customer satisfaction drives long-term customer retention. Our key performance metrics, gathered through our internal customer satisfaction surveys which are distributed to customers at the conclusion of an event, reflect an 89% Overall Satisfaction score, a +16 Net Promotor Score, and a 91% rating for AV expertise as of March 31, 2025.

***Unlocking Growth in New Markets and Through New Models***

We continue to unlock growth through strategic expansion in key markets and innovative service models. In Las Vegas, the world's largest meeting market, we have established a significant presence, serving 14 of the 15 top venues by room count and capturing a significant share of the city's more than $1 billion estimated annual event production spend. We reinforce this foothold with long-term contracts and strategic venue partnerships, backed by our proven track record of delivering high-impact events for leading corporations and associations. Internationally, we have extended our reach into high-growth regions such as Australia, the United Kingdom, the United Arab Emirates, and Singapore, each representing opportunities to grow revenue and elevate our brand. We complement our venue-based strategy with our customer-direct model, which is a high-touch service designed for customers with substantial event budget. We begin this customer journey with creative planning and extend through full-scale production both within and beyond our venue network. Our customer-direct model has become a core growth driver, enabling deeper engagement and wallet share expansion with existing accounts.

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***Supporting Customer Success Through Innovation and Service***

We deliver high-quality event experiences at scale by combining our skilled technical workforce with smart technology. Our technology tools support dynamic pricing, product recommendations, event rendering, and real-time troubleshooting that enable our teams to optimize event planning, resource allocation, and customer experience. Our technical team is a core differentiator, consistently delivering results across regions and customer engagements.

**Growth Strategies** 

***Multiple Levers to Accelerate Growth***

![LOGO](g23359g33a33.jpg)

Against a positive backdrop for demand of in-person events, we are executing a multi-pronged plan to expand our market share, deepen customer relationships, and unlock new revenue streams across the global live events ecosystem. By increasing revenue per event, enhancing event capture within existing venues, expanding our footprint into new and non-traditional spaces, and strengthening direct customer engagement, we are positioned to scale efficiently and sustainably. Our international expansion efforts and programmatic M&A pipeline further support our ability to enter high-growth and adjacent markets with diverse offerings, broadening our TAM.

***Increasing Average Revenue Per Event***

We focus on introducing new products and services, including immersive technologies for our customers, into partner properties to drive event value and engagement. Through our investments, we have achieved nearly 75% growth in average revenue per event from 2019 to 2024, reflecting widespread adoption by customers. We believe our innovation pipeline is well aligned with evolving customer needs and industry trends. Our technology capabilities enable dynamic pricing, personalized recommendations, and real-time event rendering, unlocking new upsell and cross-sell opportunities through offerings like LED walls, interactive digital signage and immersive scenic elements, and data-driven analytics.

***Increasing Capture Rate Within Existing Venues***

Although we are the preferred on-site provider in many locations, event planners often retain the option to use outside providers. Our current approximate 80% capture rate for our existing venues from 2019 to the first half of 2025 presents a 20% upside within our existing footprint. We have implemented a strategic plan with venue partners to improve our infrastructure and services capture through commission-aligned incentives and

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local decision authority to speed approvals. With our embedded sales team working with venue sales organizations and by growing our customer-direct model, we have the opportunity to win more of the business that is being delivered in the venue partner locations. We aim to deepen our relationships with meeting planners by offering oversight and support for event planning requests to increase capture.

***New Unit Footprint Expansion***

We are expanding our venue footprint into marquee venues and non-traditional meeting spaces through partnerships with hotels, convention centers, corporate campuses, and experiential environments. We will leverage the relationships we have with venue partners in the United States to grow our new unit footprint in geographies outside the United States, with targeted growth in Australia, Asia-Pacific, Europe, the Middle East and Africa, Mexico and Canada. Our proven ability to secure contracts at marquee venues—including Gaylord Pacific, Fontainebleau Las Vegas, Seattle Convention Center and Waldorf Astoria New York City—demonstrates our capacity to win high-value opportunities and scale our presence in strategic markets.

***Deepening Direct Client Relationships***

We maintain dedicated account management across our highest-value direct relationships. Our specialized sales force works to secure multi-year contracts, new business development, and high-end production and experiential sales. We aim to enhance the customer experience and increase our wallet share by offering a single point of contact, transparent pricing, and seamless fulfillment of customer requests. Close partnerships with many of our largest customers enable access to additional event volume and diversification of our customer base. We believe our ability to more consistently service customers across locations will also contribute to our growth.

***Significant International Expansion***

With our footprint across 21 countries and more than 800 international venues, we are expanding into high-growth markets including Spain and Singapore, supported by existing MSAs with leading hotel chains like Accor, Hilton, Hyatt, IHG, and Marriott. We are developing tailored solutions for local market needs, investing in regional talent and infrastructure, and forming strategic partnerships with venue owners and operators to align our offerings with market-specific requirements, while fully leveraging our global expertise.

***Accretive Acquisitions***

We have completed 12 acquisitions between 2012 and 2019 at a pace of one to two tuck-in deals per year, generating synergies, expanding our geographic reach, and enhancing our capabilities in strategic customer markets. Although M&A activity paused for us in years following the pandemic, we completed the acquisition of two companies in the fourth quarter of 2025 and our pipeline included over 40 evaluated prospects.

In November 2025, we acquired Eclipse, a UK-based event production company, further expanding our capabilities and reach in the United Kingdom. In December 2025, we acquired FIRST, a leading global provider of embedded event solutions in corporate campuses, expanding our in-house capabilities to large corporate campuses for some of the world's leading companies. Both of these acquisitions reinforce our disciplined approach to scaling and creating value by complementing organic growth with inorganic growth.

***TAM Expansion Opportunities***

We are broadening our presence beyond traditional hotel venues into near-core markets, including trade shows, non-hotel corporate events and experiential marketing, with an estimated additional $30 billion to $40 billion in TAM. We also have the opportunity to expand into adjacent markets, including live music, sporting events, TV and film production, with an estimated further $20 billion to $30 billion in TAM. Through continuous innovation and the extension of our service offerings, we aim to anticipate and respond to emerging industry trends, meet evolving customer expectations, and unlock new avenues for sustainable growth.

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**Sustainable and Responsible Business** 

At Encore, our purpose is to connect and inspire people through the transformative power of events. We believe every moment we create is an opportunity to build trust, spark ideas, and strengthen communities. Our responsible business journey is guided by a commitment to do the right thing for our customers, our team members, and the communities we call home.

Our approach to sustainability and impact is holistic and deeply embedded in our culture. Our responsible business strategy is action-oriented, enterprise-wide, and designed to support positive-impact activities and initiatives. Through a company-wide materiality assessment and stakeholder engagement, we have identified the most relevant and impactful topics across our operations and value chain, resulting in a formal roadmap for continuous improvement. We focus our efforts across three pillars—advancing sustainability on the planet, fostering an inspired culture for our people, and acting with responsibility—which aligns our actions with rigorous international standards such as the Global Reporting Initiative and the Sustainability Accounting Standards Board.

As we continue to invest in technology, workforce development, and community engagement, we remain committed to measuring our progress in sustainability, inclusivity, and social impact. We believe that advancing environmental stewardship, fostering social responsibility, and upholding ethical governance creates lasting value for our customers and strengthens our position as a credible partner in the events industry. As we focus on connecting and inspiring people, we strive to do business in a way that makes a difference, locally and globally. We are guided by our ongoing commitment to positive impact and illuminating a brighter future.

**Competition** 

We are one of the largest providers of event technology services in the United States with a national and global footprint. The market is highly fragmented and we compete with numerous global, national, regional and local event technology providers.

We also compete with nationally and regionally based production companies, which support selected events within our contracted venues. We estimate that 20% of the event technology services spend taking place in our U.S. venues is spent with outside providers. Many of our larger geographic areas also have several production companies ranging from simple rental companies that will drop off equipment to large production companies that will manage and produce the event for a customer.

We believe that we have a competitive advantage over local providers given our scale, network locations, breadth of services and highly skilled and stable workforce. We also believe that more venues will continue to shift away from in-sourcing of event technology services as they realize the benefits of the outsourced model.

**Regulation** 

Although we do not believe that significant existing laws or government regulations adversely impact us, our business could be affected by different interpretations or applications of existing laws or regulations, future laws or regulations or actions by domestic or foreign regulatory agencies. Failure to comply with these and other laws and regulations may result in, among other consequences, administrative enforcement actions and fines, class action lawsuits and civil and criminal liability.

**Employees and Human Capital** 

As of December 31, 2024, we employed over 12,000 team members, more than 90% of which were on a full-time basis. We rely in part on unionized labor in the United States and we have employees represented by works councils in the European Union. We have not experienced any work stoppages, strikes or labor disputes.

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We consider our relations with employees to be good, and we place a focus on individuals, fostering valuable relationships and well-being within our teams, as well as with customers, partners, and suppliers to drive an inclusive culture for all.

**Properties** 

Our corporate headquarters is in Schiller Park, Illinois, where we currently lease approximately 96,000 square feet. In addition, we lease 33 real estate sites in the United States and 46 real estate sites internationally.

We believe that our facilities are suitable to meet our current needs, and that should it be needed, suitable additional or alternative space will be available to accommodate our operations.

**Intellectual Property** 

Our ability to protect our intellectual property is and will be an important factor in the success and the continued growth of our business. We rely on a combination of copyright, trademark, patent and trade secret laws, as well as non-disclosure, confidentiality and other types of contractual arrangements to establish, maintain and enforce our intellectual property rights.

Although we take measures designed to protect our intellectual property rights, no assurance can be given that we will be able to successfully enforce or protect our rights in the event that they are infringed upon or challenged by a third-party. See "Risk Factors— Risks Related to Legal, Regulatory and Security Matters—Any failure to obtain, maintain, protect or enforce our intellectual property rights, or the failure of the strength or scope of our intellectual property rights, could harm our business, financial condition and results of operations" and "Risks Related to Legal, Regulatory and Security Matters—We could incur costs as a result of any claim of infringement, misappropriation or other violation by us of another party's intellectual property rights." 

**Data Protection, Privacy and Cybersecurity** 

Numerous state, federal and foreign laws, regulations and standards govern the collection, use, processing, confidentiality and security of personal data and could apply now or in the future to our operations or the operations of our partners. Privacy and security laws, regulations, and other obligations are constantly evolving, may be conflicting, and any failure or perceived failure by us to comply with such laws, regulations, and obligations can result in inquiries, investigations, proceedings, or actions that lead to significant civil and/or criminal penalties and restrictions on data processing activities. See "Risk Factors—Risks Related to Legal, Regulatory and Security Matters—If we fail to comply with requirements imposed by applicable laws or other governmental regulations related to privacy and data security, we could become subject to lawsuits, investigations and other liabilities and restrictions on our operations that could significantly and adversely affect our business."

**Legal Proceedings** 

We are subject to various legal proceedings, claims, and governmental inspections, audits or investigations arising out of our business which cover matters such as general commercial, governmental regulations, intellectual property, privacy and cybersecurity and other actions that are incidental to our business. Although the outcomes of these various legal proceedings and claims cannot be predicted with certainty, in the opinion of management, we are not currently a party to any legal proceedings that, if determined adversely to us, would in our opinion, have a material adverse effect on our financial position or results of operations.

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**MANAGEMENT** 

**Directors and Executive Officers** 

Set forth below is a list of the names, ages (as of January 21, 2026) and positions of all directors and executive officers of Encore Inc. at the time of this offering.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
|  Benjamin E. Erwin | 48 | President and Chief Executive Officer and Director |
|  Becky A. Sheehan | 59 | Chief Financial Officer |
| J. Whitney Markowitz | 57 | Chief Legal Officer and Secretary |
|  Evan Swidler | 49 | Chief Human Resources Officer |
|  David F. D'Alessandro | 74 | Chair of the Board of Directors |
|  Monte E. Ford | 66 | Director |
|  Amy E. Fuller | 63 | Director |
|  John J. Gavin | 69 | Director |
|  David N. Kestnbaum | 43 | Director |
|  Todd Miller | 55 | Director |
|  Leonard Seevers | 42 | Director |
|  Scott Trebilco | 42 | Director |

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**Benjamin E. Erwin** has served as our Chief Executive Officer and a member of our board since August 2020 and our President since October 2018. Mr. Erwin previously served as our Chief Financial Officer from February 2015 to October 2018. Prior to joining Encore, Mr. Erwin served as Chief Financial Officer of TestAmerica Laboratories, Inc. from April 2011 to January 2015, where he led all accounting, finance, treasury, information technology and legal functions. Prior to 2011, Mr. Erwin joined the Cornell Companies Inc. in 2002 and served as Senior Vice President Corporate Development from March 2007 to December 2010, where he managed corporate strategy, financial planning and analysis, public market capital transactions and investor relations. Additionally, Mr. Erwin held various positions in the technology industry. Mr. Erwin holds a B.A. in economics and a B.A. in political science from Wake Forest University.

**Becky A. Sheehan** has served as our Chief Financial Officer since January 2020. Before joining Encore, Ms. Sheehan was Chief Financial Officer of Cars.com from January 2017 until January 2020. Prior to joining Cars.com, Ms. Sheehan served as the Executive Vice President and Chief Financial Officer of FTD Companies, Inc., a floral and gifting online retailer, from November 2013 through 2016. From 2006 to 2013, she served as the Executive Vice President and Chief Financial Officer of FTD Group, Inc. Ms. Sheehan was the Chief Financial Officer at each of Cars.com (now Cars Commerce) (NYSE: CARS) and FTD (Nasdaq: FTD) during their respective initial public offerings. Prior to joining FTD Group, Inc., she had 19 years of experience in public accounting serving as an Audit Partner and a leader of the Chicago Audit Practice with Deloitte & Touche LLP and as an Audit Partner with Arthur Andersen LLP. Ms. Sheehan is a certified public accountant and holds a B.S. in accounting from Illinois State University.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. Whitney Markowitz** has served as our Chief Legal Officer and Secretary since July 2000, overseeing legal and compliance for us, including legal services and risk management. Prior to joining us, Mr. Markowitz served as the Assistant General Counsel for KSL Resorts. Prior to KSL Resorts, Mr. Markowitz worked in both the public and private sectors, where he practiced general corporate, transactional, labor and employment, real estate and land use planning law. Mr. Markowitz holds a B.S. in finance from the University of Southern California and a J.D. from the University of Denver.

**Evan Swidler** has served as our Chief Human Resources Officer since January 2026. Mr. Swidler oversees all aspects of Encore's human capital strategy and execution inclusive of total rewards, talent acquisition, talent engagement, training and culture. Before joining us, Mr. Swidler was the Chief People Officer at Circana (formerly Information Resources, Inc.), a global analytics and technology company, from July 2019 until

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December 2025. From December 2016 through April 2019, he served as the Chief Human Resources Officer at ATI Physical Therapy. From January 2012 through November 2016, he served as Senior Vice President of HR at Nielsen, a global analytics and technology company. Mr. Swidler began his career on the commercial team at Accenture, focused on the Consumer Goods and Retail industry verticals within its Management Consulting practice from April 2000 through January 2012. Mr. Swidler has experience working across large public and privately-owned companies in Consumer Goods, Retail, Healthcare, Analytics and technology. Mr. Swidler holds a B.S. in Industrial Psychology and a Master's degree in Human Resources and Employee Relations from the University of Illinois Urbana-Champaign.

**David F. D'Alessandro** is the Chair of our board of directors and has served as a member of our board since April 2019. Mr. D'Alessandro has served as the Chief Executive Officer of DFD Enterprises LLC since June 2005. From June 1984 until June 2004, Mr. D'Alessandro served in a variety of roles at John Hancock Financial Services, Inc. including President and Chief Executive Officer. From August 2013 until March 2023, Mr. D'Alessandro was the chairman of the board of directors of Vivint Smart Home, Inc. and of SeaWorld Entertainment, Inc. from August 2010 until September 2017. Mr. D'Alessandro currently serves as chairman of the board of directors of various privately held companies. Mr. D'Alessandro is a former partner of the Boston Red Sox. He previously served as Vice Chairman and Trustee of Boston University. Mr. D'Alessandro holds a B.S. from Syracuse University and holds honorary doctorates from Newbury College, Bentley University, and Syracuse University.

**Monte E. Ford** has served as a member of our board since December 2022. Mr. Ford is the Principal Partner for COISE, LLC. Mr. Ford also currently serves as a Network Partner at Brightwood Capital Partners, LLC, a position he has held since October 2013. From April 2012 until April 2013, Mr. Ford was Chief Executive Officer of Aptean Inc. Prior to this, Mr. Ford served as Senior Vice President and Chief Information Officer at American Airlines Group Inc. from December 2000 until January 2011. Earlier in his career, Mr. Ford held various leadership roles as Chief Information Officer at Associates First Capital Corporation from February 1994 until December 2000 and as Vice President at Bank of Boston Corporation from December 1990 until February 1994. Mr. Ford currently serves on the board of directors of Centene Corporation, JetBlue Airways Corporation, Iron Mountain Incorporated and Akamai Technologies, Inc. Mr. Ford holds a B.S. in business administration from Northeastern University.

**Amy E. Fuller** has served as a member of our board since June 2022. From September 2017 until September 2021, Ms. Fuller served as Chief Marketing and Communications Officer at Accenture plc. Prior to that, Ms. Fuller was a Senior Managing Director at Deloitte Global from January 2013 until September 2017. From June 2010 until January 2013, Ms. Fuller served as Executive Vice President and Global Client leader at WPP. From March 2003 until November 2009, Ms. Fuller held a series of leadership roles at Mastercard Inc., including serving as Group Executive in the Worldwide Consumer Marketing Division. Prior to this, Ms. Fuller was Director of Internal Communications and Account Managing Director at Young & Rubicam Group from January 2001 until March 2003. From January 1993 until January 2001, she was Director of Account Management and Human Issues at the Lord Group. Ms. Fuller currently serves as a director or chair of the board of directors of various privately held companies and organizations. Ms. Fuller holds a B.A. in French literature from Bryn Mawr College.

**John J. Gavin** has served on our board of directors since April 2019. Mr. Gavin is currently an operating advisor of Goldman Value Accelerator, a role he has held since 2021. From 2010 until 2017, Mr. Gavin served as Senior Advisor of LLR Partners, LLC. Prior to joining LLR Partners, Mr. Gavin served as Chief Executive Officer and President and then Chairman of Strategic Distribution, Inc. from 2014 until 2017. Mr. Gavin served as Chief Executive Officer and President and then Vice Chairman of Drake Beam Morin, Inc., from 2006 until 2009. Prior to joining Drake Beam Morin, Inc., Mr. Gavin served as President and Chief Operating Officer of Right Management Consultants Inc. from 1996 until 2004. Mr. Gavin served as Partner-in-Charge of the Manufacturing, Distribution and Consumer Products Practice for the Eastern Region at Arthur Andersen LLP from 1990 until 1996. Mr. Gavin currently serves as a member of the board of directors of Dorman Products, Inc.

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

(since 2016) and various privately held companies and served on the board of directors of GMS Inc. from 2014 (chairperson since 2019) until September 2025. Mr. Gavin holds a B.B.A. in accounting from Temple University.

**David N. Kestnbaum** has served as a member of our board since August 2018. Mr. Kestnbaum is a Senior Managing Director in Blackstone's Private Equity Group. He currently leads investments in the Media & Entertainment, Consumer, and Business Services sectors. Before joining Blackstone in 2013, Mr. Kestnbaum was with Vestar Capital Partners and previously JPMorgan's Financial Sponsor Group. Mr. Kestnbaum holds a B.A. in Political Science from The University of North Carolina at Chapel Hill. He is currently a Director of Ancestry, Candle Media, Jersey Mike's, SERVPRO, SESAC, and Tropical Smoothie Cafe.

**Todd Miller** has served as a member of our board since December 2024. Mr. Miller is a Partner at W Capital Partners. Prior to joining W Capital Partners in 2014, Mr. Miller was a Managing Director at Paul Capital from January 2011 until December 2013 and a Partner at Alpine Investors LP from January 2008 until December 2010 (and also served as Senior Associate of Alpine Investors LP from August 1995 until August 1998). Mr. Miller was a Partner at TH Lee Putnam LP where he joined in June 2000 and left in December 2008. Mr. Miller began his career in the Mergers & Acquisitions Group specializing in Financial Institutions at Merrill Lynch from June 1992 until August 1995. Mr. Miller currently serves as a member of the board of directors of various privately held companies. Mr. Miller holds a B.B.A. in finance from University of Wisconsin and an M.B.A. from Harvard Business School.

**Leonard Seevers** has served as a member of our board since January 2014. Mr. Seevers is Partner at Goldman Sachs. Mr. Seevers joined Goldman Sachs in July 2005 as an analyst in the Investment Banking Division. He transitioned to the Merchant Banking Division in June 2008, was named Managing Director in November 2015, and became Partner in November 2020. Mr. Seevers currently serves as a member of the board of directors of several privately held companies. He holds a B.A. in Economics from Middlebury College and is an adjunct professor at New York University's Stern School of Business.

**Scott Trebilco** has served as a member of our board since September 2018. Mr. Trebilco is a Senior Managing Director at Blackstone. Mr. Trebilco joined Blackstone in April 2016 as a Principal in the Real Estate Private Equity Group. He was promoted to Managing Director in January 2019 and subsequently to Senior Managing Director in January 2022. Prior to joining Blackstone, Mr. Trebilco served as Vice President in the Real Estate, Gaming, and Lodging Investment Banking Group at Goldman, Sachs & Co, which he joined in 2008. Mr. Trebilco currently serves as a member of the board of directors at the privately held companies Extended Stay America and Great Wolf Resorts. Mr. Trebilco also serves as a Trustee of the American Hotel & Lodging Association (AHLA) Foundation and is a member of Industry Real Estate Advisory Council (IREFAC). Mr. Trebilco holds degrees in finance and law from the University of Auckland, New Zealand, where he graduated with honors.

**Composition of the Board of Directors After this Offering** 

Our business and affairs are managed under the direction of our board of directors. In addition, we intend to enter into separate stockholders agreements with each of our Principal Stockholders in connection with this offering. These agreements will grant the Principal Stockholders the right to designate an agreed number of individuals to our board of directors subject to the maintenance of certain ownership requirements in us. See "Certain Relationships and Related Person Transactions—Stockholders Agreements."

**Director Independence** 

Our board of directors has affirmatively determined that each of our directors with the exception of Mr. Erwin qualify as independent directors under the listing standards.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Background and Experience of Directors** 

When considering whether directors have the experience, qualifications, attributes or skills, taken as a whole, to enable our board of directors to satisfy its oversight responsibilities effectively in light of our business and structure, the board of directors focuses primarily on each person's background and experience as reflected in the information discussed in each of the directors' individual biographies set forth above. We believe that our directors provide an appropriate mix of experience and skills relevant to the size and nature of our business. In particular, the members of our board of directors considered the following important characteristics, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Erwin — our board of directors considered Mr. Erwin's perspective, experience and
thorough knowledge of our industry as our President and Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. D'Alessandro — our board of directors considered Mr. D'Alessandro's
perspective, experience, including service on other public company boards, and thorough knowledge of the financial and business sector.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Ford — our board of directors considered Mr. Ford's current and past service on the
boards of various publicly traded companies as well as his management and financial experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ms. Fuller — our board of directors considered Ms. Fuller's expertise and experience in
marketing and management and her insight from having served on the boards of directors at several organizations and companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Gavin — our board of directors considered Mr. Gavin's current and past service on the
boards of various companies as well as his management and business experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Kestnbaum — our board of directors considered Mr. Kestnbaum's extensive knowledge of
our industry and his significant financial and investment experience from his involvement at Blackstone, including as a Senior Managing Director and service on other corporate boards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Miller — our board of directors considered Mr. Miller's background as a seasoned
financial services professional as well as his investment knowledge from his involvement in W Capital Partners, including as Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Seevers — our board of directors considered Mr. Seevers's background as a seasoned
financial services professional from his involvement in Goldman Sachs, including as Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Trebilco — our board of directors considered Mr. Trebilco's background and experience
in senior financial services roles and real estate from his involvement as Senior Managing Director in the Real Estate Group at Blackstone.

**Controlled Company Exception** 

After the completion of this offering, Blackstone will be party to a stockholders agreement as described in "Certain Relationships and Related Person Transactions—Stockholders Agreements" and will beneficially own or control approximately % of the voting power of our shares eligible to vote in the election of our directors (or % if the underwriters exercise in full their option to purchase additional shares of common stock). As a result, Blackstone will control the outcome of matters submitted to our stockholders for approval, and we will be a "controlled company" within the meaning of the corporate governance standards. Under these corporate governance standards, a company of which more than 50% of the voting power for the election of directors is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance standards, including the requirements (1) that a majority of our board of directors consist of independent directors, (2) that our board of directors have a compensation committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities, and (3) that our board of directors have a nominating and governance committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

responsibilities. Although we do not intend to rely on these "controlled company" exemptions from these corporate governance requirements, if we do rely on such exemption in the future, you will not have the same protections afforded to stockholders of companies that are subject to all of these corporate governance requirements. In the event that we cease to be a "controlled company" and our common stock continues to be listed on the , we will be required to comply with these provisions within the applicable transition periods.

**Board Committees** 

We anticipate that, prior to the completion of this offering, our board of directors will establish the following committees: an audit committee; a compensation committee; and a nominating and corporate governance committee. The composition and responsibilities of each committee are described below. Our board of directors may also establish from time to time any other committees that it deems necessary or desirable. Members serve on these committees until their resignation or until otherwise determined by our board of directors.

***Audit Committee***

Upon completion of this offering, we expect our audit committee will consist of , and , with serving as chair. Our audit committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting and hiring our independent auditors, and approving the audit and non-audit services to be performed by our independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assisting the board of directors in evaluating the qualifications, performance and independence of our
independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assisting the board of directors in monitoring the quality and integrity of our financial statements and our
accounting and financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assisting the board of directors in monitoring our compliance with legal and regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the adequacy and effectiveness of our internal control over financial reporting processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assisting the board of directors in monitoring the performance of our internal audit function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing with management and our independent auditors our annual and quarterly financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing procedures for the receipt, retention and treatment of complaints received by us regarding
accounting, internal accounting controls or auditing matters and the confidential, anonymous submission by our employees of concerns regarding questionable accounting or auditing matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preparing the audit committee report required per SEC rules and regulations to be included in our annual proxy
statement.

The SEC rules and rules require us to have one independent audit committee member upon the listing of our common stock on , a majority of independent directors within 90 days of the effective date of the registration statement and all independent audit committee members within one year of the effective date of the registration statement and qualify as independent directors under listing standards and the independence standards of Rule 10A-3 of the Exchange Act. In addition, our board of directors has determined that is an audit committee financial expert within the meaning of Item 407(d) of Regulation S-K under the Securities Act.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

***Compensation Committee***

Upon completion of this offering, we expect our compensation committee will consist of , and , with serving as chair. Our compensation committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving corporate goals and objectives relevant to the compensation of our CEO, evaluating our
CEO's performance in light of those goals and objectives, and, either as a committee or together with the other independent directors (as directed by the board of directors), determining and approving, or making recommendations to the board of
directors with respect to, our CEO's compensation level based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving, or making recommendations to the board of directors with respect to, the compensation of
our other executive officers, including annual base salary, bonus and equity-based incentives and other benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending the compensation of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and discussing annually with management our "Compensation Discussion and Analysis"
disclosure required by SEC rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preparing the compensation committee report required by the SEC to be included in our annual proxy statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and making recommendations with respect to our equity compensation plans.

***Nominating and Corporate Governance Committee***

Upon completion of this offering, we expect our nominating and corporate governance committee will consist of , and , with serving as chair. The nominating and corporate governance committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assisting our board of directors in identifying prospective director nominees and recommending nominees to the
board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing the evaluation of the board of directors and management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing developments in corporate governance practices and developing and recommending a set of corporate
governance guidelines; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommending members for each committee of our board of directors.

**Compensation Committee Interlocks and Insider Participation** 

Other than Mr. Erwin, no member of our board of directors was at any time during the last completed fiscal year, or at any other time, one of our officers or employees. None of our executive officers currently serves, or has served during the last completed fiscal year as a member of the board of directors or compensation committee (or other committee performing equivalent functions) of any entity that has one or more of its executive officers serving on our board of directors or compensation committee. We are party to certain transactions with affiliates of our Principal Stockholders described in "Certain Relationships and Related Person Transactions."

**Code of Ethics** 

We will adopt a new Code of Business Conduct and Ethics that applies to all of our officers, directors and employees, including our principal executive officer, principal financial officer, principal accounting officer and controller, or persons performing similar functions, which will be posted on our website. Our Code of Business Conduct and Ethics is a "code of ethics," as defined in Item 406(b) of Regulation S-K. We will make any legally required disclosures regarding amendments to, or waivers of, provisions of our code of ethics on our website. The information contained on, or accessible from, our website is not part of this prospectus by reference or otherwise.

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Executive Compensation** 

***Compensation Discussion and Analysis***

This Compensation Discussion and Analysis provides an overview of our executive compensation philosophy, the overall objectives of our executive compensation program, and each material element of compensation for the year ended December 31, 2025 that we provided to each person who served as our principal executive officer or principal financial officer during 2025 and our other most highly compensated executive officers employed at the end of 2025, all of whom we refer to collectively as our Named Executive Officers ("NEOs").

Our Named Executive Officers for the year ended December 31, 2025 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Benjamin E. Erwin, *President and Chief Executive Officer*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Becky A. Sheehan, *Chief Financial Officer*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• J. Whitney Markowitz, *Chief Legal Officer*; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Charles B. Young, *Former Chief Human Resources Officer*.

Mr. Young's employment as our Chief Human Resources Officer terminated on December 31, 2025.

The compensation committee of our board of directors is responsible for establishing, implementing and evaluating our employee compensation and benefit programs. The compensation committee annually evaluates the performance of our executive officers and establishes the annual salaries and annual cash incentive opportunities for our executive officers.

The compensation committee's objective is to ensure that the total compensation paid to the NEOs, as well as our other senior officers, is fair, reasonable and competitive. Generally, the types of compensation and benefits provided to our NEOs are similar to those provided to other senior members of our management team. The compensation committee also periodically reviews and amends our cash-based incentive compensation plans for all employees, including our executive officers, and our long-term incentive compensation plans, including our equity incentive plan, for all employees and evaluates, among other things, whether (i) the performance measures upon which awards under these plans are based are aligned with our investors' interests and (ii) the relationship between the incentives associated with these plans and the level of risk-taking by executive officers or others in response to such incentives is reasonably likely to have a material adverse effect on the Company.

***Compensation Governance and Best Practices***

We are committed to having strong governance standards with respect to our compensation programs, procedures and practices. Our key compensation practices that were either in place during 2025 or that we expect to adopt in connection with this offering, include the following:

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| | |
|:---|:---|
| **What We Do** | **What We Do Not Do** |
|  ✓ Emphasize performance-based, at risk compensation. | × Do not grant uncapped cash incentives. |
|  ✓ Emphasize the use of equity compensation to promote executive retention and reward long-term value creation. | × Do not guarantee annual salary or target bonus increases. |
|  ✓ Weigh the overall pay mix towards incentive compensation for senior executives. | × Do not maintain defined benefit pension plans or supplemental executive retirement plans. |
|  | × Do not provide tax gross-ups. |

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

***Stockholder Advisory Vote on Executive Compensation***

At our first annual meeting of stockholders following the completion of this offering, we expect to ask our stockholders to vote in a non-binding, advisory vote to approve the compensation of our NEOs (the "Say-on-Pay Vote"). Our compensation committee will review the result of this vote, and, depending on the outcome, will consider any necessary changes to our executive compensation program as a result of the vote. At that same annual meeting of stockholders, we also expect to ask our stockholders to vote in a non-binding, advisory vote regarding the frequency at which we will conduct our Say-on-Pay Vote.

***Executive Compensation Objectives and Philosophy***

The key objective of our executive compensation program is to attract, motivate, and retain valued leaders who create an inclusive and diverse environment and have the skills and experience necessary to successfully execute on our strategic plan to maximize investor value. The fundamental elements and core principles of our executive compensation program are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *<u>Market Competitive</u>* : Align with market on vesting periods that encourage our top talent to stay with
our company long term. This supports our investment in talent specifically trained to run our unique business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *<u>Investor Aligned</u>* : Incentives are structured to create a strong alignment between executives and
investors on both a short-term and a long-term basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *<u>Tailored</u>* : Emphasize alignment across our business by tailoring compensation to reflect organization
level and impact to the business with greater focus on variable/performance-based compensation at higher levels.

We believe our executive compensation program is responsive to our investors' objectives and effective in attracting, motivating and retaining the level of talent necessary to grow and manage our business successfully.

***Relationship of Compensation Practices to Risk Management***

Our compensation plans and practices are designed to mitigate the possibility of encouraging excessive risk-taking behavior and the potential impacts thereof. For example, the following features of our executive compensation program mitigate risk:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Challenging, but attainable goals that are well-defined and communicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Balance of short-term and long-term variable compensation tied to a mix of financial and operational objectives;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Establishment of controls in the administration of our plans to ensure performance against established company
performance metrics is objectively and independently determined.

***Determination of Executive Compensation***

*Role of Compensation Committee*. The compensation committee is responsible for establishing and overseeing our executive compensation programs and annually reviews and determines the compensation to be provided to our Chief Executive Officer and our other NEOs. In setting executive compensation, the compensation committee considers a number of factors, including the recommendations of our Chief Executive Officer (other than with respect to his own compensation), current and past total compensation, competitive market data, company performance and each executive's impact on performance, each executive's relative scope of responsibility and potential, each executive's individual performance and demonstrated leadership, and internal equity pay considerations.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

*Role of our Chief Executive Officer*. The Chief Executive Officer (i) attends compensation committee meetings, (ii) reviews benchmark and peer review data, (iii) makes recommendations to the compensation committee and (iv) provides input in the development and/or adjustment of executive officer compensation packages, as appropriate.

*Role of Executive Compensation Peer Group.* To help ensure we provide our NEOs with fair and market-competitive compensation and to support retention of our key leaders given the highly competitive labor market, we annually compare our executive compensation program to that of a peer group of companies. Our peer group is reviewed based on a multi-dimensional analysis in which we select companies that meet some or all of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Similar in size (primarily revenue in the $500 million to $5 billion range and EBITDA in the
$300 million to $700 million range)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the hospitality, non-financial services and retail industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Publicly traded companies

The following peer group was used to inform 2025 compensation decisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ABM Industries Incorporated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BrightView Holdings, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Brink's Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Insperity, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ASGN Incorporated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• TriNet Group, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maximus, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Genpact Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hyatt Hotels Corporation

As a result of the compensation committee's review of our 2025 executive compensation peer group, no companies were added or removed as compared to our 2024 executive compensation peer group.

Our compensation committee also referred to third-party survey data relevant to our company's size in setting 2025 compensation levels for our NEOs. In assessing compensation levels against the survey data, the compensation committee considers only aggregated survey data for each compensation component.

In connection with this offering, we anticipate that our compensation committee will retain an independent compensation consultant who will provide the compensation committee with input and guidance on all components of our executive compensation program and will advise the compensation committee with respect to composition of our peer group, market data for base salary, annual bonus and long-term equity compensation for similarly situated executives in our peer group.

**Elements of Compensation** 

In establishing an appropriate mix of fixed and variable pay to reward and retain our NEOs, we consider company-wide and individual performance. The compensation committee balances the importance of meeting our short-term business goals with the need to create investor value and drive growth over the long-term.

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

The primary components of our executive compensation program and the purposes of each are set forth below:

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| | |
|:---|:---|
| **Pay Component** | **Purpose** |
| Base Salary | &nbsp;&nbsp;&nbsp;&nbsp; • To recognize an executive's immediate contribution to the organization<br>• To compensate for assuming a significant level of responsibility<br>• To provide financial stability<br>• To be market competitive<br>|
| Short-Term Cash Incentive Compensation | &nbsp;&nbsp;&nbsp;&nbsp; • To reinforce the optimization of operating results throughout the year<br>• To pay for performance and reinforce individual accountability<br>• To reinforce the achievement of our financial goals<br>• To drive investor value<br>• To ensure both short-term and long-term goals of the company are met via compensation elements<br>|
| Long-Term Cash Incentive Compensation | &nbsp;&nbsp;&nbsp;&nbsp; • To retain key talent over the long term<br>|
| Long-Term Equity Incentive Compensation | &nbsp;&nbsp;&nbsp;&nbsp; • To hold executives accountable for long-term decisions<br>• To reinforce collaboration between key leaders throughout the organization for long-term goals<br>• To retain key talent over the long term<br>• To share success with investors<br>• To build executive equity ownership and investor value<br>• To be competitive in the markets where we compete for executive talent<br>|
| Employee Benefits | &nbsp;&nbsp;&nbsp;&nbsp; • To provide competitive employee benefit packages to attract and retain highly qualified personnel<br>• To avoid materially different approaches to benefit strategy among executive and non-executive populations<br>• To be cost effective through shared expense with executives<br>• To be tax-effective<br>|

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***Base Salary***

The base salaries of our NEOs are an important part of their total compensation package and are intended to reflect their respective positions, duties and responsibilities. The base salary levels of our NEOs are intended to position each individual's base salary competitively in the labor market in which we compete for talent, as well as to reflect our compensation philosophy.

The following table sets forth the base salary for each of our NEOs that were approved for the year ended December 31, 2025, as compared to the base salaries that were approved for our NEOs for the year ended December 31, 2024:

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Fiscal Year 2024<br>Base Salary ($)** | **Fiscal Year 2025<br>Base Salary ($)** | **Change (%)** |
|  Benjamin E. Erwin | 1077640 | 1109969 | 3 |
|  Becky A. Sheehan | 604559 | 622695 | 3 |
| J. Whitney Markowitz | 508120 | 523363 | 3 |
|  Charles B. Young | 433771 | 446784 | 3 |

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***Annual Bonus Program***

Our short-term cash incentive program has been designed to attract and retain key talent and reward executives based on pre-established performance goals.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

Each NEO is eligible to receive an annual performance-based cash bonus based on a specified target annual bonus award amount, expressed as a percentage of the NEO's blended base salary over the twelve months of the applicable year. In 2025, each of our NEOs participated in our annual cash incentive bonus program at the following target percentages of base salary:

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| | | |
|:---|:---|:---|
| **Name** | **Fiscal Year 2025<br>Target Bonus (%)** | **Fiscal Year 2025<br>Target Bonus ($)** |
|  Benjamin E. Erwin | 100 | 1101887 |
|  Becky A. Sheehan | 65 | 401805 |
| J. Whitney Markowitz | 65 | 337709 |
|  Charles B. Young | 65 | 288295 |

---

The 2025 pre-established performance goals were reviewed and approved by the compensation committee in March of 2025. Based on the achievement of the Company's 2025 corporate performance goals, the overall company performance is expected to be determined to be 100% of target by the compensation committee in late February of 2026, when the compensation committee will approve actual 2025 bonus payouts. The following table summarizes each component of the corporate performance categories, the performance goal weightings, and performance goals (including the threshold, target and maximum goals for the financial category), and our achievement of each component of the corporate performance categories in 2025.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Performance Metric** | **Weight <sup>(1)</sup>** | | **Performance Levels** | **Performance Levels** | **Performance Levels** | **Performance Levels** | **Performance Levels** | **Actual Performance** |
| **Performance Metric** | **Weight <sup>(1)</sup>** | |  | **Threshold** | **Target** | **Maximum** | | |
|  EBITDA Component<sup>(2)</sup> | 75 | % | Result – Adjusted EBITDA ($) | 403.75M | 475M | 522.5M |  | 476M |
|  EBITDA Component<sup>(2)</sup> | 75 | % | Bonus Multiplier (%) | 25 | 100 | 175 |  | 100 |
|  Customer Satisfaction Component<sup>(3)</sup> | 25 | % | Result – Overall Satisfaction Percentage (%) | Below<br>85 | 85 | 86 | 87 and<br> Above | 88 |
|  Customer Satisfaction Component<sup>(3)</sup> | 25 | % | Bonus Multiplier (%) | 0 | 50 | 75 | 100 | 100 |

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(1) The Customer Satisfaction Component acts as a downward modifier, such that underperformance would result in a
downwards adjustment in total bonus payout, whereas outperformance would not result in an upwards adjustment. Accordingly, the "Bonus Multiplier" attributable to the Customer Satisfaction Component would be multiplied by the "Bonus
Multiplier" attributable to the EBITDA Component, which product would then itself be multiplied by 25% (the Customer Satisfaction Component's weight) of the applicable NEO's target bonus.

(2) The EBITDA Component of our 2025 annual bonus program represents earnings before interest, taxes, depreciation,
and amortization ("EBITDA"), based on the audited consolidated financial statements included elsewhere in this prospectus, as adjusted to (i) take into account all accruals under our annual bonus program and (ii) eliminate the
impact of (A) foreign currency fluctuations and hedging for interest rate fluctuations, (B) fees and expenses associated with business acquisitions and (C) cash restructuring charges and non-cash add backs and deductions (non-recurring items), in each case, to the extent permitted by our financing facilities, provided, however, that projected or
forward-looking cost savings, operating improvements and expense reductions are not eligible adjustments for purposes of the EBITDA Component.

(3) The Customer Satisfaction Component is intended to represent the success measured by our global customer
satisfaction survey, which invites our customers and meeting planners to provide feedback. Successful achievement of the Customer Satisfaction Component is measured as a percentage of ratings of 9 or 10 out of total customer and meeting planner
ratings ("Overall Satisfaction Percentage"). An Overall Satisfaction Percentage of at least 87% (from at least ten completed surveys) results in full satisfaction of the Customer Satisfaction Component.

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

The table below provides information about the NEOs' bonus opportunity, company performance payout and, subject to compensation committee approval, actual 2025 bonus payout.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **2025 Target Bonus (%)** | **Company Performance (%)(1)** | **2025 Bonus Payout<br>($)<sup>(1)</sup>** |
|  Benjamin E. Erwin | 100 | 100 | 1101887 |
|  Becky A. Sheehan | 65 | 100 | 401805 |
| J. Whitney Markowitz | 65 | 100 | 337709 |
|  Charles B. Young | 65 | 100 | 288295 |

---

(1) Subject to compensation committee approval. 2025 bonuses are expected to be paid in March 2026.

The 2025 annual bonuses earned by our NEOs are included in the "Non-Equity Incentive Plan Compensation" column in the "2025 Summary Compensation Table" below.

***Long-Term Cash Incentive Compensation***

We have awarded long-term cash incentive awards ("Cash LTI Awards"), to our executives, including our NEOs, in fiscal years prior to fiscal year 2025, which are designed to retain executive talent. These Cash LTI Awards generally vest and are paid out in six semi-annual installments, subject to the executive's continued employment with us and not having tendered a notice of his or her resignation through the applicable payment date. In the event of a "change of control" of Encore Global LP (as defined in Encore Global LP's operating agreement), the unpaid balance of the award will be paid out to the applicable executive in full, subject to the executive's continued employment with us and not having tendered a notice of his or her resignation through such change of control. In the event that an executive's employment is terminated by us without "cause" (as defined in the applicable award agreement), the executive will remain eligible to receive the next installment of his or her Cash LTI Award as if such executive remained employed through the next payment date following the termination of his or her employment without cause.

None of our NEOs received Cash LTI Awards in 2025. For information regarding the Cash LTI Awards granted to our NEOs prior to 2025, see, "—Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table—Long-Term Cash Incentive Awards" below. The portion of the Cash LTI Awards earned by and paid to our NEOs during the last completed fiscal year is disclosed in the "2025 Summary Compensation Table" under the "Bonus" column.

***Long-Term Equity Incentive Compensation***

Our NEOs currently hold profits interests in Encore Global LP, which are intended to constitute "profits interests" within the meaning of the relevant IRS Revenue Procedure guidance. We refer to these profits interests as Incentive Units.

Each award of Incentive Units is divided into two tranches. One-third of the Incentive Units subject to each award (the "Time-Based Units") generally vest as to 20% of the Time-Based Units on each of the first five anniversaries of the applicable vesting commencement date, subject to the holder's continued employment through the applicable vesting date. In the event of a "change of control" (as defined in the award agreements), the Time-Based Units will vest in full, subject to the holder's continued employment through the consummation of such change of control.

Two-thirds of the Incentive Units subject to each award (the "Performance-Based Units") will vest upon the satisfaction of certain performance-vesting conditions, subject to the holder's continued employment through the date on which such performance-vesting conditions are satisfied. The Performance-Based Units are divided into two equal tranches tied to two successive MOIC hurdles, equal to 1.5 and 2.0 times Blackstone's cumulative invested capital in respect of its Class A Units in Encore Global LP.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

In the event that an NEO's employment terminates for any reason, all of such NEO's then-unvested Incentive Units will be forfeited without consideration as of the applicable termination date, and all of such NEO's vested Incentive Units will remain outstanding and subject to repurchase by Encore Global LP. If such NEO's employment is terminated by us for any reason other than for "cause" (as defined in the NEO's employment agreement) or by such NEO for "good reason" (if applicable, as defined in the NEO's employment agreement), the purchase price payable to such NEO in respect of his or her vested Incentive Units will be equal to the fair market value of such vested Incentive Units as of the date on which Encore Global LP delivers the applicable repurchase notice. If such NEO's employment is terminated by us for cause or by such NEO without good reason prior to the second anniversary of the applicable date of grant, or if such NEO breaches any of his or her restrictive covenant obligations, the purchase price payable to such NEO in respect of his or her vested Incentive Units will be equal to the lesser of the fair market value of such vested Incentive Units and the original cost of such vested Incentive Units to the NEO, effectively resulting in the forfeiture of such vested Incentive Units.

In the event that an NEO's employment is terminated by us for cause, or if such NEO breaches his or her restrictive covenant obligations, or if, within the one-year period following the termination of such NEO's employment other than for cause, we discover that grounds for a for-cause termination existed at the time of such termination, in any case, then such NEO will be required to repay us an amount equal to the excess, if any, of (i) the value of any then-outstanding Incentive Units held by such NEO, plus the aggregate after-tax proceeds such NEO received upon the sale or other disposition of, or distributions in respect of, such NEO's Incentive Units, over (ii) the aggregate cost paid by such NEO to purchase the Incentive Units, if any.

The award agreements evidencing the Incentive Units contain customary confidentiality and assignment of inventions provisions, as well as non-compete, employee non-solicit, and customer non-solicit restrictions effective during employment and for two years thereafter.

None of our NEOs received awards of Incentive Units in 2025. For information regarding the Incentive Units granted to our NEOs prior to 2025, see, "—Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table—Incentive Units" below.

***Employment and Separation Agreements with NEOs***

We have entered into an employment agreement with each of our NEOs that provides for severance benefits and payments upon certain terminations of their employment. Our compensation committee believes that employment agreements are necessary to attract and retain executive talent and are a customary component of executive compensation. The material terms of these agreements are described below under "—Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table—Employment Agreements with NEOs." In addition, in connection with the termination of Mr. Young's employment on December 31, 2025, we entered into a Separation and Release Agreement with Mr. Young on December 31, 2025 (the "Young Separation Agreement"). The material terms of the Young Separation Agreement are described under "—Summary of Potential Payments Upon Termination or Change in Control—Charles B. Young Separation and Release Agreement" below.

Information on the estimated payments and benefits that our NEOs (other than Mr. Young) would have been eligible to receive as of December 31, 2025 upon certain terminations of employment, and the actual payments and benefits provided to Mr. Young under the Young Separation Agreement, are set forth in "—Potential Payments Upon Termination or Change in Control" below.

***Health and Welfare Benefits***

All of our full-time employees, including our NEOs, are eligible to participate in our health and welfare plans, including medical, dental and vision benefits, medical and dependent care flexible spending accounts, short-term and long-term disability insurance, and life insurance.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

***Retirement Benefits***

We maintain a 401(k) retirement savings plan for our employees, including our NEOs, who satisfy certain eligibility requirements. Our NEOs are eligible to participate in the 401(k) plan on the same terms as other full-time employees. In 2025, contributions made by participants in the 401(k) plan were matched up to a specified percentage of the employee contributions, and these matching contributions vest ratably over five years. We believe that providing a vehicle for tax-deferred retirement savings though our 401(k) plan adds to the overall desirability of our executive compensation package and further incentivizes our employees, including our NEOs, in accordance with our compensation policies.

**Other Policies and Considerations** 

***Clawback Policy***

Effective upon the completion of this offering, we will adopt a compensation recovery policy as required by Rule 10D-1 under the Exchange Act and the corresponding listing standard adopted by the . The policy generally provides that if we are required to prepare an accounting restatement (including a restatement to correct an error that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period), we must recover from our current and former executive officers any incentive-based compensation that was erroneously received on or after the effective date of the policy and during the three years preceding the date we are required to prepare such accounting restatement. The amount required to be recovered will be the excess of the amount of incentive-based compensation received over the amount that otherwise would have been received based on the restated financial measure.

***Tax and Accounting Implications***

The compensation committee intends to operate its compensation programs with the good faith intention of complying with Section 409A of the Code (as defined herein). We intend to account for equity-based payments with respect to our long-term equity incentive award programs in accordance with the requirements of FASB Accounting Standards Codification Topic 718, Compensation—Stock Compensation.

**2025 Summary Compensation Table** 

The following table provides summary information concerning compensation earned by our NEOs for services rendered for the year ended December 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary<br>($)<sup>(1)</sup>** | **Bonus<br>($)<sup>(2)</sup>** | **Stock<br>Awards**<br>**($)** | **Non-Equity<br>Incentive Plan<br>Compensation<br>($)<sup>(3)</sup>** | **All Other<br>Compensation<br>($)<sup>(4)</sup>** | **Total ($)** |
|  Benjamin E. Erwin | 2025 | 1101268 | 1000000 |  | 1101887 | 19349 | 3222504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Chief Executive Officer* | 2024 | 1066481 | 2000000 |  | 597676 | 19350 | 3683507 |
|  Becky A. Sheehan | 2025 | 617812 | 416667 |  | 401805 | 10350 | 1446633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Chief Financial Officer* | 2024 | 598298 | 833333 |  | 217943 | 10338 | 1659912 |
| J. Whitney Markowitz | 2025 | 519259 | 333334 |  | 337709 | 22350 | 1212652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Chief Legal Officer* | 2024 | 502858 | 666666 |  | 183177 | 22350 | 1375051 |
|  Charles B. Young <sup>(5)</sup> | 2025 | 443280 | 250000 | 116546<sup>(6)</sup> | 288295 | 10350 | 1108471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Former Chief Human Resources Officer* | 2024 | 429279 | 500000 |  | 156374 | 10350 | 1096003 |

---

(1) Amounts reported in this column represent the Named Executive Officer's base salary earned during the year
covered.

(2) Amounts reported in this column represent the portion of the Named Executive Officer's long-term cash
incentive bonus earned during the covered fiscal year. For information regarding these awards, see, "Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table—Long-Term Cash Incentive Awards" below.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

(3) Amounts reported in this column represent amounts earned under our annual bonus program for the year shown and
paid in the first quarter of the following year. The compensation committee is expected to approve payouts under our annual bonus program for 2025 in late February of 2026. For a description of our cash annual bonus program see
"—Compensation Discussion and Analysis—Elements of Compensation—Annual Bonus Program" above.

(4) Amounts reported in this column represent the following with respect to each Named Executive Officer in the year
ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Name** | **Company 401(k)<br>Match ($)** | **Car Allowance<br>($)** |
|  Benjamin E. Erwin | 10350 | 8999 |
|  Becky A. Sheehan | 10350 |  |
| J. Whitney Markowitz | 10350 | 12000 |
|  Charles B. Young | 10350 |  |

---

(5) Mr. Young's employment as our Chief Human Resources Officer terminated effective as of December 31, 2025.
In connection with the termination of Mr. Young's employment, we entered into the Young Separation Agreement. Other than the accelerated vesting of a portion of Mr. Young's Time-Based Units, no payments or benefits were owed to Mr. Young
under the Young Separation Agreement in 2025. For a description of the Young Separation Agreement, see "Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table—Young Separation Agreement" below.

(6) Amount represents the incremental fair value of 401,882.80 Time-Based Units that were accelerated to vest on
December 31, 2025 pursuant to the Young Separation Agreement, computed in accordance with FASB ASC Topic 718. See Note 14 of the consolidated financial statements included elsewhere in this prospectus for additional information regarding the
incremental fair value and compensation expense of the Time-Based Units.

**Grants of Plan-Based Awards in 2025** 

The following table provides information with respect to grants of plan-based awards to our NEOs during the 2025 fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Estimated Future Payouts Under<br>Non-Equity Incentive Plan Awards<sup>(1)</sup>** | **Estimated Future Payouts Under<br>Non-Equity Incentive Plan Awards<sup>(1)</sup>** | **Estimated Future Payouts Under<br>Non-Equity Incentive Plan Awards<sup>(1)</sup>** | **Grant Date<br>Fair Value of<br>Stock and<br>Option<br>Awards($)** |
| <br>**Name** | **Threshold<br>($)<sup>(2)</sup>** | **Target<br>($)<sup>(3)</sup>** | **Maximum<br>($)<sup>(4)</sup>** | **Grant Date<br>Fair Value of<br>Stock and<br>Option<br>Awards($)** |
|  Benjamin E. Erwin | 206604 | 1101887 | 1928302 |  |
|  Becky A. Sheehan | 75338 | 401805 | 703158 |  |
| J. Whitney Markowitz | 63320 | 337709 | 590991 |  |
|  Charles B. Young | 54055 | 288295 | 504516 | 116546<sup>(5)</sup> |

---

(1) The amounts reported in this column represent the cash incentive award opportunity range under our annual bonus
program, the terms of which are summarized under "—Compensation Discussion and Analysis—Annual Bonus Program" above.

(2) Amounts in this column represent threshold payouts under our annual bonus program, which assumes a "Bonus
Multiplier" attributable to the EBITDA Component and Customer Satisfaction Component of 25% and 0%, respectively.

(3) Amounts in this column represent target payouts under our annual bonus program, which assumes a "Bonus
Multiplier" attributable to the EBITDA Component and Customer Satisfaction Component of 100% and 100%, respectively.

(4) Amounts in this column represent threshold payouts under our annual bonus program, which assumes a "Bonus
Multiplier" attributable to the EBITDA Component of 175%. The Customer Satisfaction Component only acts as a downward modifier, such that outperformance of the Customer Satisfaction Component would not result in an upwards adjustment.

(5) Amount represents the incremental fair value of 401,882.80 Time-Based Units whose vesting was accelerated on
December 31, 2025 pursuant to the Young Separation Agreement, computed in accordance with FASB ASC Topic 718. See Note 14 of the consolidated financial statements included elsewhere in this prospectus for additional information regarding the
incremental fair value and compensation expense of the Time-Based Units.

**Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table** 

***Employment Agreements with NEOs***

The following descriptions of the employment agreements are qualified in their entirety by the full terms and conditions thereof. Each employment agreement, including any amendments, is filed as an exhibit to the registration statement of which this prospectus forms a part and is incorporated herein by reference. See "—Summary of Potential Payments Upon Termination or Change of Control—Potential Payments Upon

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

Termination or Change of Control" below for a description of the payments and benefits the executives are entitled to in connection with a termination of their employment.

*Benjamin E. Erwin Employment Agreement* 

On September 4, 2015, we entered into an amended and restated employment agreement with Mr. Erwin. Mr. Erwin's employment agreement provides for "at-will" employment, base salary, eligibility to earn an annual bonus, participation in our employee benefit plans, and a monthly car allowance.

Under Mr. Erwin's employment agreement, if Mr. Erwin's employment is terminated by us for any reason other than for "cause" (as defined in his employment agreement), Mr. Erwin is entitled to receive a lump-sum amount in cash equal to 1.5 times the sum of his then-current base salary and target bonus opportunity.

Mr. Erwin's employment agreement contains a standard Section 280G "cutback" provision, which provides that if any amounts payable to Mr. Erwin would be nondeductible "excess parachute payments" within the meaning of Section 280G of the Code, and Mr. Erwin fails to waive his right to receive such payments, then any potential "parachute payments" (within the meaning of Section 280G of the Code) that are or may be payable to Mr. Erwin will be reduced to the extent necessary to avoid any loss of deductibility under Section 280G of the Code. Mr. Erwin may elect which payments to reduce, except any nonqualified deferred compensation under Section 409A of the Code would be reduced last.

Mr. Erwin's employment agreement also contains a standard confidentiality covenant and invention assignment provisions, as well as noncompetition and employee and customer non-solicitation covenants effective during the term of his employment and for eighteen months thereafter.

*Becky A. Sheehan Employment Agreement* 

On November 20, 2019, we entered into an employment agreement with Ms. Sheehan. Ms. Sheehan's employment agreement provides for "at-will" employment, base salary, eligibility to earn an annual bonus, and participation in our employee benefit plans.

Under Ms. Sheehan's employment agreement, if Ms. Sheehan's employment is terminated by us for any reason other than for "cause" (as defined in her employment agreement), Ms. Sheehan is entitled to receive a lump-sum amount in cash equal to twelve months of her then-current base salary, subject to her execution of a general release of claims.

Ms. Sheehan's employment agreement contains a standard confidentiality covenant and invention assignment provisions, as well as noncompetition and employee and customer non-solicitation covenants effective during the term of her employment and for eighteen months thereafter.

*J. Whitney Markowitz Employment Agreement* 

On January 24, 2014, we entered into an amended and restated employment agreement with Mr. Markowitz. Mr. Markowitz's employment agreement provides for "at-will" employment, base salary, eligibility to earn an annual bonus, participation in our employee benefit plans, and a monthly car allowance.

Under Mr. Markowitz's employment agreement, if Mr. Markowitz's employment is terminated by us without "cause" or if Mr. Markowitz resigns for "good reason" (each, as defined in his employment agreement), Mr. Markowitz is entitled to receive (i) a lump-sum cash payment equal to a pro-rated portion of his then-current target bonus opportunity, (ii) a lump-sum cash payment equal to 2.0 times the sum of his then-current base salary and target bonus opportunity, and (iii) reimbursement for COBRA premiums paid by Mr. Markowitz for up to eighteen months post-termination, in each case, subject to his execution of a general release of claims.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

Mr. Markowitz's employment agreement contains the same Section 280G "cutback" provision as the provision set forth in Mr. Erwin's employment agreement.

Mr. Markowitz's employment agreement also contains a standard confidentiality covenant and invention assignment provisions, as well as noncompetition and employee and customer non-solicitation covenants during the term of his employment and for two years thereafter.

*Charles B. Young Employment Agreement* 

On May 2, 2016, we entered into an employment agreement with Mr. Young. Mr. Young's employment agreement provided for "at-will" employment, base salary, eligibility to earn an annual bonus, and participation in our employee benefit plans.

Mr. Young's employment agreement provided for certain severance payments in connection with the termination of his employment by us without "cause" (as defined in his employment agreement). The Young Separation Agreement, described under "—Summary of Potential Payments Upon Termination or Change in Control—Charles B. Young Separation and Release Agreement" below, superseded the severance provisions of Mr. Young's employment agreement. Mr. Young's employment agreement contains the same Section 280G "cutback" provision as the provision set forth in Mr. Erwin's employment agreement.

Mr. Young's employment agreement also contains a standard confidentiality covenant and invention assignment provisions, as well as noncompetition and employee and customer non-solicitation covenants during the term of his employment and for eighteen months thereafter.

***Long-Term Cash Incentive Awards***

As noted in the Compensation Discussion & Analysis, we have from time to time awarded Cash LTI Awards to our executives, including our NEOs. For a general description of such long-term cash incentive bonuses, see "—Elements of Compensation—Long-Term Cash Incentive Compensation".

In June 2022, we awarded Cash LTI Awards to each of Mr. Erwin ($6,000,000), Ms. Sheehan ($2,500,000), Mr. Markowitz ($2,000,000) and Mr. Young ($1,500,000). These Cash LTI Awards were scheduled to vest and be paid out in six semi-annual installments, beginning on December 1, 2022, and ending on June 1, 2025.

The portion of the long-term cash incentive bonuses paid to our NEOs during the last completed fiscal year is disclosed in the "2025 Summary Compensation Table" under the "Bonus" column.

***Equity Awards***

Our NEOs currently hold Incentive Units, which are described above in the section entitled, "Compensation Discussion and Analysis—Long-Term Equity Incentive Compensation".

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

***Outstanding Equity Awards at 2025 Fiscal Year-End***

The following table includes certain information with respect to outstanding equity awards held by our NEOs as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Stock Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** |
| <br>**Name** | **Number of Shares<br>or Units of Stock<br>That Have Not<br>Vested<br>(#)** | **Market Value of<br>Shares or Units of<br>Stock that Have<br>Not Vested<br>($)<sup>(1)</sup>** | **Equity Incentive<br>Plan Awards:<br>Number of<br>Unearned Shares,<br>Units or Other<br>Rights That Have<br>Not Vested<br>(#)** | **Equity Incentive<br>Plan Awards:<br>Market or Payout<br>Value of<br>Unearned Shares,<br>Units or Other<br>Rights That Have<br>Not Vested<br>($)<sup>(1)(2)</sup>** |
|  Benjamin E. Erwin | 937376<sup>(3)</sup> | 1511372 |  |  |
|  |  |  | 2343440<sup>(4)</sup> | 3778429 |
|  |  |  | 2343440<sup>(5)</sup> | 3778429 |
|  | 93333<sup>(3)</sup> | 150485 |  |  |
|  |  |  | 233333<sup>(4)</sup> | 376213 |
|  |  |  | 233333<sup>(5)</sup> | 376213 |
|  | 82371<sup>(3)</sup> | 132810 |  |  |
|  |  |  | 205926<sup>(4)</sup> | 332023 |
|  |  |  | 205926<sup>(5)</sup> | 332023 |
|  | 2343112<sup>(3)</sup> | 3777899 |  |  |
|  |  |  | 5857779<sup>(4)</sup> | 9444748 |
|  |  |  | 5857779<sup>(5)</sup> | 9444748 |
|  Becky A. Sheehan | 533333<sup>(3)</sup> | 859916 |  |  |
|  |  |  | 1333333<sup>(4)</sup> | 2149790 |
|  |  |  | 1333333<sup>(5)</sup> | 2149790 |
|  | 431185<sup>(3)</sup> | 695219 |  |  |
|  |  |  | 1077963<sup>(4)</sup> | 1738046 |
|  |  |  | 1077963<sup>(5)</sup> | 1738046 |
| J. Whitney Markowitz | 937376<sup>(3)</sup> | 1511372 |  |  |
|  |  |  | 2343440<sup>(4)</sup> | 3778429 |
|  |  |  | 2343440<sup>(5)</sup> | 3778429 |
|  | 24940<sup>(3)</sup> | 40211 |  |  |
|  |  |  | 62349<sup>(4)</sup> | 100528 |
|  |  |  | 62349<sup>(5)</sup> | 100528 |
|  Charles B. Young<sup>(6)</sup> | —  | —  |  |  |

---

(1) Amounts in this column reflect the value of the applicable Incentive Unit as of December 31, 2025,
multiplied by the number of unvested units subject to the applicable award. The Incentive Units were not publicly traded as of the end of our last fiscal year and, therefore, there was no ascertainable public market value for the units as of
December 31, 2025. The value of the units reported is based on our most recent valuation as of December 31, 2025.

(2) As of December 31, 2025, the equity value had appreciated to a level that would have created value in the
Performance-Based Units that are eligible to vest in the event that Blackstone achieves a MOIC equal to at least 1.5x (the "1.5x MOIC Units"), and the Performance-Based Units that are eligible to vest in the event that Blackstone
achieves a MOIC of 2.0x (the "2.0x MOIC Units").

(3) Represents an award of Time-Based Units that is eligible to vest on the first five anniversaries of
April 1, 2022.

(4) Represents an award of 1.5x MOIC Units.

(5) Represents an award of 2.0x MOIC Units.

(6) Mr. Young's employment as our Chief Human Resources Officer terminated effective as of December 31, 2025,
at which time Mr. Young forfeited all of his outstanding and unvested Incentive Units after taking into account the 401,882.80 Time-Based Units that accelerated and vested on December 31, 2025 pursuant to the Young Separation Agreement.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Option Exercises and Stock Vested During the Fiscal Year 2025** 

The following table provides information regarding the amounts received by our NEOs upon the vesting of stock or similar instruments during the year ended December 31, 2025. None of our NEOs hold stock options.

---

| | | |
|:---|:---|:---|
| | **Stock Awards** | **Stock Awards** |
| <br>**Name** | **Number of Shares<br>Acquired on Vesting<br>(#)** | **Value Realized on<br>Vesting<br>($)<sup>(1)</sup>** |
|  Benjamin E. Erwin | 1728096 | 2291234 |
|  Becky A. Sheehan | 482259 | 639414 |
| J. Whitney Markowitz | 481158 | 637954 |
|  Charles B. Young | 803766 | 1180818 |

---

(1) Amounts are calculated by multiplying the number of Incentive Units vested by the value of the applicable unit
on the vesting date. The Incentive Units were not publicly traded as of the applicable vesting date and, therefore, there was no ascertainable public market value for the Incentive Units as of such date. The value of the Incentive Units reported is
based on our most recent valuation as of the applicable vesting date.

**Summary of Potential Payments Upon Termination or Change of Control** 

In accordance with SEC rules, the following table summarizes the payments that would be made to certain of our NEOs upon the occurrence of certain qualifying terminations of employment, assuming such named executive officer's termination of employment with the Company occurred on December 31, 2025 and, where relevant, that a change of control of the Company occurred on December 31, 2025. Amounts shown in the table below do not include (1) accrued but unpaid salary and (2) other benefits earned or accrued by the NEOs during their employment that are available to all salaried employees, such as accrued vacation.

***Employment Agreements***

We have entered into certain agreements with each of our NEOs that provide them with severance protections. The employment agreements provide that the NEOs will be eligible for severance benefits in the event that the NEO experiences a qualifying termination, whether or not in connection with a change of control.

*Benjamin E. Erwin Employment Agreement*. Pursuant to the terms of Mr. Erwin's employment agreement, if Mr. Erwin's employment is terminated by us for any reason other than for "cause" (as defined in his employment agreement), he will be entitled to receive a lump-sum payment equal to 1.5 times the sum of his base salary and target annual bonus opportunity, in each case, as in effect at the time of such termination.

*Becky A. Sheehan Employment Agreement*. Pursuant to the terms of Ms. Sheehan's employment agreement, if Ms. Sheehan's employment is terminated by us for any reason other than for "cause" (as defined in her employment agreement), she will be entitled to receive a severance payment equal to twelve months of her annual base salary at the rate in effect at the time of such termination, subject to her execution and delivery of a general release of claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*J. Whitney Markowitz Employment Agreement.* Pursuant to the terms of Mr. Markowitz's employment agreement, if Mr. Markowitz's employment is terminated by us without "cause" or by Mr. Markowitz for "good reason" (each, as defined in his employment agreement), he will be entitled to receive, subject to his execution and delivery of a general release of claims: (i) a lump-sum cash payment equal to the sum of (x) a pro-rata portion of his target bonus opportunity, calculated based on the number of days of continuous employment during the applicable performance period, plus (y) two times the sum of his base salary and target bonus, in each case, as in effect as of the applicable termination date, and (ii) reimbursement for Mr. Markowitz's COBRA premiums for up to eighteen months post-termination.

*Charles B. Young Employment Agreement.* Mr. Young's employment agreement provided for certain severance payments in connection with the termination of his employment by us without "cause" (as defined in

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

his employment agreement). The Young Separation Agreement, described under "—Charles B. Young Separation and Release Agreement" below, superseded the severance provisions of Mr. Young's employment agreement.

The employment agreements with Mr. Erwin, Mr. Markowitz and Mr. Young each contain a standard Section 280G "cutback" provision, which provides that if any amounts payable to the executive would be nondeductible "excess parachute payments" within the meaning of Section 280G of the Code, and the executive fails to waive his right to receive such payments, then any potential "parachute payments" (within the meaning of Section 280G of the Code) that are or may be payable to such executive will be reduced to the extent necessary to avoid any loss of deductibility under Section 280G of the Code. The executive may elect which payments to reduce, except any nonqualified deferred compensation under Section 409A of the Code would be reduced last.

***Charles B. Young Separation and Release Agreement***

We entered into the Young Separation Agreement with Mr. Young on December 31, 2025, pursuant to which Mr. Young's employment as our Chief Human Resources Officer was terminated by us without cause effective December 31, 2025 (the "Young Separation Date").

Under the Young Separation Agreement, on the Young Separation Date, the vesting of 401,882.80 of Mr. Young's Time-Based Units was accelerated, and his remaining unvested Incentive Units were automatically forfeited without payment. All of Mr. Young's vested Incentive Units will remain outstanding and subject to their original terms.

In addition, Mr. Young will receive the following separation payments and benefits: (i) $670,176, which represents 18 months of his annual salary as of the Young Separation Date, payable in bi-weekly installments in accordance with our regular payroll practice over 18 months following January 7, 2026, the date on which the Young Separation Agreement became irrevocable, (ii) the amount of his 2025 annual bonus that is actually earned under our annual bonus program, payable at the same time that 2025 annual bonuses are paid to our senior executives, (iii) up to three months of outplacement services through our outplacement vendor and (iv) reimbursement for Mr. Young's COBRA premiums through June 2027 for the same level of medical, dental and vision benefits that were provided to Mr. Young as of the Young Separation Date.

Except for the vesting acceleration described above, the separation payments and benefits under the Young Separation Agreement were subject to Mr. Young's timely execution and non-revocation of the Young Separation Agreement and remain subject to his continued compliance with the restrictive covenants (including noncompetition covenant) in his employment agreement. Mr. Young is also required to cooperate with us with respect to the transition of his duties to our new Chief Human Resources Officer.

***Incentive Units***

In the event of a change of control of Encore Global LP, all outstanding Time-Based Units would vest in full, to the extent then-unvested, and the Performance-Based Units would vest to the extent the performance-vesting conditions were satisfied at the time of such change of control, in each case, subject to the NEO's continued employment through the date of such change of control of Encore Global LP.

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

***Potential Payments Upon Termination or Change of Control***

---

| | | |
|:---|:---|:---|
| **Name** | **Payment Type** | **Termination by<br>Company other than<br>for Cause<br>($)<sup>(1)</sup>** |
|  Benjamin E. Erwin | Cash Severance | 3329908<sup>(2)</sup> |
|  | **Total** | 3329908 |
|  Becky A. Sheehan | Cash Severance | 622695<sup>(3)</sup> |
|  | **Total** | 622695 |
| J. Whitney Markowitz | Cash Severance | 2067284<sup>(4)</sup> |
|  | COBRA | 13694<sup>(5)</sup> |
|  | **Total** | 2081248 |
|  Charles B. Young <sup>(6)</sup> | Cash Severance | 670176<sup>(7)</sup> |
|  | Outplacement Services | 7500<sup>(8)</sup> |
|  | COBRA | 13965<sup>(9)</sup> |
|  | **Total** | 691641 |

---

(1) Amounts in this column also reflect potential payments to Mr. Markowitz in the event of a good reason
resignation by Mr. Markowitz.

(2) Represents 1.5 times the sum of Mr. Erwin's annual base salary plus target annual bonus opportunity
at termination.

(3) Represents twelve months of Ms. Sheehan's annual base salary at termination.

(4) Represents the sum of (i) Mr. Markowitz's target bonus opportunity at termination, which would
not be pro-rated in the event of a termination as of December 31st, and (ii) 2.0 times the sum of Mr. Markowitz's base salary plus target bonus opportunity at termination.

(5) Represents eighteen months' subsidized COBRA premiums.

(6) Mr. Young's employment as our Chief Human Resources Officer terminated on December 31, 2025. Amounts in
this table represent the payments and benefits to which Mr. Young is entitled under the Young Separation Agreement, with the exception of Mr. Young's annual bonus payout for 2025 and the acceleration of his Time-Based Units. The material terms
of the Young Separation Agreement are described below under "—Charles B. Young Separation and Release Agreement" above. Mr. Young's annual bonus payout for 2025 is disclosed in the "Non-Equity Incentive Plan
Compensation" column in the "2025 Summary Compensation Table" below. The value of the Time-Based Units that accelerated on the Young Separation Date is disclosed in the "Option Exercises and Stock Vested During the Fiscal
Year 2025" table.

(7) Represents eighteen months of Mr. Young's annual base salary as of the Young Separation Date.

(8) Represents three months' outplacement services.

(9) Represents eighteen months' subsidized COBRA premiums.

**Conversion of Incentive Units** 

In connection with the Reorganization Transactions, all Incentive Units will be directly exchanged for vested shares of common stock (in the case of vested Incentive Units) and restricted shares of common stock (in the case of unvested Incentive Units). The number of shares of common stock delivered in respect of the Incentive Units will be determined based on the amount of proceeds that would be distributed to such Incentive Units if the Company were to be sold at a value derived from the initial public offering price, and the intrinsic value of the shares of common stock issued in respect of the Incentive Units will have an intrinsic value equal to the hypothetical proceeds the Incentive Units would have received. Vested Incentive Units will be converted into fully vested shares of common stock and unvested Incentive Units will be converted into restricted shares of common stock, which will be subject to vesting terms that are the same as those applicable to the unvested Incentive Units immediately prior to the Reorganization Transactions, as described above. The aggregate number of shares of common stock issued to holders of Incentive Units in respect of vested Incentive Units will be , or less than of the shares of common stock issued and outstanding following this offering and the consummation of the transactions contemplated by the Reorganization Transactions. The total number of shares of restricted common stock issued to holders of Incentive Units in respect of unvested Incentive Units will be , or less than of the shares of common stock issued and outstanding following this offering and the consummation of the transactions contemplated by the Reorganization Transactions.

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Director Compensation** 

The following table provides summary information concerning compensation paid or accrued by us to or on behalf of our non-employee directors for services rendered to us during the 2025 fiscal year.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Fees Earned or<br>Paid in Cash<br>($)** | **All Other<br>Compensation<br>($)** | **Total<br>($)** |
|  Adis Asfaw<sup>(1)</sup> |  |  |  |
|  David F. D'Alessandro | 225000 | 5402 | 230402 |
|  Monte Ford | 187500 | 2245 | 189745 |
|  Amy E. Fuller | 187500 |  | 187500 |
|  John J. Gavin | 187500 | 2066 | 189566 |
|  David N. Kestnbaum |  |  |  |
|  Todd Miller |  |  |  |
|  Leonard Seevers |  |  |  |
|  Scott Trebilco |  |  |  |
|  Chris Dettman<sup>(1)</sup> |  |  |  |

---

(1) Ms. Asfaw replaced Mr. Dettman as director in August 2025.

We anticipate that we will review our director compensation program following the consummation of this offering.

**Omnibus Incentive Plan** 

In connection with this offering, our board of directors expects to adopt, and we expect our stockholders to approve, the Encore Inc. 2026 Omnibus Incentive Plan (our "Omnibus Incentive Plan") prior to the completion of the offering.

*Purpose.* The purpose of our Omnibus Incentive Plan is to provide a means through which to attract and retain key personnel and to provide a means whereby our directors, officers, employees, consultants and advisors can acquire and maintain an equity interest in us, or be paid incentive compensation, including incentive compensation measured by reference to the value of shares of our common stock, thereby strengthening their commitment to our welfare and aligning their interests with those of our stockholders.

*Eligibility.* Eligible participants are any (i) individual employed by the Company or any of its subsidiaries; provided, however, that no employee covered by a collective bargaining agreement will be eligible to receive awards under the Omnibus Incentive Plan unless and to the extent that such eligibility is set forth in such collective bargaining agreement or in an agreement or instrument relating thereto; (ii) director or officer of Encore or any of its subsidiaries; or (iii) consultant or advisor to Encore or any of its subsidiaries or any other person who may be offered securities registrable pursuant to a registration statement on Form S-8 under the Securities Act, who, in the case of each of clauses (i) through (iii) above, has entered into an award agreement or who has received written notification from the "Committee" (as described below) or its designee that they have been selected to participate in the Omnibus Incentive Plan.

*Administration*. Our Omnibus Incentive Plan will be administered by the compensation committee of our board of directors, or such other committee of our board of directors to which it has properly delegated power, or if no such committee or subcommittee exists, our board of directors (such administering body, for purposes of this description of the Omnibus Incentive Plan, the "Committee"). Except to the extent prohibited by applicable law, the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to any person or persons selected by it in accordance with the terms of our Omnibus Incentive Plan. The Committee is authorized to: (i) designate

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

participants; (ii) determine the type or types of awards to be granted to a participant; (iii) determine the number of shares of common stock to be covered by, or with respect to which payments, rights or other matters are to be calculated in connection with, awards; (iv) determine the terms and conditions of any award; (v) determine whether, to what extent and under what circumstances awards may be settled in, or exercised for, cash, shares of common stock, other securities, other awards or other property, or canceled, forfeited or suspended and the method or methods by which awards may be settled, exercised, canceled, forfeited or suspended; (vi) determine whether, to what extent, and under what circumstances the delivery of cash, shares of common stock, other securities, other awards, or other property and other amounts payable with respect to an award will be deferred either automatically or at the election of the participant or of the Committee; (vii) interpret, administer, reconcile any inconsistency in, correct any defect in, and/or supply any omission in our Omnibus Incentive Plan and any instrument or agreement relating to, or award granted under, our Omnibus Incentive Plan; (viii) establish, amend, suspend, or waive any rules and regulations and appoint such agents as the Committee may deem appropriate for the proper administration of our Omnibus Incentive Plan; (ix) adopt sub-plans; and (x) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of our Omnibus Incentive Plan. Unless otherwise expressly provided in our Omnibus Incentive Plan, all designations, determinations, interpretations and other decisions under or with respect to our Omnibus Incentive Plan or any award or any documents evidencing awards granted pursuant to our Omnibus Incentive Plan are within the sole discretion of the Committee, may be made at any time, and are final, conclusive and binding upon all persons or entities, including, without limitation, us, any participant, any holder or beneficiary of any award and any of our stockholders.

*Awards Subject to our Omnibus Incentive Plan*. Our Omnibus Incentive Plan provides that the total number of shares of common stock that may be issued under our Omnibus Incentive Plan is (the "Absolute Share Limit"); provided, however, that the Absolute Share Limit shall be increased on the first day of each fiscal year beginning with the fiscal year (the "First Increase Date") and ending with a final increase on the nine year anniversary of the First Increase Date in an amount equal to the least of (x) shares of common stock, (y) % of the total number of shares of common stock outstanding on the last day of the immediately preceding fiscal year, and (z) a lower number of shares of common stock as determined by our board of directors. Of this amount, the maximum number of shares of common stock for which incentive stock options may be granted is ; and during a single fiscal year, each non-employee director shall be granted a number of shares of common stock subject to awards, taken together with any cash fees paid to such non-employee director during the fiscal year, equal to a total value of $ or such lower amount as determined by our board of directors.

Except for "Substitute Awards" (as described below), to the extent that an award expires or is canceled, forfeited, terminated, settled in cash, or otherwise is settled without issuance to the participant of the full number of shares of common stock to which the award related, the unissued shares will again be available for grant under our Omnibus Incentive Plan. Except for "Substitute Awards," shares of common stock withheld in payment of the exercise price, or taxes relating to an award, and shares equal to the number of shares surrendered in payment of any exercise price, or taxes relating to an award, shall be deemed to constitute shares not issued; provided, however, that such shares shall not become available for issuance if either: (i) the applicable shares are withheld or surrendered following the termination of our Omnibus Incentive Plan or (ii) at the time the applicable shares are withheld or surrendered, it would constitute a material revision of our Omnibus Incentive Plan subject to stockholder approval under any then-applicable rules of the national securities exchange on which the common stock is listed. No awards may be granted under our Omnibus Incentive Plan after the tenth anniversary of the effective date (as defined in our Omnibus Incentive Plan), but any such awards granted before then may extend beyond that date. Awards may, in the sole discretion of the Committee, be granted in assumption of, or in substitution for, outstanding awards previously granted by an entity directly or indirectly acquired by us or with which we combine (the "Substitute Awards"), and such Substitute Awards will not be counted against the Absolute Share Limit, except that Substitute Awards intended to qualify as "incentive stock options" will count against the limit on incentive stock options described above.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

*Grants*. All awards granted under our Omnibus Incentive Plan will vest and become exercisable in such manner and on such date or dates or upon such event or events as determined by the Committee, including, without limitation, attainment of Performance Conditions. For purposes of this prospectus, "Performance Conditions" means specific levels of performance of Encore (and/or one or more of its subsidiaries, divisions or operational and/or business units, product lines, brands, business segments, administrative departments, or any combination of the foregoing), which may be determined in accordance with GAAP or on a non-GAAP basis on, without limitation, the following measures: (i) net earnings, net income (before or after taxes), or consolidated net income; (ii) basic or diluted earnings per share (before or after taxes); (iii) net revenue or net revenue growth; (iv) gross revenue or gross revenue growth, gross profit or gross profit growth; (v) net operating profit (before or after taxes); (vi) return measures (including, but not limited to, return on investment, assets, capital, employed capital, invested capital, equity, or sales); (vii) cash flow measures (including, but not limited to, operating cash flow, free cash flow, or cash flow return on capital), which may be but are not required to be measured on a per share basis; (viii) actual or adjusted earnings before or after interest, taxes, depreciation, and/or amortization (including EBIT and EBITDA); (ix) gross or net operating margins; (x) productivity ratios; (xi) share price (including, but not limited to, growth measures and total stockholder return); (xii) expense targets or cost reduction goals, general and administrative expense savings; (xiii) operating efficiency; (xiv) objective measures of customer/client satisfaction; (xv) working capital targets; (xvi) measures of economic value added or other 'value creation' metrics; (xvii) enterprise value; (xviii) sales; (xix) stockholder return; (xx) customer/client retention; (xxi) competitive market metrics; (xxii) employee retention; (xxiii) objective measures of personal targets, goals, or completion of projects (including, but not limited to, succession and hiring projects, completion of specific acquisitions, dispositions, reorganizations, or other corporate transactions or capital-raising transactions, expansions of specific business operations, and meeting divisional or project budgets); (xxiv) comparisons of continuing operations to other operations; (xxv) market share; (xxvi) cost of capital, debt leverage, year-end cash position or book value; (xxvii) strategic objectives; or (xxviii) any combination of the foregoing. Any one or more of the aforementioned performance criteria may be stated as a percentage of another performance criteria, or used on an absolute or relative basis to measure the performance of one or more of Encore or its subsidiaries as a whole or any divisions or operational and/or business units, product lines, brands, business segments, or administrative departments of Encore and/or one or more of its subsidiaries or any combination thereof, as the Committee may deem appropriate, or any of the above performance criteria may be compared to the performance of a selected group of comparison companies, or a published or special index that the Committee, in its sole discretion, deems appropriate, or as compared to various stock market indices.

*Options.* Under our Omnibus Incentive Plan, the Committee may grant non-qualified stock options and incentive stock options with terms and conditions determined by the Committee that are not inconsistent with our Omnibus Incentive Plan; provided, that all stock options granted under our Omnibus Incentive Plan are required to have a per share exercise price that is not less than 100% of the fair market value of our shares of common stock underlying such stock options on the date such stock options are granted (other than in the case of options that are Substitute Awards), and all stock options that are intended to qualify as incentive stock options must be granted pursuant to an award agreement expressly stating that the options are intended to qualify as incentive stock options, and will be subject to the terms and conditions that comply with the rules as may be prescribed by Section 422 of the Internal Revenue Code of 1986, as amended (the "Code"). The maximum term for stock options granted under our Omnibus Incentive Plan will be ten years from the initial date of grant, or with respect to any stock options intended to qualify as incentive stock options, such shorter period as prescribed by Section 422 of the Code. However, if a non-qualified stock option would expire at a time when trading of our shares of common stock is prohibited by our insider trading policy (or "blackout period" imposed by us), the term will automatically be extended to the 30th day following the end of such period. The purchase price for the shares of common stock as to which a stock option is exercised may be paid to us, to the extent permitted by law (i) in cash, check, cash equivalent and/or shares of common stock valued at fair market value at the time the option is exercised; provided, that such shares of common stock are not subject to any pledge or other security interest and have been held by the participant for at least six months (or such other period as established from time to time by the Committee in order to avoid adverse accounting treatment applying generally accepted accounting principles) or (ii) by such other method as the Committee may permit in its sole discretion, including,

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

without limitation: (a) in other property having a fair market value on the date of exercise equal to the exercise price, (b) if there is a public market for the shares of common stock at such time, by means of a broker-assisted "cashless exercise" pursuant to which we are delivered a copy of irrevocable instructions to a stockbroker to sell the shares of common stock otherwise issuable upon the exercise of the option and to deliver promptly to us an amount equal to the exercise price or (c) a "net exercise" procedure effected by withholding the minimum number of shares of common stock otherwise issuable in respect of an option that is needed to pay the exercise price. Any fractional shares of common stock shall be settled in cash.

*Stock Appreciation Rights*. The Committee may grant stock appreciation rights ("SARs") under our Omnibus Incentive Plan, with terms and conditions determined by the Committee that are not inconsistent with our Omnibus Incentive Plan. The Committee may also award SARs independent of any option. Generally, each SAR will entitle the participant upon exercise to an amount (in cash, shares of common stock or a combination of cash and shares, as determined by the Committee) equal to the product of (i) the excess of (a) the fair market value on the exercise date of one share of common stock over (b) the strike price per share of common stock covered by the SAR, times (ii) the number of shares of common stock covered by the SAR, less any taxes required to be withheld. The strike price per share of common stock covered by a SAR will be determined by the Committee at the time of grant but in no event may such amount be less than 100% of the fair market value of a share of common stock on the date the SAR is granted (other than in the case of SARs granted in substitution of previously granted awards).

*Restricted Stock and Restricted Stock Units*. The Committee may grant restricted shares of our common stock or restricted stock units ("RSUs"). RSUs represent the right to receive, upon vesting and the expiration of any applicable restricted period, one share of our common stock for each RSU, or, in the sole discretion of the Committee, the cash value thereof (or any combination thereof). As to restricted share of our common stock, subject to the other provisions of our Omnibus Incentive Plan, the holder will generally have the rights and privileges of a stockholder as to such restricted shares of common stock, including, without limitation, the right to vote such restricted shares.

*Other Equity-Based Awards and Other Cash-Based Awards*. The Committee may grant other equity-based or cash-based awards under the Omnibus Incentive Plan, with terms and conditions determined by the Committee that are not inconsistent with the Omnibus Incentive Plan.

*Effect of Certain Events on the Omnibus Incentive Plan and Awards*. In the event of (i) any dividend (other than regular cash dividends) or other distribution (whether in the form of cash, shares of common stock, other of our securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, split-off, spin-off, combination, repurchase or exchange of shares of common stock or other securities, issuance of warrants or other rights to acquire shares of common stock or other of our securities, or other similar corporate transaction or event that affects the shares of common stock (including a "Change in Control," as defined in the Omnibus Incentive Plan) or (ii) unusual or nonrecurring events affecting us, including changes in applicable rules, rulings, regulations, or other requirements, that the Committee determines, in its sole discretion, could result in substantial dilution or enlargement of the rights intended to be granted to, or available for, participants (any event in (i) or (ii), an "Adjustment Event"), the Committee will, in respect of any such Adjustment Event, make such proportionate substitution or adjustment, if any, as it deems equitable, to any or all of (a) the Absolute Share Limit, or any other limit applicable under the Omnibus Incentive Plan with respect to the number of awards which may be granted thereunder; (b) the number of our shares of common stock or other of our securities (or number and kind of other securities or other property) which may be issued in respect of awards or with respect to which awards may be granted under the Omnibus Incentive Plan; and (c) the terms of any outstanding award, including, without limitation, (x) the number of our shares of common stock or other of our securities (or number and kind of other securities or other property) subject to outstanding awards or to which outstanding awards relate; (y) the exercise price or strike price with respect to any award; or (z) any applicable performance measures; provided, that in the case of any "equity restructuring" (within the meaning of FASB ASC Topic 718 (or any successor pronouncement thereto)), the Committee will make an equitable or

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

proportionate adjustment to outstanding awards to reflect such equity restructuring. In connection with any Adjustment Event, the Committee may, in its sole discretion, provide for any one or more of the following: (i) substitution or assumption of awards, acceleration of the exercisability of, lapse of restrictions on, or termination of, awards or a period of time for participants to exercise outstanding awards prior to the occurrence of such event (and any such award not so exercised will terminate upon the occurrence of such event); and (ii) subject to any limitations or reductions as may be necessary to comply with Section 409A of the Code, cancellation of any one or more outstanding awards and payment to the holders of such awards that are vested as of such cancellation (including, without limitation, any awards that would vest as a result of the occurrence of such event but for such cancellation or for which vesting is accelerated by the Committee in connection with such event) the value of such awards, if any, as determined by the Committee (which value, if applicable, may be based upon the price per share of common stock received or to be received by other holders of our shares of common stock in such event), including, without limitation, in the case of stock options and SARs, a cash payment equal to the excess, if any, of the fair market value of the shares of common stock subject to the option or SAR over the aggregate exercise price or strike price thereof, or, in the case of restricted stock, RSUs, or other equity-based awards that are not vested as of such cancellation, a cash payment or equity subject to deferred vesting and delivery consistent with the vesting restrictions applicable to such award prior to cancellation of the underlying shares in respect thereof.

*Non-transferability of Awards*. No award will be permitted to be assigned, alienated, pledged, attached, sold, or otherwise transferred or encumbered by a participant other than by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer, or encumbrance will be void and unenforceable against us or any of our subsidiaries. However, the Committee may, in its sole discretion, permit awards (other than incentive stock options) to be transferred, including transfers to a participant's family members, any trust established solely for the benefit of a participant or such participant's family members, any partnership or limited liability company of which a participant, or such participant and such participant's family members, are the sole member(s), and a beneficiary to whom donations are eligible to be treated as "charitable contributions" for tax purposes.

*Amendment and Termination*. Our board of directors may amend, alter, suspend, discontinue or terminate our Omnibus Incentive Plan or any portion thereof at any time; provided, that no such amendment, alteration, suspension, discontinuance or termination may be made without stockholder approval if (i) such approval is required under applicable law; (ii) it would materially increase the number of securities which may be issued under our Omnibus Incentive Plan (except for adjustments in connection with certain corporate events); or (iii) it would materially modify the requirements for participation in our Omnibus Incentive Plan; provided, further, that any such amendment, alteration, suspension, discontinuance or termination that would materially and adversely affect the rights of any participant or any holder or beneficiary of any award will not to that extent be effective without such individual's consent.

The Committee may, to the extent consistent with the terms of any applicable award agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any award granted or the associated award agreement, prospectively or retroactively (including after a termination of employment or service); provided, that, except as otherwise permitted in our Omnibus Incentive Plan, any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of any participant with respect to such award will not to that extent be effective without such individual's consent; provided, further, that, except as otherwise permitted in our Omnibus Incentive Plan, (i) no amendment or modification may reduce the exercise price of any option or strike price of any SAR; (ii) the Committee may not cancel any outstanding option or SAR and replace it with a new option or SAR (with a lower exercise price or strike price, as the case may be) or other award or cash payment that is greater than the value of the canceled option or SAR; and (iii) the Committee may not take any other action which is considered a "repricing" for purposes of the stockholder approval rules of any securities exchange or inter-dealer quotation system on which our securities are listed or quoted.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

*Dividends and Dividend Equivalents*. The Committee in its sole discretion may provide as part of an award dividends or dividend equivalents, on such terms and conditions as may be determined by the Committee in its sole discretion. Any dividends payable in respect of restricted stock awards that remain subject to vesting conditions shall be retained by the Company and delivered to the participant within 15 days following the date on which such restrictions on such restricted stock awards lapse and, if such restricted stock is forfeited, the participant shall have no right to such dividends. Dividends attributable to RSUs shall be distributed to the participant in cash or, in the sole discretion of the Committee, in shares of common stock having a fair market value equal to the amount of such dividends, upon the settlement of the RSUs and, if such RSUs are forfeited, the participant shall have no right to such dividends.

*Clawback/Repayment*. All awards are subject to reduction, cancellation, forfeiture or recoupment to the extent necessary to comply with (i) any clawback, forfeiture or other similar policy adopted by our board of directors or the Committee and as in effect from time to time and (ii) applicable law. To the extent that a participant receives any amount in excess of the amount that the participant should otherwise have received under the terms of the award for any reason (including, without limitation, by reason of a financial restatement, mistake in calculations or other administrative error), the participant will be required to repay us any such excess amount.

*Detrimental Activity*. If a participant has engaged in any detrimental activity, as defined in our Omnibus Incentive Plan, as determined by the Committee, the Committee may, in its sole discretion, provide for one or more of the following: (i) cancellation of any or all of such participant's outstanding awards or (ii) forfeiture and repayment to us on any gain realized on the vesting, exercise or settlement of any awards previously granted to such participant.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS** 

*The agreements described in this section, or forms of such agreements as they will be in effect at the time of this offering, are filed as exhibits to the registration statement of which this prospectus forms a part, and the following descriptions are qualified by reference thereto.* 

**Stockholders Agreements** 

In connection with this offering, we intend to enter into separate stockholders agreements with each of our Principal Stockholders. Our stockholders agreement with Blackstone, among other things, permits Blackstone to designate an agreed number of individuals as directors (such directors, the "Blackstone Designated Directors" and each, a "Blackstone Designated Director"), such that, the number of Blackstone Designated Directors serving as directors of our company will be equal to: if Blackstone and its affiliates together beneficially own: (i) at least 50% of the outstanding shares of common stock, the lowest whole number that is greater than 50% of the total number of directors comprising our board of directors; (ii) at least 40% (but less than 50%) of the outstanding shares of common stock, the lowest whole number that is at least 40% of the total number of directors comprising our board of directors; (iii) at least 30% (but less than 40%) of the outstanding shares of common stock, the lowest whole number that is at least 30% of the total number of directors comprising our board of directors; (iv) at least 20% (but less than 30%) of the outstanding shares of common stock, the lowest whole number that is at least 20% of the total number of directors comprising our board of directors; and (v) at least 5% (but less than 20%) of the outstanding shares of common stock, the lowest whole number that is at least 10% of the total number of directors comprising our board of directors. In addition, if Blackstone and its affiliates together beneficially own at least 5% of the outstanding shares of common stock, Blackstone will have the right to appoint a non-voting observer to attend meetings of our board of directors.

Our stockholders agreement with Goldman Sachs, among other things, permits Goldman Sachs to designate one (1) individual as a director (such director, the "Goldman Sachs Designated Director" and, the Goldman Sachs Designated Director, together with the Blackstone Designated Directors, the "Designated Directors") if Goldman Sachs and its affiliates beneficially own at least 5% of the outstanding shares of common stock. In addition, if Goldman Sachs and its affiliates together beneficially own at least 5% of the outstanding shares of common stock, Goldman Sachs will have the right to appoint a non-voting observer to attend meetings of our board of directors.

In addition, the stockholders agreements will permit the Principal Stockholders to assign their rights and obligations under the stockholders agreement, in whole or in part, without our prior written consent. Furthermore, the stockholders agreements require us to cooperate with the Principal Stockholders in connection with certain future pledges, hypothecations, grants of security interest in, or transfers (including to third party investors) of any or all of the common stock held by the Principal Stockholders, including to banks or financial institutions as collateral or security for loans, advances or extensions of credit.

Although a Principal Stockholder may be permitted to designate a certain number of individuals pursuant to the foregoing provisions, there is no requirement that such Principal Stockholder designate all (or any) such individuals. If the stockholders agreements remains in effect, Designated Directors may be removed only with the consent of the Designated Stockholder that designated such Designated Director. Moreover, our Principal Stockholders have certain customary information rights pursuant to the stockholders agreements.

**Registration Rights Agreement** 

In connection with this offering, we will enter into a registration rights agreement with our Principal Stockholders and W Capital, which will provide for customary "demand" registrations and "piggyback" registration rights. The registration rights agreement also will provide that we will pay certain expenses relating to such registrations and indemnify the registration rights holders against (or make contributions in respect of) certain liabilities which may arise under the Securities Act.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Blackstone and W Capital Investment** 

On December 5, 2024, Encore Global LP, a Delaware limited partnership ("Encore Global LP") and the direct parent of the Company, issued 540,000,000 units of Class D convertible preferred equity (the "Class D Preferred Units") to Blackstone and W Capital at a purchase price of $1.00 per unit for an aggregate cash consideration of $540 million. The proceeds from the issuance were used to repay indebtedness in conjunction with the refinancing under the Senior Secured Credit Facilities. For more information on the Senior Secured Facilities see "Description of Certain Indebtedness." Prior to this offering, pursuant to the Reorganization Transactions, the Class D Preferred Units will convert into common units of Encore Global LP and Encore Global LP will then distribute out all shares of our common stock that it owns to our existing owners, who will as a result become our direct stockholders.

**Support and Services Agreement** 

In connection with Blackstone's acquisition of a majority interest in Encore, we and Encore Global LP entered into a support and services agreement dated as of August 8, 2018 with Blackstone Management Partners L.L.C. ("BMP"), Blackstone Capital Partners VII L.P., and Blackstone Real Estate Partners VIII L.P., each affiliates of Blackstone. Under the support and services agreement, the Company and Encore Global LP are required to pay or reimburse Blackstone and its affiliates for out-of-pocket expenses incurred by Blackstone and its affiliates and are required to indemnify BMP and its affiliates and their related parties, in each case, in connection with the provision of such services under the support and services agreement.

We have not made any payments to Blackstone and its affiliates pursuant to the support and services agreement. The support and services agreement will continue in effect following this offering.

**Other Transactions** 

In the normal course of business, we provide event technology services to Goldman Sachs and Blackstone and to their wholly owned subsidiaries. We recognized revenue of $ million, $3.2 million and $2.8 million for event technology services provided to Goldman Sachs during the years ended December 31, 2025, 2024 and 2023, respectively. We recognized revenue of $ million, $3.8 million and $4.2 million for event technology services provided to Blackstone during the years ended December 31, 2025, 2024 and 2023, respectively. In addition, we enter into transactions in the normal course of business with other affiliates of Blackstone, including contracts with hotels and the provision of event technology services to these affiliates.

During the years ended December 31, 2025, 2024 and 2023, Encore Global LP entered into a number of fixed interest swap agreements with an affiliate of Goldman Sachs and received $ million, $1.9 million and $1.0 million, respectively, of net interest payments from that affiliate, which it recorded in interest expense offsetting the cash flows received from the interest rate swap with the interest payments on the underlying borrowings for which the swap transaction is being hedged.

**Statement of Policy Regarding Transactions with Related Persons** 

Prior to the completion of this offering, our board of directors will adopt a written statement of policy regarding transactions with related persons, which we refer to as our "related person policy." Our related person policy will require that a "related person" (as defined in paragraph (a) of Item 404 of Regulation S-K) must promptly disclose to our Chief Legal Officer any "related person transaction" (defined as any transaction that is anticipated would be reportable by us under Item 404(a) of Regulation S-K in which we were or are to be a participant and the amount involved exceeds $120,000 and in which any related person had or will have a direct or indirect material interest) and all material facts with respect thereto. Our Chief Legal Officer will then promptly communicate that information to our audit committee. No related person transaction entered into following the completion of this offering will be executed without the approval or ratification of our audit committee. It is our policy that directors interested in a related person transaction will recuse themselves from any vote on a related person transaction in which they have an interest.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Indemnification of Directors and Officers** 

We have entered, or will enter, into an indemnification agreement with each of our directors and executive officers. The indemnification agreements, together with our amended and restated bylaws, will provide that we will indemnify our directors and officers to the fullest extent permitted by the DGCL, subject to limited exceptions. The indemnification agreements, together with our amended and restated bylaws, will also require us to advance expenses, including attorneys' fees, incurred by our directors and officers in defending against proceedings to which they are or are threatened to be made a party or participant, to the fullest extent permitted by law, subject to limited exceptions. In addition, our amended and restated certificate of incorporation provides that our directors and officers will not be liable to us or our stockholders for monetary damages for breach of fiduciary duty as directors or officers to the fullest extent permitted by the DGCL. There is no pending litigation or proceeding naming any of our directors or officers to which indemnification is being sought, and we are not aware of any pending or threatened litigation that may result in claims for indemnification by any director or officer.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**PRINCIPAL STOCKHOLDERS** 

The following table sets forth information regarding the beneficial ownership of shares of our common stock by (1) each person known to us to beneficially own more than 5% of our outstanding common stock, (2) each of our directors and named executive officers and (3) all of our directors and executive officers as a group.

The percentage of beneficial ownership of shares of our common stock outstanding before the offering as set forth below is based on the number of shares of our common stock to be issued and outstanding immediately prior to the consummation of this offering. The percentage of beneficial ownership of our common stock after the offering as set forth below is based on shares of our common stock to be issued and outstanding immediately after the offering, after giving effect to the conversion of preferred units held by members of Encore Global LP into shares of our common stock, and the subsequent distribution of our common stock to members of Encore Global LP. Beneficial ownership is determined in accordance with the rules of the SEC.

Except as otherwise indicated in the footnotes below, each of the beneficial owners has, to our knowledge, sole voting and investment power with respect to the indicated shares. Unless otherwise noted, the address of each beneficial owner is c/o Encore Inc., 5100 N. River Road, Suite 300, Schiller Park, Illinois 60176.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares of Common Stock**<br>**Beneficially Owned**<br>**Prior to This Offering** | **Shares of Common Stock**<br>**Beneficially Owned**<br>**Prior to This Offering** | **Shares of Common Stock**<br>**Beneficially Owned**<br>**Following This Offering** | **Shares of Common Stock**<br>**Beneficially Owned**<br>**Following This Offering** | **Shares of Common Stock**<br>**Beneficially Owned**<br>**Following This Offering** | **Shares of Common Stock**<br>**Beneficially Owned**<br>**Following This Offering** |
|  | | | **Assuming Underwriters'**<br>**Option is Not Exercised** | **Assuming Underwriters'**<br>**Option is Not Exercised** | **Assuming Underwriters'**<br>**Option is Exercised<br>in Full** | **Assuming Underwriters'**<br>**Option is Exercised<br>in Full** |
| **Name of Beneficial Owner** |<br>**Number** |<br>**Percentage** | **Number** | **Percentage** | **Number** | **Percentage** |
|  **5% Stockholders:** |  |  |  |  |  |  |
|  Blackstone<sup>(1)</sup> |  |  |  |  |  |  |
|  Goldman Sachs<sup>(2)</sup> |  |  |  |  |  |  |
|  W Capital<sup>(3)</sup> |  |  |  |  |  |  |
|  **Directors and Named Executive Officers:** |  |  |  |  |  |  |
|  Benjamin E. Erwin |  |  |  |  |  |  |
|  Becky A. Sheehan |  |  |  |  |  |  |
| J. Whitney Markowitz |  |  |  |  |  |  |
|  Evan Swidler |  |  |  |  |  |  |
|  Charles B. Young |  |  |  |  |  |  |
|  David F. D'Alessandro |  |  |  |  |  |  |
|  Monte E. Ford |  |  |  |  |  |  |
|  Amy E. Fuller |  |  |  |  |  |  |
|  John J. Gavin |  |  |  |  |  |  |
|  David N. Kestnbaum |  |  |  |  |  |  |
|  Todd Miller |  |  |  |  |  |  |
|  Leonard Seevers |  |  |  |  |  |  |
|  Scott Trebilco |  |  |  |  |  |  |
|  Directors and executive officers as a group (13 persons) |  |  |  |  |  |  |

---

\* Less than 1% 

(1) Reflects      shares directly held by BCP Tucson Aggregator LP and
     shares directly held by BRE Tucson Holdings L.P. (together, the "Blackstone Funds"). BCP VII Holdings Manager L.L.C. is the general partner of BCP Tucson Aggregator LP. Blackstone Management Associates VII
L.L.C. is the sole member of BCP VII Holdings Manager L.L.C. BMA VII L.L.C. is the sole member of Blackstone Management Associates VII L.L.C. Blackstone Holdings III L.P. is the managing member of BMA VII L.L.C.

Blackstone Real Estate Associates VIII L.P. is the general partner of BRE Tucson Holdings L.P. BREA VIII L.L.C. is the general partner of Blackstone Real Estate Associates VIII L.P. Blackstone Holdings III L.P. is the managing member of BREA VIII L.L.C.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

Blackstone Holdings III GP L.P. is the general partner of Blackstone Holdings III L.P. Blackstone Holdings III GP Management L.L.C. is the general partner of Blackstone Holdings III GP L.P. Blackstone Inc. is the sole member of Blackstone Holdings III GP Management L.L.C.

The sole holder of the Series II preferred stock of Blackstone Inc. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly-owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman. Each of the Blackstone entities described in this footnote and Stephen A. Schwarzman may be deemed to beneficially own the securities directly or indirectly controlled by such Blackstone entities or him, but each disclaims beneficial ownership of such securities (other than the Blackstone Funds to the extent of its holdings). The address of Mr. Schwarzman and each of the other entities listed in this footnote is c/o Blackstone Inc., 345 Park Avenue, New York, New York 10154.

(2) Shares shown as beneficially owned by affiliates of The Goldman Sachs Group, Inc. reflect an aggregate of the
following record ownership:     shares held by Broad Street Principal Investments, L.L.C.;     shares held by StoneBridge 2018, L.P.;     shares held by StoneBridge 2018 Offshore, L.P.;
    shares held by StoneBridge 2019, L.P.; and     shares held by StoneBridge 2019 Offshore, L.P. Goldman Sachs Asset Management, L.P. and Broad Street Principal Investments, L.L.C. are wholly-owned subsidiaries
of The Goldman Sachs Group, Inc. Goldman Sachs Asset Management, L.P. is the investment manager of StoneBridge 2018, L.P., StoneBridge 2018 Offshore, L.P., StoneBridge 2019, L.P. and StoneBridge 2019 Offshore, L.P. (collectively, with Broad Street
Principal Investments, L.L.C., the "GS Entities"). Each of The Goldman Sachs Group, Inc. and Goldman Sachs Asset Management, L.P. may be deemed to beneficially own indirectly all the shares of common stock owned by the GS Entities
because affiliates of The Goldman Sachs Group, Inc. and Goldman Sachs Asset Management, L.P. are the parent, general partner, managing general partner, managing member or member of each of the GS Entities. The address for the GS Entities, The
Goldman Sachs Group, Inc. and Goldman Sachs Asset Management, L.P. is 200 West Street, New York, New York 10282.

(3) Reflects     shares directly held by W-Prime Entourage, L.P. ("W-Prime Entourage"). W-Prime Entourage GP, L.P. ("W-Prime GP") is the general partner
of W-Prime Entourage and W Capital Management, LLC ("W Capital Management") is its investment manager. AXA IM US Group Holding LLC ("AXA IM US") is the sole member of W Capital
Management. AXA IM US is a wholly owned subsidiary of BNP Paribas US Wholesale Holdings, Corp. which is itself a wholly owned subsidiary of BNP Paribas USA, Inc. which is in turn a wholly owned subsidiary of BNP Paribas SA. ("BNP
Paribas"). The address of the principal offices of each of W-Prime Entourage and W Capital Management is 400 Park Avenue, Suite 910, New York, NY 10022. The address of the principal office of AXA IM US
is 400 Atlantic Street, Suite 1000, Stamford, CT 06901. The address of the principal office of each of BNP Paribas US Wholesale Holdings, Corp. and BNP Paribas USA, Inc. is 787 7th Avenue, 5th Floor Annex, New York, NY 10019. The address of the
principal office of BNP Paribas is 16 Boulevard Des Italiens, Paris 75009, France.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**DESCRIPTION OF CERTAIN INDEBTEDNESS** 

*The following section summarizes the terms of our material principal indebtedness.* 

**Senior Secured Credit Facilities** 

***Overview***

On December 5, 2024, certain subsidiaries of the Company entered into a credit agreement (the "Credit Agreement") with certain financial institutions and Sixth Street Lending Partners, as agent, which governs the Senior Secured Credit Facilities (as defined below). The borrower under the Senior Secured Credit Facilities, AVSC Holding Corp. (the "Borrower"), is a wholly owned subsidiary of the Company. The Senior Secured Credit Facilities are guaranteed by the Company and by substantially all of the Borrower's wholly owned subsidiaries organized in the United States, with customary exceptions including, among other things, where providing such guarantees is not permitted by law, regulation or contract or would result in material adverse tax consequences (the "subsidiary guarantors" and, together with the Company and the Borrower, the "loan parties"). The Senior Secured Credit Facilities include capacity available for issuing letters of credit and for borrowings on same-day notice, referred to as swing line loans. The Senior Secured Credit Facilities initially consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a term loan facility in an original aggregate principal amount of $2,350 million (the "Term Loan
Facility"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a revolving credit facility in an original aggregate principal amount of up to $250 million (the
"Revolving Credit Facility," and together with Term Loan Facility, the "Senior Secured Credit Facilities").

The Senior Secured Credit Facilities provide that the Borrower has the right at any time to request additional term loan tranches and/or term loan increases, increases in the revolving commitments and/or additional revolving credit facilities up to the sum of (i) the greater of (a) $475.0 million and (b) an amount equal to 100.0% of pro forma consolidated EBITDA for the most recently ended four consecutive fiscal quarter period in respect of which financial statements are internally available, plus (ii) an amount equal to all voluntary prepayments, repurchases, redemptions and other retirements of the term loans under the Credit Agreement and certain other reductions of incremental and incremental equivalent and other debt and permanent reductions of revolving credit and delayed draw term loan commitment under the Credit Agreement, in each case secured by liens on the collateral securing the Senior Secured Credit Facilities (the "Collateral") on an equal priority basis, in each case, prior to or simultaneous with the date of any such incurrence (to the extent not funded with the proceeds of long-term debt other than revolving loans), plus (iii) an additional unlimited amount such that, after giving pro forma effect to such incurrence, (a) if such additional amounts are secured by liens on the Collateral on an equal priority basis with the liens on the Collateral securing the Senior Secured Credit Facilities, the consolidated first lien net leverage ratio of the Borrower and its restricted subsidiaries does not exceed 5.00 to 1.00, (b) if such additional amounts are secured by Liens on the Collateral on a junior lien basis to the liens on the Collateral securing the Senior Secured Credit Facilities, the consolidated secured net leverage ratio of the Borrower and its restricted subsidiaries does not exceed 5.50 to 1.00 and (c) if such additional amounts are unsecured (or, to the extent incurred by a restricted subsidiary that is not a loan party, not secured by all or any portion of the collateral), the consolidated total net leverage ratio of the Borrower and its restricted subsidiaries does not exceed 6.00 to 1.00. The lenders under the Senior Secured Credit Facilities are not under any obligation to provide any such incremental commitments or loans, which are uncommitted, and any such addition of or increase in commitments or loans is subject to obtaining commitments and certain customary conditions precedent set forth in the Senior Secured Credit Facilities.

***Interest Rate and Fees***

The Term Loan Facility bears interest at a rate per annum equal to the Term Secured Overnight Financing Rate ("SOFR"), plus the Applicable Rate. The Applicable Rate is 5.0% and, following the delivery of consolidated

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

financial statements for the fiscal quarter ended March 31, 2025, may be reduced by 0.25% so long as certain leverage ratios are met, as set forth in the Credit Agreement. SOFR is defined as the SOFR Reference Rate for a tenor comparable to the applicable interest period (at a period of one, three, six or (if agreed by all relevant lenders) twelve months as set forth in the Credit Agreement), and is subject to a floor of 0.75%.

The Revolving Credit Facility bears interest at a rate per annum equal to Term SOFR plus the Applicable Rate. The Applicable Rate is 5.0% and, following the delivery of consolidated financial statements for the fiscal quarter ended March 31, 2025, may be reduced by 0.25% so long as certain leverage ratios are met, as set forth in the Credit Agreement. SOFR is defined as the SOFR Reference Rate for a tenor comparable to the applicable interest period (at a period of one, three, six or (if agreed by all relevant lenders) twelve months as set forth in the Credit Agreement), and is subject to a floor of 0.75%. Additionally, the Revolving Credit Facility is subject to a commitment fee rate of 0.5% per annum in respect to any unused capacity (for which purpose any outstanding swing line loans are considered unused and any outstanding letters of credit are considered used) and for the year ended December 31, 2024, $72,000 of commitment fees have accrued under this facility.

***Prepayments***

Mandatory prepayments related to the calculated Excess Cash Flow ("ECF") amount (as defined in the Credit Agreement) are required within five (5) business days following the delivery of annual consolidated financial statements (commencing with the year ending December 31, 2025), in the aggregate amount of the Applicable ECF Percentage times the calculated Excess Cash Flow (each as defined in the Credit Agreement), less certain deductions and subject to certain minimum thresholds specified in the Credit Agreement. The Applicable ECF Percentage is defined as 50.0% if the Consolidated First Lien Net Leverage Ratio as of the last day of the applicable fiscal year is greater than 4.50 to 1.00, 25% if the Consolidated First Lien Net Leverage Ratio as of the last day of the applicable fiscal year is less than or equal to 4.50 to 1.00 but greater than 4.00 to 1.00, and 0% if the Consolidated First Lien Net Leverage Ratio as of the last day of the applicable fiscal year is equal to or less than to 4.00 to 1.00. Other mandatory prepayments are required as defined in the Credit Agreement related to certain asset sales and casualty events (less certain deductions and to reinvestment rights, and subject to certain minimum thresholds).

***Amortization and Maturity***

Beginning with the quarter ended June 30, 2025, mandatory quarterly amortization payments on the Term Loan Facility are required in amounts equal to 0.25% of the principal amount of the Term Loan Facility outstanding as of the date of the closing of the Term Loan Facility.

Principal amounts outstanding under the Term Loan Facility are due and payable in full at maturity on December 5, 2031. Principal amounts outstanding under the Revolving Credit Facility are due and payable in full at maturity on December 5, 2029.

***Guarantee and Security***

All obligations of the Borrower, the other loan parties and the restricted subsidiaries under the Senior Secured Credit Facilities and under any swap agreements and cash management arrangements that are entered into by the Borrower or any of its restricted subsidiaries and that, in either case, are provided by any agent or lender party to the Senior Secured Credit Facilities or any of their respective affiliates or are otherwise designated as secured obligations by the Borrower (collectively, the "secured obligations") are unconditionally guaranteed by the Company and the other loan parties.

All secured obligations, including the guarantees thereof, are secured, subject to permitted liens and other exceptions, by substantially all of the assets of the Borrower and each other loan party, including but not limited to: (i) a perfected pledge of all of the capital stock of the Borrower held by the Company, all of the capital stock

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

held by the Borrower or any subsidiary guarantor in any material first-tier wholly-owned restricted subsidiary organized in the United States (subject to certain exceptions) and up to 65% of the capital stock issued and outstanding by each direct wholly owned non-U.S. restricted subsidiary of the Borrower or any subsidiary guarantor that is a CFC or any FSHCO (subject to certain exceptions) and (ii) perfected security interests in substantially all tangible and intangible personal property of the Borrower and the subsidiary guarantors (in each case, subject to certain exceptions and exclusions).

***Certain Covenants and Events of Default***

The Senior Secured Credit Facilities contain a number of covenants that, among other things, restrict, subject to certain exceptions, the Borrower and its restricted subsidiaries' ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur additional indebtedness and guarantee indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• create or incur liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in mergers or consolidations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell, transfer or otherwise dispose of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make investments, acquisitions, loans or advances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay dividends and distributions or repurchase capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prepay, redeem, or repurchase any subordinated indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into agreements which limit our ability and the ability of restricted subsidiaries to incur liens on
assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into amendments to certain subordinated indebtedness in a manner materially adverse to the lenders.

In addition, with respect to the Revolving Credit Facility, the Credit Agreement requires the Borrower to maintain, as of the last day of each four fiscal quarter period, a consolidated first lien net leverage ratio of no greater than 8.33 to 1.00 only if, as of the last day of the applicable fiscal quarter, revolving loans under the Revolving Credit Facility (including swing line loans, but excluding (i) for the first four test consecutive fiscal quarters for which financial statements are required to be delivered under the Credit Agreement, any revolving credit loans applied to finance fees and expenses in connection with the 2024 Refinancing Transactions, (ii) letters or credit that are undrawn or that have been cash collateralized or backstopped and (iii) any other letters of credit (whether or not cash collateralized or backstopped) that are undrawn) in an aggregate amount greater than 40% of the total commitments under the Revolving Credit Facility at such time. The springing financial covenant described in the foregoing sentence is subject to customary equity cure rights and may be amended or waived with the consent of the lenders holding a majority of the commitments under the Revolving Credit Facility.

The Credit Agreement also contains certain customary affirmative covenants and events of default for facilities of this type, including relating to a change of control. If an event of default occurs, the lenders under the Senior Secured Credit Facilities are entitled to take various actions, including the acceleration of amounts due under the Senior Secured Credit Facilities and all actions permitted to be taken by secured creditors.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**DESCRIPTION OF CAPITAL STOCK** 

In connection with this offering, we will amend and restate our certificate of incorporation and our bylaws. The following is a description of the material terms of, and is qualified in its entirety by, Encore Inc.'s amended and restated certificate of incorporation and amended and restated bylaws, each of which will be in effect upon the consummation of this offering, the forms of which are filed as exhibits to the registration statement of which this prospectus forms a part. Under "Description of Capital Stock," "we," "us," "our," the "Company," and "our company" refer to Encore Inc. and not to any of its subsidiaries.

Our purpose is to engage in any lawful act or activity for which corporations may be organized under the DGCL. Upon the consummation of this offering, our authorized capital stock will consist of shares of common stock, par value $0.001 per share, and shares of preferred stock, par value $0.001 per share. Unless our board of directors determines otherwise, we will issue all shares of our capital stock in uncertificated form.

**Common Stock** 

Holders of shares of our common stock are entitled to one vote for each share held of record on all matters on which stockholders are entitled to vote generally, including the election or removal of directors. The holders of our common stock do not have cumulative voting rights in the election of directors.

Holders of shares of our common stock are entitled to receive dividends when, as and if declared by our board of directors out of funds legally available therefore, subject to any statutory or contractual restrictions on the payment of dividends and to the rights of the holders of one or more outstanding series of our preferred stock.

Upon our liquidation, dissolution or winding up and after payment in full of all amounts required to be paid to creditors, and subject to the rights of the holders of one or more outstanding series of preferred stock, the holders of shares of our common stock will be entitled to receive pro rata our remaining assets available for distribution to stockholders.

All shares of our common stock that will be outstanding at the time of the completion of the offering will be fully paid and non-assessable. The common stock will not be subject to further calls or assessments by us. Holders of shares of our common stock do not have preemptive, subscription, redemption or conversion rights. There will be no redemption or sinking fund provisions applicable to the common stock. The rights, powers, preferences and privileges of holders of our common stock will be subject to those of the holders of any shares of our preferred stock or any other series or class of stock we may authorize and issue in the future.

**Preferred Stock** 

Our amended and restated certificate of incorporation authorizes our board of directors to establish one or more series of preferred stock (including convertible preferred stock). Unless required by law or by any stock exchange, and subject to the terms of our amended and restated certificate of incorporation, the authorized shares of preferred stock will be available for issuance without further action by holders of our common stock. Our board of directors is able to determine, with respect to any series of preferred stock, the powers (including voting powers), preferences, and relative, participating, optional, or other special rights, and the qualifications, limitations, or restrictions thereof, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the designation of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares of the series, which our board of directors may, except where otherwise provided in any
preferred stock designation, increase (but not above the total number of authorized shares of the class) or decrease (but not below the number of shares then outstanding);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether dividends, if any, will be cumulative or non-cumulative and the
dividend rate of the series;

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dates at which dividends, if any, will be payable on shares of such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the redemption rights and price or prices, if any, for shares of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the terms and amounts of any sinking fund provided for the purchase or redemption of shares of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amounts payable on shares of the series in the event of any voluntary or involuntary liquidation, dissolution
or winding-up of our affairs or other event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the shares of the series will be convertible into shares of any other class or series, or any other
security, of us or any other entity, and, if so, the specification of the other class or series or other security, the conversion price or prices or rate or rates, any rate adjustments, the date or dates as of which the shares will be convertible,
and all other terms and conditions upon which the conversion may be made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on the issuance of shares of the same series or of any other class or series of our capital stock;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the voting powers, if any, of the holders of the series.

We could issue one or more series of preferred stock that could, depending on the terms of the series, impede or discourage an acquisition attempt or other transaction that some, or a majority, of the holders of our common stock might believe to be in their best interests or in which the holders of our common stock might receive a premium over the market price of the shares of our common stock. Additionally, the issuance of preferred stock may adversely affect the rights or interests of holders of our common stock by restricting dividends on the common stock, diluting the voting power of the common stock, or subordinating the rights of the common stock to distributions upon a liquidation, dissolution, or winding up or other event. As a result of these or other factors, the issuance of preferred stock could have an adverse impact on the market price of our common stock.

**Dividends** 

The DGCL permits the board of directors of a corporation, subject to any restrictions in the certificate of incorporation, to declare and pay dividends out of the corporation's "surplus" or, if there is no "surplus," out of its net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year. "Surplus" is defined as the excess of the net assets of the corporation over the amount determined to be the capital of the corporation. The capital of the corporation is typically calculated to be (and cannot be less than) the aggregate par value of all issued shares of capital stock. Net assets is an amount equal to the fair value of the total assets minus total liabilities. The DGCL also provides that dividends may not be paid out of net profits if, after the payment of the dividend, the remaining capital would be less than the capital represented by the outstanding stock of all classes having a preference upon the distribution of assets. Declaration and payment of any dividend will be subject to the discretion of our board of directors.

We have no current plans to pay dividends on our common stock as a public company. Any decision to declare and pay dividends in the future will be made at the sole discretion of our board of directors and will depend on, among other things, our results of operations, cash requirements, financial condition, contractual restrictions and other factors that our board of directors may deem relevant. Because we are a holding company and have no direct operations, we will only be able to pay dividends from funds we receive from our subsidiaries. In addition, our ability to pay dividends will be limited by covenants in our existing indebtedness and may be limited by the agreements governing any indebtedness we or our subsidiaries may incur in the future. See "Dividend Policy."

**Annual Stockholder Meetings** 

Our amended and restated bylaws provide that annual stockholder meetings will be held at a date, time, and place, if any, as exclusively selected by our board of directors. To the extent permitted under applicable law, we may conduct meetings solely by means of remote communications, including by webcast.

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Anti-Takeover Effects of Our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws and Certain Provisions of Delaware Law** 

Our amended and restated certificate of incorporation, amended and restated bylaws, and the DGCL contain provisions that are summarized in the following paragraphs and that are intended to enhance the likelihood of continuity and stability in the composition of our board of directors. These provisions are intended to avoid costly takeover battles, reduce our vulnerability to a hostile or abusive change of control, and enhance the ability of our board of directors to maximize stockholder value in connection with any unsolicited offer to acquire us. However, these provisions may have an anti-takeover effect and may delay, deter or prevent a merger or acquisition of the Company by means of a tender offer, a proxy contest, or other takeover attempt that a stockholder might consider in its best interest, including those attempts that might result in a premium over the prevailing market price for the shares of common stock held by stockholders.

***Authorized but Unissued Capital Stock***

Delaware law does not require stockholder approval for any issuance of shares that are authorized and available for issuance. However, the listing requirements of the , which would apply so long as our common stock remains listed on the , require stockholder approval of certain issuances equal to or exceeding 20% of the then outstanding voting power or the then outstanding number of shares of common stock. These additional shares may be used for a variety of corporate purposes, including future public offerings, to raise additional capital, or to facilitate acquisitions.

Our board of directors may generally issue shares of one or more series of preferred stock on terms designed to discourage, delay, or prevent a change of control of the Company or the removal of our management. Moreover, our authorized but unissued shares of preferred stock will be available for future issuances in one or more series without stockholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, to facilitate acquisitions, and to fund employee benefit plans.

One of the effects of the existence of authorized and unissued and unreserved common stock or preferred stock may be to enable our board of directors to issue shares to persons friendly to current management, which issuance could render more difficult or discourage an attempt to obtain control of the Company by means of a merger, tender offer, proxy contest, or otherwise, and thereby protect the continuity of our management and possibly deprive our stockholders of opportunities to sell their shares of common stock at prices higher than prevailing market prices.

***Business Combinations***

We have elected not to be governed by Section 203 of the DGCL, which is Delaware's anti-takeover statute that, subject to certain exceptions and approvals, restricts "business combinations," including specified mergers, asset sales, stock sales, and other transactions, between a corporation and its subsidiaries, on the one hand, and any interested stockholder (generally defined to mean a person who (x) owns 15% or more of the outstanding voting stock of the corporation or (y) is an affiliate or associate of us and was the owner of 15% or more of our voting stock within the three-year period before the date on which it is sought to be determined whether such person is an "interested stockholder," and the affiliates or associates of such person), on the other, for a three-year period following the time the person became an interested stockholder. However, our amended and restated certificate of incorporation contains similar provisions providing that we may not engage in certain "business combinations" with any "interested stockholder" for a three-year period following the time that the stockholder became an interested stockholder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to such time, our board of directors approved either the business combination or the transaction that
resulted in the stockholder becoming an interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the
interested stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding certain shares; or

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at or subsequent to that time, the business combination is approved by our board of directors and by the
affirmative vote of holders of at least 66<sup>2</sup>⁄<sub>3</sub>% of our outstanding voting stock that is not owned by the interested stockholder.

Generally, a "business combination" includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. Subject to certain exceptions, an "interested stockholder" is a person who, together with that person's affiliates and associates, owns, or within the previous three years owned, 15% or more of our outstanding voting stock and was an affiliate of us. For purposes of this section only, "voting stock" generally means any class or series of our stock that is entitled to vote generally in the election of directors. References to a percentage of voting stock in this section refer to the percentage of the votes of such voting stock.

Under certain circumstances, this provision will make it more difficult for a person who would be an "interested stockholder" to effect various business combinations with us for a three-year period. This provision may encourage companies interested in acquiring us to negotiate in advance with our board of directors because the stockholder approval requirement would be avoided if our board of directors approves either the business combination or the transaction that results in the stockholder becoming an interested stockholder. These provisions also may have the effect of preventing changes in our board of directors and may make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests.

Our amended and restated certificate of incorporation provides that our Principal Stockholders and their affiliates, and any of their respective direct or indirect transferees, and any group as to which such persons are a party, do not constitute "interested stockholders" for purposes of this provision.

***No Cumulative Voting***

Under Delaware law, the right to vote cumulatively does not exist unless the certificate of incorporation specifically authorizes cumulative voting. Our amended and restated certificate of incorporation does not authorize cumulative voting. Therefore, stockholders holding a majority in voting power of the shares of our stock entitled to vote generally in the election of directors will be able to elect all of our directors.

***Special Stockholder Meetings***

Our amended and restated certificate of incorporation provides that special meetings of our stockholders may be called at any time only by or at the direction of the board of directors, the chair of our board, or the chief executive officer; *provided*, *however*, that at any time when a Principal Stockholder is entitled to designate a Designated Director, special meetings of our stockholders shall also be called by the board of directors or the chair of the board of directors at the request of such Principal Stockholder. Our amended and restated bylaws prohibit the conduct of any business at a special meeting other than as specified in the notice for such meeting. These provisions may have the effect of deterring, delaying, or discouraging hostile takeovers, or changes in control or management of the Company.

***Director Nominations and Stockholder Proposals***

Our amended and restated bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of the board of directors or a committee of the board of directors. In order for any matter to be "properly brought" before a meeting, a stockholder will have to comply with advance notice requirements and provide us with certain information. Generally, to be timely, a stockholder's notice must be received at our principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary date of the immediately preceding annual meeting of stockholders. Our amended and restated bylaws also specify requirements as to the form and content of a stockholder's notice. These provisions will not apply to the parties to the stockholders

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

agreements so long as the relevant agreements remains in effect. Our amended and restated bylaws allow the chair of the meeting at a meeting of the stockholders to adopt rules and regulations for the conduct of meetings which may have the effect of precluding the conduct of certain business at a meeting if the rules and regulations are not followed. These provisions may also defer, delay, or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting to influence or obtain control of the Company.

***Stockholder Action by Consent***

Pursuant to Section 228 of the DGCL, any action required or permitted to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice, and without a vote if a consent or consents, setting forth the action so taken, is or are signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of our stock entitled to vote thereon were present and voted, unless our amended and restated certificate of incorporation provides otherwise. Our amended and restated certificate of incorporation does not permit our common stockholders to act by consent in lieu of a meeting unless such action is (i) recommended by all directors then in office or (ii) at any time when Blackstone is entitled to designate a Designated Director, approved by Blackstone.

**Dissenters' Rights of Appraisal and Payment** 

Under the DGCL, with certain exceptions, our stockholders will have appraisal rights in connection with a merger, consolidation, statutory conversion or statutory domestication, transfer, or continuance in which we are a constituent entity. Pursuant to the DGCL, stockholders who properly demand and perfect appraisal rights in connection with such merger, consolidation, statutory conversion or statutory domestication, transfer, or continuance will have the right to receive payment of the fair value of their shares as determined by the Delaware Court of Chancery, plus interest, if any, on the amount determined to be the fair value, from the effective time of the merger, consolidation, statutory conversion or statutory domestication, transfer, or continuance through the date of payment of the judgment.

**Stockholders Agreements** 

We intend to enter into separate stockholders agreements with each of our Principal Stockholders in connection with this offering. See "Certain Relationships and Related Person Transactions—Stockholders Agreements" for a description of these agreements. Among other things, these agreements will grant each of the Principal Stockholders the right to designate an agreed number of individuals to our board of directors. Our amended and restated certificate of incorporation implements provisions of these agreements.

**Stockholders' Derivative Actions** 

Under the DGCL, any of our stockholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the stockholder bringing the action is a holder of our shares at the time of the transaction to which the action relates or such stockholder's stock thereafter devolved by operation of law. To bring such an action, the stockholder must otherwise comply with Delaware law regarding derivative actions, including by making a pre-suit demand on our board of directors or satisfying its burden to show that any pre-suit demand would be futile. Our amended and restated certificate of incorporation has vested an independent and disinterested litigation demand committee with sole and exclusive authority to consider the merits of any such demands and make decisions and taken actions with respect to any such demands, including whether to initiate a proceeding. This provision may affect a stockholder's ability to commence or control a derivative proceeding.

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Exclusive Forum** 

To prevent having to litigate claims in multiple jurisdictions and the threat of inconsistent or contrary rulings by different courts, among other considerations, our amended and restated certificate of incorporation includes forum selection provisions.

More specifically, our amended and restated certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will, to the fullest extent permitted by law, be the sole and exclusive forum for: (i) any derivative action or proceeding brought on our behalf; (ii) any action asserting a breach of fiduciary duty owed by any current or former director, officer, stockholder, or employee of the company to the company or our stockholders; (iii) any action asserting a claim against us arising under the DGCL, our amended and restated certificate of incorporation or our amended and restated bylaws or as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware; or (iv) any action asserting a claim against us that is governed by the internal affairs doctrine.

To the fullest extent permitted by law, any person or entity purchasing or otherwise acquiring or holding any interest in shares of capital stock of our company shall be deemed to have notice of and consented to the forum provisions in our amended and restated certificate of incorporation. These provisions may limit a stockholder's ability to bring a claim in a judicial forum of their choosing for disputes with us or our directors, officers, or other employees, which may discourage lawsuits against us and our directors, officers, and other employees. If a court were to find the Federal Forum Provision in our amended and restated bylaws to be inapplicable or unenforceable in an action, we may incur further significant additional costs associated with resolving the dispute in other jurisdictions, all of which could harm our business. However, investors cannot waive, and will not be deemed to have waived, compliance with the federal securities laws and the rules and regulations thereunder as a result of our forum selection provisions. See "Risk Factors—Risks Related to this Offering and Ownership of our Common Stock—Our amended and restated certificate of incorporation will designate the Court of Chancery of the State of Delaware or the federal district courts of the United States of America, as applicable, as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with the Company or the Company's directors, officers or other employees."

**Conflicts of Interest** 

Delaware law permits corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the corporation or its officers, directors or stockholders. Our amended and restated certificate of incorporation will, to the maximum extent permitted from time to time by Delaware law, renounce any

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

interest or expectancy that we have in, or right to be offered an opportunity to participate in, specified business opportunities that are from time to time presented to our officers, directors, or stockholders or their respective affiliates, other than those officers, directors, stockholders, or affiliates who are our or our subsidiaries' employees. As a consequence of this waiver, none of our Principal Stockholders, W Capital, or any of their respective affiliates nor any of our directors who are not employed by us (including any non-employee director who serves as one of our officers in both their director and officer capacities) or their affiliates will have any duty to refrain from (i) engaging in a corporate opportunity in the same or similar lines of business in which we or our affiliates now engage or propose to engage or (ii) otherwise competing with us or our affiliates. In addition, to the fullest extent permitted by law, in the event that the Principal Stockholders, W Capital, or any non-employee director acquires knowledge of a potential transaction or other business opportunity which may be a corporate opportunity for itself or themselves or its or their affiliates or for us or our affiliates, as a consequence of this waiver, such person will have no duty to communicate or offer such transaction or business opportunity to us or any of our affiliates and they may take any such opportunity for themselves or offer it to another person or entity. Our amended and restated certificate of incorporation will not renounce our interest in any business opportunity that is expressly offered to a non-employee director solely in their capacity as a director or officer of the Company. To the fullest extent permitted by law, no business opportunity will be deemed to be a potential corporate opportunity for us unless we would be permitted to undertake the opportunity under our amended and restated certificate of incorporation, we have sufficient financial resources to undertake the opportunity and the opportunity would be in line with our business. The stockholders agreements we will enter into with our Principal Stockholders will also contain provisions providing the Principal Stockholders with access to our corporate information.

**Limitations on Liability and Indemnification of Officers and Directors** 

The DGCL authorizes corporations to limit or eliminate the personal liability of directors and certain officers to corporations and their stockholders for monetary damages for breaches of their fiduciary duties, subject to certain exceptions. Our amended and restated certificate of incorporation includes a provision that eliminates the personal liability of directors and officers for monetary damages to the corporation or its stockholders for any breach of fiduciary duty as a director or officer, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL. The effect of these provisions is to eliminate the rights of us and our stockholders to recover monetary damages from a director or officer for breach of fiduciary duty as a director or officer, including breaches resulting from grossly negligent behavior. Under current law, this provision will not limit or eliminate the liability of any officer in any action by or in the right of the Company, including any derivative claim. Further, the exculpation from liability for monetary damages does not apply to any director or officer if the director or officer has breached their duty of loyalty to the corporation and its stockholders, acted in bad faith, knowingly or intentionally violated the law, or derived an improper benefit from their actions as a director or officer. In addition, exculpation does not apply to any director in connection with the authorization of illegal dividends, redemptions or stock repurchases.

Our amended and restated bylaws generally provide that we must indemnify and advance expenses to our directors and officers to the fullest extent authorized by the DGCL, subject to limited exceptions. We also are expressly authorized to carry directors' and officers' liability insurance providing indemnification for our directors, officers, and certain employees for some liabilities. We believe that these indemnification and advancement provisions and insurance are useful to attract and retain qualified directors and executive officers.

The limitation of liability, indemnification and advancement provisions in our amended and restated certificate of incorporation and amended and restated bylaws may discourage stockholders from bringing a lawsuit against directors and officers for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. In addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

There is currently no pending material litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.

**Transfer Agent and Registrar** 

The transfer agent and registrar for shares of our common stock will be .

**Listing** 

We intend to apply to list our common stock on the under the symbol "ECR."

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**CERTAIN U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS** 

The following is a summary of certain U.S. federal income tax consequences to a non-U.S. holder (as defined herein) of the purchase, ownership and disposition of shares of our common stock but does not purport to be a complete analysis of all the potential tax considerations relating thereto. We have not sought, and do not intend to seek, any ruling from the IRS with respect to the statements made and the conclusions reached in the following summary. Accordingly, the discussion below neither binds the IRS nor the courts, and there can be no assurance that the IRS or a court will agree with such statements and conclusions. This summary deals only with common stock that is held as a capital asset by a non-U.S. holder (as defined below).

A "non-U.S. holder" means a beneficial owner of shares of our common stock that is not, for U.S. federal income tax purposes, any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or any other entity treated as a corporation for U.S. federal income tax purposes) created or
organized in or under the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust if it (1) is subject to the primary supervision of a court within the United States and one or more
United States persons (within the meaning of the U.S. Internal Revenue Code of 1986, as amended (the "Code")) have the authority to control all substantial decisions of the trust or (2) has a valid election in effect under
applicable U.S. Treasury regulations to be treated as a United States person.

This summary is based upon provisions of the Code, and regulations, rulings and judicial decisions as of the date hereof. Those authorities may be changed, perhaps retroactively, so as to result in U.S. federal income tax consequences different from those summarized below. This summary does not address all of the U.S. federal income tax consequences that may be relevant to you in light of your particular circumstances, nor does it address the Medicare tax on net investment income, U.S. federal alternative minimum taxes, U.S. federal estate and gift taxes, or the effects of any state, local, or non-United States tax laws. In addition, it does not represent a detailed description of the U.S. federal income tax consequences applicable to you if you are subject to special treatment under the U.S. federal income tax laws (including if you are a U.S. expatriate, "controlled foreign corporation," "passive foreign investment company," a partnership or other pass-through entity for U.S. federal income tax purposes, tax-exempt organizations or governmental organizations, persons deemed to sell our common stock under the constructive sale provisions of the Code, persons who hold or receive our common stock pursuant to the exercise of any employee stock option or otherwise as compensation, tax-qualified retirement plans, "qualified foreign pension funds" as defined in the Code and entities all of the interests of which are held by qualified foreign pension funds or persons subject to special tax accounting rules as a result of any item of gross income with respect to the stock being taken into account in an applicable financial statement). We cannot assure you that a change in law will not alter significantly the tax considerations that we describe in this summary.

If a partnership (or other entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds shares of our common stock, the tax treatment of a partner generally will depend upon the status of the partner and the activities of the partnership. For purposes of this summary, a non-U.S. holder does not include a partnership or other entity or arrangement treated as a partnership for United States federal income tax purposes. If you are a partnership or a partner of a partnership considering an investment in our common stock, you should consult your tax advisors.

**If you are considering the purchase of our common stock, you should consult your own tax advisors concerning the particular U.S. federal income tax consequences to you of the purchase, ownership and disposition of our common stock, as well as the consequences to you arising under other U.S. federal tax laws and the laws of any other taxing jurisdiction.** 

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Dividends** 

As discussed above under "Dividend Policy," we do not currently anticipate paying cash dividends on shares of our common stock in the foreseeable future. In the event that we make a distribution of cash or other property (other than certain pro rata distributions of our common stock) in respect of shares of our common stock, the distribution generally will be treated as a dividend for U.S. federal income tax purposes to the extent it is paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Any portion of a distribution that exceeds our current and accumulated earnings and profits generally will be treated first as a tax-free return of capital, causing a reduction in the adjusted tax basis of a non-U.S. holder's common stock, and to the extent the amount of the distribution exceeds a non-U.S. holder's adjusted tax basis in shares of our common stock, the excess will be treated as a capital gain from the disposition of shares of our common stock (the tax treatment of which is discussed below under "—Gain on Disposition of Common Stock").

Subject to the discussions below under "Information Reporting and Backup Withholding" and "Additional Withholding Requirements," dividends paid to a non-U.S. holder generally will be subject to withholding of U.S. federal income tax at a 30% rate or such lower rate as may be specified by an applicable income tax treaty. However, dividends that are effectively connected with the conduct of a trade or business by the non-U.S. holder within the United States (and, if required by an applicable income tax treaty, are attributable to a U.S. permanent establishment) are not subject to the withholding tax, provided certain certification and disclosure requirements are satisfied. Instead, such dividends are subject to U.S. federal income tax on a net income basis generally in the same manner as if the non-U.S. holder were a United States person as defined under the Code. Any such effectively connected dividends received by a foreign corporation may be subject to an additional "branch profits tax" at a 30% rate or such lower rate as may be specified by an applicable income tax treaty.

A non-U.S. holder who wishes to claim the benefit of an applicable treaty rate and avoid backup withholding, as discussed below, for dividends will be required (a) to provide the applicable withholding agent with a properly executed IRS Form W-8BEN or Form W-8BEN-E (or other applicable form) certifying under penalty of perjury that such holder is not a United States person as defined under the Code and is eligible for treaty benefits or (b) if our common stock is held through certain foreign intermediaries, to satisfy the relevant certification requirements of applicable U.S. Treasury regulations. Special certification and other requirements apply to certain non-U.S. holders that are pass-through entities rather than corporations or individuals.

A non-U.S. holder eligible for a reduced rate of U.S. federal withholding tax pursuant to an income tax treaty may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty.

**Gain on Disposition of Common Stock** 

Subject to the discussion of backup withholding below, any gain realized by a non-U.S. holder on the sale or other disposition of our common stock generally will not be subject to U.S. federal income tax unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain is effectively connected with a trade or business of the non-U.S. holder in the United States (and, if required by an applicable income tax treaty, is attributable to a U.S. permanent establishment of the non-U.S. holder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the non-U.S. holder is an individual who is present in the United States
for 183 days or more in the taxable year of that disposition, and certain other conditions are met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are or have been a "United States real property holding corporation" for U.S. federal income tax
purposes and certain other conditions are met.

A non-U.S. holder described in the first bullet point immediately above will be subject to tax on the gain derived from the sale or other disposition in the same manner as if the non-U.S. holder were a United States person as defined under the Code. In addition, if any non-U.S. holder described in the first bullet point

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

immediately above is a foreign corporation, the gain realized by such non-U.S. holder may be subject to an additional "branch profits tax" at a 30% rate or such lower rate as may be specified by an applicable income tax treaty. An individual non-U.S. holder described in the second bullet point immediately above will be subject to a 30% (or such lower rate as may be specified by an applicable income tax treaty) tax on the gain derived from the sale or other disposition, which gain may be offset by U.S. source capital losses even though the individual is not considered a resident of the United States.

Generally, a corporation is a "United States. real property holding corporation" if the fair market value of its U.S. real property interests equals or exceeds 50% of the sum of the fair market value of its worldwide real property interests and its other assets used or held for use in a trade or business (all as determined for U.S. federal income tax purposes). We believe we are not and do not anticipate becoming a "United States real property holding corporation" for U.S. federal income tax purposes.

**Information Reporting and Backup Withholding** 

Distributions paid to a non-U.S. holder and the amount of any tax withheld with respect to such distributions generally will be reported to the IRS. Copies of the information returns reporting such distributions and any withholding may also be made available to the tax authorities in the country in which the non-U.S. holder resides under the provisions of an applicable income tax treaty.

A non-U.S. holder will not be subject to backup withholding on distributions received if such holder certifies under penalty of perjury that it is a non-U.S. holder (and the payor does not have actual knowledge or reason to know that such holder is a United States person as defined under the Code) such as by furnishing a valid IRS Form W-8BEN, W-8BEN-E, or W-8ECI, or such holder otherwise establishes an exemption.

Information reporting and, depending on the circumstances, backup withholding will apply to the proceeds of a sale or other disposition of our common stock within the United States or conducted through certain U.S.-related financial intermediaries, unless the beneficial owner certifies under penalty of perjury that it is a non-U.S. holder (and the payor does not have actual knowledge or reason to know that the beneficial owner is a United States person as defined under the Code), or such owner otherwise establishes an exemption.

Backup withholding is not an additional tax and any amounts withheld under the backup withholding rules will be allowed as a refund or a credit against a non-U.S. holder's U.S. federal income tax liability provided the required information is timely furnished to the IRS.

**Additional Withholding Requirements** 

Under Sections 1471 through 1474 of the Code (such Sections commonly referred to as "FATCA"), a 30% U.S. federal withholding tax may apply to any dividends paid on our common stock to (i) a "foreign financial institution" (as specifically defined in the Code and whether such foreign financial institution is the beneficial owner or an intermediary) which does not provide sufficient documentation, typically on IRS Form W-8BEN-E, evidencing either (x) an exemption from FATCA, or (y) its compliance (or deemed compliance) with FATCA (which may alternatively be in the form of compliance with an intergovernmental agreement with the United States) in a manner which avoids withholding, or (ii) a "non-financial foreign entity" (as specifically defined in the Code and whether such non-financial foreign entity is the beneficial owner or an intermediary) which does not provide sufficient documentation, typically on IRS Form W-8BEN-E, evidencing either (x) an exemption from FATCA, or (y) adequate information regarding certain substantial United States beneficial owners of such entity (if any). If a dividend payment is both subject to withholding under FATCA and subject to the withholding tax discussed above under "—Dividends," an applicable withholding agent may credit the withholding under FATCA against, and therefore reduce, such other withholding tax. While withholding under FATCA would also have applied to payments of gross proceeds from the sale or other taxable disposition of our common stock, proposed United States Treasury regulations (upon which taxpayers may rely until final regulations are issued) eliminate FATCA withholding on payments of gross proceeds entirely. You should consult your own tax advisors regarding these requirements and whether they may be relevant to your ownership and disposition of our common stock.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**SHARES ELIGIBLE FOR FUTURE SALE** 

Prior to this offering, there has been no public market for shares of our common stock. We cannot predict the effect, if any, future sales of shares of common stock, or the availability for future sale of shares of common stock, will have on the market price of shares of our common stock prevailing from time to time. The sale of substantial amounts of shares of our common stock in the public market, or the perception that such sales could occur, could harm the prevailing market price of shares of our common stock and could impair our future ability to raise capital through the sale of our equity or equity-related securities at a time and price that we deem appropriate. See "Risk Factors—Risks Related to this Offering and Ownership of our Common Stock—If we or our existing investors sell additional shares of our common stock after this offering or are perceived by the public markets as intending to sell them, the market price of our common stock could decline."

Upon completion of this offering, we will have a total of shares of our common stock outstanding. Of the outstanding shares, the shares sold in this offering (or shares if the underwriters exercise in full their option to purchase additional shares) will be freely tradable without restriction or further registration under the Securities Act, except that any shares held by our affiliates, as that term is defined under Rule 144 of the Securities Act, may be sold only in compliance with the limitations described below. The remaining outstanding shares of common stock held by our existing owners and management after this offering (or shares if the underwriters exercise in full their option to purchase additional shares) will be deemed restricted securities under Rule 144 and may be sold in the public market only if registered or if they qualify for an exemption from registration, including the exemption pursuant to Rule 144 which we summarize below.

We intend to file one or more registration statements on Form S-8 under the Securities Act to register shares of our common stock or securities convertible into or exchangeable for shares of our common stock issued pursuant to our Omnibus Incentive Plan. Any such Form S-8 registration statements will automatically become effective upon filing. Accordingly, shares registered under such registration statements will be available for sale in the open market.

Our amended and restated certificate of incorporation authorizes us to issue additional shares of common stock and options, rights, warrants and appreciation rights relating to common stock for the consideration and on the terms and conditions established by our board of directors in its sole discretion. In accordance with the DGCL and the provisions of our amended and restated certificate of incorporation, we may also issue series of preferred stock that has designations, preferences, rights, powers and duties that are different from, and may be senior to, those applicable to shares of common stock. See "Description of Capital Stock."

**Registration Rights** 

In connection with this offering, we intend to enter into a registration rights agreement with our Principal Stockholders and W Capital. See "Certain Relationships and Related Person Transactions—Registration Rights Agreement."

**Lock-Up Agreements** 

We have agreed, subject to enumerated exceptions, that we will not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, or file with the SEC a registration statement under the Securities Act relating to, any shares of our common stock or securities convertible into or exchangeable or exercisable for any shares of our common stock, or publicly disclose the intention to make any such offer, sale, pledge, disposition or filing, without the prior written consent of for a period of 180 days after the date of this prospectus.

Our officers, directors and certain existing owners, including our Principal Stockholders and W Capital, have agreed, subject to enumerated exceptions, that they will not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any shares of our common stock or securities convertible into or exchangeable or exercisable for any shares of our common stock, enter into a transaction that would have the same effect, or

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of our common stock, whether any of these transactions are to be settled by delivery of our common stock or other securities, in cash or otherwise, or publicly disclose the intention to make any such offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement, without, in each case, the prior written consent of for a period of 180 days after the date of this prospectus. These agreements are subject to certain exceptions, as set forth in "Underwriting."

**Rule 144** 

In general, under Rule 144, as currently in effect, a person who is not deemed to be our affiliate for purposes of Rule 144 or to have been one of our affiliates at any time during the three months preceding a sale and who has beneficially owned the shares of common stock proposed to be sold for at least six months, including the holding period of any prior owner other than our affiliates, is entitled to sell those shares of common stock without complying with the manner of sale, volume limitation or notice provisions of Rule 144, subject to compliance with the public information requirements of Rule 144. If such a person has beneficially owned the shares of common stock proposed to be sold for at least one year, including the holding period of any prior owner other than our affiliates, then that person is entitled to sell those shares of common stock without complying with any of the requirements of Rule 144. In general, six months after the effective date of the registration statement of which this prospectus forms a part, under Rule 144, as currently in effect, our affiliates or persons selling shares of common stock on behalf of our affiliates are entitled to sell, within any three-month period, a number of shares of common stock that does not exceed the greater of (1) 1% of the number of shares of common stock then outstanding and (2) the average weekly trading volume of the shares of common stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to that sale. Sales under Rule 144 by our affiliates or persons selling shares of common stock on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**UNDERWRITING** 

We and the underwriters named below will enter into an underwriting agreement with respect to the shares of common stock being offered. Subject to certain conditions, each underwriter has severally agreed to purchase the number of shares of common stock indicated in the following table. BofA Securities, Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are the representatives of the underwriters.

---

| | |
|:---|:---|
| **Underwriters** | **Number of Shares of**<br>**Common Stock** |
|  BofA Securities, Inc. |  |
|  Goldman Sachs & Co. LLC |  |
|  Morgan Stanley & Co. LLC |  |
|  **Total** |  |

---

The underwriters are committed to take and pay for all of the shares being offered, if any are taken, other than the shares covered by the option described below unless and until this option is exercised.

The underwriters have an option to purchase up to an additional shares from us to cover sales by the underwriters of a greater number of shares than the total number set forth in the table above. They may exercise that option for 30 days. If any shares are purchased pursuant to this option, the underwriters will severally purchase shares in approximately the same proportion as set forth in the table above. The underwriters do not expect sales to discretionary accounts to exceed five percent of the total number of shares of common stock offered.

The following table shows the per share and total underwriting discounts and commissions to be paid to the underwriters by us. Such amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase up to additional shares.

<u>Paid by Us</u> 

---

| | | |
|:---|:---|:---|
|  | **No Exercise** | **Full Exercise** |
|  Per Share | $| $|
|  **Total** | **$** | **$** |

---

Shares of common stock sold by the underwriters to the public will initially be offered at the initial public offering price set forth on the cover of this prospectus. Any shares sold by the underwriters to securities dealers may be sold at a discount of up to $ per share from the initial public offering price. After the initial offering of the shares, the representatives may change the offering price and the other selling terms. The offering of the shares by the underwriters is subject to receipt and acceptance and subject to the underwriters' right to reject any order in whole or in part.

We and our officers and directors and our pre-IPO owners have agreed with the underwriters, subject to certain exceptions, not to dispose of or hedge any shares of common stock or securities convertible into or exchangeable for shares of common stock during the period from the date of this prospectus continuing through the date 180 days after the date of this prospectus, except with the prior written consent of and , on behalf of the underwriters.

We intend to apply to list the shares on under the symbol "ECR."

Prior to the offering, there has been no public market for the shares. The initial public offering price has been negotiated among us and the representatives. Among the factors to be considered in determining the initial

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

public offering price of the shares, in addition to prevailing market conditions, will be our historical performance, estimates of the business potential and our earnings prospects, an assessment of our management and the consideration of the above factors in relation to market valuation of companies in related businesses.

The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased shares sold by or for the account of such underwriter in stabilizing or short covering transactions.

Purchases to cover a short position and stabilizing transactions, as well as other purchases by the underwriters for their own accounts, may have the effect of preventing or retarding a decline in the market price of our common stock, and together with the imposition of the penalty bid, may stabilize, maintain or otherwise affect the market price of the common stock. As a result, the price of the shares may be higher than the price that otherwise might exist in the open market. The underwriters are not required to engage in these activities and may end any of these activities at any time. These transactions may be effected on , in the over-the-counter market or otherwise.

We estimate that our share of the total expenses of the offering, excluding underwriting discounts and commissions, will be approximately $. We have also agreed to reimburse the underwriters for certain of their expenses in an amount up to $.

We have agreed to indemnify the several underwriters against certain liabilities, including liabilities under the Securities Act.

A prospectus in electronic format may be made available on websites maintained by one or more underwriters, or selling group members, if any, participating in this offering. The representatives may agree to allocate a number of our shares to underwriters for sale to their online brokerage account holders. Internet distributions will be allocated by the representatives to underwriters that may make Internet distributions on the same basis as other allocations.

**Other Relationships** 

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage, and other financial

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

and non-financial activities and services. Certain of the underwriters and their respective affiliates have provided, and may in the future provide, a variety of these services to us and our affiliates, for which they received or will receive customary fees and expenses.

In the ordinary course of their various business activities, the underwriters and their respective affiliates, officers, directors and employees may purchase, sell, or hold a broad array of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps, and other financial instruments for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to assets, securities, and/or instruments of ours or our affiliates (directly, as collateral securing other obligations or otherwise). The underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas, and/or publish or express independent research views in respect of such assets, securities, or instruments and may at any time hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities, and instruments.

**Selling Restrictions** 

Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

*European Economic Area* 

In relation to each Member State of the European Economic Area (each, a "Relevant State"), no shares of common stock have been offered or will be offered pursuant to this offering to the public in that Relevant State prior to the publication of a prospectus in relation to the shares which has been approved by the competent authority in that Relevant State or, where appropriate, approved in another Relevant State and notified to the competent authority in that Relevant State, all in accordance with the Prospectus Regulation, except that offers of shares may be made to the public in that Relevant State at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any qualified investor as defined under Article 2 of the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the
Prospectus Regulation), subject to obtaining the prior consent of the underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other circumstances falling within Article 1(4) of the Prospectus Regulation,

provided that no such offer of shares of common stock shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation, supplement a prospectus pursuant to Article 23 of the Prospectus Regulation or publish an Annex IX document pursuant to Article 1(4) of the Prospectus Regulation.

For the purposes of this provision, the expression an "offer to the public" in relation to the shares of common stock in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares of common stock to be offered so as to enable an investor to decide to purchase or subscribe for any shares of common stock, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129 (as amended).

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

*United Kingdom* 

No shares of common stock have been offered or will be offered pursuant to the offering to the public in the United Kingdom, except that the shares of common stock may be offered to the public in the United Kingdom at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the offer is conditional on the admission of the shares of common stock to trading on the London Stock
Exchange plc's main market (in reliance on the exception in paragraph 6(a) of Schedule 1 of the POATR);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any qualified investor as defined under paragraph 15 of Schedule 1 of the POATR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to fewer than 150 persons (other than qualified investors as defined under paragraph 15 of Schedule 1 of the
POATR), subject to obtaining the prior consent of the underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in any other circumstances falling within Part 1 of Schedule 1 of the POATR.

For the purposes of this provision, the expression an "offer to the public" in relation to the shares of common stock in the United Kingdom means the communication to any person which presents sufficient information on: (a) the shares of common stock to be offered; and (b) the terms on which they are to be offered, to enable an investor to decide to buy or subscribe for the Shares and the expressions "POATR" means the Public Offers and Admissions to Trading Regulations 2024.

*Canada* 

The shares of common stock may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the shares of common stock must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

*Dubai International Financial Centre* 

This prospectus relates to an "Exempt Offer" in accordance with the Offered Securities Rules of the Dubai Financial Services Authority (the "DFSA"). This prospectus is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein and has no responsibility for the prospectus. The shares of our common stock to which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the shares offered should conduct their own due diligence on the shares. If you do not understand the contents of this prospectus, you should consult an authorized financial advisor.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

*Switzerland* 

The shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange ("SIX") or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the shares or the offering may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this prospectus nor any other offering or marketing material relating to the offering, us, or the shares of common stock have been or will be filed with or approved by any Swiss regulatory authority. In particular, this prospectus will not be filed with, and the offer of shares of common stock will not be supervised by, FINMA, and the offer of shares of common stock has not been and will not be authorized under CISA. The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of shares of common stock.

*Hong Kong* 

The shares of common stock have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a) to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. No advertisement, invitation, or document relating to the shares of common stock has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares of common stock which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the Securities and Futures Ordinance and any rules made under that Ordinance.

*Australia* 

No placement document, prospectus, product disclosure statement, or other disclosure document has been lodged with the Australian Securities and Investments Commission in relation to this offering. This prospectus does not constitute a prospectus, product disclosure statement, or other disclosure document under Chapter 6D.2 of the Corporations Act 2001 (the "Corporations Act"), and does not purport to include the information required for a prospectus, product disclosure statement, or other disclosure document under the Corporations Act.

Any offer in Australia of the shares may only be made to persons, or the Exempt Investors, who are "sophisticated investors" (within the meaning of section 708(8) of the Corporations Act), "professional investors" (within the meaning of section 708(11) of the Corporations Act), or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the shares without disclosure to investors under Chapter 6D of the Corporations Act.

The shares applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise, or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring shares must observe such Australian on-sale restrictions.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

This prospectus contains general information only and does not take account of the investment objectives, financial situation, or particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives, and circumstances, and, if necessary, seek expert advice on those matters.

*Israel* 

In the State of Israel this prospectus shall not be regarded as an offer to the public to purchase shares of common stock under the Israeli Securities Law, 5728—1968, which requires a prospectus to be published and authorized by the Israel Securities Authority, if it complies with certain provisions of Section 15 of the Israeli Securities Law, 5728–1968, including, inter alia, if: (i) the offer is made, distributed, or directed to not more than 35 investors, subject to certain conditions (the "Addressed Investors"), or (ii) the offer is made, distributed, or directed to certain qualified investors defined in the First Addendum of the Israeli Securities Law, 5728—1968, subject to certain conditions (the "Qualified Investors"). The Qualified Investors shall not be taken into account in the count of the Addressed Investors and may be offered to purchase securities in addition to the 35 Addressed Investors. We have not and will not take any action that would require it to publish a prospectus in accordance with and subject to the Israeli Securities Law, 5728—1968. We have not and will not distribute this prospectus or make, distribute, or direct an offer to subscribe for our common stock to any person within the State of Israel, other than to Qualified Investors and up to 35 Addressed Investors.

Qualified Investors may have to submit written evidence that they meet the definitions set out in of the First Addendum to the Israeli Securities Law, 5728—1968. In particular, we may request, as a condition to be offered common stock, that Qualified Investors will each represent, warrant and certify to us and/or to anyone acting on our behalf: (i) that it is an investor falling within one of the categories listed in the First Addendum to the Israeli Securities Law, 5728—1968; (ii) which of the categories listed in the First Addendum to the Israeli Securities Law, 5728—1968 regarding Qualified Investors is applicable to it; (iii) that it will abide by all provisions set forth in the Israeli Securities Law, 5728—1968 and the regulations promulgated thereunder in connection with the offer to be issued common stock; (iv) that the shares of common stock that it will be issued are, subject to exemptions available under the Israeli Securities Law, 5728—1968: (a) for its own account; (b) for investment purposes only; and (c) not issued with a view to resale within the State of Israel, other than in accordance with the provisions of the Israeli Securities Law, 5728—1968; and (v) that it is willing to provide further evidence of its Qualified Investor status. Addressed Investors may have to submit written evidence in respect of their identity and may have to sign and submit a declaration containing, inter alia, the Addressed Investor's name, address, and passport number or Israeli identification number.

*Japan* 

The shares of common stock have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended; the "FIEA") and no shares of common stock will be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person "resident" in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the FIEA and any other applicable laws, regulations and ministerial guidelines of Japan in effect at the relevant time.

*Singapore* 

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares of common stock may not be circulated or distributed, nor may the shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined under Section 4A of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA")) under Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where the shares of common stock are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole
business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each
beneficiary of the trust is an individual who is an accredited investor,

the securities (as defined in Section 239(1) of the SFA) of that corporation shall not be transferable for six months after that corporation has acquired the shares under Section 275 of the SFA except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to an institutional investor or to a relevant person, or to any person arising from an offer referred to in
Section 275(1A) or Section 276(4)(i)(B) of the SFA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where no consideration is or will be given for the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where the transfer is by operation of law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as specified in Section 276(7) of the SFA, or

*Singapore Securities and Futures Act Product Classification—*Solely for the purposes of its obligations pursuant to Sections 309B(1)(a) and 309B(1)(c) of the SFA, we have determined, and hereby notify all relevant persons (as defined in Section 309A of the SFA) that the shares of common stock are prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products). 

*United Arab Emirates* 

The shares of common stock have not been, and will not be, publicly offered, sold, promoted or advertised in the United Arab Emirates (including the Dubai International Financial Center) other than in compliance with the laws of the United Arab Emirates (and the Dubai International Financial Center) governing the issue, offering and sale of securities. Further, this prospectus does not constitute a public offer of securities in the United Arab Emirates (including the Dubai International Financial Center) and is not intended to be a public offer. This prospectus has not been approved by or filed with the Central Bank of the United Arab Emirates, the Securities and Commodities Authority, Financial Services Regulatory Authority, or the Dubai Financial Services Authority.

*Brazil* 

The offer and sale of the shares of common stock have not been and will not be registered with the Brazilian Securities Commission (Comissão de Valores Mobiliários, or "CVM") and, therefore, will not be carried out by any means that would constitute a public offering in Brazil under CVM Resolution No 160, dated 13 July 2022, as amended or unauthorized distribution under Brazilian laws and regulations. The shares of common stock may only be offered to Brazilian professional investors (as defined by applicable CVM regulation), who may only acquire the securities through a non-Brazilian account, with settlement outside Brazil in non-Brazilian currency. The trading of these securities on regulated securities markets in Brazil is prohibited.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**LEGAL MATTERS** 

The validity of the shares of common stock will be passed upon for us by Simpson Thacher & Bartlett LLP, Washington, D.C. Certain legal matters in connection with this offering will be passed upon for the underwriters by Latham & Watkins LLP, Washington, D.C. An investment vehicle comprised of selected partners of Simpson Thacher & Bartlett LLP, members of their families, related persons and others owns an interest representing less than 1% of the capital commitments of certain investment funds affiliated with Blackstone Inc.

**EXPERTS** 

The consolidated financial statements of Encore Inc. at December 31, 2024, and for each of the two years in the period ended December 31, 2024, appearing in this Prospectus and Registration Statement have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

For an initial registration, compliance with all independence rules of the United States Securities and Exchange Commission ("SEC") and Public Company Accounting Oversight Board (United States) ("PCAOB") are required during the period covering the most recent annual financial statements included in the registration statement and subsequent periods. In addition, compliance with applicable home country independence rules and the SEC's general standard of independence in Rule 2-01(b) is required for all prior periods included in the registration statement.

During certain periods beginning prior to 2023 through June 2025, Ernst & Young Global Limited member firms in Australia, New Zealand, and Singapore provided global immigration services to a wholly owned subsidiary of the Company that included certain activities that, while not inconsistent with the American Institute of Certified Public Accountants Code of Professional Conduct, or not inconsistent with the SEC's general standard of independence for the years ended December 31, 2024 and 2023, represented a prohibited management function under the SEC and PCAOB independence rules with respect to the year ended December 31, 2025. Once identified, activity was promptly terminated. The service had no impact on the Company's consolidated financial statements and internal controls over financial reporting or EY's related audit procedures and judgments. The related fees were not material to the respective parties. Members of the EY audit engagement team for the Company were not involved in the service performed by other EYG member firms.

After careful consideration of the facts and circumstances and the applicable independence rules, including the SEC's general standard of independence, EY, management and the Audit Committee have concluded that (i) the aforementioned matter has not and will not impair EY's ability to exercise objective and impartial judgment in connection with its audits of our consolidated financial statements, and (ii) a reasonable investor with knowledge of all relevant facts and circumstances would reach the same conclusion.

**WHERE YOU CAN FIND MORE INFORMATION** 

We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the shares of common stock offered by this prospectus. This prospectus, filed as part of the registration statement, does not contain all of the information set forth in the registration statement and its exhibits and schedules, portions of which have been omitted as permitted by the rules and regulations of the SEC. For further information about us and shares of our common stock, we refer you to the registration statement and to its exhibits and schedules. Statements in this prospectus about the contents of any contract, agreement or other document are not necessarily complete and in each instance we refer you to the copy or form of such contract, agreement or document filed as an exhibit to the registration statement, each statement being qualified in all respects by such reference. You may inspect these reports and other information without charge at a website maintained by the SEC. The address of this site is *www.sec.gov.*

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

We maintain an internet site at *www.encoreglobal.com*. The information on, or accessible from, our website is not part of this prospectus by reference or otherwise.

Upon completion of this offering, we will become subject to the informational requirements of the Exchange Act and will be required to file annual, quarterly and current reports, proxy statements and other information with the SEC. You will be able to inspect copies of these materials without charge at the SEC's website. We intend to make available to our common stockholders annual reports containing consolidated financial statements audited by an independent registered public accounting firm.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**INDEX TO FINANCIAL STATEMENTS** 

---

| | |
|:---|:---|
|  **Audited Consolidated Financial Statements:** |  |
|  [Report of Independent Registered Public Accounting Firm](#fintoc23359_1) | F-2 |
|  [Consolidated Balance Sheets as of December 31, 2024 and 2023](#fintoc23359_2) | F-4 |
|  [Consolidated Statements of Operations for the Years Ended December 31, 2024 and 2023](#fintoc23359_3) | F-5 |
|  [Consolidated Statements of Comprehensive Loss for the Years Ended December 31, 2024 and 2023](#fintoc23359_4) | F-6 |
|  [Consolidated Statements of Changes in Shareholder's Deficit for the Years Ended December 31, 2024 and 2023](#fintoc23359_5) | F-7 |
|  [Consolidated Statements of Cash Flows for the Years Ended December 31, 2024 and 2023](#fintoc23359_6) | F-8 |
|  [Notes to Consolidated Financial Statements](#fintoc23359_7) | F-9 |
|  [Schedule I Financial Information of Encore Inc.](#fintoc23359_8) | F-40 |

---

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Report of Independent Registered Public Accounting Firm** 

To the Shareholder and the Board of Directors of Encore Inc.

**Opinion on the Financial Statements** 

We have audited the accompanying consolidated balance sheets of Encore Inc. (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive loss, changes in shareholder's deficit and cash flows for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matter** 

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates.

***Realizability of Deferred Tax Assets***

---

| | |
|:---|:---|
| *Description of the Matter* | As described in Note 17 to the consolidated financial statements, at December 31, 2024, the Company had deferred tax assets before consideration of a valuation allowance of $356.2 million, a valuation allowance of $276.4 million, and correspondingly a |

---

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

---

| | |
|:---|:---|
|  | deferred tax asset net of valuation allowance of $79.8 million. As described in Note 2 to the consolidated financial statements, these deferred tax assets represent the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities as well as for operating loss and tax credit carryforwards. The Company records a valuation allowance to reduce its deferred tax assets to the amount that management believes is more likely than not to be realized.<br>Auditing management's assessment of the realizability of its deferred tax assets was challenging because the effort required to analyze the nature and source of various inputs used involved scheduling the use of the applicable deferred tax assets, which also includes management's judgments related to the forecasted reversals of both deferred tax assets and deferred tax liabilities. |
| *How We Addressed the Matter in Our Audit* | To test the Company's assessment of the realizability of its deferred tax assets, our audit procedures included, among others, testing the completeness and accuracy of the Company's analysis of the estimated timing of reversal of existing temporary taxable differences. We also verified the appropriateness of the projected usage of tax attributes and assessed the reasonableness of the timing of the reversal of the deferred tax liabilities into taxable income. |

---

Ernst & Young LLP

We have served as the Company's auditor since 1992.

Chicago, Illinois

The foregoing report is in the form that will be signed upon the issuance of the 2025 consolidated financial statements which will include the date of the segment evaluation described in Note 13 to the consolidated financial statements.

/s/ Ernst & Young LLP

Chicago, IL

October 13, 2025

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**ENCORE INC.** 

**CONSOLIDATED BALANCE SHEETS** 

**(In thousands, except for share amounts)** 

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
|  **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $69973 | $202268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts receivable, net of allowances of $6,761 and $9,822 at December 31, 2024 and 2023, respectively | 225463 | 216257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 26429 | 26960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 16214 | 14360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current assets** | **338079** | **459845** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net | 240149 | 198130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease right-of-use assets, net | 95653 | 75141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 730222 | 730222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venue contracts, net | 625716 | 704554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other intangible assets, net | 127953 | 148946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venue incentives | 70877 | 48497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current assets | 6740 | 5385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current assets** | **1897310** | **1910875** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**2235389** | $**2370720** |
|  **LIABILITIES AND SHAREHOLDER'S DEFICIT** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt | $17625 | $20109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of operating lease liabilities | 17993 | 15236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts payable | 93290 | 75730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 197481 | 191444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current liabilities** | **326389** | **302519** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt | 2264929 | 2834925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | 83092 | 63684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities | 42686 | 42811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current liabilities | 41841 | 13768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current liabilities** | **2432548** | **2955188** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | **2758937** | **3257707** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingencies (see Note 18) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shareholder's deficit:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock ($0.001 par value; 2,000 shares authorized; 1,060.6739 shares issued and outstanding at December 31, 2024 and 2023) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in-capital | 1385150 | 850539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (1901644) | (1725525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss | (7054) | (12001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total shareholder's deficit** | **(523548)** | **(886987)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and shareholder's deficit** | $**2235389** | $**2370720** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**ENCORE INC.** 

**CONSOLIDATED STATEMENTS OF OPERATIONS** 

**(In thousands, except for share and per share data)** 

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** |
|  **Revenue** | $**3239322** | $**3088850** |
|  **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenue <sup>1</sup>  | 2591795 | 2462698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses <sup>1</sup>  | 245580 | 223604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 75443 | 72058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venue incentive amortization | 26107 | 22283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | 91716 | 93553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** | **3030641** | **2874196** |
|  **Income from operations** | **208681** | **214654** |
|  Loss on debt extinguishment | (11698) |  |
|  Other (expense) income, net | (8592) | 3179 |
|  Interest expense | (320130) | (313678) |
|  **Loss before tax expense** | **(131739)** | **(95845)** |
|  Income tax expense | (44380) | (36166) |
|  **Net loss** | $**(176119)** | $**(132011)** |
|  **Net loss per common share:** |  |  |
|  Basic and Diluted | $(166044) | $(124460) |
|  **Weighted average shares outstanding:** |  |  |
|  Basic and Diluted | 1060.6379 | 1060.6379 |

---

<sup>1</sup> Exclusive of depreciation of the Company's property and equipment, venue incentive amortization and amortization of its intangible assets.

The accompanying notes are an integral part of these consolidated financial statements.

------

##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**ENCORE INC.** 

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS** 

**(In thousands)** 

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  **Net loss** | $**(176119)** | $**(132011)** |
|  Other comprehensive income (loss), net of tax: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation adjustments | 1680 | (907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in fair value of cash flow hedging instruments | 3267 | (4174) |
|  **Total other comprehensive income (loss)** | **4947** | **(5081)** |
|  **Total comprehensive loss** | $**(171172)** | $**(137092)** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**ENCORE INC.** 

**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S DEFICIT** 

**(In thousands, except for share amounts)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Additional<br>paid-**<br>**in capital** | **Accumulated**<br>**deficit** | **Accumulated**<br>**other**<br>**comprehensive**<br>**loss** | **Total<br>shareholder's**<br>**deficit** |
|  | **Shares** | **Amount** | **Additional<br>paid-**<br>**in capital** | **Accumulated**<br>**deficit** | **Accumulated**<br>**other**<br>**comprehensive**<br>**loss** | **Total<br>shareholder's**<br>**deficit** |
|  Balances at January 1, 2023 | 1060.6739 | $— | $848796 | $(1593514) | $(6920) | $(751638) |
|  Net loss |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (132011) |  | (132011) |
|  Equity-based compensation |  |  | 1743 |  |  | 1743 |
|  Other comprehensive loss |  |  |  |  | (5081) | (5081) |
|  Balances at December 31, 2023 | 1060.6739 | $— | $850539 | $(1725525) | $(12001) | $(886987) |
|  Net loss |  |  |  | (176119) |  | (176119) |
|  Capital contribution from parent |  |  | 533387 |  |  | 533387 |
|  Equity-based compensation |  |  | 1224 |  |  | 1224 |
|  Other comprehensive income |  |  |  |  | 4947 | 4947 |
|  Balances at December 31, 2024 | 1060.6739 | $— | $1385150 | $(1901644) | $(7054) | $(523548) |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**ENCORE INC.** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**(In thousands)** 

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  **<u>Operating activities:</u>** |  |  |
|  Net loss | $(176119) | $(132011) |
|  Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 75443 | 72058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | 91716 | 93553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred financing costs and debt discounts | 8291 | 7819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment-in-kind interest | 64828 | 77633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on debt extinguishment | 11698 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of assets | 6502 | 4940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venue incentive amortization | 26107 | 22283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venue incentive payments | (30888) | (25120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax provision | 2224 | 18627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity-based compensation expense | 1224 | 1743 |
|  Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts receivable | (10049) | 3919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 555 | (836) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts payable | 1071 | (26486) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes | 20747 | (135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 13432 | (36542) |
|  **Net cash provided by operating activities** | **106782** | **81445** |
|  **<u>Investing activities:</u>** |  |  |
|  Purchase of property and equipment | (114252) | (95446) |
|  **Net cash used in investing activities** | **(114252)** | **(95446)** |
|  **<u>Financing activities:</u>** |  |  |
|  Borrowings from revolving facility | 40000 |  |
|  Repayments of revolving facility | (40000) |  |
|  Borrowings of long-term debt, net of discount | 2298000 |  |
|  Repayments of long-term debt | (2933980) | (20080) |
|  Capital contribution from parent | 533387 |  |
|  Payments of deferred financing costs | (12401) |  |
|  Payments for property and equipment financed by seller | (1709) | (6244) |
|  **Net cash used in financing activities** | **(116703)** | **(26324)** |
|  Effect of exchange rate changes on cash and cash equivalents | (3817) | 1717 |
|  Net decrease in cash, cash equivalents and restricted cash | (127990) | (38608) |
|  Cash, cash equivalents and restricted cash at beginning of period | 202268 | 240876 |
|  **Cash, cash equivalents and restricted cash at end of period** | $**74278** | $**202268** |
|  **<u>Supplemental Consolidated Cash Flow Information</u>** |  |  |
|  Cash paid for interest | $257619 | $271068 |
|  Cash paid for income taxes, net of refunds received | $20500 | $17948 |
|  Non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash capital expenditures | $21312 | $11660 |
|  Cash and cash equivalents | $69973 | $202268 |
|  Restricted cash included in other current assets | $4305 | $— |
|  **Total cash, cash equivalents and restricted cash** | $**74278** | $**202268** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**ENCORE INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(In thousands except for unit amounts)** 

**1. Description of the Business** 

Encore Inc. (the "Company" or "Encore"), a wholly owned subsidiary of Encore Global LP ("the Parent"), which is owned by affiliates of Blackstone Inc. ("Blackstone") along with a minority interest held by affiliates of Goldman Sachs Group, Inc. ("Goldman Sachs"), and certain management investors. In December 2024, the Parent issued 540,000,000 units of convertible preferred equity (the "Preferred Units") to affiliates of Blackstone and W-Prime Entourage, L.P. ("W Capital") for proceeds of $540,000, excluding issuance costs. Net proceeds from the issuance of the Preferred Units were contributed by the Parent to the Company in connection with the refinancing of the Company's existing debt facilities (see Note 9).

Encore is the world's leading business-to-business event production company, supporting meeting and event professionals with event technology, production, trade show and exhibition services. With unmatched capabilities, a hospitality mindset and award-winning customer service, Encore is the preferred on-site provider for more than 2,100 premier hotels and venues worldwide, serving thousands of customers and interacting with millions of people annually. The company is headquartered in Schiller Park, Illinois, and operates in 21 countries across North America, Europe, the Middle East, Australia, and Asia Pacific.

As discussed in Note 13, the Company has two operating segments: the United States of America ("U.S.") and International, with both segments providing event technology, production, trade show and exhibition services to Encore's customers in the U.S., Canada, Mexico, Europe, the Middle East, Asia and the Australia Pacific region.

**2. Significant Accounting Policies** 

***Basis of Presentation and Principles of Consolidation***

The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and with the rules and regulations of the Securities and Exchange Commission ("SEC"), specifically Regulation S-X. Unless otherwise indicated, all references to years are to the Company's fiscal year, which ends on December 31.

The consolidated financial statements of the Company include all the accounts of Encore and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

***Use of Estimates***

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The most significant areas that could require management's estimates relate to the annual impairment test of goodwill, trade names and other long-lived assets, reserves for self-insurance losses, incomes taxes and the useful lives of intangible assets.

***Revenue Recognition***

Pursuant to Accounting Standards Codification ("ASC") 606, *Revenue from Contracts with Customers* ("ASC 606"), to recognize revenue from a contract with a customer, the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) identifies contracts with its customers;

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) identifies its distinct performance obligations in each contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) determines the transaction price of each contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) allocates the transaction price to the performance obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) recognizes revenue as the Company satisfies its performance obligations.

At contract inception, the Company assesses the goods or services promised within each contract and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. There is no variability in the transaction price, thus the Company does not need to estimate variable consideration. Revenue related to multi-day event technology services and trade shows is generally recognized over time as the performance obligations are fulfilled, which is typically at the conclusion of each day's events. Revenue related to installations is generally recognized when the installation is complete (point in time).

The Company recognizes revenue using an input method to measure progress toward completion of its performance obligations, as this approach best reflects the Company's efforts or inputs to the satisfaction of a performance obligation relative to the total expected inputs to the satisfaction of that performance obligation. Since the Company's efforts or inputs are not necessarily expended evenly throughout the course of an event (i.e. additional equipment or technicians may be required on busier days), revenue is not recognized on a straight-line basis, but rather according to the transfer of goods and services to customers. Costs included in the measure of progress may consist of labor, subcontractor services, equipment usage, and other resources consumed as work is performed.

The Company also evaluates whether it is appropriate to present as revenue the gross amount customers pay for the Company's services, and the related commissions (which are variable based on annual revenue) paid to the venue as cost of revenue, or to recognize the net amount (gross revenue less the related commissions paid to the venue) as revenue. The Company controls the specified good or service before it is transferred to the customer and is therefore the principal. The Company negotiates and executes a contract directly with the customer, has discretion in establishing the price, maintains the risk before the specified good or service has been transferred to the customer and is responsible for the delivery of the services, including providing the necessary labor and equipment to perform the services. As a result, the Company's revenue is primarily reported on the gross basis. See Note 16 for additional disclosures around revenue recognition.

*<u>Performance Obligations and Other Disclosures</u>*

At contract inception, the Company assesses the goods or services promised within each contract and assesses whether each promised good or service is distinct. The nature of the promise to the customer (and the customer's expectation) is that the Company will provide all the requisite products and services to support the event, trade show, or installation and as such, each contract generally has a single performance obligation. Further, due to the fact that the services provided by the Company are typically provided over short durations, there is minimal judgment involved in identifying the Company's performance obligations and recording the associated revenue in the appropriate reporting period.

The Company provides "assurance-type" warranties, which provides the customer with assurance that the product and services complies with agreed-upon specifications. Assurance type warranties are not product warranties and are not considered a separate performance obligation. As a result, the Company does not have any obligations related to warranty, returns, or refunds.

The Company does not offer significant financing terms and as such, there are no significant financing components.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

*<u>Contract Assets and Liabilities</u>*

The timing of revenue recognition, billings, and cash collections result in billed trade accounts receivables, and customer advances and deposits (deferred revenue) on the Company's consolidated balance sheets. Due to the short-term nature of most events, revenue recognition is generally proximal to the conversion of cash, except for material customer deposits received for events that occur in a future period. The Company generally classifies deferred revenue as current since the related contracts are generally for a period of one year or less.

***Venue Incentives***

The Company enters into long-term contracts with venue operators for the right to be the on-site provider of audiovisual and event technology services and to receive customer referrals from the venue operator over the contract period. In connection with signing new venue contracts or renewing existing venue contracts, the Company may provide the venue operators with up-front cash incentive payments as well as capital equipment and/or installation services. Venue incentives are expensed as incurred, unless the costs are contractually reimbursable as a result of early termination. For venue incentives subject to contractual reimbursement, in the event the contract is early terminated by the venue operator, the venue operator must repay a ratable portion of the cash payment, and the value of the capital equipment and/or installation services obligations based on the remaining contract period. Venue incentives are amortized over the life of the contract with the venue operator, which typically range from three to six years. The Company reviews its venue incentives, for impairment whenever events or changes in circumstances indicate the carrying amount of the venue incentives may not be recoverable. There were no material impairments of the Company's venue incentives during the years ended December 31, 2024 and 2023.

***Cost of Revenue***

Cost of revenue principally includes commissions paid to venues for customer referrals, direct labor costs, the cost of equipment sub-rentals and other related production costs but excludes the depreciation of property and equipment, loss on disposal of assets, venue incentive amortization and amortization of intangible assets.

***Advertising Costs***

Advertising costs are expensed as incurred and included in selling, general and administrative expenses. The Company's advertising costs recorded during the years ended December 31, 2024 and 2023, were $8,275 and $8,912, respectively.

***Cash, Cash Equivalents and Restricted Cash.***

Cash and cash equivalents include all cash balances and highly liquid investments with an original maturity of three months or less. Restricted cash reflects the cash provided to lenders to collateralize outstanding letters of credit. At December 31, 2024 and 2023, the Company had $4,305 and $0 of restricted cash included in other current assets on the Company's consolidated balance sheets. See Note 9 for additional details on the Company's restricted cash balance at December 31, 2024.

***Trade accounts Receivable and Allowance for Credit Losses***

Trade accounts receivable are uncollateralized customer obligations and recorded at the invoiced amounts due under normal terms, and do not bear interest. Payment is due based on the Company's standard payment terms, which is generally 30 days from the invoice date. The Company analyzes historical experience, current general and specific industry economic conditions, industry concentrations and reasonable and supportable forecasts that affect the collectability of the reported amount in estimating credit losses. When an account is considered uncollectible, it is written off against the reserve for the expected credit losses.

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**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

The following table presents the allowance for credit losses on the consolidated balance sheets as of December 31, 2024 and December 31, 2023:

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| | |
|:---|:---|
|  December 31, 2022 | $9954 |
|  Provision for credit losses | 2849 |
|  Charge-offs | (3260) |
|  Other | 279 |
|  December 31, 2023 | $9822 |
|  Provision for credit losses | 3269 |
|  Charge-offs | (5900) |
|  Other | (430) |
|  December 31, 2024 | $6761 |

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***Fair Value of Financial Instruments***

The Company considers carrying amounts of cash and cash equivalents, restricted cash, trade accounts receivable and trade accounts payable to approximate fair value because of the short maturity of these financial instruments. See Note 11 for additional information.

***Derivative Financial Instruments and Hedging Activities***

The Company accounts for derivative instruments in accordance with ASC 815, *Derivatives and Hedging* ("ASC 815"). Derivative instruments are recognized as either assets or liabilities at fair value in the Company's consolidated balance sheet. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and the type of hedging relationship based upon the exposure being hedged, as either a cash flow or fair value hedge. For derivative instruments that are designated as a cash flow hedge, the effective portion of the gain or loss is reported net of income taxes as a component of other comprehensive loss in the Company's consolidated statements of comprehensive loss, until the underlying transactions are recognized in earnings. For derivative instruments not designated as hedging instruments, the gain or loss in recognized in other (expense) income, net in the Company's consolidated statements of operations.

The Company is exposed to certain risks related to its ongoing business operations. The primary risks managed by using derivatives instruments is interest rate risk. Interest rate swaps are entered into to manage interest rate risk associated with the Company's borrowings. In accordance with ASC 815, the Company designates interest rate swaps as cash flow hedges. See Note 10 for additional information.

In accordance with Accounting Standards Update ("ASU") 2011-04, *Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs* ("ASU 2011-04"), the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.

***Property and Equipment, net***

Property and equipment are recorded at cost. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets when placed in service. The estimated useful lives of property and equipment are as follows:

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| | |
|:---|:---|
|  Audiovisual and production equipment | 3-12 years |
|  Furniture and fixtures | 5-10 years |
|  Information systems and software | 1-5 years |
|  Leasehold improvements | Shorter of estimated useful life or lease term |

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

The Company periodically reviews the estimated useful lives of its property and equipment and assesses recoverability of long-lived assets (or asset groups) whenever events or changes in circumstances indicate that the carrying value of such an asset (or asset groups) may not be recoverable.

***Leases***

At lease commencement, which is generally when the Company takes possession of the asset, the Company records a lease liability and a corresponding right of use ("ROU") asset. Lease liabilities represent the present value of minimum lease payments over the expected lease term, which includes options to extend the lease when it is reasonably certain those options will be exercised. Determining the lease term and amount of lease payments to include in the calculation of the ROU asset and lease liability for leases containing options requires the use of judgment to determine whether the exercise of an option is reasonably certain, and if the option period and payments should be included in the calculation of the associated ROU asset and lease liability. In making this determination, the Company considers all relevant economic factors that would compel the Company to exercise an option. The Company's leases generally do not provide a readily determinable implicit borrowing rate. As such, the discount rate used to calculate present value is the lessee's incremental borrowing rate, which is primarily based upon the periodic risk-adjusted interest margin and the term of the lease.

Minimum lease payments include base rent as well as fixed escalation of rental payments. The Company has lease agreements with both lease and non-lease components, with the non-lease components combined with the related lease components and accounted for as a lease component for all classes of underlying assets. Additionally, many of the Company's vehicle and equipment leases require additional payments based on the underlying usage of the assets such as mileage and maintenance costs. Due to the variable nature of these costs, the cash flows associated with these costs are expensed as incurred and not included in the lease payments used to determine the ROU asset and associated lease liability.

ROU assets represent the right to control the use of the leased asset during the lease term and are initially recognized as an amount equal to the lease liability. In addition, prepaid rent, initial direct costs, and adjustments for lease incentives are components of the ROU asset. Over the lease term, the lease expenses are recorded to cost of revenue or selling, general and administrative expenses, as appropriate, and amortized on a straight-line basis beginning on the lease commencement date. ROU assets are assessed for impairment as part of the impairment of long-lived assets, which is performed whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable.

A ROU asset and lease liability are not recognized for leases with an initial term of 12 months or less, and the lease expense is recognized on a straight-line basis over the lease term.

***Goodwill***

Goodwill is tested for impairment at least annually, unless changes in circumstances indicate an impairment may have occurred sooner. The Company performs the annual goodwill impairment evaluation as of October 1st.

The Company is required to test for goodwill impairment on a reporting unit basis, which is the operating segment unless, for components within that operating segment, discrete financial information is prepared and regularly reviewed by management, in which case such a component is the reporting unit.

In assessing goodwill for impairment, the Company initially evaluates qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Several factors are considered, including macroeconomic conditions, industry and market conditions, overall financial performance of the reporting unit, changes in management, strategy or customers and relevant reporting unit-specific events such as a change in the carrying amount of net assets, a more likely than not expectation of selling or disposing

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

of all, or a portion of, a reporting unit, and the testing for recoverability of a significant asset group within a reporting unit. If this qualitative assessment results in a conclusion that it is more likely than not that the fair value of a reporting unit exceeds the carrying value, then no further testing is performed for that reporting unit.

If the qualitative approach is not conclusive, a quantitative approach is used and the Company compares the reporting unit's fair value, using either an income approach based on the present value of discounted cash flows or the market approach, or a combination of both methods, to the respective reporting unit's carrying value, which includes goodwill.

The process of estimating the fair value of its reporting unit is subjective and requires the Company to make certain judgments and estimates that may significantly impact the outcome of the analysis. Due to the many variables inherent in the estimation of a reporting unit's fair value and the relative size of the Company's recorded goodwill, differences in assumptions could have a material impact on the estimated fair values. Changes in these assumptions may cause the carrying value of a reporting unit to exceed its fair value in future periods, potentially resulting in a goodwill impairment charge.

The Company's goodwill resides in one reporting unit, U.S., and no goodwill impairment charges were recorded in 2024 or 2023. See Note 5 for additional details on the Company's annual impairment review for the years ended December 31, 2024 and 2023.

***Definite-lived Intangible Assets***

The Company's definite-lived intangible assets include venue contracts (obtained in business acquisitions), trade names and customer relationships, all of which are recorded at cost or fair value at the date of acquisition and amortized on a straight-line basis over their respective estimated useful lives, which are based on management's estimates of the period that the assets will generate economic benefit, typically 2 to 20 years. Amortization expense is presented as a separate line item in the consolidated statements of operations and there is no amortization expense included in cost of revenue or selling, general and administrative expenses.

***Long-Lived Assets Impairment Assessments***

Under the provisions of ASC 360, *Property, Plant, and Equipment*, the Company reviews property and equipment, ROU assets, and intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group (or asset) may not be recoverable. Recoverability of asset groups (or assets) to be held and used is measured by a comparison of the carrying amount of an asset group (or asset) to future undiscounted cash flows expected to be generated by the asset group (or asset) over its remaining useful life, including any remaining residual value. If such asset groups (or assets) are not recoverable under this test, the impairment to be recognized is measured by the amount by which the carrying amount of the asset groups (or assets) exceeds the fair value of the asset group (or assets). There was no impairment of the Company's long-lived asset groups (or assets) recognized for the years ended December 31, 2024 and 2023.

***Long-Term Debt and Deferred Financing Costs***

The Company classifies scheduled principal payments due on long-term debt within the next twelve months after the consolidated balance sheet as current.

The Company records financing costs incurred as a part of obtaining long-term financing as a reduction in the carrying amount of the related debt liability. These costs are amortized into interest expense over the term of the related debt using the effective interest rate method.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

***Income Taxes***

The Company is subject to income taxes, including Encore and its subsidiaries, in both the U.S. and numerous foreign jurisdictions. The determination of the Company's income tax positions involves consideration of uncertainties, changing fiscal policies, tax laws, court rulings, regulations, and related legislation.

The Company records a provision for income taxes using the asset and liability method. Under this method, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The Company records valuation allowances to reduce its deferred tax assets to the net amount that management believes is more likely than not to be realized.

The Company recognizes a tax benefit associated with an uncertain tax position when, in management's judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority based on the technical merits of the position. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that management judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company includes interest and penalties in the provision for income taxes on its consolidated statements of operations.

The global intangible low-taxed income ("GILTI") regime effectively imposes a worldwide minimum tax on foreign earnings. U.S. shareholders of controlled foreign corporations ("CFCs") are subjected to current taxation on most income earned through a CFC in excess of a 10% return on certain of the CFC's tangible assets – with a reduction for certain interest expense. GILTI inclusions may be reduced by a special deduction and foreign tax credits when available. The Company's accounting policy election with respect to GILTI tax is to treat taxes due on future U.S. inclusion in taxable income as a current period expense when incurred.

***Stock-based Compensation***

The Parent maintains long-term incentive plans under which equity awards are available to be issued to certain employees, officers and directors of the Company. Stock-based compensation expense is measured as the fair value of an award on the date of grant. The compensation expense is recognized ratably over the requisite service period, which is generally equal to the vesting period of the respective award. Expense is recorded net of actual forfeitures, which is recorded when they occur. Compensation expense related to performance share units is only recorded when it is probable that performance conditions applicable to each grant will be met.

***Foreign Currency***

The financial statements of foreign subsidiaries are translated into U.S. dollars at current rates as of the consolidated balance sheet dates, and revenue, costs and expenses are translated at average current rates during each reporting period. The gains or losses resulting from translation are included as a component of accumulated other comprehensive loss, net of taxes, in shareholder's deficit.

Gains and losses resulting from foreign currency transactions are included in the Company's consolidated statements of operations in other (expense) income, net. Net foreign currency transaction losses for the year ended December 31, 2024 were $8,342 and net foreign currency transaction gains for the year ended December 31, 2023 were $3,186.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

***Concentration of Credit Risk***

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and trade accounts receivable. The Company maintains deposits at several foreign and U.S.-based financial institutions. The Company believes its deposits are at institutions with strong credit ratings. Concentrations of credit risk with respect to trade accounts receivable are limited due to the number of customers making up the Company's customer base. The Company does not require collateral for trade accounts receivable.

**3. Recent Accounting Pronouncements** 

***New Accounting Policies Recently Adopted***

Effective for the year ended December 31, 2024, and retrospectively for the year ended December 31, 2023, the Company adopted ASU 2023-07, *Segment Reporting* (Topic 280): Improvements to Reportable Segment Disclosures, which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. The ASU did not impact the Company's consolidated financial position, results of operations or cash flows. Refer to Note 13 for further information.

In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, *Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting* ("ASU 2020-04") which was later clarified in January 2021 by ASU 2021-01, *Reference Rate Reform (Topic 848): Scope.* Additionally, in December 2022, the FASB issued ASU 2022-06, *Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,* which allows ASU 2020-04 to be adopted and applied prospectively to contract modifications made on or before December 31, 2024. The guidance provides optional allowance, for a limited time, to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The Company adopted ASU 2020-04 on January 1, 2023. The adoption of and future elections under this new guidance did not have a material impact on the Company's consolidated financial position or results of operations.

***New Accounting Policies Not Yet Adopted***

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* ("ASU 2023-09") which requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as disaggregated information on income tax paid. The standard is effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. The Company will adopt this guidance when it becomes effective in our consolidated financial statements for the year ending December 31, 2025. Upon adoption, this guidance is not expected to have a material impact on the Company's consolidated financial statements or associated disclosures.

In March 2024, the FASB issued ASU 2024-01, *Compensation—Stock Compensation - Scope Application of Profits Interest and Similar Awards* ("ASU 2024-01"), which provides illustrative guidance to help entities determine whether profit interests and similar awards should be accounted for as share-based payment arrangements within the scope of ASC Topic 718, *Compensation—Stock Compensation* ("ASC 718") or another accounting standard. The Company will adopt this guidance when it becomes effective in the Company's consolidated financial statements for the year ending December 31, 2025. Upon adoption, this guidance is not expected to have a material impact on the Company's consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures* ("ASU 2024-03") which requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is in the process of evaluating the impact that the standard will have on the Company's consolidated financial statements and related disclosures.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**4. Net Loss Per Share** 

The following table presents the calculation of basic and diluted net loss per share attributable to common shareholders:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
| (in thousands, except share and per share amounts) | **2024** | **2023** |
|  Net loss  | $(176119) | $(132011) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to Net loss  | $— | $— |
|  **Weighted average Common Stock<br>outstanding - basic** | **1060.6739** | **1060.6739** |
|  **Weighted average Common Stock<br>outstanding - diluted** | **1060.6739** | **1060.6739** |
|  Loss per share - Basic and Diluted | $(166044) | $(124460) |

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**5. Goodwill and Intangible Assets** 

At both December 31, 2024 and 2023, the Company had $730,222 of goodwill recorded on its consolidated balance sheets.

During the years ended December 31, 2024 and 2023, the Company performed the annual impairment test for its reporting unit with goodwill using a qualitative approach, determining that it was more likely than not that the reporting unit fair value exceeded the carrying value, that goodwill was not impaired. There were accumulated impairment losses of goodwill of $459,329 as of January 1, 2023.

The following tables present information regarding the Company's intangible assets at:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Weighted-**<br>**average**<br>**Remaining**<br>**Amortization**<br>**Period** | **Gross**<br>**Carrying**<br>**Amount** | **Accumulated**<br>**Amortization** | **Net**<br>**Carrying**<br>**Amount** |
|  Venue contracts | 8.6 | $1078803 | $(453087) | $625716 |
|  Other intangible assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer relationships | 6.2 | 105684 | (56087) | 49597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortizable trade names | 10.2 | 118980 | (41417) | 77563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 3.6 | 2200 | (1407) | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other intangible assets |  | 226864 | (98911) | 127953 |
|  Total |  | $1305667 | $(551998) | $753669 |
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Weighted-<br>average<br>Remaining<br>Amortization<br>Period** | **Gross<br>Carrying<br>Amount** | **Accumulated<br>Amortization** | **Net<br>Carrying<br>Amount** |
|  Venue contracts | 9.5 | $1086485 | $(381931) | $704554 |
|  Other intangible assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer relationships | 7.2 | 116196 | (55668) | 60528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortizable trade names | 11.2 | 128842 | (41436) | 87406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 4.6 | 14300 | (13288) | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other intangible assets |  | 259338 | (110392) | 148946 |
|  Total |  | $1345823 | $(492323) | $853500 |

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

***Useful Lives of Intangible Assets***

Venue contracts are amortized over a range of periods from 6 to 15 years, customer relationships are amortized over a range of periods from 2 to 15 years and trade names are amortized over a range of periods from 3 to 20 years. The weighted-average remaining amortization period for the Company's intangible assets at December 31, 2024 and 2023, is 9 and 10 years, respectively.

Future expected amortization expense relating to intangible assets is as follows for the years ending December 31:

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| | |
|:---|:---|
| 2025 | $90764.0 |
| 2026 | 89921.0 |
| 2027 | 89921.0 |
| 2028 | 88314.0 |
| 2029 | 85398.0 |
|  Thereafter | 309351.0 |
|  Total | $753669.0 |

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**6. Leases** 

The Company leases office and warehouse facilities and equipment for various terms under long-term operating leases expiring at various dates. The lease term for its leases includes the non-cancellable period of the lease plus any additional periods covered by an option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise. The leases provide for increases in future minimum annual rental payments and generally require the Company to pay real estate taxes, insurance and maintenance expenses.

The following table represents the Company's lease expense for the years ended:

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
|  Operating Leases | $25837 | $23110 |
|  Short-term leases | 244 | 506 |
|  Total lease expense | $26081 | $23616 |

---

The weighted-average remaining lease term and discount rate of the Company's leases for the years ended, were as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
|  Weighted-average remaining lease term | 6 years | 6 years |
|  Weighted-average discount rate | 8.22% | 8.32% |

---

The following are future lease payments for non-cancellable operating leases at December 31, 2024:

---

| | |
|:---|:---|
| 2025 | $25231.0 |
| 2026 | 24312.0 |
| 2027 | 20827.0 |
| 2028 | 17202.0 |
| 2029 | 12731.0 |

---

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

---

| | |
|:---|:---|
|  Thereafter | 26119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total undiscounted liabilities | $126422 |
|  Less: Imputed interest | (25337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total lease liabilities | $101085 |

---

Supplemental consolidated cash flow and other information related to leases were as follows for the years ended:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
|  Cash paid for amounts included in the measurement of lease liabilities: |  |  |
|  Operating cash flows used for operating leases | $23951 | $22202 |
|  Non-cash ROU assets obtained in exchange for new lease liabilities | $39397 | $19996 |

---

**7. Property and Equipment, net** 

Property and equipment, net consisted of the following at:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
|  Audiovisual and production equipment | $465685 | $411256 |
|  Furniture and fixtures | 9741 | 9433 |
|  Computer hardware and software | 68886 | 62517 |
|  Leasehold improvements | 25160 | 18676 |
|  Other | 31584 | 23646 |
|  | 601056 | 525528 |
|  Less: accumulated depreciation | (360907) | (327398) |
|  Total property and equipment, net | $240149 | $198130 |

---

The related depreciation expense for the years ended December 31, 2024 and 2023, was $75,443 and $72,058, respectively.

**8. Accrued Expenses** 

Accrued expenses consisted of the following at:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
|  Accrued payroll and benefits | $89030 | $76676 |
|  Accrued venue incentives and commissions | 38737 | 35486 |
|  Deferred revenue | 21876 | 22989 |
|  Income taxes payable | 3718 | 9806 |
|  Accrued other | 44120 | 46487 |
|  Total accrued expenses | $197481 | $191444 |

---

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**9. Long-Term Debt** 

The Company's total outstanding indebtedness consisted of the following at:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
|  2024 Term Loan | $2350000 | $— |
|  First lien loans |  | 2515010 |
|  Canada first lien loan |  | 153072 |
|  Second lien loan |  | 210000 |
|  Less: Unamortized loan discount | (52302) | (6697) |
|  Less: Unamortized deferred financing costs | (15144) | (16351) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Debt | 2282554 | 2855034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Current portion | (17625) | (20109) |
|  Total long-term debt | $2264929 | $2834925 |

---

***Borrowing Arrangements***

*<u>New Credit Agreement</u>*

On December 5, 2024, the Company entered into a new credit agreement (the "Credit Agreement") with lenders party thereto (the "Lenders"), for a term loan in an initial aggregate principal amount of $2,350,000 with a maturity of December 4, 2031 (the "Term Loan Facility"), and a revolving credit facility with aggregate commitments of $250,000 maturing on December 4, 2029 (the "Revolving Credit Facility," and together with the Term Loan Facility, the "Senior Secured Credit Facilities"). The proceeds from the Term Loan Facility and initial borrowings at closing from the Revolving Credit Facility, along with a capital contribution received through the Parent's issuance of Preferred Units, were used by the Company to (i) repay our then outstanding first lien term loan and second lien term loan (collectively the "Prior Credit Facilities") and (ii) pay related fees, costs, premiums and expenses (collectively, this series of transactions is referred to as the "2024 Refinancing Transactions").

In connection with the 2024 Refinancing Transactions, the Company performed an analysis on a lender-by-lender basis to determine whether the net present value of cash flows for the Prior Credit Facilities were substantially different (defined as the present value of cash flows under the terms of a new debt instrument being at least 10% different from the present value of the remaining cash flows under the terms of an original instrument) with the net present value of cash flows from the Term Loan Facility. As of December 5, 2024, the Company had $15,330 of unamortized debt issuance costs associated with the Prior Credit Facilities, with $4,083 of unamortized original issue discount ("OID") and $11,208 of unamortized deferred financing costs ("DFC"). Certain of the lenders party to the Prior Credit Facilities did not carry over to the Credit Agreement and, accordingly, the Company included a proportionate amount of the unamortized OID and DFC in the loss on debt extinguishment of $11,698, which was recognized in other (expense) income, net in the consolidated statement of operations for the year ended December 31, 2024. For those lenders that were lenders in the Prior Credit Facilities and who carried over as lenders in the Term Loan Facility, their cash flows under the terms of the new debt were not substantially different, resulting in the Company accounting for their proportionate share of the unamortized OID and DFC from the Prior Credit Facilities under debt modification accounting. Accordingly, $672 of unamortized OID and $2,960 of unamortized DFC associated with the Prior Credit Facilities were deferred and recorded as an adjustment to the carrying amount of the Term Loan Facility and will be amortized over the life of the new credit facility.

Further, in connection with the Credit Agreement, the new Term Loan Facility was issued at a stated discount of 2%, resulting in the Company recording $52,000 of OID associated with the Credit Agreement. This amount has been recorded on the Company's consolidated balance sheet as an adjustment to the carrying amount of the Company's long-term debt. Additionally, the Company incurred $16,177 of expenses associated with the Credit

------

##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

Agreement, of which $12,401 were capitalized as deferred financing costs and are recorded as an adjustment to the carrying amount of the Company's debt and will be amortized over the life of the facility. The remaining $3,776 of costs incurred were associated with lenders who carried over from the Prior Credit Facilities and were accounted for under debt modification accounting and expensed in the current period.

The Term Loan Facility bears interest at a rate per annum equal to the Term Secured Overnight Financing Rate ("SOFR"), plus the Applicable Rate. The Applicable Rate is defined as 5.0% and any time upon or after the delivery of the Company's consolidated financial statements for the fiscal quarter ending March 31, 2025, the Applicable Rate may be reduced by 0.25% if the Company meets certain leverage ratios, as set forth in the Credit Agreement. SOFR is defined as the SOFR Reference Rate for a tenor comparable to the applicable interest period (at a period of one, three, six or twelve months at the Company's election), and is subject to a floor of 0.75%. Beginning with the quarter ending June 30, 2025, the Company must make mandatory quarterly amortization payments on the Term Loan Facility in an amount of $5,875.

The Company is also required to make mandatory prepayments related to the calculated Excess Cash Flow ("ECF") amount (as defined in the Credit Agreement) within five (5) business days following the delivery of the Company's annual consolidated financial statements (commencing with the fiscal year ending December 31, 2025), in the aggregate amount of the Applicable ECF Percentage times the calculated excess Free Cash Flow (each as defined in the Credit Agreement), less certain deductions and subject to certain minimum thresholds specified in the Credit Agreement. The Applicable ECF Percentage is defined as 50.0% if the Consolidated First Lien Net Leverage Ratio as of the last day of the fiscal year is greater than 4.5x, 25% if the Consolidated First Lien Net Leverage Ratio as of the last day of the fiscal year is less than or equal to 4.5x but greater than 4.0x, and 0% if the Consolidated First Lien Net Leverage Ratio as of the last day of the fiscal year is less than or equal to 4.0x. The Company is also required to make other mandatory prepayments as defined in the Credit Agreement related to certain asset sales and certain proceeds from incremental debt.

The Revolving Credit Facility bears interest at a rate per annum equal to Term SOFR plus the Applicable Rate. The Applicable Rate is defined as 5.0% and any time upon or after the delivery of the Company's consolidated financial statements for the fiscal quarter ending March 31, 2025, the Applicable Rate may be reduced by 0.25% if the Company meets certain leverage ratios as defined in the credit agreement. SOFR is set forth as the SOFR Reference Rate for a tenor comparable to the applicable interest period (at a period of one, three, six or twelve months at the Company's election) and is subject to a floor of 0.75%. Additionally, the Revolving Credit Facility is subject to a commitment fee rate of 0.5% per annum in respect to any unused capacity (which excludes any outstanding letters of credit) and for the year ended December 31, 2024, the Company paid $72 of fees under this facility.

The Revolving Credit Facility includes an option to borrow funds under the terms of a swingline loan sub-facility, subject to a sublimit of $15,000 and includes capacity for $50,000 of letters of credit, which are subject to utilization fees in the amount of the Applicable Rate of 5.0%. As of December 31, 2024, the Company had issued letters of credit under the Revolving Credit Facility with an aggregate face value of $18,750 and there was $231,250 available for borrowing. Outside of the Revolving Credit Facility, the Company also had arrangements with banks that were party to the Company's Prior Revolving Facility (see below) to issue letters of credit with an aggregate face value of $4,102 at December 31, 2024. These additional outstanding letters of credit were fully cash collateralized by the Company at December 31, 2024. Subsequent to December 31, 2024, all of these outstanding letters of credit were cancelled and replaced with letters of credit issued under the Revolving Credit Facility and the related cash collateral was returned to the Company.

*Financial Covenants and Terms* 

Commencing with the quarter ending June 30, 2025, the Consolidated First Lien Net Leverage Ratio shall not exceed 8.33 to 1.00 if more than 40% of the Revolving Credit Facility is utilized (subject to certain exclusions).

------

##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

The Consolidated First Lien Net Leverage Ratio is calculated as Consolidated First Lien Net Debt to Consolidated Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA"), as each term is defined in the Credit Agreement, for the trailing 12 months. There were no borrowings outstanding on the Revolving Credit Facility at December 31, 2024.

Obligations under the Credit Agreement are secured by a first lien on substantially all of the Company's assets, including the capital stock of its domestic subsidiaries, subject to customary exclusions. The Credit Agreement contains customary affirmative and negative covenants, including limitations on the Company's ability to incur indebtedness, create liens, dispose of assets, make restricted payments and make investments or acquisitions, among other things. Events of default under the Credit Agreement include, among other things and subject to customary grace periods, failure to make applicable principal or interest payments when they are due, cross defaults, breach of certain covenants and representations or change in control. At the occurrence of such an event, the administrative agent, at the request of the Lenders, may terminate the commitments and declare the outstanding principal and accrued interest thereon and all fees and other obligations to be due and payable and exercise other rights and remedies provided for in the Credit Agreement. The Company is not currently in default of any of its loan provisions at December 31, 2024.

*<u>Prior Credit Agreements</u>*

Prior to December 5, 2024, the Company had a (i) a First Lien Credit Agreement (the "First Lien Credit Agreement"), (ii) a Second Lien Credit Agreement (the "Second Lien Credit Agreement") and (iii) a Canadian Dollar First Lien Credit Agreement (the "Canadian Credit Agreement" and, together with the Firs Lien Credit Agreement and the Second Lien Credit Agreement, the "Prior Credit Agreements"). The terms of the Prior Credit Agreements and amendments thereto are outlined in detail below.

*First Lien Credit Agreement* 

On March 1, 2018, the Company entered into the First Lien Credit Agreement, obtaining aggregate commitments of $100,000 for a revolving credit facility (the "Prior Revolving Facility") along with term loan facilities ("First Lien Term Loan") in an aggregate principal amount of $1,105,000 (less $2,763 stated discount). The maturity of the First Lien Term Loan was March 1, 2025, and the Prior Revolving Facility had an initial maturity of March 1, 2023. On August 8, 2018, the First Lien Credit Agreement was amended to add an additional $150,000 of borrowings (less stated discount of $1,875).

On October 15, 2019, the Company entered into a second amendment to the First Lien Credit Agreement, which permitted the Company to obtain an additional $515,000 of First Lien Loan borrowings (less $10,300 stated discount) and obtain additional aggregate commitments of $35,000 under the Prior Revolving Facility, with these additional First Lien Borrowings having a maturity of October 15, 2026.

During August and September 2020, the Company entered into several transactions under a Note Purchase Agreement for new first lien borrowings totaling $40,000. These notes had a maturity date of October 15, 2026, and carried an interest rate of 15.0% paid-in-kind ("PIK") interest. On September 24, 2020, the Company entered into the First Lien Note Purchase Agreement for borrowings totaling $218,000 (the "First Lien Notes"). The $40,390 of outstanding borrowings under the Note Purchase Agreement, which included $390 of PIK interest, were exchanged for First Lien Notes. The remaining $177,610 represented new borrowings, before debt financing costs of $9,145. Borrowings under the First Lien Note Purchase Agreement carried an interest rate of 5.0% cash and 10.0% PIK, with the PIK component being paid in cash or in kind at the borrower's discretion and had a maturity date of October 15, 2026.

On December 4, 2020, the Company entered into a fifth amendment to the First Lien Credit Agreement, which included a new tranche for incremental borrowings of First Lien Loans of $563,178. As part of this amendment,

------

##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

the $222,178 of First Lien Notes, which included $4,178 of PIK interest, were exchanged for borrowings under this new tranche of First Lien Loans. The new tranche of First Lien Loans carried an interest rate of 5.0% cash and 10.0% PIK, payable in cash or in kind at the borrower's discretion and had a maturity date of October 15, 2026. The Company elected to pay in cash the 10.0% PIK interest accrued for the quarters ended September 30, 2022, and December 31, 2022, in the amounts of $16,483 and $17,392, respectively. The amendment also included an incremental PIK interest component of 0.25% for consenting First Lien Loans that have an Alternate Base Rate plus 2.25% or the Eurocurrency Rate plus 3.25%, and an incremental PIK component of 1.0% of the accrued interest for consenting First Lien Loans that have an Alternate Base Rate plus 3.5% or the Eurocurrency Rate plus 4.5%. The fifth amendment also included a non-call provision that did not allow the Company to voluntarily prepay any of the First Lien Term Loans through the third anniversary of the fifth amendment date unless the Company pays a make-whole prepayment premium, then allows the Company to prepay at 105% of principal through the fourth anniversary of the fifth amendment date, then at 100% thereafter.

On June 23, 2022, the Company entered into a sixth amendment to the First Lien Credit Agreement, in which $85,000 of loans outstanding under its existing $135,000 Revolving Facility were replaced with a new term loan maturing on March 1, 2025, bearing interest at Term SOFR plus 3.25% plus 0.25% of PIK interest (other borrowing terms substantially similar to the existing First Lien Loans), $30,000 of the commitments under the Prior Revolving Facility were extended (the "Extended Facility") and now matured on November 30, 2024, and any loans in respect of such commitments bearing interest at the forward-looking term rate based on SOFR plus 3.25%, with no additional PIK component, and the remaining $20,000 of the facility (the "non-extended facility") matured on March 1, 2023 with pricing remaining at LIBOR plus 3.25%.

On July 10, 2023, the Company entered into a seventh amendment to the First Lien Credit Agreement, in which it replaced all references to LIBOR in respect of the applicable interest rates for the agreement with SOFR, plus in the case of term loans, the following credit spread adjustments based on interest period elections: 0.10% for 1-month SOFR, 0.15% for 3-month SOFR and 0.25% for 6-month SOFR. The Company elected to apply the optional expedient within ASC 848, *Facilitation of the Effects of Reference Rate Reform on Financial Reporting*, enabling it to consider the modification a continuation of the existing contract.

After the seventh amendment to the First Lien Credit Agreement, and taking into account all previous amendments, the borrowings entered into on March 1, 2018 bore interest at a rate per annum equal to the sum of SOFR plus 3.50% plus the above credit spread adjustment, of which interest up to 0.25% per annum may be paid in kind at the election of the Company, and the borrowings entered into on August 18, 2018 bore interest at a rate per annum equal to the sum of SOFR plus 5.50% plus the above credit spread adjustment, of which interest up to 1.00% per annum may be paid in kind, with the same maturity dates as described above.

Prior to the sixth amendment noted above, the borrowings under the First Lien Credit Agreement entered into on March 1, 2018, and August 8, 2018, bore interest at either, at the Company's election, (a) the Alternate Base Rate plus 2.25% or (b) the Eurocurrency Rate plus 3.25%. The Alternate Base Rate prior to the July 2023 amendment was defined as the highest of (1) Federal Funds Effective Rate plus 0.5%, (2) LIBOR plus 1.0% or (3) Prime Rate (as defined in the First Lien Credit Agreement). The Eurocurrency Rate was defined as adjusted LIBOR (at a period of one week or one, two, three, six or twelve months at the Company's election) subject to a floor of 1.0%. Interest was due the earlier of the end of the interest period or three months.

*Second Lien Credit Agreement* 

Pursuant to the Second Lien Credit Agreement, the lenders under that agreement provided the Company with term loan facilities in an aggregate principal amount of $210,000 (less $1,575 stated discount) ("Second Lien Loan"). On December 4, 2020, the Company entered into the second amendment to the Second Lien Credit Agreement, which included updates related to the provisions for incremental debt, liens, restricted payments, asset sales, and sale leasebacks, to align with similar provisions within the First Lien Credit Agreement.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

On July 10, 2023, the Company entered into a third amendment to the Second Lien Credit Agreement, in which it replaced all references to LIBOR in respect of the applicable interest rates for the agreement with SOFR, plus the following credit spread adjustment based on interest period elections: 0.11448% for 1-month SOFR, 0.26161% for 3-month SOFR and 0.42826% for 6-month SOFR. After the third amendment, the borrowings entered into on March 1, 2018, bore interest at a rate per annum equal to the sum of SOFR plus 7.25% plus 0.11448% for 1-month SOFR, 0.26161% for 3-month SOFR and 0.42826% for 6-month SOFR. The borrowings had a maturity of September 1, 2025.

*Revolving Facility* 

The $30,000 of available credit under the Extended Facility matured on November 30, 2024. The Extended Facility was party to a 0.5% commitment fee of which the Company incurred $47 and $54 during the years ended December 31, 2024 and 2023, respectively.

*Canada First Lien Loan* 

On October 25, 2018, the Company entered into the Canadian Credit Agreement, which provided for term loan facilities in the aggregate principal amount of CAD $138,000 (less CAD $2,760 stated discount), with a maturity of March 1, 2025 (the "Canada First Lien Loan"). On November 25, 2019, the Company entered into an amendment to the Canadian Credit Agreement to obtain incremental borrowings in the amount of CAD $73,120 (less CAD $1,828 stated discount). On December 4, 2020, the Company entered into a third amendment to the Canadian Credit Agreement and after the third amendment the borrowings entered into on October 25, 2018 bore interest at a rate per annum equal to CDOR plus 4.5%, of which interest up to 0.25% per annum may be paid in kind at the election of the Company, and the borrowings entered into on November 25, 2019 bore interest at a rate per annum equal to CDOR plus 5.75%, of which interest up to 0.25% per annum may be paid in kind, with the same maturity dates as described above.

*<u>Maturities of Long-Term Debt</u>*

Annual maturities of debt outstanding, excluding debt discounts and issuance costs, at December 31, 2024, are as follows:

---

| | |
|:---|:---|
| 2025 | $17625.0 |
| 2026 | 23500.0 |
| 2027 | 23500.0 |
| 2028 | 23500.0 |
|  2029 & Thereafter | 2261875.0 |
|  Total | $2350000.0 |

---

**10. Derivative Financial Instruments and Hedging Activities** 

*<u>Risk Management Objective of Using Derivatives</u>*

The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash payments principally related to the Company's borrowings.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

*<u>Cash Flow Hedges of Interest Rate Risk</u>*

The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Such derivatives were used to hedge the variable cash flows associated with the Company's variable-rate debt.

In July 2023, the Company entered into two fixed rate interest rate swaps that were designated as cash flow hedges of interest rate risk: one with a notional amount of $300,000 and a fixed rate of 4.798% maturing June 30, 2025, and another with a notional amount of $250,000 and a fixed rate of 4.4275% maturing June 30, 2026. In November 2024, the Company novated the $300,000 interest rate swap to a different counterparty and amended the fixed rate of 4.798% to 4.823%, maintaining the original maturity date of June 30, 2025. No cash was exchanged as a result of the novation, and the fair value of the derivatives after modification were substantially the same as before (excluding customary transaction costs and other fees). Both interest rate swaps remained in place as of December 31, 2024.

In November 2024, the Company entered into two additional fixed rate interest rate swaps that were designated as cash flow hedges of interest rate risk: one with an initial notional amount of $225,000 and a fixed interest rate of 3.9148% maturing on November 30, 2027, and another with an initial notional amount of $100,000 and a fixed rate of 3.9050% maturing on November 30, 2027. Both of these interest rate swaps include scheduled increases and decreases to the notional amount at specified points during the term, and both interest rate swaps remained in place as of December 31, 2024.

The Company recognized a gain of $3,976 and a loss of $5,020, which is recorded net of tax of $709 and $846, respectively, in its consolidated statements of comprehensive loss during the years ended December 31, 2024 and 2023, respectively.

For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded net of income taxes in accumulated other comprehensive loss and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense, net as interest payments are made on the Company's variable-rate debt. Interest payables and receivables under the swap agreements are accrued and recorded as adjustments to interest expense on a monthly basis and reflected in the Interest Expense line of the consolidated statements of operations and through net loss under operating activities in the consolidated statements of cash flows. During 2025, the Company estimates that an additional $1,307 will be reclassified as a decrease to interest expense, net.

The following table presents the fair value of the Company's derivative financial instruments designated as hedging instruments, as well as their classification on the consolidated balance sheets as of:

---

| | | | |
|:---|:---|:---|:---|
|  | | December 31, | December 31, |
|  | Consolidated<br>Balance Sheet Location | 2024 | 2023 |
|  **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | Other current assets | $669 | $596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | Other non-current assets | 562 | $— |
|  |  | $1231 | $596 |
|  **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | Accrued expenses | $1696 | $376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | Other liabilities | 579 | 5240 |
|  |  | $2275 | $5616 |

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

See Note 11 for additional disclosures around the fair value measurement of the Company's interest rate swaps.

The table below presents the effect of cash flow hedge accounting on accumulated other comprehensive loss as of:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2024 | 2023 |
|  Amount of gain (loss) recognized in other comprehensive income (loss) on interest rate swaps | $7156 | $(3377) |
|  Amount of gain reclassified from acccumulated other comprehensive income (loss) into interest expense, net | $3180 | $1643 |

---

The Company recognizes all derivative instruments on a gross basis in the consolidated balance sheets, however the instruments are subject to master netting arrangements. The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheets:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivative instruments subject to right of offset via<br>master netting arrangements | Derivative instruments subject to right of offset via<br>master netting arrangements | Derivative instruments subject to right of offset via<br>master netting arrangements | Derivative instrument with<br>no offset | Derivative instrument with<br>no offset | |
|  | Gross amounts<br>of recognized<br>liabilities | Gross amounts<br>of recognized<br>assets | Net amount with<br>right of offset | Financial<br>instruments | Cash collateral<br>received<br>(posted) |<br>Net amount |
|  December 31, 2024 | (2275) | 524 | (1751) | 707 |  | (1044) |

---

As of December 31, 2023, the Company did not have more than one derivative with the same counterparty.

*<u>Credit-risk-related Contingent Features</u>*

The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness.

As of December 31, 2024 and 2023, the Company has not posted any collateral related to these agreements; however, if the Company had breached any of these provisions at December 31, 2024 and 2023, it could have been required to settle its obligations under the agreements at the calculated termination value of $1,164 and $5,192, respectively.

**11. Fair Value Measurements** 

Fair value is defined under ASC 820, *Fair Value Measurement* ("ASC 820") as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a three-level hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—Inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or
liability in an active market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—Inputs to the valuation methodology include quoted prices for a similar asset or liability in
an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value
measurement of the asset or liability.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

The table below presents our assets and liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall as of:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total**<br>**Fair**<br>**Value** |
|  **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | $— | $1231 | $— | $**1231** |
|  **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | $— | $2275 | $— | $**2275** |
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total**<br>**Fair**<br>**Value** |
|  **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | $— | $596 | $— | $**596** |
|  **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | $— | $5616 | $— | $**5616** |

---

The fair value estimates presented herein are based on information available to management as of December 31, 2024, and 2023. These estimates are not necessarily indicative of the amounts we could ultimately realize.

*<u>Derivative Financial Instruments</u>*

As further described in Note 10, the Company uses interest rate swaps to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities.

To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty' s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. In accordance with ASU 2011-04—*Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS*, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. The Company determined that the significance of the impact of the credit valuation adjustments made to its derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of the derivatives held as of December 31, 2024 and 2023 were classified as Level 2 of the fair value hierarchy.

*<u>Long-Term Debt</u>*

The fair value of the Term Loan Facility at December 31, 2024 approximates the carrying value at that date. Given that the transaction was based on observable market prices at the time of issuance, the Term Loan Facility would be classified in Level 2 of the fair value hierarchy.

------

##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

As of December 31, 2023 the estimated fair values and carrying amounts of the Company's financial instruments that are not measured at fair value on a recurring basis are as follows at:

---

| | | |
|:---|:---|:---|
|  | **Fair Value** | **Carrying Value** |
|  December 31, 2023 |  |  |
|  Borrowing arrangements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First lien loans | $2495007 | $2515010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada first lien loan | $150030 | $153072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second lien loan | $192656 | $210000 |

---

The fair value of the outstanding principal balance of the Company's First Lien Loans and Canada First Lien Loan at December 31, 2023, which were repaid in December 2024 as part of the 2024 Refinancing Transactions discussed in Note 9, was based on observable market prices and would be classified in Level 2 of the fair value hierarchy. The fair value of the outstanding principal balance of the Company's Second Lien Loan at December 31, 2023 was based on observable market prices; however, due to the infrequent trading volumes of the market from which those prices are obtained, the Company's Second Lien Loan borrowings would be classified in Level 3 of the fair value hierarchy. The carrying amounts in the above table exclude the unamortized loan discount and deferred financing costs.

**12. Accumulated Other Comprehensive Loss** 

As of December 31, 2024, the accumulated other comprehensive loss ("AOCL") balance includes unrealized gains and losses for the Company's interest rate swaps and foreign currency translation adjustments related to the Company's foreign subsidiaries that do not have the U.S. dollar as their functional currency. The income tax effect on the Company's pre-tax AOCL items is recorded in AOCL and is comprised of two items (1) the income tax effects related to the unrealized pre-tax items recorded in AOCL and (2) the income tax effect related to certain valuation allowances that have also been recorded in AOCL. When unrealized items in AOCL are recognized, the associated income tax effects on the items will also be recognized in the Company's income tax provision.

Changes in AOCL are as follows:

---

| | | |
|:---|:---|:---|
|  | **Foreign<br>currency<br>translation<br>adjustments** | **Change in fair<br>value of cash<br>flow hedging<br>instruments** |
|  Balance as of December 31, 2023, net of tax | $(7827) | $(4174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) before reclassifications | 1680 | 7156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit |  | (709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) before reclassifications, net of tax | $1680 | $6447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts reclassified from accumulated Other comprehensive income (loss) |  | (3180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax expense |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts reclassified from accumulated other comprehensive income, net of tax | $— | $(3180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net current period other comprehensive income (loss), net of tax |  | 3267 |
|  Balance as of December 31, 2024, net of tax | $(6147) | $(907) |

---

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**13. Segment and Geographic Reporting** 

ASC 280, *Segment Reporting* ("ASC 280") establishes the standards for reporting information about segments in financial statements. During 2025, the Company evaluated the way in which the business is managed and revised the information and metrics most important to the Company's chief operating decision maker ("CODM") which led to the identification of the U.S. and International as the Company's operating segments. This became effective in the fourth quarter of 2025. As a result, all segment information in these consolidated financial statements has been retrospectively recast to reflect this change.

Segment information is reported on the basis used for reporting to the Chief Executive Officer, who serves as the Company's CODM and evaluates each segment's performance using a variety of metrics, including revenue and segment profit, which is defined and reconciled to income from operations below. The CODM uses revenue and segment profit during the Company's annual budgeting process and evaluates budget-to-actual variances on a regular basis to make decisions about the allocation of operating and capital resources. Additionally, annual incentive compensation to the Company's executives and leadership team are based on the achievement of segment profit as a primary metric as the Company believes it most accurately reflects the performance of the Company.

The evaluation of segment performance is based largely on the results of the segment without the allocation of corporate expenses, income taxes and other non-operating expenses, including interest income and expense, which are managed on a global basis within the corporate function. The allocation of corporate expenses to the segments differs from what would be allocated for stand-alone financial information prepared in accordance with U.S. GAAP.

The U.S. segment provides event technology, production, trade show and exhibition services to our customers in the U.S. and Puerto Rico, where the Company operates as the preferred provider at more than 1,300 venues across both geographies. The International segment provides the same services as the U.S. segment, but to the Company's customers in Canada, Mexico, the Caribbean, Europe, the Middle East, Asia and the Australia Pacific region, where Encore is the preferred provider of event technology services to customers at more than 800 venues.

The accounting policies applied to the segments are the same as those applied by the Company to the consolidated financial statements. The Company prepared the financial results of the segments on a basis that is consistent with the manner in which management internally disaggregates financial information to assist in making internal operating decisions. The Company manages income taxes and certain treasury related items, such as interest income and expense, on a global basis within the corporate function and does not allocate these costs to segments.

*<u>Financial Information Summarized by Segment</u>*

The following table provides revenue, significant expenses and profit by segment for the years ended December 31:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S.** | **U.S.** | **International** | **International** | **Total** | **Total** |
|  | **2024** | **2023** | **2024** | **2023** | **2024** | **2023** |
|  **Revenue** | $2708081 | $2544546 | $531241 | $544304 | $3239322 | $3088850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue-based commissions | 1043193 | 980658 | 125888 | 126026 | 1169081 | 1106684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workforce expense | 843078 | 778615 | 208818 | 205180 | 1051896 | 983795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-rental expense | 121610 | 116859 | 34354 | 41576 | 155964 | 158435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other cost of revenue expenses<sup>1</sup>  | 161214 | 158885 | 53640 | 54899 | 214854 | 213784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses<sup>2</sup> | 166257 | 153706 | 44400 | 43963 | 210657 | 197669 |
|  **Segment profit** | $372729 | $355823 | $64141 | $72660 | $436870 | $428483 |

---

<sup>1</sup> Amounts for each of our segments include supplies, freight, travel and other overhead expenses from our venue and customer facing operations such as rent, utilities, telecom, repair and maintenance of equipment, property taxes and credit card processing fees. 

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

<sup>2</sup> Amounts for each of our segments include the salary and benefits of the Company's sales, marketing, management and administrative personnel, travel costs for the same personnel, professional fees, corporate level rent and other occupancy costs and certain insurance costs. SG&A expenses not allocated to segment profit include equity-based compensation expenses, severance expenses, retention bonuses, lease termination and relocation costs for closed properties and other consulting fees and expenses associated with non-recurring transactions or events. 

Capital expenditures of the Company's segments were as follows for the years ended December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  U.S. | $85715 | $68801 |
|  International | 28537 | 26645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $114252 | $95446 |

---

Assets by segment are not disclosed as the Company does not allocate assets to segments for internal reporting presentations provided to the CODM.

*<u>Reconciliation of Income from Operations</u>*

Segment profit is presented as a measure of the Company's performance and is defined as income from operations before depreciation, amortization of the Company's intangible assets and amortization of the Company's venue incentives and certain expenses that we do not consider indicative of our ongoing operating performance.

In evaluating segment profit, users of that financial metric should be aware that, in the future, the Company may incur expenses that are the same or similar to some of the adjustments in this presentation and should not be construed as an inference that future results will be unaﬀected by unusual or unexpected items.

Segment profit should not be construed as an alternative to income from operations as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with U.S. GAAP), however, it is included because management uses it to measure performance and allocate resources and believes it provides investors with additional information consistent with that used by management.

The following table reconciles income from operations to Segment Profit for the years ended December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  **Income from operations** | $**208681** | $**214654** |
|  Amortization of intangibles | 91716 | 93553 |
|  Depreciation | 75443 | 72058 |
|  Venue incentive amortization | 26107 | 22283 |
|  Stock-based and other long-term incentive compensation expense | 8785 | 9465 |
|  Loss on disposal of assets | 6502 | 4940 |
|  Severance expenses | 4570 | 5267 |
|  Lease termination expenses | 1211 | 326 |
|  Other SG&A expenses<sup>1</sup>  | 13855 | 5937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Segment profit** | $**436870** | $**428483** |
|  **Segment profit by Segment:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. | $372729 | $355823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International | $64141 | $72660 |

---

<sup>1</sup> Other SG&A expenses primarily include professional service fees for non-recurring projects and transactions (including the 2024 Refinancing Transaction, certain system implementations and the establishment of the Company's interest rate hedging program), one-time executive recruiting costs and certain one-time retention-related compensation expenses. 

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

*<u>Geographic information</u>*

Revenue by country based on the location of the Company's customers is as follows for the years ended December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  U.S | $2708081 | $2544546 |
|  Canada | 235730 | 240632 |
|  Australia | 78418 | 75724 |
|  UK | 64945 | 60236 |
|  Mexico | 62454 | 60298 |
|  Rest of EMEA & APAC<sup>1</sup> | 89694 | 107414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $3239322 | $3088850 |

---

<sup>1</sup> Europe, the Middle East and Africa ("EMEA"), Asia Pacific ("APAC"). The 'Rest of EMEA & APAC' category represents the Company's operations in all other countries within Europe, the Middle East and Asia-Pacific that are not separately disclosed above.

The following table provides a summary of long-lived assets classified by major geographic region as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  U.S. | $237471 | $196516 |
|  Canada | 40110 | 24669 |
|  Mexico | 5120 | 3744 |
|  EMEA | 34345 | 32273 |
|  APAC | 18756 | 16069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $335802 | $273271 |

---

**14. Equity-Based Compensation** 

The Parent maintains an equity-based compensation plan, the Third Amended and Restated Encore Global LP Profits Interest Plan (as amended and/or restated from time to time) (the "Incentive Plan"). The incentive units under the Incentive Plan are issued in exchange for services provided to or for the benefit of the Company. A total of 120,564,835 units are reserved for issuance under the Incentive Plan, of which a total of 94,178,168 and 96,854,129 units were issued as of December 31, 2024 and 2023, respectively.

***Profits Interests***

The Parent is authorized to issue profits interests in the form of Class B Units to non-employee directors and key officers and employees of the Company, under the Incentive Plan and pursuant to an Incentive Unit Subscription Agreement. The Company has issued Service Units and Performance Units under this plan. The Company has determined that the Class B Units are a substantive class of members' deficit for accounting purposes because the Class B Units are legal equity of the Parent, they have participation features, including distribution and liquidation rights which allow them to participate in the residual returns of The Parent, and vested interests are retained upon termination. As a result, these awards are accounted for under ASC 718.

On May 6, 2022, the Parent's Board of Directors approved the exchange of Existing Class B Units for new Class B Units (the "New Class B Units") with certain revised distribution-related and performance vesting targets for Performance Units and a revised vesting reference date and time period for Service Units and amended the Parent's Limited Partnership Agreement to reflect such changes. The modification impacted substantially all the outstanding vested and unvested Existing Class B Units and will result in incremental compensation cost of $444 to be recognized over the remaining service period of the New Class B Units.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

In addition to the exchange of Existing Class B Units, the Parent also issued New Class B Units to members of management on May 6, 2022, with the same distribution-related and performance vesting targets for the Performance Units and vesting reference date and time period for the Service Units.

*<u>Service Units</u>*

The Service Units generally vest 20% annually over a five-year period, subject to the participant's continued employment through each applicable vesting date. Vested Service Units will participate in distributions in excess of an underlying benchmark value (Distribution Threshold) determined on the issue date. As of December 31, 2024 and 2023, there were 37,351,127 and 37,958,399 Service Units outstanding, respectively. The Company is recognizing expense related to the Class B Service Units on a straight-line basis over the requisite service period from the grant date. The Company recognized compensation expense of $1,224 and $1,743 for the years ended December 31, 2024 and 2023, respectively, which is included in selling, general and administrative expenses and includes forfeitures, which are accounted for as incurred, with a reversal of share-based compensation expense in the period for awards that will no longer vest.

*<u>Performance Units</u>*

The Performance Units will vest based on an equity distribution event exceeding certain threshold amounts to equity holders (Distribution Event) and the achievement of two different targeted multiples of invested capital. If there are distributions in an amount sufficient to ensure a return equal to 1.5 times the invested capital in Class A Units, 50% the performance units will vest. If there are distributions in an amount sufficient to ensure a return equal to 2.0 times the invested capital in Class A units, an additional 50% of the performance units will vest. Vested Performance Units will participate in distributions above the Distribution Threshold determined on the issue date. As of December 31, 2024, and 2023, there were 56,826,501 and 58,895,190 Performance Units outstanding, respectively. Unvested Units are forfeited upon termination, subject to certain conditions. As of December 31, 2024 and 2023, the performance condition is not yet probable of being met. As a result, no compensation cost has been recognized related to the Performance Units in the years ended December 31, 2024 or 2023.

The following table summarizes the Service and Performance Units activity for the years ended December 31, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **Service Units** | **Service Units** | |
|  | **Units** | **Weighted-<br>Average Grant<br>Date Fair Value<br>per unit** |<br>**Performance<br>Units** |
|  Non-vested at December 31, 2022 | 29650130 | $0.29 | 53900243 |
|  Granted | 3083333 | 0.29 | 6166667 |
|  Vested | (5930027) | 0.29 |  |
|  Forfeited | (468688) | 0.29 | (1171720) |
|  Non-vested at December 31, 2023 | 26334748 | $0.29 | 58895190 |
|  Granted | 866668 | 0.29 | 1733332 |
|  Vested | (6429522) | 0.29 |  |
|  Forfeited | (1473940) | 0.29 | (3802021) |
|  Non-vested at December 31, 2024 | 19297954 | $0.29 | 56826501 |

---

The grant date fair value of units granted during the years ended December 31, 2024 and 2023, were determined using the Black-Scholes option pricing model. Significant assumptions used in the determination include:

---

| | |
|:---|:---|
|  Expected term | 5 years |
|  Expected volatility | 90.0% |
|  Risk-free interest rate | 3.1% |
|  Expected dividends | 0.0% |

---

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

The Class B Units do not have a contractual term and rather represent economic interests in a privately held company without an active market for its equity which will benefit from a liquidation event. The expected term is based on the typical period private equity firms hold their investments.

Because the Company was unable to calculate specific stock price volatility as a private company, the Company considered (a) the historical volatility of comparable, publicly traded companies share prices; (b) implied volatility of comparable, publicly traded companies share prices determined from the longest dated publicly traded call options; and (c) relevered volatilities that adjust the public companies levered volatilities to be more consistent with the expected leverage of the Company over the expected term.

As of December 31, 2024 and 2023, total unrecognized compensation expense related to non-vested Service Units was $2,751 and $4,107, respectively, which is expected to be recognized over a weighted-average period of 2.6 and 3.4 years, respectively. As of December 31, 2024 and 2023, total unrecognized compensation expense related to non-vested Performance Units was $16,196 and $16,785, respectively.

***Phantom Units***

The Parent is authorized to issue Phantom Units under the Encore Global LP Amended and Restated Phantom Unit Appreciation Plan. In 2024, the Parent issued Phantom Service Units and Phantom Performance Units under this plan. Subject to the participant's continued employment, the Phantom Service Units provide the holder the right to receive a cash payment from the Company equal to the distribution paid to the holders of Class B Service Units with the same Distribution Threshold, as defined. Similarly, the Phantom Performance Units provide the holder the right to receive a cash payment from the Company equal to the distribution paid to the holders of Class B Performance Units with the same Distribution Threshold. Phantom Units are forfeited by the holder upon termination from the Company. The Phantom Units act as an incentive for holders that are employed as of a distribution date. The Company accounts for the Phantom Units as a contingent bonus; therefore, the Phantom Units are not within the scope of ASC 718.

On May 6, 2022, the Parent's Board of Directors approved the exchange of Phantom Units for new Phantom Units with certain revised distribution-related and performance vesting targets for Phantom Performance Units and a revised vesting reference date and time period for Phantom Service Units. The modification impacted all of the Phantom Units outstanding at the time of the exchange.

The following table sets forth summary information with respect to the Company's Phantom Units for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **Service<br>Units** | **Performance<br>Units** |
|  Non-vested at December 31, 2022 | 3070869 | 8465882 |
|  Granted | 446672 | 893328 |
|  Vested | (852251) | (1704502) |
|  Forfeited | (170992) | (341976) |
|  Non-vested at December 31, 2023 | 2494298 | 7312732 |
|  Granted | 457337 | 914663 |
|  Vested | (898382) | (1796764) |
|  Forfeited | (172667) | (345333) |
|  Non-vested at December 31, 2024 | 1880586 | 6085298 |

---

As of December 31, 2024 and 2023, the Company has determined that a Distribution Event to holders of Class B Units is not probable of being satisfied and therefore no compensation expense has been recognized for the Phantom Units for the years ended December 31, 2024 and 2023.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**15. Employee Benefit Plans** 

*<u>Defined Contribution Plan</u>*

The Company maintains a defined-contribution plan covering all qualified U.S. employees and matches 50% of the first 6% of 401(k) contributions that are contributed by an employee. Company-matching contributions during the years ended December 31, 2024 and 2023, resulted in expense of $17,400 and $16,373, respectively, recorded to cost of revenue or selling, general and administrative expenses, as appropriate.

*<u>Multi-employer Pension Plans</u>*

The Company contributes to multi-employer pension plans that cover its union employees. Contributions to the plans are based on a percentage of applicable wages. Total contributions to the plans correspond to the number of union employees employed at any given time and vary depending on the location and number of ongoing events at a given time and the need for union resources in connection with such events. The risks of participating in a multi-employer plan are different from single-employer plans in the following aspects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of
other participating employers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a participating employer stops contributing to the plan, the unfunded obligation of the plan may be borne by
the remaining participating employers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Company chose to stop participating in a multi-employer plan, the Company may be required to pay the plan
an amount based on the underfunded status of the plan, referred to as a withdrawal liability.

The following table provides certain information for individually significant multi-employer plans that the Company participates in. The *Employer Identification Number* column provides the respective plan's Employer Identification Number and the three-digit plan number. The *Pension Protection Act Zone Status* is for the most recently available plan's year end and is based on information that the Company received from the plan. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The *FIP/RP Status Pending/Implemented* column indicates plans for which a financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending or has been implemented. The "Surcharge Imposed" column indicates whether the Company's contribution rate included an amount in addition to the contribution rate specified in the applicable collective bargaining agreement. The last column lists the expiration date of the collective-bargaining agreement to which the plan is subject.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Plan** | **Employer<br>Identification<br>Number** | **Pension<br>Protected<br>Act Certified<br>Zone Status** | **Plan Year-<br>end** | **FIP/RP Status<br>Pending/<br>Implemented** | **Surcharge<br>Imposed** | **Expiration<br>Date of<br>Collective<br>Bargaining<br>Agreement** |
|  New York Hotel Trades Council and Hotel Association of New York City, Inc. Pension Fund | 13-1764242 | Yellow | 12/31/2023 | N/A | N/A | 6/30/2026 |
|  Chicago Moving Picture Operators Union Local 110 of the IATSE & MPMO Severance Trust | 36-6487635 | Red | 8/31/2023 | Implemented | No | 12/31/2025 |
|  IATSE Local 16 Pension Plan | 94-6296420 | Green | 12/31/2023 | N/A | N/A | 6/30/2028 |
|  San Diego Theatrical Pension Plan | 95-6336895 | Green | 9/30/2023 | N/A | N/A | 5/14/2026 |
|  Carpenters Local No 491 Pension Plan | 22-2835549 | Green | 6/30/2023 | N/A | N/A | 4/30/2024 |
|  Nevada Resort Association IATSE Local 720 Retirement Plan | 51-0144767 | Green | 12/31/2023 | N/A | N/A | 5/31/2027 |

---

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

The following table outlines the contributions made by the Company to the respective plans for the years ended December 31:

---

| | | |
|:---|:---|:---|
| **Plan** | **2024<br>Contributions** | **2023<br>Contributions** |
|  New York Hotel Trades Council and Hotel Association of New York City, Inc. Pension Fund | $1206 | $682 |
|  Chicago Moving Picture Operators Union Local 110 of the IATSE & MPMO Severance Trust | 1210 | 1073 |
|  IATSE Local 16 Pension Plan | 351 | 562 |
|  San Diego Theatrical Pension Plan | 447 | 324 |
|  Carpenters Local No 491 Pension Plan | 303 | 271 |
|  Nevada Resort Association IATSE Local 720 Retirement Plan | $5353 | $4656 |

---

The Company's contributions to the plans noted below exceeded 5% of total contributions to those plans as indicated in the plan's most recently available fiscal year annual report:

---

| | | |
|:---|:---|:---|
| **Plan** | **2024<br>Contributions** | **2023<br>Contributions** |
|  Chicago Moving Picture Operators Union Local 110 of the IATSE & MPMO Severance Trust | 26.80% | 41.74% |
|  IATSE Local 16 Pension Plan | 5.06% | 4.08% |
|  San Diego Theatrical Pension Plan | 8.93% | 44.72% |
|  Carpenters Local No 491 Pension Plan | 9.33% | 31.34% |
|  Nevada Resort Association IATSE Local 720 Retirement Plan | 35.21% | 40.82% |

---

**16. Revenue Recognition** 

The Company recorded $3,232,414 and $3,084,390 of its revenue for the years ended December 31, 2024, and 2023, respectively, over time, which is comprised of event technology services and trade shows. The Company also recorded $6,907 and $4,460 of its revenue for the years ended December 31, 2024, and 2023, respectively, at a point in time, which comprised of installation services and product sales.

Significant changes in the Company's contract liabilities during the years ended December 31, 2024 and 2023, are as follows:

---

| | |
|:---|:---|
|  Balance as of January 1, 2023 | $(23314) |
|  Revenue recognized that was included in the contract liability balance at January 1, 2022 | 23314 |
|  Increases in cash deposits received, excluding amounts recognized as revenue during the period | (22989) |
|  Balance as of December 31, 2023 | $(22989) |
|  Revenue recognized that was included in the contract liability balance at January 1, 2023 | 22989 |
|  Increases in cash deposits received, excluding amounts recognized as revenue during the period | (21876) |
|  Balance as of December 31, 2024 | $(21876) |

---

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**17. Income Taxes** 

Significant components of income tax expense are as follows for the years ended:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
|  Pretax (loss) gain: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic | $(98163) | $(101997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign | (33576) | 6152 |
|  **Total pretax loss** | $**(131739)** | $**(95845)** |
|  Current tax expense: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal | $(31325) | $(1642) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State | (6868) | (7253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign | (3963) | (8644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current tax expense | (42156) | (17539) |
|  Deferred tax (expense) benefit: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal | (6942) | (21047) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State | (85) | (3001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign | 4803 | 5421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred tax (expense) benefit | (2224) | (18627) |
|  **Total income tax expense** | $**(44380)** | $**(36166)** |

---

The reconciliation of income taxes attributable to operations computed at the applicable U.S. federal statutory tax rates to income tax expense is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2024** | **2023** | **2023** |
|  Pretax book loss | $| (131739) | $| (95845) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal income tax benefit at U.S. statutory rate |  | 27665 |  | 20129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nondeductible expenses |  | 354 |  | (1236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GILTI inclusion |  |  |  | (2219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign rate differential |  | 2424 |  | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State tax expense |  | (5510) |  | (8731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation allowance |  | (69553) |  | (46113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | 240 |  | 1230 |
|  **Total income tax expense** | **$** | **(44380)** | **$** | **(36166)** |
| **Effective tax rate** | **(33.69%)** | **(33.69%)** | **(37.73%)** | **(37.73%)** |

---

The Parent is currently organized as a limited partnership, which is a pass-through for federal income tax purposes. However, the Parent conducts its business through subsidiaries that are subject to income taxes, including Encore and its subsidiaries. U.S. income tax has not been recognized on the excess of book basis over the tax basis of investments in foreign subsidiaries that are permanently reinvested outside of the United States or the related undistributed earnings. This amount could become taxable in the United States upon a repatriation of assets from the foreign subsidiary or a sale or liquidation of the foreign subsidiary. It is not practical to estimate the additional income taxes, including applicable foreign withholding taxes, which would be due upon the repatriation of these earnings.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

Significant components of the Company's deferred tax assets and (liabilities) are as follows at:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
|  <u>Deferred tax assets:</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. NOL and tax credit carryforwards | $10879 | $4515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest disallowance carryforward | 237730 | 169660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign NOL and capital loss carryforwards | 59464 | 53529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | 14576 | 12435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 33551 | 45726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred tax assets | 356200 | 285865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation allowance | (276360) | (198646) |
|  **Net deferred tax assets** | $**79840** | $**87219** |
|  <u>Deferred tax liabilities:</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax over book depreciation and amortization | $(20957) | $(17075) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets | (88077) | (101108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease ROU assets | (13212) | (11578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | (280) | (269) |
|  Total deferred tax liabilities | (122526) | (130030) |
|  **Net deferred tax liabilities** | $**(42686)** | $**(42811)** |

---

As of December 31, 2024, the Company had gross net operating loss "NOL" carryforwards for state income tax purposes that will begin to expire in 2028.

Management believes that it is more likely than not that a significant portion of the benefit of the domestic and foreign NOL and capital loss carryforwards will not be realized. Therefore, the Company has provided a valuation allowance on the deferred tax assets related to the domestic NOL carryforward in the tax-effected amount of $8,714 and foreign NOL and capital loss carryforwards in the tax-effected amount of $41,450. The remaining portion of the valuation allowance as of December 31, 2024, primarily relates to U.S. tax carryforwards for interest expense deductions which are limited under the Tax Cuts and Jobs Act of 2017.

The changes in the valuation allowance on deferred tax assets is as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
|  Balances at beginning of period | $198646 | $144446 |
|  Additions charged to income tax expense <sup>1</sup>  | 78008 | 53772 |
|  Other changes to reserves <sup>2</sup>  | (294) | 428 |
|  **Balance at the end of period** | $**276360** | $**198646** |

---

<sup>1</sup> Additions charged to income tax expense primarily relate to increases in valuation allowance on U.S. interest expense disallowance carryforwards and valuation allowances on NOLs in various foreign jurisdictions.

<sup>2</sup> Other changes in reserves primarily consist of adjustments recorded within other comprehensive income (loss).

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

The following is a reconciliation of the total amounts of unrecognized tax benefits at:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
|  Beginning unrecognized tax benefits | $38091 | $38222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross increases-tax positions in prior period |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross decreases-tax positions in prior period |  | (131) |
|  **Ending unrecognized tax benefits** | $**38091** | $**38091** |

---

Of the $38,091 balance of unrecognized tax benefits as of December 31, 2024, only $51 would affect the effective tax rate. The Company does not anticipate that the total amount of unrecognized tax benefits will increase or decrease significantly in the next twelve months.

The Company recognizes interest and penalty expenses related to unrecognized tax positions as a component of the income tax expense. As of December 31, 2024 and 2023, due to the existence of available NOLs, the Company did not recognize any interest nor penalties.

The Company is subject to taxation in the United States and various foreign and state jurisdictions. While each country has its own rules for examination of open periods, as of December 31, 2024, tax years from 2021 to the present remain subject to examination by major tax jurisdictions.

**18. Commitments and Contingencies** 

The Company is party, in the ordinary course of business, to certain claims, litigations, audits and investigations. The Company will record an accrual for a loss contingency when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company believes it has established adequate accruals for liabilities that are probable and reasonably estimable and that may be incurred in connection with any such currently pending or threatened matter, none of which are material. In the Company's opinion, the settlement of any such currently pending or threatened matter is not expected to have a material impact on the Company's financial position, results of operations, or cashflow.

**19. Transactions with Related Parties** 

It is possible that the terms of the following transactions with related parties are not the same as those that would result from transactions among wholly unrelated parties and it cannot be presumed that transactions involving related parties are carried out on an arm's length basis.

In the normal course of business, the Company provides event technology services to Goldman Sachs and Blackstone and to their wholly owned subsidiaries. The Company recognized revenue of $3,245 and $2,831 for event technology services provided to Goldman Sachs during the years ended December 31, 2024 and 2023, respectively. The Company recognized revenue of $3,806 and $4,203 for event technology and production services provided to Blackstone and affiliates under common control during the years ended December 31, 2024 and 2023, respectively. In addition, the Company enters into transactions in the normal course of business with other affiliates of Blackstone, including contracts with hotels and the provision of event technology services to these affiliates.

At December 31, 2024 and 2023, the Company had $42 and $138 of trade accounts receivable due from related parties.

------

##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

During 2023 and 2024, the Company entered into a number of fixed interest rate swap agreements with an affiliate of Goldman Sachs (the "affiliate"), the details of which are noted below:

---

| | | | |
|:---|:---|:---|:---|
| **Effective Date** | **Maturity Date** | **Notional Amount** | **Fixed Interest Rate** |
|  7/31/2023 | 6/30/2026 | 250000 | 4.42750% |
|  11/29/2024 | 11/30/2027 | 100000 | 3.90500% |
|  10/31/2024 | 6/30/2025 | 300000 | 4.82300% |

---

During the year ended December 31, 2024 and 2023, the Company received $1,857 and $963, respectively, of net interest payments from the affiliate, which it recorded in interest expense, net, offsetting the cash flows received from the interest rate swap with the interest payments on the underlying borrowings for which the swap transaction is being hedged. See Note 10 for additional details on the Company's interest rate swaps.

**20. Subsequent Events** 

Management evaluates events occurring subsequent to the date of the consolidated financial statements in determining the accounting for and disclosure of transactions and events that affect the consolidated financial statements. Subsequent events have been evaluated through October 13, 2025, the date the consolidated financial statements were available to be issued.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Schedule I Financial Information of Encore Inc.** 

**ENCORE INC.** 

**(PARENT COMPANY ONLY)** 

**Balance Sheets** 

*(in thousands, except for share amounts)* 

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2025** | **December 31,**<br>**2024** |
|  **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in subsidiaries | **$** | **$** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | **$** | **$** |
|  **LIABILITIES AND SHAREHOLDER'S EQUITY (DEFICIT)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** |  |  |
|  **Shareholder's equity (deficit):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock ($ par value; shares authorized; shares issued and outstanding at December 31, 2025 and 2024) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total shareholder's equity (deficit)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and shareholder's equity (deficit)** | **$** | **$** |

---

**1. Basis of presentation and Description of the Business** 

Encore Inc. (the "Company" or "Encore") is a wholly owned subsidiary of Encore Global LP (the "Parent"), which is owned by affiliates of Blackstone Inc. ("Blackstone"), together with a minority interest held by affiliates of Goldman Sachs Group, Inc. ("Goldman Sachs") and certain management investors. The Company conducts substantially all of its business operations through its wholly owned subsidiary, AVSC Holding Corporation, and its subsidiaries.

In the parent company only financial statements, the Company's investment in AVSC Holding Corporation is stated at cost plus equity in the undistributed earnings of the subsidiary since the date of acquisition. These parent company only financial statements have been prepared using the same accounting policies and practices as described in Note 2, "Significant Accounting Policies", of the Company's Consolidated Financial Statements, except that the parent company accounts for its subsidiaries using the equity method of accounting. The parent company only financial information should be read in conjunction with the Company's Consolidated Financial Statements.

Condensed Statements of Cash Flows and Condensed Statements of Operations have not been presented, as Encore Inc. had no cash, revenues, or expenses as of, or for the years ended, December 31, 2025 and 2024.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**Shares**![LOGO](g23359g21a01.jpg)

## Encore Inc.
**Common Stock** 

**PRELIMINARY PROSPECTUS** 

***Joint Lead Book-Running Managers***

**(\* in alphabetical order)** 

---

| | | |
|:---|:---|:---|
| **BofA Securities\*** | **Goldman Sachs & Co. LLC\*** | **Morgan Stanley\*** |

---

Through and including , 2026 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

**ITEM 13. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.** 

The following table sets forth the expenses payable by the Registrant expected to be incurred in connection with the issuance and distribution of the shares of common stock being registered hereby (other than underwriting discounts and commissions). All of such expenses are estimates, other than the filing and listing fees payable to the Securities and Exchange Commission, the Financial Industry Regulatory Authority, Inc., and .

---

| | |
|:---|:---|
|  Filing Fee—Securities and Exchange Commission | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |
|  Fee—Financial Industry Regulatory Authority, Inc. | \* |
|  Listing Fee— | \* |
|  Fees of Transfer Agent | \* |
|  Fees and Expenses of Counsel | \* |
|  Fees and Expenses of Accountants | \* |
|  Printing Expenses | \* |
|  Miscellaneous Expenses | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $\* |

---

\* To be provided by amendment.

**ITEM 14. INDEMNIFICATION OF DIRECTORS AND OFFICERS.** 

Section 102(b)(7) of the Delaware General Corporation Law, or DGCL, allows a corporation to provide in its certificate of incorporation that a director and certain officers of the corporation will not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, as applicable, except where the director or officer breached the duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, or obtained an improper personal benefit. In addition, no provision may limit or eliminate the liability of a director for the authorization of the payment of a dividend or a stock repurchase or redemption in violation of Delaware corporate law, and no provision may limit or eliminate the liability of an officer in any action by or in the right of the Company, including any derivative claim. Our amended and restated certificate of incorporation provides for this limitation of liability to the fullest extent permitted by law, as it exists now or may exist in the future. Our amended and restated certificate of incorporation further provides that no amendment to our exculpation provision will limit or eliminate the rights or protections of officers with respect to acts or omissions occurring prior to the time of the amendment.

Section 145 of the DGCL, or Section 145, provides, among other things, that a Delaware corporation may indemnify any person who was, is or is threatened to be made, party to any threatened, pending, or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of such corporation), by reason of the fact that such person is or was an officer, director, employee, or agent of such corporation or is or was serving at the request of such corporation as a director, officer, employee, or agent of another corporation or enterprise against expenses (including attorneys' fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit, or proceeding, provided such person acted in good faith and in a manner they reasonably believed to be in or not opposed to the corporation's best interests and, with respect to any criminal action or proceeding, had no reasonable cause to believe that their conduct was illegal. A Delaware corporation may indemnify any persons who were or are a party to any threatened, pending, or completed action or suit by or in the right of the corporation by reason of the fact that such person is or was a director, officer, employee, or agent of another corporation or enterprise against expenses (including attorneys' fees) actually and reasonably incurred by such

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

person in connection with the defense or settlement of such action or suit, provided such person acted in good faith and in a manner they reasonably believed to be in or not opposed to the corporation's best interests, provided further that no indemnification is permitted without judicial approval if the officer, director, employee, or agent is adjudged to be liable to the corporation. Where directors or certain officers are successful on the merits or otherwise in the defense of any action referred to above, the corporation must indemnify them against the expenses such officer or director has actually and reasonably incurred.

Section 145 also provides that the expenses incurred by a director, officer, employee, or agent of the corporation or a person serving at the request of the corporation as a director, officer, employee, or agent of another corporation or enterprise in defending any action, suit, or proceeding may be paid in advance of the final disposition of the action, suit, or proceeding, subject, in the case of current officers and directors, to the corporation's receipt of an undertaking by or on behalf of such officer or director to repay the amount so advanced if it shall be ultimately determined that such person is not entitled to be indemnified.

Section 145 further authorizes a corporation to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee, or agent of the corporation or is or was serving at the request of the corporation as a director, officer, employee, or agent of another corporation or enterprise, against any liability asserted against such person and incurred by such person in any such capacity, or arising out of their status as such, whether or not the corporation would otherwise have the power to indemnify them under Section 145.

Our amended and restated bylaws will provide that, subject to limited exceptions, we must indemnify our directors and officers to the fullest extent authorized by the DGCL and must pay expenses incurred in defending any such proceeding in advance of its final disposition upon delivery of an undertaking, by or on behalf of an indemnified person, to repay all amounts so advanced if it should be determined ultimately that such person is not entitled to be indemnified under our amended and restated bylaws or otherwise.

The rights to indemnification and advancement of expenses set forth above shall not be exclusive of any other right which an indemnified person may have or hereafter acquire under any statute, provision of our amended and restated certificate of incorporation, our amended and restated bylaws, agreement, vote of stockholders or disinterested directors, or otherwise.

We expect to maintain standard policies of insurance that provide coverage (1) to our directors and officers against loss arising from claims made by reason of breach of duty or other wrongful act and (2) to us with respect to indemnification payments that we may make to such directors and officers.

We intend to enter into indemnification agreements with our directors and executive officers. These agreements will require us, subject to limited exceptions, to indemnify these individuals to the fullest extent permitted under Delaware law against liabilities that may arise by reason of their service to us, and to advance expenses they incur as a result of any proceeding to which they are or are threatened to be made a party or participant. Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act"), may be permitted to directors or executive officers, we have been informed that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy and is therefore unenforceable.

The proposed form of Underwriting Agreement to be filed as Exhibit 1.1 to this Registration Statement provides for indemnification to our directors and officers by the underwriters against certain liabilities.

**ITEM 15. RECENT SALES OF UNREGISTERED SECURITIES.** 

None.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**ITEM 16. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a) Exhibits.*** See the Exhibit Index immediately preceding the signature pages hereto, which is incorporated by reference as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b) Financial Statement Schedules.*** The information required by this item is contained under the section "Financial Statements—Schedule I Financial Information of Encore Inc." beginning on page F-40 of the prospectus that forms a part of this Registration Statement. That section is incorporated herein by reference.

**ITEM 17. UNDERTAKINGS.** 

(1) The undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the
underwriting agreements certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.

(2) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to
directors, officers, and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and
will be governed by the final adjudication of such issue.

(3) The undersigned registrant hereby undertakes that,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) For purposes of determining any liability under the Securities Act of 1933, the information omitted from the
form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be
part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment
that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) For the purpose of determining liability under the Securities Act of 1933 to any purchaser, if the registrant
is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A,
shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first
use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) For the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in
the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the
securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such
securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be
filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or
used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about
the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

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##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

---

| | |
|:---|:---|
| **EXHIBIT INDEX**  | **EXHIBIT INDEX**  |
| **Exhibit<br>No.** | **Description** |
| 1.1 | Form of Underwriting Agreement\* |
| 3.1 | Form of Amended and Restated Certificate of Incorporation of the Registrant\* |
| 3.2 | Form of Amended and Restated Bylaws of the Registrant\* |
| 5.1 | Opinion of Simpson Thacher & Bartlett LLP\* |
| 10.1 | Credit Agreement, dated as of December 5, 2024, by and among Encore Inc. (formerly known as PSAV Intermediate Corp.), as Holdings, AVSC Holding Corp., as the Borrower, the guarantors party thereto from time to time, Sixth Street Lending Partners, as Administrative Agent and Collateral Agent, and the other parties named therein |
| 10.2.1 | Form of Stockholders Agreement between the Registrant and entities affiliated with Blackstone\* |
| 10.2.2 | Form of Stockholders Agreement between the Registrant and entities affiliated with Goldman Sachs\* |
| 10.3 | Form of Registration Rights Agreement\* |
| 10.4 | Form of Indemnification Agreement\* |
| 10.5 | Support and Services Agreement dated as of August 8, 2018, between Encore Global LP (formerly known as Tucson Buyer LP), Encore Inc. (formerly known as PSAV Intermediate Corp.), Blackstone Capital Partners VII L.P., Blackstone Real Estate Partners VIII L.P., and Blackstone Management Partners L.L.C.\* |
| 10.6 | Encore Inc. 2026 Omnibus Incentive Plan\*† |
| 10.7 | Form of Encore Group (USA) LLC Long-Term Incentive Cash Bonus Agreement\*† |
| 10.8 | Third Amended and Restated Encore Global LP Profits Interest Plan\*† |
| 10.9 | Form of Incentive Unit Subscription Agreement\*† |
| 10.10 | Form of Incentive Unit Subscription Agreement by and among Encore Global LP, DFD Enterprises LLC and David D'Alessandro\*† |
| 10.11 | Amended & Restated Employment Agreement by and between the Company and Benjamin E. Erwin, dated as of September 4, 2015\*† |
| 10.12 | Employment Agreement by and between the Company and Becky A. Sheehan, dated as of November 20, 2019\*† |
| 10.13 | Employment Agreement by and between the Company and Charlie Young, dated as of May 2, 2016\*† |
| 10.14 | Amended & Restated Employment Agreement by and between the Company and J. Whitney Markowitz, dated as of January 24, 2014\*† |
| 10.15 | Encore Annual Management Incentive Plan, effective January 1, 2025\*† |
| 10.16 | Separation and Release Agreement by and between the Company and Charles B. Young, dated as of December 31, 2025\*† |
| 10.17 | Form of Restricted Stock Grant Agreement and Acknowledgement\*† |
| 21.1 | Subsidiaries of the Registrant\* |
| 23.1 | Consent of Ernst & Young LLP as to Encore Inc.\* |
| 23.2 | Consent of Simpson Thacher & Bartlett LLP (included as part of Exhibit 5.1)\* |
| 24.1 | Power of Attorney (included in signature pages of this Registration Statement)\* |
| 107 | Filing Fee Table\* |

---

\* To be filed by amendment.

† Management contract or compensatory plan or arrangement.

------

##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Schiller Park, State of Illinois, on the day of , 2026.

---

| | |
|:---|:---|
| **ENCORE INC.** | **ENCORE INC.** |
| By: |  |
|  | Name: |
|  | Title: |

---

**POWER OF ATTORNEY** 

Each person whose signature appears below hereby constitutes and appoints Benjamin E. Erwin, Becky A. Sheehan, and J. Whitney Markowitz, and each of them, any of whom may act without joinder of the other, the individual's true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in their name, place and stead, in any and all capacities, to sign this Registration Statement and any or all amendments, including post-effective amendments to the Registration Statement, including a prospectus or an amended prospectus therein and any Registration Statement for the same offering that is to be effective upon filing pursuant to Rule 462 under the Securities Act, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as they might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact as agents or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

------

##### [**Table of Contents**](#toc)
**Encore Inc. has requested confidential treatment of this registration statement and associated** 

**correspondence pursuant to Rule 83 of the Securities and Exchange Commission.** 

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney have been signed by the following persons in the capacities indicated on the day of , 2026.

---

| | |
|:---|:---|
| **Signature** | **Title** |
|  | President and Chief Executive Officer and Director<br>(principal executive officer) |
| Benjamin E. Erwin | President and Chief Executive Officer and Director<br>(principal executive officer) |
| David F. D'Alessandro | Chair of the Board of Directors |
| Monte E. Ford | Director |
| Amy E. Fuller | Director |
| John J. Gavin | Director |
| David N. Kestnbaum | Director |
| Todd Miller | Director |
| Leonard Seevers | Director |
| Scott Trebilco | Director |
|  | Chief Financial Officer<br> (principal financial officer) |
| Becky A. Sheehan | Chief Financial Officer<br> (principal financial officer) |
|  | Chief Accounting Officer<br> (principal accounting officer) |
| Nick Chakiris | Chief Accounting Officer<br> (principal accounting officer) |

---

## Exhibit 10.1

**Exhibit 10.1** 

CREDIT AGREEMENT

Dated as of December 5, 2024,

among

PSAV INTERMEDIATE CORP.,

as Holdings,

AVSC HOLDING CORP.,

as the Borrower,

THE GUARANTORS PARTY HERETO FROM TIME TO TIME,

SIXTH STREET LENDING PARTNERS,

as Administrative Agent and Collateral Agent,

THE LENDERS AND L/C ISSUERS PARTY HERETO FROM TIME TO TIME

and

SIXTH STREET LENDING PARTNERS, SIXTH STREET SPECIALTY LENDING, INC., APOLLO

GLOBAL FUNDING, LLC and OAKTREE CAPITAL MANAGEMENT, L.P.,

as Lead Arrangers and Bookrunners

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | PAGE |
| ARTICLE 1 | ARTICLE 1 |  |
| DEFINITIONS AND ACCOUNTING TERMS | DEFINITIONS AND ACCOUNTING TERMS |  |
|  Section 1.01. | Defined Terms | 1 |
|  Section 1.02. | Other Interpretive Provisions | 86 |
|  Section 1.03. | Accounting Terms | 89 |
|  Section 1.04. | Rounding | 90 |
|  Section 1.05. | References to Agreements, Laws, Etc. | 90 |
|  Section 1.06. | Times of Day | 90 |
|  Section 1.07. | Timing of Payment or Performance | 91 |
|  Section 1.08. | Cumulative Credit Transactions | 91 |
|  Section 1.09. | Additional Approved Currencies | 91 |
| ARTICLE 2 | ARTICLE 2 |  |
| THE COMMITMENTS AND CREDIT EXTENSIONS | THE COMMITMENTS AND CREDIT EXTENSIONS |  |
|  Section 2.01. | The Loans | 92 |
|  Section 2.02. | Borrowings, Conversions and Continuations of Loans | 92 |
|  Section 2.03. | Letters of Credit | 94 |
|  Section 2.04. | Swing Line Loans | 105 |
|  Section 2.05. | Prepayments | 108 |
|  Section 2.06. | Termination or Reduction of Commitments | 123 |
|  Section 2.07. | Repayment of Loans | 123 |
|  Section 2.08. | Interest | 124 |
|  Section 2.09. | Fees | 125 |
|  Section 2.10. | Computation of Interest and Fees | 126 |
|  Section 2.11. | Evidence of Indebtedness | 126 |
|  Section 2.12. | Payments Generally | 127 |
|  Section 2.13. | Sharing of Payments | 129 |
|  Section 2.14. | Incremental Credit Extensions | 129 |
|  Section 2.15. | Refinancing Amendments | 137 |
|  Section 2.16. | Modification of Term Loans; Modification of Revolving Credit Loans | 138 |
|  Section 2.17. | Defaulting Lenders | 142 |
| ARTICLE 3 | ARTICLE 3 |  |
| TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY | TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY |  |
|  Section 3.01. | Taxes | 143 |
|  Section 3.02. | Illegality | 147 |
|  Section 3.03. | Inability to Determine Rates | 148 |
|  Section 3.04. | [Reserved] | 148 |
|  Section 3.05. | [Reserved] | 148 |
|  Section 3.06. | Replacement of Lenders under Certain Circumstances | 148 |
|  Section 3.07. | Survival | 150 |

---

i

------

---

| | | |
|:---|:---|:---|
| ARTICLE 4 | ARTICLE 4 |  |
| CONDITIONS PRECEDENT TO CREDIT EXTENSIONS | CONDITIONS PRECEDENT TO CREDIT EXTENSIONS |  |
|  Section 4.01. | Conditions to Initial Credit Extension | 150 |
|  Section 4.02. | Conditions to All Credit Extensions | 152 |
| ARTICLE 5 | ARTICLE 5 |  |
| REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES |  |
|  Section 5.01. | Existence, Qualification and Power; Compliance with Laws | 153 |
|  Section 5.02. | Authorization; No Contravention | 153 |
|  Section 5.03. | Governmental Authorization; Other Consents | 153 |
|  Section 5.04. | Execution, Delivery and Enforceability | 154 |
|  Section 5.05. | Financial Statements; No Material Adverse Effect | 154 |
|  Section 5.06. | Litigation | 154 |
|  Section 5.07. | Ownership of Property; Liens; Real Property | 154 |
|  Section 5.08. | Environmental Matters | 155 |
|  Section 5.09. | Taxes | 155 |
|  Section 5.10. | ERISA Compliance | 155 |
|  Section 5.11. | Subsidiaries; Equity Interests | 156 |
|  Section 5.12. | Margin Regulations; Investment Company Act | 156 |
|  Section 5.13. | Disclosure | 156 |
|  Section 5.14. | Labor Matters | 157 |
|  Section 5.15. | Intellectual Property; Licenses, Etc. | 157 |
|  Section 5.16. | Solvency | 157 |
|  Section 5.17. | Subordination of Junior Financing | 157 |
|  Section 5.18. | OFAC; USA PATRIOT Act; FCPA | 157 |
|  Section 5.19. | Security Documents | 158 |
| ARTICLE 6 | ARTICLE 6 |  |
| AFFIRMATIVE COVENANTS | AFFIRMATIVE COVENANTS |  |
|  Section 6.01. | Financial Statements | 159 |
|  Section 6.02. | Certificates; Other Information | 161 |
|  Section 6.03. | Notices | 162 |
|  Section 6.04. | Payment of Taxes | 163 |
|  Section 6.05. | Preservation of Existence, Etc. | 163 |
|  Section 6.06. | Maintenance of Properties | 163 |
|  Section 6.07. | Maintenance of Insurance | 163 |
|  Section 6.08. | Compliance with Laws | 164 |
|  Section 6.09. | Books and Records | 164 |
|  Section 6.10. | Inspection Rights | 164 |
|  Section 6.11. | Additional Collateral; Additional Guarantors | 165 |
|  Section 6.12. | Compliance with Environmental Laws | 166 |
|  Section 6.13. | Further Assurances | 166 |
|  Section 6.14. | Designation of Subsidiaries | 167 |
|  Section 6.15. | Transactions with Affiliates | 167 |
|  Section 6.16. | Post-Closing Covenants | 168 |
|  Section 6.17. | Change in Nature of Business | 168 |
|  Section 6.18. | Use of Proceeds | 169 |

---

ii

------

---

| | | |
|:---|:---|:---|
|  Section 6.19. | Accounting Changes | 169 |
| ARTICLE 7 | ARTICLE 7 |  |
| NEGATIVE COVENANTS | NEGATIVE COVENANTS |  |
|  Section 7.01. | Liens | 169 |
|  Section 7.02. | Investments | 174 |
|  Section 7.03. | Indebtedness | 178 |
|  Section 7.04. | Fundamental Changes | 184 |
|  Section 7.05. | Dispositions | 186 |
|  Section 7.06. | Restricted Payments | 190 |
|  Section 7.07. | Burdensome Agreements | 195 |
|  Section 7.08. | Financial Covenant | 196 |
|  Section 7.09. | Prepayments, Etc. of Indebtedness | 196 |
|  Section 7.10. | Permitted Activities | 197 |
| ARTICLE 8 | ARTICLE 8 |  |
| EVENTS OF DEFAULT AND REMEDIES | EVENTS OF DEFAULT AND REMEDIES |  |
|  Section 8.01. | Events of Default | 198 |
|  Section 8.02. | Remedies Upon Event of Default | 201 |
|  Section 8.03. | Exclusion of Immaterial Subsidiaries | 201 |
|  Section 8.04. | Application of Funds | 202 |
|  Section 8.05. | Right to Cure | 203 |
| ARTICLE 9 | ARTICLE 9 |  |
| ADMINISTRATIVE AGENT AND OTHER AGENTS | ADMINISTRATIVE AGENT AND OTHER AGENTS |  |
|  Section 9.01. | Appointment and Authorization of Agents | 204 |
|  Section 9.02. | Delegation of Duties | 205 |
|  Section 9.03. | Liability of Agents | 205 |
|  Section 9.04. | Reliance by Agents | 206 |
|  Section 9.11. | Collateral and Guaranty Matters | 210 |
|  Section 9.12. | Other Agents; Arrangers and Managers | 212 |
|  Section 9.13. | Withholding Tax Indemnity | 212 |
|  Section 9.14. | Appointment of Supplemental Agents | 213 |
|  Section 9.15. | Erroneous Payments | 214 |
| ARTICLE 10 | ARTICLE 10 |  |
| MISCELLANEOUS | MISCELLANEOUS |  |
|  Section 10.01. | Amendments, Etc. | 216 |
|  Section 10.02. | Notices and Other Communications; Facsimile Copies | 220 |
|  Section 10.03. | No Waiver; Cumulative Remedies | 221 |
|  Section 10.04. | Attorney Costs and Expenses | 221 |
|  Section 10.05. | Indemnification by the Borrower | 222 |
|  Section 10.06. | Payments Set Aside | 223 |
|  Section 10.07. | Successors and Assigns | 224 |
|  Section 10.08. | Confidentiality | 234 |
|  Section 10.09. | Setoff | 236 |

---

iii

------

---

| | | |
|:---|:---|:---|
|  Section 10.10. | Interest Rate Limitation | 237 |
|  Section 10.11. | Counterparts | 237 |
|  Section 10.12. | Integration; Termination | 237 |
|  Section 10.13. | Survival of Representations and Warranties | 237 |
|  Section 10.14. | Severability | 237 |
|  Section 10.15. | GOVERNING LAW | 238 |
|  Section 10.16. | WAIVER OF RIGHT TO TRIAL BY JURY | 238 |
|  Section 10.17. | Binding Effect | 239 |
|  Section 10.18. | USA PATRIOT Act; Beneficial Ownership | 239 |
|  Section 10.19. | No Advisory or Fiduciary Responsibility | 239 |
|  Section 10.20. | Electronic Execution of Assignments | 240 |
|  Section 10.21. | Effect of Certain Inaccuracies | 240 |
|  Section 10.22. | Judgment Currency | 241 |
|  Section 10.23. | Acknowledgement and Consent to Bail-In of Affected Financial Institutions | 241 |
|  Section 10.24. | Cashless Rollovers | 242 |
|  Section 10.25. | ERISA Representation | 242 |
|  Section 10.26. | Acknowledgment Regarding Any Supported QFCs | 243 |
| ARTICLE 11 | ARTICLE 11 |  |
| GUARANTY | GUARANTY |  |
|  Section 11.01. | The Guaranty | 244 |
|  Section 11.02. | Obligations Unconditional | 244 |
|  Section 11.03. | Subrogation; Subordination | 245 |
|  Section 11.04. | Remedies | 245 |
|  Section 11.05. | Reinstatement | 246 |
|  Section 11.06. | Instrument for the Payment of Money | 246 |
|  Section 11.07. | Continuing Guaranty | 246 |
|  Section 11.08. | General Limitation on Guarantee Obligations | 246 |
|  Section 11.09. | Information | 246 |
|  Section 11.10. | Release of Guarantors | 246 |
|  Section 11.11. | Right of Contribution | 246 |
|  Section 11.12. | Cross-Guaranty | 247 |

---

iv

------

SCHEDULES

---

| | |
|:---|:---|
| 1.01(A) | Commitments |
| 1.01(B) | Collateral Documents |
| 1.01(C) | Unrestricted Subsidiaries |
| 1.01(D) | Agreed Security Principles |
| 5.06 | Litigation |
| 5.07 | Ownership of Property |
| 5.11 | Subsidiaries and Other Equity Investments |
| 6.15 | Transactions with Affiliates |
| 6.16 | Post-Closing Covenants |
| 7.01(b) | Existing Liens |
| 7.02(f) | Existing Investments |
| 7.03(b) | Existing Indebtedness |
| 7.03(e) | Financing Lease Obligations |
| 7.05(f) | Dispositions |
| 7.07 | Certain Contractual Obligations |
| 10.02 | Administrative Agent's Office |
| 10.02(a) | Notice Information |

---

EXHIBITS

---

| | |
|:---|:---|
| Form of |  |
| A | Committed Loan Notice |
| B | Letter of Credit Issuance Request |
| C | Swing Line Loan Notice |
| D-1 | Term Note |
| D-2 | Revolving Credit Note |
| D-3 | Swing Line Note |
| E-1 | Compliance Certificate |
| E-2 | Solvency Certificate |
| F | Assignment and Assumption |
| G | Security Agreement |
| H | Perfection Certificate |
| I | Intercompany Note |
| J-1 | Equal Priority Intercreditor Agreement |
| J-2 | Junior Priority Intercreditor Agreement |
| K-1 | Affiliated Lender Assignment and Assumption |
| K-2 | Affiliated Lender Notice |
| K-3 | Acceptance and Prepayment Notice |
| K-4 | Discount Range Prepayment Notice |
| K-5 | Discount Range Prepayment Offer |
| K-6 | Solicited Discounted Prepayment Notice |
| K-7 | Solicited Discounted Prepayment Offer |
| K-8 | Specified Discount Prepayment Notice |
| K-9 | Specified Discount Prepayment Response |
| L-1 | United States Tax Compliance Certificate |
| L-2 | United States Tax Compliance Certificate |
| L-3 | United States Tax Compliance Certificate |
| L-4 | United States Tax Compliance Certificate |

---

v

------

CREDIT AGREEMENT

This CREDIT AGREEMENT (as the same may be amended, modified, supplemented, refinanced, restated and/or amended and restated from time to time, this "**Agreement**") is entered into as of December 5, 2024, among PSAV INTERMEDIATE CORP., a Delaware corporation ("**Initial Holdings**"), AVSC HOLDING CORP., a Delaware corporation (the "**Borrower**"), the Guarantors party hereto from time to time, SIXTH STREET LENDING PARTNERS, as Administrative Agent, Collateral Agent, a L/C Issuer and the Swing Line Lenders, each lender from time to time party hereto (collectively, the "**Lenders**" and individually, a "**Lender**") and each other L/C Issuer from time to time party hereto.

PRELIMINARY STATEMENTS

The Borrower has requested that the applicable Lenders extend credit to the Borrower in the form of (i) the Initial Term Loans on the Closing Date in an initial aggregate principal amount of $2,350,000,000 and (ii) the Revolving Credit Facility in an initial aggregate principal amount of $250,000,000.

The proceeds of the Initial Term Loans, together with the proceeds of the Equity Investment, and all or a portion of the Initial Revolving Borrowing (if any), will be used by the Borrower to (i) directly or indirectly consummate the Transactions, (ii) to pay the fees, costs, premiums and expenses related to the Transactions and to fund cash to the Borrower's balance sheet and (iii) to replace, backstop, grandfather or cash collateralize existing letters of credit.

The proceeds of the Revolving Credit Facility will be used in accordance with Section 6.18 hereof.

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

ARTICLE 1

DEFINITIONS AND ACCOUNTING TERMS

Section 1.01. *Defined Terms*. As used in this Agreement (including in the Preliminary Statements and introductory paragraph hereto), the following terms shall have the meanings set forth below:

"**Acceptable Discount**" has the meaning set forth in Section 2.05(a)(v)(D)(2).

"**Acceptable Prepayment Amount**" has the meaning set forth in Section 2.05(a)(v)(D)(3).

"**Acceptance and Prepayment Notice**" means a written notice of the Borrower's acceptance of the Acceptable Discount in substantially the form of Exhibit K-3.

"**Acceptance Date**" has the meaning set forth in Section 2.05(a)(v)(D)(2).

"**Accounting Change**" means any change in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants or, if applicable, the SEC.

------

"**Acquired EBITDA**" means, with respect to any Acquired Entity or Business or any Converted Restricted Subsidiary for any period, the amount for such period of Consolidated EBITDA of such Acquired Entity or Business or Converted Restricted Subsidiary (determined as if references to the Borrower and the Restricted Subsidiaries in the definition of Consolidated EBITDA were references to such Acquired Entity or Business and its Subsidiaries or to such Converted Restricted Subsidiary and its Subsidiaries), as applicable, all as determined on a consolidated basis for such Acquired Entity or Business or Converted Restricted Subsidiary, as applicable.

"**Acquired Entity or Business**" has the meaning set forth in the definition of the term "Consolidated EBITDA."

"**Additional Lender**" has the meaning set forth in Section 2.14(c).

"**Additional Refinancing Lender**" has the meaning set forth in Section 2.15(a).

"**Administrative Agent**" means Sixth Street, in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent appointed in accordance with Section 9.09.

"**Administrative Agent's Office**" means the Administrative Agent's address and account as set forth on Schedule 10.02, or such other address or account as the Administrative Agent may from time to time notify the Borrower and the Lenders in writing.

"**Administrative Questionnaire**" means an Administrative Questionnaire in such form as may be supplied from time to time by the Administrative Agent.

"**Affected Financial Institution**" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"**Affiliate**" means, with respect to any 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. "**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. For purposes of this Agreement and the other Loan Documents, Jefferies LLC and its Affiliates shall be deemed to be Affiliates of Jefferies Credit Partners LLC and its Affiliates.

"**Affiliated Lender**" means, at any time, any Lender that is a direct or indirect holding company of Holdings or an Investor (or any Lender that is a direct or indirect holding company of any Permitted Acquiror) (including portfolio companies of the Investors notwithstanding the exclusion in the definition of "Investors") (other than Holdings, the Borrower or any of its Subsidiaries and other than any Debt Fund Affiliate) or a Non-Debt Fund Affiliate of an Investor at such time.

"**Affiliated Lender Assignment and Assumption**" has the meaning set forth in Section 10.07(k)(i).

"**Affiliated Lender Cap**" has the meaning set forth in Section 10.07(k)(iii).

"**Affiliated Lender Notice**" means a notice substantially in the form of Exhibit K-2.

------

"**Agent-Related Persons**" means the Agents, together with their respective Affiliates, and the officers, directors, employees, partners, agents, advisors, attorneys-in-fact and other representatives of such Persons and Affiliates.

"**Agents**" means, collectively, the Administrative Agent, the Collateral Agent and the Supplemental Agents (if any).

"**Aggregate Commitments**" means the Commitments of all the Lenders.

"**Agreed Security Principles**" has the meaning assigned to such term in Schedule 1.01(D); *provided*, *however*, that notwithstanding anything herein or in any other Loan Document, the Agreed Security Principles shall not apply to any Loan Party that is a Domestic Subsidiary.

"**Agreement**" has the meaning set forth in the introductory paragraph hereto.

"**All-In Yield**" means, as of any date of determination, as to any Indebtedness, the effective yield thereof incurred or payable by the applicable borrower generally to all Lenders of such Indebtedness (as reasonably determined by the Borrower in consultation with the Administrative Agent) in a manner consistent with generally accepted financial practices, taking into account (a) the applicable interest rate margin (calculated after giving effect to the then-applicable pricing "level" in any applicable pricing grid, which pricing "level" shall be determined after giving Pro Forma Effect to any Indebtedness being incurred or repaid on the date of calculation); (b) all fees, including upfront and similar fees or OID (provided that OID and upfront fees shall be equated to interest rate assuming a 4-year life to maturity on a straight line basis (or, if less, the stated life to maturity at the time of incurrence thereof), and, if applicable, assuming any additional or replacement revolving credit commitments were fully drawn), any amendment fees, arrangement fees, structuring fees, commitment fees, underwriting fees, call protection, and any closing payments or other similar fees payable to any lead arranger, bookrunner, manager or similar person (or its affiliates) in connection with the commitment or syndication of such Indebtedness, in each case, solely to the extent payable generally by or on behalf of the Borrower to all lenders or other institutions providing such Indebtedness, but excluding consent or amendment fees paid to consenting Lenders, ticking fees (not otherwise in connection with the payment of accrued interest) accruing prior to the funding of such Indebtedness and any other fees not paid or payable generally by or on behalf of the Borrower to Lenders in the primary syndication of such Indebtedness, (c) any amendment to the relevant interest rate margins and interest rate floors prior to the applicable date of determination and (d) the interest rate (excluding the applicable margin) after giving effect to any Term SOFR or Base Rate floor; *provided*, that if any Incremental Term Loans (or any other applicable Indebtedness) include a Term SOFR or Base Rate floor, (i) to the extent that the Term SOFR Reference Rate (for a period of three months) on the date that the All-In Yield is being calculated is less than such floor, the amount of such difference shall be deemed added to the floor (or at the option of the Borrower, added to the interest rate margin in lieu of adding to the floor) for such Indebtedness for the purpose of calculating the All-In Yield and (ii) to the extent that the Term SOFR Reference Rate (for a period of three months) on the date that the All-In Yield is being calculated is greater than such floor, then the floor shall be disregarded in calculating the All-In Yield.

"**Applicable Authority**" means the Term SOFR Administrator or a Governmental Authority having jurisdiction over the Administrative Agent.

"**Applicable Discount**" has the meaning set forth in Section 2.05(a)(v)(C)(2).

------

"**Applicable ECF Percentage**" means, for any fiscal year, (a) 50.0% if the Consolidated First Lien Net Leverage Ratio as of the last day of such fiscal year is greater than 4.50 to 1.00, (b) 25.0% if the Consolidated First Lien Net Leverage Ratio as of the last day of such fiscal year is equal to or less than 4.50 to 1.00 and greater than 4.00 to 1.00 and (c) 0.0% if the Consolidated First Lien Net Leverage Ratio as of the last day of such fiscal year is equal to or less than 4.00 to 1.00, in each case, calculated on a Pro Forma Basis, after giving effect to the required prepayment of the ECF Payment Amount pursuant to Section 2.05(b)(i) and any other prepayment, repurchase or redemption of Indebtedness on or prior to the date such required prepayment of the ECF Payment Amount is required to be made; *provided* that, for the avoidance of doubt, if, after giving effect to such prepayment more than one of the preceding subclauses would be applicable, the subclause with the lowest percentage shall apply.

"**Applicable Period**" has the meaning set forth in Section 10.21.

"**Applicable Proceeds**" has the meaning set forth in Section 2.05(b)(ii).

"**Applicable Rate**" means with respect to the Initial Term Loans and the Revolving Credit Loans (i) until delivery of the financial statements for the fiscal quarter ending March 31, 2025 pursuant to Section 6.01, a percentage per annum equal to (A) for Term SOFR Loans, 5.00% and (B) for Base Rate Loans, 4.00% and (ii) at any time upon or after the delivery of the financial statements for the fiscal quarter ending March 31, 2025 pursuant to Section 6.01, the following percentages per annum, based upon the Consolidated First Lien Net Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a):

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| | | | |
|:---|:---|:---|:---|
| Applicable Rate | Applicable Rate | Applicable Rate | Applicable Rate |
| Pricing Level | Consolidated First Lien Net<br>Leverage Ratio | Term SOFR<br>Loans | Base Rate Loans |
| 1 | > 4.00:1.00 | 5.00% | 4.00% |
| 2 | ≤ 4.00:1.00 | 4.75% | 3.75% |

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Notwithstanding the foregoing, after the consummation of a Qualified IPO (as certified by the Borrower to the Administrative Agent), the Applicable Rate at each of the pricing level categories above shall each automatically be reduced by 0.25% per annum.

Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated First Lien Net Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a); *provided* that, at the option of the Required Lenders, the highest pricing level (e.g., Pricing Level 1) shall apply as of the first Business Day after the date on which a Compliance Certificate was required to have been delivered but was not delivered, and shall continue to so apply to and including the date on which such Compliance Certificate is so delivered (and thereafter the pricing level otherwise determined in accordance with this definition shall apply).

"**Applicable Term SOFR Floor**" means with respect to the Initial Term Loans and Revolving Credit Loans, 0.75% per annum.

"**Applicable Time**" means, with respect to any Borrowings and payments in any Approved Foreign Currency, the local time in the place of settlement for such Approved Foreign Currency as shall be reasonably determined by the Administrative Agent or the applicable L/C Issuer, as the case may be, to be necessary for timely settlement on the relevant date in accordance with normal

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banking procedures in the place of payment. In advance of the initial Borrowing of a Revolving Credit Loan or issuance of a Letter of Credit, in each case, in any Approved Foreign Currency, the Administrative Agent or the applicable L/C Issuer, as applicable, shall provide the Borrower and Revolving Credit Lenders or the Borrower and the applicable Term Lenders, as the case may be, with written notice of the Applicable Time for any Borrowings and payments in such Approved Foreign Currency. In the event no such notice is delivered by the Administrative Agent or the applicable L/C Issuer, as applicable, the Borrower, any applicable Term Lender and any Revolving Credit Lender shall be required to make any Borrowings and payments in accordance with the times specified herein for Borrowings and payments in Dollars.

"**Appropriate Lender**" means, at any time, (a) with respect to Loans or Commitments of any Class, the Lenders of such Class, (b) with respect to Letters of Credit, (i) the relevant L/C Issuer (if applicable) and (ii) the Revolving Credit Lenders and (c) with respect to the Swing Line Facility, the Swing Line Lenders.

"**Approved Counterparty**" means (i) any Agent, Lender or any Affiliate of an Agent or Lender at the time (or after) it entered into a Swap Contract or a Treasury Services Agreement, as applicable, in its capacity as a party thereto, notwithstanding whether such Approved Counterparty may cease to be an Agent, Lender or an Affiliate of an Agent or Lender thereafter, as applicable and (ii) any other Person from time to time selected by Borrower who has executed and delivered to the Administrative Agent a customary joinder or acknowledgment agreement affirming the designation of the Administrative Agent and Collateral Agent as its agent and the other terms applicable to Secured Hedge Agreements or Treasury Services Agreements set forth in Article 9; *provided* that in no event shall "Approved Counterparty" include BXC.

"**Approved Currency**" means each of (i) Dollars, (ii) Canadian Dollars, (iii) euros and (iv) any other currency that is approved in accordance with Section 1.09; provided that, the Outstanding Amount of borrowings in Canadian Dollars, euros and other currencies approved in accordance with Section 1.09 shall not exceed $20,000,000 in the aggregate for all such borrowings.

"**Approved Foreign Currency**" means any Approved Currency other than Dollars.

"**Approved Fund**" means, with respect to any Lender, any Fund that is administered, advised or managed by (a) such Lender, (b) an Affiliate of such Lender or (c) an entity or an Affiliate of an entity that administers, advises or manages such Lender, in each case other than any Fund that is a Disqualified Lender.

"**Assignees**" has the meaning set forth in Section 10.07(b).

"**Assignment and Assumption**" means an Assignment and Assumption substantially in the form of Exhibit F hereto or any other form (or changes thereto) approved by the Administrative Agent and the Borrower.

"**Attorney Costs**" means and includes the reasonable and documented out-of-pocket fees, disbursements and other charges of any law firm or other external legal counsel.

"**Attributable Indebtedness**" means, on any date, in respect of any Financing Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP.

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"**Auction Agent**" means (a) the Administrative Agent or (b) any other financial institution or advisor employed by the Borrower (whether or not an Affiliate of the Administrative Agent) to act as an arranger in connection with any Discounted Term Loan Prepayment pursuant to Section 2.05(a)(v); *provided* that the Borrower shall not designate the Administrative Agent as the Auction Agent without the written consent of the Administrative Agent (it being understood that the Administrative Agent shall be under no obligation to agree to act as the Auction Agent); *provided, further*, that neither the Borrower nor any of its Affiliates may act as the Auction Agent.

"**Audited Financial Statements**" means the audited consolidated balance sheet of the Borrower and its Restricted Subsidiaries as of December 31, 2023 and the related audited consolidated statements of operations and cash flows for the year then ended.

"**Auto-Extension Letter of Credit**" has the meaning set forth in Section 2.03(b)(iii).

"**Available Incremental Amount**" has the meaning set forth in Section 2.14(d)(iv).

"**Available RP Capacity Amount**" means, at any time of determination, with respect to any making of any Investment pursuant to Section 7.02(n)(z) or any prepayment, redemption, purchase, defeasance or other payment in respect of any Junior Financing prior to the scheduled maturity therefor pursuant to Section 7.09(a)(vi), the sum of (i)(x) with respect to any making of any Investment pursuant to Section 7.02(n)(z), the aggregate amount of Restricted Payments that are permitted to be made at the time of determination pursuant to Sections 7.06(h)(x) and prepayments, redemptions, purchases, defeasances or other payments in respect of Junior Financing that are permitted to be made at the time of determination pursuant to 7.09(a)(v)(x) and (y) with respect to any prepayment, redemption, purchase, defeasance or other payment in respect of any Junior Financing prior to the scheduled maturity therefor pursuant to Section 7.09(a)(vi), the aggregate amount of Restricted Payments that are permitted to be made at the time of determination pursuant to Sections 7.06(h)(x), *minus* (ii) the sum of the aggregate amount of Restricted Payments made prior to or substantially concurrently at such time in reliance on Section 7.06(h)(x), *minus* (iii) the sum of the amount of the Available RP Capacity Amount utilized by the Borrower or any Restricted Subsidiary prior or substantially concurrently at such time to (A) make Investments pursuant to Section 7.02(n)(z) and (B) make prepayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings prior to their scheduled maturity pursuant to Section 7.09(a)(vi), in each case, after giving effect to any applicable reclassifications.

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

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

"**Base Rate**" means, for any day, a rate per annum equal to the greatest of (a) the NYFRB Rate in effect on such day plus 1/2 of 1%, (b) the Prime Rate in effect for such day and (c) Term SOFR on such day (or if such day is not a Business Day, the immediately preceding Business Day) for a one-month Interest Period plus 1.00%; *provided* that, for the avoidance of doubt, Term SOFR

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for any day shall be the Term SOFR Reference Rate, at approximately 5:00 a.m. (Chicago time) two Business Days prior to such day for a term of one month commencing on such day (or if such day is not a Business Day, the immediately preceding Business Day) for deposits in Dollars for a one-month Interest Period. If the Administrative Agent shall have determined (which determination shall be conclusive absent manifest error) that it is unable to ascertain the NYFRB Rate for any reason, including the inability or failure of the Administrative Agent to obtain sufficient quotations in accordance with the terms of the definition thereof, the Base Rate shall be determined without regard to clause (a) of the preceding sentence until the circumstances giving rise to such inability no longer exist. Further solely with respect to the Initial Term Loans and Revolving Credit Loans, the Base Rate will be deemed to be 1.75% per annum if the Base Rate calculated pursuant to the foregoing provisions would otherwise be less than 1.75% per annum. Any change in the Base Rate due to a change in the Prime Rate, the NYFRB Rate or Term SOFR shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or Term SOFR, respectively.

"**Base Rate Loan**" means a Loan denominated in Dollars that bears interest based on the Base Rate.

"**Base Rate Term SOFR Determination Day**" has the meaning specified in the definition of "Term SOFR".

"**Beneficial Ownership Certification**" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

"**Beneficial Ownership Regulation**" means 31 C.F.R. § 1010.230.

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

"**Blackstone Credit Entities**" means BXC, any of its Affiliates, and shall include, without limitation, each Blackstone Credit Investor and certain funds, accounts and clients managed, advised or sub-advised by BXC or any of their respective Affiliates, as the context may require.

**"Blackstone Credit Investor**" means any investor (or an Affiliate of such investor) of a fund managed or advised BXC to which investor (or an Affiliate of such investor) BXC is providing certain administrative and other services.

"**Blackstone Funds**" means, individually or collectively, Blackstone Inc. and its Affiliates and any investment fund, partnership, co-investment vehicles and/or other similar vehicles or accounts (in each case, other than BXC), in each case managed or advised by Blackstone Inc. or one or more of its Affiliates, or any successors of any of the foregoing.

"**Bona Fide Debt Fund**" means any fund or investment vehicle that is primarily engaged in the making, purchasing, holding or otherwise investing in commercial loans, bonds and other similar extensions of credit in the ordinary course.

"**Borrower**" has the meaning set forth in the introductory paragraph hereto and includes any Successor Borrower.

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"**Borrower Materials**" has the meaning set forth in Section 6.02.

"**Borrower Offer of Specified Discount Prepayment**" means the offer by any Company Party to make a voluntary prepayment of Term Loans at a Specified Discount to par pursuant to Section 2.05(a)(v)(B).

"**Borrower Solicitation of Discount Range Prepayment Offers**" means the solicitation by any Company Party of offers for, and the corresponding acceptance by a Lender of, a voluntary prepayment of Term Loans at a specified range of discounts to par pursuant to Section 2.05(a)(v)(C).

"**Borrower Solicitation of Discounted Prepayment Offers**" means the solicitation by any Company Party of offers for, and the subsequent acceptance, if any, by a Lender of, a voluntary prepayment of Term Loans at a discount to par pursuant to Section 2.05(a)(v)(D).

"**Borrowing**" means a Revolving Credit Borrowing, a Swing Line Borrowing or a Term Borrowing of a particular Class, as the context may require.

"**Business Day**" means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state of New York or the state where the Administrative Agent's Office is located; *provided*, *however*, that, when used in connection with a Term SOFR Loan or Daily SOFR Loan, as applicable, the term "Business Day" means a U.S. Government Securities Business Day.

"**Business Expansion**" mean (a) each facility which is either a new facility, branch, store or office or an expansion, relocation, remodeling or substantial modernization of an existing facility, branch, store or office owned by the Borrower or the Restricted Subsidiaries and (b) each creation or expansion into new markets (in one or a series of related transactions) of a business unit to the extent such business unit commences operations or each expansion (in one or a series of related transactions) of business into a new market.

"**BXC**" means Blackstone Credit Partners LP (together with funds and accounts managed or advised or sub-advised by it) and its successors.

"**Canadian Dollars**" and "**C$**" mean the lawful money of Canada.

"**Capital Expenditures**" means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities and including in all events all amounts expended or capitalized under Financing Leases) by the Borrower and its Restricted Subsidiaries during such period that, in conformity with GAAP, are or are required to be included as capital expenditures or "purchases of equipment and leasehold improvements" on the consolidated statement of cash flows of the Borrower and its Restricted Subsidiaries.

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

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"**Cash Collateral**" has the meaning set forth in Section 2.03(g).

"**Cash Collateral Account**" means a blocked account at a commercial bank specified by the Administrative Agent in the name of the Administrative Agent and under the sole dominion and control of the Administrative Agent, and otherwise established in a manner reasonably satisfactory to the Administrative Agent.

"**Cash Collateralize**" has the meaning set forth in Section 2.03(g). "**Cash Collateralized**" and "**Cash Collateralizing**" have the meanings correlative thereto.

"**Cash Equivalents**" means any of the following types of Investments, to the extent owned by the Borrower or any Restricted Subsidiary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (a) cash in such local currencies held by the Borrower or any Restricted Subsidiary from time to time in the ordinary course of business or consistent with past practice, (b) Canadian Dollars, (c) Sterling, euros or any national currency of any participating member state of the Economic and Monetary Union (EMU) or (d) other currencies held by the Borrower or the Restricted Subsidiaries from time to time in the ordinary course of business or consistent with past practice or industry norm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) securities issued or directly and fully and unconditionally guaranteed or insured by the U.S. government or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 24 months or less from the date of acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) certificates of deposit, time deposits and eurodollar time deposits with maturities of 24 months or less from the date of acquisition, demand deposits, bankers' acceptances with maturities not exceeding 24 months and overnight bank deposits, in each case with any domestic or foreign commercial bank having capital and surplus of not less than $100,000,000 (or the dollar equivalent thereof in foreign currencies as of the date of determination);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) repurchase obligations for underlying securities of the types described in clauses (3), (4), (7) and (8) entered into with any financial institution or recognized securities dealer meeting the qualifications specified in clause (4) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) commercial paper and variable or fixed rate notes rated at least P-2 by Moody's, at least A-2 by S&P or at least F-2 by Fitch (or, if at any time none of Moody's, S&P or Fitch shall be rating such obligations, an equivalent rating from another nationally recognized statistical Rating Agency) and in each case maturing within 24 months after the date of creation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) marketable short-term money market and similar funds having a rating of at least P-2, A-2 or F-2 from Moody's, S&P or Fitch, respectively (or, if at any time none of Moody's, S&P or Fitch shall be rating such obligations, an equivalent rating from another nationally recognized statistical Rating Agency);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) readily marketable direct obligations issued by, or unconditionally guaranteed by, any state, commonwealth or territory of the United States or any political subdivision or taxing authority thereof, in each case having an investment grade rating from either Moody's, S&P or Fitch (or, if at any time none of Moody's, S&P or Fitch shall be rating such obligations, an equivalent rating from another nationally recognized statistical Rating Agency) with maturities of 24 months or less from the date of acquisition;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) readily marketable direct obligations issued by any foreign government or any political subdivision or public instrumentality thereof, in each case having an investment grade rating from either Moody's, S&P or Fitch (or, if at any time none of Moody's, S&P or Fitch shall be rating such obligations, an equivalent rating from another nationally recognized statistical Rating Agency) with maturities of 24 months or less from the date of acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Investments with average maturities of 24 months or less from the date of acquisition in money market funds rated A (or the equivalent thereof) or better by S&P, A-2 (or the equivalent thereof) or better by Moody's or F-2 by Fitch (or, if at any time none of Moody's, S&P or Fitch shall be rating such obligations, an equivalent rating from another nationally recognized statistical Rating Agency);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) securities with maturities of 24 months or less from the date of acquisition backed by standby letters of credit issued by any financial institution or recognized securities dealer meeting the qualifications specified in clause (4) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Indebtedness or preferred stock issued by Persons with a rating of "A" or higher from S&P, "A-2" or higher from Moody's or "F-2" or higher from Fitch with maturities of 24 months or less from the date of acquisition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) investment funds investing at least 90% of their assets in securities of the types described in clauses (1) through (12) above.

In the case of Investments by any Foreign Subsidiary that is a Restricted Subsidiary or Investments made in a country outside the United States, Cash Equivalents shall also include (a) investments of the type and maturity described in clauses (1) through (8) and clauses (10), (11), (12) and (13) above of foreign obligors, which Investments or obligors (or the parents of such obligors) have ratings described in such clauses or equivalent ratings from comparable foreign rating agencies and (b) other short-term investments utilized by Foreign Subsidiaries that are Restricted Subsidiaries in accordance with normal investment practices for cash management in investments analogous to the foregoing investments in clauses (1) through (13) and in this paragraph.

Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in clauses (1) and (2) above; *provided* that such amounts are converted into any currency listed in clauses (1) and (2) as promptly as practicable and in any event within ten (10) Business Days following the receipt of such amounts.

For the avoidance of doubt, any items identified as Cash Equivalents under this definition will be deemed to be Cash Equivalents for all purposes regardless of the treatment of such items under GAAP.

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

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"**CFC**" means a "controlled foreign corporation" within the meaning of Section 957(a) of the Code; *provided* that in no event shall the term "CFC" include any Foreign Subsidiary which, at the option of the Borrower, becomes a Loan Party.

"**Change of Control**" shall be deemed to occur if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time prior to a Qualified IPO, any combination of the Permitted Holders shall fail to own beneficially (within the meaning of Rule 13d-5 of the Exchange Act as in effect on the Closing Date), directly or indirectly, in the aggregate voting Equity Interests representing at least a majority of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Holdings, in each case, other than in connection with any transaction or series of transactions in which Holdings shall become the wholly owned Subsidiary of a Holding Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any time after a Qualified IPO, any person or "group" (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Closing Date), other than (i) any combination of the Investors and/or the Permitted Holders or (ii) any "group" including any Permitted Holders (*provided* that Permitted Holders beneficially own more than 50% of all voting Equity Interests beneficially owned by such "group"), shall have acquired beneficial ownership of more than 50%, on a fully diluted basis, of the voting Equity Interest in Holdings, in each case, other than in connection with any transaction or series of transactions in which Holdings shall become the wholly owned Subsidiary of a Holding Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Holdings shall cease to own directly 100% of the voting Equity Interests of the Borrower.

Notwithstanding the preceding or any provision of Section 13d-3 or 13d-5 of the Exchange Act (or any successor provision), (i) a Person or group shall not be deemed to beneficially own Equity Interests (x) subject to a stock or asset purchase agreement, merger agreement, option agreement, warrant agreement or similar agreement (or voting or option or similar agreement related thereto) until the consummation of the acquisition of the Equity Interests in connection with the transactions contemplated by such agreement or (y) solely as a result of veto or approval rights in any joint venture agreement, shareholder agreement, investor rights agreement or other similar agreement, (ii) if any group (other than a Permitted Holder) includes one or more Permitted Holders, the issued and outstanding Equity Interests of the Borrower owned, directly or indirectly, by any Permitted Holders that are part of such group shall not be treated as being beneficially owned by such group or any other member of such group for purposes of determining whether a Change of Control has occurred, (iii) a Person or group (other than a Permitted Holder) will not be deemed to beneficially own the Equity Interests of another Person as a result of its ownership of the Equity Interests or other securities of such other Person's parent entity (or related contractual rights) unless it owns 50% or more of the total voting power of the Equity Interests entitled to vote for the election of directors of such parent entity having a majority of the aggregate votes on the board of directors (or similar body) of such parent entity, (iv) any veto power in connection with the acquisition or disposition of any voting Equity Interests will not cause a party to be a beneficial owner and (v) a Change of Control shall be deemed not to have occurred pursuant to clause (a) or (b) above at any time if the Permitted Holders have, at such time, directly or indirectly, the right or the ability, by voting power, contract or otherwise, to elect or designate for election at least 50% of the directors (or similar position) on of the board of directors (or similar body) of Holdings.

"**City Code**" has the definition in Section 1.02(h).

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"**Class**" (a) when used with respect to any Lender, refers to whether such Lender has a Loan or Commitment with respect to a particular Class of Loans or Commitments, (b) when used with respect to Commitments, refers to whether such Commitments are Revolving Credit Commitments, Modified Revolving Credit Commitments of a given Modification Series, Modified Term Loans of a given Modification Series, Revolving Commitment Increases, Other Revolving Credit Commitments, Initial Term Commitments, Incremental Term Commitments, or Refinancing Term Commitments of a given Refinancing Series and (c) when used with respect to Loans or a Borrowing, refers to whether such Loans, or the Loans comprising such Borrowing, are Revolving Credit Loans, Revolving Credit Loans under Revolving Commitment Increases, Revolving Credit Loans under Modified Revolving Credit Commitments of a given Modification Series, Revolving Credit Loans under Other Revolving Credit Commitments, Initial Term Loans, Incremental Term Loans, Refinancing Term Loans of a given Refinancing Series or Modified Term Loans of a given Modification Series. Revolving Credit Commitments, Incremental Revolving Credit Commitments, Modified Revolving Credit Commitments, Other Revolving Credit Commitments, Initial Term Commitments, Incremental Term Commitments or Refinancing Term Commitments (and in each case, the Loans made pursuant to such Commitments) that have different terms and conditions shall be construed to be in different Classes. Commitments (and, in each case, the Loans made pursuant to such Commitments) that have the same terms and conditions shall be construed to be in the same Class. There shall be no more than an aggregate of five Classes of revolving credit facilities and ten Classes of term loan facilities at any time outstanding under this Agreement.

"**Closing Date**" means December 5, 2024, the first date on which all conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 4.01.

"**Closing Date Refinancing**" means the repayment in full of all outstanding indebtedness under the Existing Credit Agreements and the termination of all commitments thereunder and all security interests and guarantees in connection therewith.

"**Closing Fees**" means those fees required to be paid on the Closing Date pursuant to the Fee Letter.

"**Code**" means the U.S. Internal Revenue Code of 1986, as amended from time to time.

"**Collateral**" means (i) the "Collateral" as defined in the Security Agreement, (ii) all the "Collateral" or "Pledged Collateral" (or similar term) as defined in any other Collateral Document, (iii) Mortgaged Property, if any, and (iv) any other assets pledged or in which a Lien is granted, in each case, pursuant to any Collateral Document.

"**Collateral Agent**" means Sixth Street, in its capacity as collateral agent or pledgee in its own name under any of the Loan Documents, or any successor collateral agent appointed in accordance with Section 9.09.

"**Collateral and Guarantee Requirement**" means, at any time, the requirement that, subject in all respects to the Agreed Security Principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Administrative Agent shall have received each Collateral Document required to be delivered on the Closing Date pursuant to Section 4.01(a) or from time to time pursuant to Section 6.11, Section 6.13, Section 6.16 or the Security Agreement, subject to the limitations and exceptions of this Agreement, duly executed by each Loan Party party thereto;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Obligations shall have been guaranteed by Holdings and each Subsidiary of the Borrower (other than Excluded Subsidiaries) pursuant to the Guaranty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to any applicable Intercreditor Agreement, the Obligations and the Guaranty shall have been secured pursuant to the Security Agreement by a first-priority perfected security interest in (i) all the Equity Interests of the Borrower and (ii) all Equity Interests of each Restricted Subsidiary (that is not an Excluded Subsidiary (other than any Restricted Subsidiary that is an Excluded Subsidiary solely pursuant to clause (f) or (j)(y) of the definition thereof)) directly owned by any Loan Party, subject to exceptions and limitations otherwise set forth in this Agreement and the Collateral Documents (to the extent appropriate in the applicable jurisdiction) (and the Collateral Agent shall have, subject to the exceptions described in the Security Agreement, received certificates or other instruments representing all such Equity Interests (if any), together with undated stock powers or other instruments of transfer with respect thereto endorsed in blank);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all Pledged Debt owing to any Loan Party that is evidenced by a promissory note shall have been delivered to the Collateral Agent pursuant to the Security Agreement and the Collateral Agent shall have received all such promissory notes, together with undated instruments of transfer with respect thereto endorsed in blank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Obligations and the Guaranty shall have been secured by a perfected security interest in substantially all now owned or, in the case of real property, fee owned, or at any time hereafter acquired tangible and intangible assets of each Loan Party (including Equity Interests, intercompany debt, accounts, inventory, equipment, investment property, contract rights, United States IP Rights, other general intangibles, Material Real Property (which in the case of Material Real Property shall include Mortgages on such Material Real Property) and proceeds of the foregoing), in each case, subject to exceptions and limitations otherwise set forth in this Agreement and the Collateral Documents (to the extent appropriate in the applicable jurisdiction), in each case with the priority required by the Collateral Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) subject to limitations and exceptions of this Agreement and the Collateral Documents, to the extent a security interest in and Mortgages on any Material Real Property are required pursuant to clause (e) above or under Sections 6.11, 6.13 or 6.16 (each, a "**Mortgaged Property**"), the Collateral Agent shall have received (i) counterparts of a Mortgage with respect to such Mortgaged Property duly executed and delivered by the record owner of such property, together with evidence such Mortgage has been duly executed, acknowledged and delivered by a duly authorized officer of each party thereto, in form suitable for filing or recording in all filing or recording offices that the Collateral Agent may reasonably deem necessary or desirable in order to create a valid and subsisting perfected Lien (subject only to Liens described in clause (ii) below) on the property and/or rights described therein in favor of the Collateral Agent for the benefit of the Secured Parties, and evidence that all filing and recording taxes and fees have been paid or otherwise provided for in a manner reasonably satisfactory to the Collateral Agent (it being understood that if a mortgage tax or similar charge will be owed on the entire amount of the indebtedness evidenced hereby, then the amount secured by the Mortgage shall be limited to 100% of the fair market value of the property covered by such Mortgage (as reasonably determined by the Borrower in good faith) at the time the Mortgage is entered into if such limitation results in such mortgage tax or similar charge being calculated based upon such fair market value), (ii) a fully paid American Land Title Association Lender's policy of title insurance (or a marked-up title insurance commitment having the effect of a policy of title insurance) on such Mortgaged Property naming the Collateral Agent as the insured for its benefit and that of the Secured Parties and their respective successors and assigns (each, a "**Mortgage Policy**", and collectively, the "**Mortgage Policies**") issued by a nationally recognized title insurance company reasonably acceptable to the

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Collateral Agent in form and substance and in an amount reasonably acceptable to the Collateral Agent (not to exceed 100% of the fair market value of the property covered thereby), insuring such Mortgage to be a valid subsisting first priority Lien on the property described therein, free and clear of all Liens other than Liens permitted pursuant to Section 7.01 or Liens otherwise consented to by the Collateral Agent, each of which shall (A) to the extent reasonably necessary, include such coinsurance and reinsurance arrangements as shall be reasonably acceptable to the Collateral Agent, (B) contain such endorsements as are reasonably requested by the Collateral Agent to the extent such endorsements are available in the applicable jurisdiction at commercially reasonable rates; *provided*, *however*, that in lieu of a zoning endorsement the Collateral Agent shall accept a zoning report from a nationally recognized zoning report provider, (iii) an opinion from local counsel in each jurisdiction where such Mortgaged Property is located regarding the enforceability and perfection of such Mortgage and any related fixture filings and such other matters as may be reasonably required by the Collateral Agent, in form and substance reasonably satisfactory to the Collateral Agent, (iv) a completed "life of the loan" Federal Emergency Management Agency Standard Flood Hazard Determination with respect to such Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance), duly executed and acknowledged by the applicable Loan Party if required by Flood Insurance Laws (as defined below), together with evidence of flood insurance, to the extent required under Section 6.07(c) hereof and (v) a new ALTA or such existing surveys together with no change affidavits sufficient for the title company to remove all standard survey exceptions from such Mortgage Policy and issue the endorsements required in clause (ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) after the Closing Date, each Restricted Subsidiary of the Borrower that is not then a Guarantor and not an Excluded Subsidiary shall become a Guarantor and signatory to this Agreement pursuant to a joinder agreement in accordance with Sections 6.11 or 6.13 and a party to the Collateral Documents in accordance with Section 6.11; *provided* that notwithstanding the foregoing provisions, any Subsidiary of the Borrower that Guarantees (other than Guarantees by a Foreign Subsidiary that is not a Loan Party of Indebtedness of another Foreign Subsidiary that is not a Loan Party) any Junior Financing with a principal amount in excess of the Threshold Amount or any Permitted Refinancing of any of the foregoing shall be a Guarantor hereunder for so long as it Guarantees such Indebtedness.

Notwithstanding the foregoing provisions of this definition or anything in this Agreement or any other Loan Document to the contrary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the foregoing definition shall not require, unless otherwise stated in this clause (A), the creation or perfection of pledges of, security interests in, Mortgages on, or the obtaining of title insurance or taking other actions with respect to the following (collectively, the "**Excluded Assets**"): (i) any property or assets owned by any Foreign Subsidiary (unless such Subsidiary becomes a Guarantor at the option of the Borrower), Unrestricted Subsidiary or any other Excluded

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Subsidiary, (ii) any lease, license, contract, agreement or other general intangible or any property subject to a purchase money security interest, Financing Lease Obligation or similar arrangement, in each case permitted or otherwise not prohibited under this Agreement, to the extent that a grant of a security interest therein would violate or invalidate such lease, license, contract, agreement or other general intangible, Financing Lease Obligations or purchase money arrangement or create a right of termination or payment in favor of any other party thereto (other than a Loan Party) after giving effect to the applicable anti-assignment provisions of the Uniform Commercial Code or other applicable Law, other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the Uniform Commercial Code or other applicable Law notwithstanding such prohibition, (iii) any interest in fee-owned real property (other than Material Real Properties), (iv) any interest in leased real property (including any requirement to deliver landlord waivers, estoppels and collateral access letters), (v) motor vehicles, aircrafts, airframes, aircrafts engines or helicopters and other assets subject to certificates of title, (vi) Margin Stock and Equity Interests of any Person other than the Borrower and each wholly owned Subsidiary of the Borrower that is a Restricted Subsidiary (that is also not an Excluded Subsidiary (other than any Restricted Subsidiary that is an Excluded Subsidiary solely pursuant to clause (f) or (j)(y) of the definition thereof)), (vii) any intent-to-use trademark or service mark application prior to the filing and acceptance of a "statement of use" or "Amendment to Allege Use" with respect thereto, to the extent, if any, that, and solely during the period, if any, that granting a security interest in such trademark application prior to such filing would impair the enforceability or validity, or result in the voiding, of such trademark application (or any registration that may issue therefrom) under applicable federal Law, (viii) any property or assets to the extent a security interest therein would result in material adverse tax consequences to Holdings, the Borrower, any direct or indirect parent entity of the Borrower or any of the Borrower's direct or indirect Subsidiaries as reasonably determined by the Borrower in consultation with the Administrative Agent), (ix) any governmental licenses or state or local franchises, charters and authorizations, to the extent a security in any such license, franchise, charter or authorization is prohibited or restricted thereby after giving effect to the anti-assignment provision of the Uniform Commercial Code or other applicable Law, other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the Uniform Commercial Code or other applicable Law notwithstanding such prohibition or restriction, (x) any assets to the extent pledges and security interests therein are prohibited or restricted by (1) applicable Law whether on the Closing Date or thereafter (including any requirement to obtain the consent of any governmental authority or third party (other than a Loan Party)) or (2) any contract binding on a Loan Party or that would require any consent, approval, license or other authorization of any third party (other than any Loan Party) or governmental or regulatory authority pursuant to such a contract (*provided* that such prohibition or requirement existed on the Closing Date or at the time of the acquisition of such asset, as applicable, and was not incurred in contemplation thereof or is of a similar type of arrangement as those existing on such date that is entered into in the ordinary course of business or is consistent with past practice of the applicable Loan Party), in each case, after giving effect to the anti-assignment provision of the Uniform Commercial Code or other applicable Law, other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the Uniform Commercial Code or other applicable Law notwithstanding such prohibition or restriction, (xi) any commercial tort claims, (xii) any deposit accounts, securities accounts or any similar accounts (including securities entitlements) (in each case, other than to the extent constituting proceeds of Collateral) and any other accounts used solely as payroll and other employee wage and benefit accounts, tax accounts (including, without limitation, sales tax accounts) and any tax benefits accounts, escrow accounts, fiduciary or trust accounts and any funds and other property held in or maintained in any such accounts, (xiii) letter-of-credit rights, except to the extent constituting a supporting obligation for other Collateral as to which perfection of the security interest in such other Collateral may be accomplished by the filing of a Uniform Commercial Code financing statement (it being understood that no actions shall be required to

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perfect a security interest in letter-of-credit rights, other than the filing of a Uniform Commercial Code financing statement), (xiv) cash and Cash Equivalents (other than cash and Cash Equivalents to the extent constituting proceeds of Collateral), (xv) any particular assets if the burden, cost or consequence of creating or perfecting such pledges or security interests in such assets is excessive in relation to the benefits to be obtained therefrom by the Lenders under the Loan Documents, as reasonably determined by the Borrower in consultation with the Administrative Agent, (xvi) voting Equity Interests in any Foreign Subsidiary, CFC or FSHCO, in each case, representing more than 65% of the voting power of all outstanding Equity Interests of such Foreign Subsidiary, CFC or FSHCO, (xvii) any Financing Lease Obligation incurred on or prior to the Closing Date; and (xviii) proceeds from any and all of the foregoing assets described in clauses (i) through (xvii) above to the extent such proceeds would otherwise be excluded pursuant to clauses (i) through (xvii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) (i) the foregoing definition shall not require control agreements with respect to any cash, deposit accounts or securities accounts or any other assets requiring perfection through control agreements; (ii) no actions in any non-U.S. jurisdiction or required by the laws of any non-U.S. jurisdiction shall be required in order to create any security interests in assets located or titled outside of the U.S. (and the Collateral Agent shall not be permitted to take any actions under such laws of any such non-U.S. jurisdiction), including any IP Rights and other intellectual property subsisting in any non-U.S. jurisdiction, or to perfect such security interests (it being understood that there shall be no security agreements or pledge agreements governed under the laws of any non-U.S. jurisdiction), (iii) except to the extent that perfection and priority may be achieved by the filing of a financing statement under the Uniform Commercial Code with respect to the Borrower or a Guarantor, the Loan Documents shall not contain any requirements as to perfection or priority with respect to any assets or property described in clauses (i) or (ii) of this clause (B) and (iv) nothing in this Agreement or the Collateral Documents shall require the Borrower, any Restricted Subsidiary, or any Loan Party to register or apply for any copyright registrations or enter into any source code escrow arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Collateral Agent in its discretion may grant extensions of time for the creation or perfection of security interests in, and Mortgages on, or obtaining of title insurance or surveys or taking other actions with respect to, particular assets (including extensions beyond the Closing Date) where it reasonably determines, in consultation with the Borrower, that the creation or perfection of security interests and Mortgages on, or obtaining of title insurance or surveys or taking other actions, or any other compliance with the requirements of this definition cannot be accomplished without undue delay, burden or expense by the time or times at which it would otherwise be required by this Agreement or the Collateral Documents; *provided* that the Collateral Agent shall have received on or prior to the Closing Date (i) Uniform Commercial Code financing statements in appropriate form for filing under the Uniform Commercial Code in the jurisdiction of incorporation or organization of each Loan Party and (ii) any certificates or instruments representing or evidencing Equity Interests of the Borrower and, to the extent received by the Borrower on the Closing Date, its Domestic Subsidiaries (other than Equity Interests constituting Excluded Assets) accompanied by instruments of transfer and stock powers undated and endorsed in blank (or confirmation in lieu thereof reasonably satisfactory to the Collateral Agent or its counsel that such certificates, powers and instruments have been sent for overnight delivery to the Collateral Agent or its counsel); *provided further* that the Collateral Agent shall have received the items set forth on Schedule 6.16 on or prior to the date(s) set forth therein (as may be extended in accordance with Section 6.16);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) in the event that, at the option of the Borrower (subject to clause (iii) of the definition of "Guarantor"), a Foreign Subsidiary becomes a Guarantor, such Foreign Subsidiary that is a Guarantor shall grant a perfected security interest on substantially all of the assets and Equity Interests set forth in the Agreed Security Principles (other than Excluded Assets, but subject to the final proviso of this clause (D)) pursuant to arrangements reasonably agreed between the Administrative Agent and the Borrower, pursuant to documentation and subject to customary limitations in such jurisdiction as may be reasonably agreed between the Administrative Agent and the Borrower; *provided, however*, that (1) nothing in the definition of "Excluded Assets" or other limitation in this Agreement shall in any way limit or restrict the pledge of assets and property by any such Foreign Subsidiary that is a Guarantor or the pledge of the Equity Interests of such Foreign Subsidiary by any Person that holds such Equity Interests and (2) notwithstanding anything to the contrary set forth herein or in any other Loan Document, clauses (A)(i), (A)(viii), (A)(xiii) (solely to the extent of any equivalent provision of the Uniform Commercial Code), (A)(xv), (A)(xvi), (B)(ii) and (B)(iii) of the definition of "Collateral and Guarantee Requirement" shall not apply to the pledge of the Equity Interests or assets of any Foreign Subsidiary that becomes a Loan Party solely as a result of such Subsidiary being a Foreign Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Liens required to be granted from time to time pursuant to the Collateral and Guarantee Requirement shall be subject to exceptions and limitations (if any) set forth in this Agreement and the Collateral Documents.

"**Collateral Documents**" means, collectively, the Security Agreement, the Intellectual Property Security Agreements, each of the Mortgages, if any, collateral assignments, security agreements, pledge agreements or other similar agreements delivered to the Administrative Agent or the Collateral Agent pursuant to Section 4.01, Section 6.11, Section 6.13 or Section 6.16 and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the Administrative Agent or the Collateral Agent for the benefit of the Secured Parties.

"**Commitment**" means a Revolving Credit Commitment, Incremental Revolving Credit Commitment, Modified Revolving Credit Commitment of a given Modification Series, Other Revolving Credit Commitment of a given Refinancing Series, Initial Term Commitment, Incremental Term Commitment or Refinancing Term Commitment of a given Refinancing Series, as the context may require.

"**Commitment Fee Rate**" means, as of the last Business Day of any fiscal quarter with respect to the unused Revolving Credit Commitments, a percentage per annum equal to 0.50%.

"**Committed Loan Notice**" means a written notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation of Term SOFR Loans, pursuant to Section 2.02(a), which shall be substantially in the form of Exhibit A or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

"**Commodity Exchange Act**" means the Commodity Exchange Act (7 U.S.C. § 1 et seq.).

"**Company**" has the meaning set forth in the introductory paragraph hereto.

"**Company Parties**" means the collective reference to Holdings and its Restricted Subsidiaries, including the Borrower, and "**Company Party**" means any one of them.

"**Compensation Period**" has the meaning set forth in Section 2.12(c)(ii).

"**Compliance Certificate**" means a certificate substantially in the form of Exhibit E-1.

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"**Consolidated EBITDA**" means, for any period, the Consolidated Net Income for such period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) increased (without duplication) by the following, in each case (other than with respect to clauses (h), (k) and the applicable pro forma adjustments in clause (n)) to the extent deducted (and not added back) in determining Consolidated Net Income for such period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (x) provision for Taxes based on income, profits or capital, including, without limitation, federal, state, municipal and foreign franchise and similar taxes and sales taxes (such as the Delaware franchise tax, the Pennsylvania capital tax, Texas margin tax and provincial capital taxes paid in Canada) and withholding taxes (including any future taxes or other levies which replace or are intended to be in lieu of any such taxes and any penalties and interest related to such taxes or arising from tax examinations), (y) the amount of distributions actually made to any direct or indirect parent company of the Borrower in respect of such period in accordance with Section 7.06 and (z) the net tax expense associated with any adjustments made pursuant to the definition of "Consolidated Net Income"; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Fixed Charges for such period (including (w) non-cash rent expense, (x) net losses or any obligations on Swap Obligations or other derivative instruments, (y) bank fees, letter of credit fees and other financing fees and (z) costs of surety bonds in connection with financing activities, plus amounts excluded from Consolidated Interest Expense as set forth in clauses (1)(i) through (xi) in the definition thereof); *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the total amount of depreciation and amortization expenses and capitalized fees, including, without limitation, the amortization of capitalized fees related to any Qualified Securitization Facility and the amortization of intangible assets, internal labor costs, deferred financing costs, debt issuance costs, commissions, fees and expenses, and any Capitalized Software Expenditures of the Borrower and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amount of any equity-based or non-cash compensation charges or expenses, including any such charges or expenses arising from grants of stock appreciation or similar rights, stock options, restricted stock or other rights; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other non-cash charges, expenses or losses, including non-cash losses on the sale of assets, impairments and any write-offs or write-downs reducing Consolidated Net Income for such period and any non-cash expense relating to the vesting of warrants (*provided* that if any such non-cash charges represent an accrual or reserve for potential cash items in any future period, (A) the Borrower may elect not to add back such non-cash charge in the current period and (B) to the extent the Borrower elects to add back such non-cash charge, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent), and excluding amortization of a prepaid cash item that was paid in a prior period; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the amount of any non-controlling interest or minority interest expense consisting of Subsidiary income attributable to non-controlling or minority equity interests of third parties in any non-wholly owned Subsidiary; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the amount of (x) board fees, management, monitoring, consulting, transaction, advisory and other fees (including termination fees) and indemnities, costs and expenses paid or accrued in such period to the Permitted Holders or otherwise to any member of the board of directors (or the equivalent thereof) of Holdings, the Borrower, any Permitted Holder or any

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Affiliate of a Permitted Holder, in each case, to the extent permitted under Section 6.15, (y) payments made to option holders of the Borrower or any of its direct or indirect parent companies in connection with, or as a result of, any distribution being made to shareholders of such person or its direct or indirect parent companies, which payments are being made to compensate such option holders as though they were shareholders at the time of, and entitled to share in, such distribution, including any cash consideration for any repurchase of equity, in each case to the extent permitted in the Loan Documents and (z) the amount of any fees and other compensation paid to the members of the board of directors (or the equivalent thereof) of the Borrower or any of its parent entities; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the amount of (x) pro forma adjustments, including pro forma "run rate" cost savings, operating expense reductions, operating improvements and synergies (other than revenue synergies) related to the Transactions that are reasonably identifiable and 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 24 months after the Closing Date (including from any actions taken in whole or in part prior to the Closing Date) and (y) pro forma "run rate" cost savings, operating expense reductions, operating improvements and synergies (other than revenue synergies) related to mergers and other business combinations, acquisitions, investments, dispositions, divestitures, restructurings, operating improvements, cost savings initiatives, new or revised contracts, discontinued operations, operational changes, Business Expansions, Permitted Tax Restructuring and other similar initiatives (including the modification and renegotiation of contracts and other arrangements and other "specified transactions" that are reasonably identifiable and 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 (including prior to the Closing Date or the applicable consummation date of such transaction, initiative or event) or are expected to be taken (in the good faith determination of the Borrower) within 24 months after any such transaction, initiative, contract or event is consummated or entered into (pro forma "run rate" being the full benefit associated with any action taken, committed to be taken or with respect to which substantial steps have been taken or are expected to be taken, in each case net the amount of actual benefits realized during such period from such actions, and calculated on a pro forma basis as though such cost savings, operating expense reductions, operating improvements and synergies (other than revenue synergies) and similar arrangements had been fully realized on the first day of the applicable period for the entirety of such period); *provided* that no cost savings, operating expense reductions, operating improvements and synergies and similar arrangements shall be added pursuant to clause (h)(x) to the extent duplicative of any expenses or charges otherwise added to Consolidated EBITDA, whether through a pro forma adjustment or otherwise, for such period; *provided*, *further* that the aggregate amount of adjustments to Consolidated EBITDA permitted to be made for any period pursuant to this clause (h)(y) shall not exceed 35% of Consolidated EBITDA for such period (calculated after giving effect to all addbacks, exclusions and adjustments, and in any case, excluding from such 35% cap any adjustments that are taken in compliance with the requirements of Regulation S-X (which adjustments for pro forma "run rate" cost-savings and synergies (other than revenue synergies) shall be deemed to be Regulation S-X as in effect prior to January 1, 2021); *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) the amount of any fee, loss, charge, expense, cost, accrual or reserve of any kind incurred or accrued in connection with sales of receivables and related assets in connection with any Qualified Securitization Facility and (B) Securitization Fees and the amount of loss or discount on sale of receivables, Securitization Assets and related assets to any Securitization Subsidiary in connection with a Qualified Securitization Facility; *plus*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any costs or expense incurred by the Borrower or a Restricted Subsidiary or a direct or indirect parent entity of the Borrower to the extent paid by the Borrower pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement, any severance agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of the Borrower or net cash proceeds of an issuance of Equity Interests of the Borrower (other than Disqualified Equity Interests of the Borrower) solely to the extent that such cash proceeds or net cash proceeds are excluded from the calculation of the Cumulative Credit; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated EBITDA pursuant to clause (2) below for any previous period and not added back; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any net losses, charges, expenses, costs or other payments (including all fees, expenses or charges related thereto) (i) from disposed, abandoned or discontinued operations, (ii) in respect of facilities no longer used or useful in the conduct of the business of the Borrower or its Restricted Subsidiaries, abandoned, closed, disposed or discontinued operations and any losses on disposal of abandoned, closed or discontinued operations and (iii) attributable to business dispositions or asset dispositions (other than in the ordinary course of business or consistent with past practice) as determined in good faith by the Borrower; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the amount of any gains or losses arising from embedded derivatives in the customer contracts of the Borrower or a Restricted Subsidiary and any gain or loss attributable to mark-to-market adjustments in the valuation of pension liabilities, including actuarial gain or loss on pension and post-retirement plans, curtailments and settlements; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) at the Borrower's election, in its sole discretion, any other adjustments (including pro forma adjustments), exclusions and add-backs (but not including, for the avoidance of doubt, any deductions) reflected in (i) the Sponsors' model provided to the Initial Lenders on or about May 8, 2024 and the quality of earnings summary provided to the Initial Lenders on or about May 8, 2024 and (ii) any quality of earnings analysis prepared by independent registered public accountants of recognized national standing or any other accounting firm reasonably acceptable to the Administrative Agent in connection with a Permitted Acquisition or permitted Investment; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) with respect to any quarterly period, an amount equal to the net change in deferred revenue as of the last day of such period from the deferred revenue at the end of the previous period; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) charges, expenses or losses incurred in connection with any Permitted Tax Restructuring;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) decreased (without duplication) by the following, in each case, to the extent included in determining Consolidated Net Income for such period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) non-cash gains (including non-cash gains on the sale of assets) increasing Consolidated Net Income of the Borrower for such period, excluding any non-cash gains to the extent they represent the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period and any non-cash gains with respect to cash actually received in a prior period so long as such cash did not increase Consolidated EBITDA in such prior period; *plus*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any net income from disposed, abandoned, closed or discontinued operations or attributable to business dispositions or asset dispositions (other than in the ordinary course of business or consistent with past practice) as determined in good faith by the Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) increased or decreased (without duplication) by, as applicable, any non-cash adjustments resulting from the application of FASB Interpretation No. 45 *Guarantees*.

There shall be included in determining Consolidated EBITDA for any period, without duplication, (A) the Acquired EBITDA of any Person, property, business or asset acquired by the Borrower or any Restricted Subsidiary during such period (but not the Acquired EBITDA of any related Person, property, business or assets to the extent not so acquired), to the extent not subsequently sold, transferred or otherwise disposed by the Borrower or such Restricted Subsidiary during such period (each such Person, property, business or asset acquired and not subsequently so disposed of, an "**Acquired Entity or Business**") and the Acquired EBITDA of any Unrestricted Subsidiary that is converted into a Restricted Subsidiary during such period (each, a "**Converted Restricted Subsidiary**"), based on the actual Acquired EBITDA of such Acquired Entity or Business or Converted Restricted Subsidiary for such period (including the portion thereof occurring prior to such acquisition) and (B) for the purposes of compliance with the covenant set forth in Section 7.08 and the calculation of the Consolidated First Lien Net Leverage Ratio, the Consolidated Secured Net Leverage Ratio, and the Consolidated Total Net Leverage Ratio, an adjustment in respect of each Acquired Entity or Business equal to the amount of the Pro Forma Adjustment with respect to such Acquired Entity or Business for such period (including the portion thereof occurring prior to such acquisition) as specified in a certificate executed by a Responsible Officer and delivered to the Lenders and the Administrative Agent (it being understood and agreed that a Compliance Certificate delivered to the Administrative Agent pursuant to Section 6.02(a) that includes a certification of the same shall satisfy such requirement). There shall be excluded in determining Consolidated EBITDA for any period the Disposed EBITDA of any Person, property, business or asset (other than an Unrestricted Subsidiary) sold, transferred or otherwise disposed of or closed or classified as discontinued operations (but if such operations are classified as discontinued due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations are actually disposed of) by the Borrower or any Restricted Subsidiary during such period (each such Person, property, business or asset so sold or disposed of, a "**Sold Entity or Business**") and the Disposed EBITDA of any Restricted Subsidiary that is converted into an Unrestricted Subsidiary during such period (each a "**Converted Unrestricted Subsidiary**"), based on the actual Disposed EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary for such period (including the portion thereof occurring prior to such sale, transfer or disposition).

Notwithstanding anything to the contrary contained herein, for purposes of determining Consolidated EBITDA under this Agreement for any period that includes any of the fiscal quarters ended on December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, Consolidated EBITDA for such fiscal quarters shall be $129,300,000, $115,400,000, $140,100,000 and $63,300,000, respectively, in each case, as may be subject to any adjustment set forth in the immediately preceding paragraph for any four-quarter period with respect to any acquisitions, dispositions or conversions occurring after the Closing Date.

"**Consolidated First Lien Net Debt**" means Consolidated Total Net Debt minus, without duplication, the sum of (i) the portion of Indebtedness of the Borrower or any Restricted Subsidiary included in Consolidated Total Net Debt that is not secured, in whole or in part, by any Lien on the Collateral and (ii) the portion of Indebtedness of the Borrower or any Restricted Subsidiary included in Consolidated Total Net Debt that is secured by Liens on the Collateral, which Liens are expressly subordinated or junior to the Liens securing the Initial Term Loans and/or Revolving Credit Loans.

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"**Consolidated First Lien Net Leverage Ratio**" means, with respect to any four-quarter period, the ratio of (a) Consolidated First Lien Net Debt as of the last day of such period to (b) Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such period.

"**Consolidated Interest Expense**" means, for any period, the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) consolidated interest expense of the Borrower and its Restricted Subsidiaries for such period, to the extent such expense was deducted (and not added back) in computing Consolidated Net Income (including (a) amortization of OID resulting from the issuance of Indebtedness at less than par, (b) all commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances, (c) the interest component of Financing Lease Obligations, and (d) net payments, if any made (less net payments, if any, received), pursuant to interest rate Swap Obligations with respect to Indebtedness, and excluding (i) annual agency or similar fees paid to the administrative agents and collateral agents under this Agreement or other credit facilities, (ii) any additional interest with respect to failure to comply with any registration rights agreement owing with respect to any securities, (iii) costs associated with obtaining Swap Obligations, (iv) any expense resulting from the discounting of any Indebtedness in connection with the application of recapitalization accounting or, if applicable, purchase accounting in connection with the Transactions or any acquisition, (v) penalties and interest relating to taxes, (vi) any "additional interest" or "liquidated damages" with respect to other securities for failure to timely comply with registration rights obligations, (vii) amortization or expensing of deferred financing fees, amendment and consent fees, debt issuance costs, commissions, fees, expenses and discounted liabilities and any other amounts of non-cash interest, (viii) any expensing of bridge, commitment and other financing fees and any other fees related to the Transactions or any acquisitions after the Closing Date, (ix) commissions, discounts, yield, make-whole premiums and other fees and charges (including any interest expense) related to any Qualified Securitization Facility, (x) any accretion of accrued interest on discounted liabilities and any prepayment, make-whole premium, cost or penalty, (xi) interest expense attributable to a parent entity resulting from push-down accounting, and (xii) any lease, rental or other expense in connection with a Non-Financing Lease Obligation); plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) consolidated capitalized interest of the Borrower and its Restricted Subsidiaries for such period, whether paid or accrued; less

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) interest income of the Borrower and its Restricted Subsidiaries for such period.

For purposes of this definition, interest on a Financing Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by the Borrower to be the rate of interest implicit in such Financing Lease Obligation in accordance with GAAP (or, if not implicit, as otherwise determined in accordance with GAAP).

"**Consolidated Net Income**" means, for any period, the net income (loss) of the Borrower and the Restricted Subsidiaries for such period determined on a consolidated basis, and otherwise determined in accordance with GAAP and before any reduction in respect of preferred stock dividends; *provided*, *however*, that, without duplication,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any extraordinary, exceptional, one-time, infrequent, non-operating, unusual or non-recurring gains, losses or expenses (including any extraordinary, exceptional, one-time, infrequent, non-operating, unusual or nonrecurring operating expenses directly attributable to the implementation of cost savings initiatives and any accruals or reserves in respect of any extraordinary, exceptional, infrequent, unusual or nonrecurring items, charges or expenses (including relating to any multi-year strategic initiatives)), costs associated with preparations for, and implementation of, compliance with the requirements of the Sarbanes-Oxley Act of 2002 and other Public Company Costs, shall be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any Transaction Expenses, Permitted Change of Control Costs, restructuring and duplicative running costs, restructuring charges or reserves (including any restructuring charge related to any Permitted Tax Restructuring), earn-out payments or other consideration paid or payable in connection with an acquisition to the extent recorded as cash compensation expense, relocation costs, start-up or initial costs for any project or new production line, division or new line of business, integration and facilities opening costs, facility consolidation and closing costs, severance costs and expenses, one-time charges (including compensation charges), payments made pursuant to the terms of change-in-control agreements that the Borrower or a Restricted Subsidiary or a parent entity of the Borrower had entered into with employees of the Borrower, a Restricted Subsidiary or a parent entity of the Borrower, costs relating to pre-opening, opening, consolidation, discontinuation, re-configuration, integration, ramp-up costs, moving and closing costs and expenses for locations, conversion costs for facilities, losses, costs or cost inefficiencies related to facility or property disruptions or shutdowns, signing, retention and completion bonuses, recruiting costs, costs incurred in connection with any strategic initiatives, transition costs, litigation and arbitration fees (whether or not recurring), costs and charges, expenses in connection with one-time rate changes, costs incurred in connection with acquisitions, investments and/or dispositions (including travel and out-of-pocket costs, professional fees for legal, accounting and other services, human resources costs (including relocation bonuses)), litigation and arbitration costs (whether or not recurring), charges, fees and expenses (including related judgments and settlements), management transition costs, advertising costs, losses associated with temporary decreases in business volume and expenses related to maintaining underutilized personnel and non-recurring product and IP Rights development, other business optimization expenses or reserves (including costs and expenses relating to business optimization programs and new systems design and costs or reserves associated with improvements to IT and accounting functions, retention charges (including charges or expenses in respect of incentive plans), system establishment costs and implementation costs) and operating expenses attributable to the implementation of cost-savings initiatives or operating expense reductions, product margin synergies and other synergies (other than revenue synergies) and similar initiatives and other expenses relating to the realization of synergies (other than revenue synergies), and curtailments or modifications to pension and post-retirement employee benefit plans shall be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) at the election of the Borrower with respect to any quarterly period, the cumulative after Tax effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies during such period shall be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any net after Tax effect of gains or losses on disposal, abandonment or discontinuance of disposed, abandoned or discontinued operations, as applicable, shall be excluded;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any net after Tax effect of gains or losses (less all fees, expenses and charges relating thereto) attributable to asset dispositions or abandonments or the sale or other disposition of any Equity Interests of any Person other than in the ordinary course of business or consistent with past practice shall be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the net income for such period of any Person that is not a Subsidiary of the Borrower, or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting shall be excluded; *provided* that Consolidated Net Income of the Borrower shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash or Cash Equivalents (or to the extent converted, or having the ability to be converted, into cash or Cash Equivalents) to the Borrower or a Restricted Subsidiary thereof in respect of such period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) solely for purposes of determining the amount of Excess Cash Flow, the net income for such period of any Restricted Subsidiary (other than any Guarantor) shall be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of its net income is not at the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders (other than restrictions in this Agreement), unless such restriction with respect to the payment of dividends or similar distributions has been legally waived or released (or such Person reasonably believes such restriction could be waived or released and is using commercially reasonable efforts to pursue such waiver or release); *provided* that the Consolidated Net Income of the Borrower and its Restricted Subsidiaries will be increased by the amount of dividends or other distributions or other payments actually paid in cash or Cash Equivalents (or to the extent converted, or having the ability to be converted, into cash or Cash Equivalents) to the Borrower or a Restricted Subsidiary thereof in respect of such period, to the extent not already included therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) effects of adjustments (including the effects of such adjustments pushed down to the Borrower and its Restricted Subsidiaries) in the Borrower's consolidated financial statements pursuant to GAAP (including in the inventory (including any impact of changes to inventory valuation policy methods, including changes in capitalization of variances), property and equipment, software, loans and leases, goodwill, intangible assets, in-process research and development, deferred revenue and debt line items thereof) resulting from the application of recapitalization accounting or purchase accounting, as the case may be, in relation to the Transactions or any consummated acquisition or joint venture investment or the amortization or write-off or write-down of any amounts thereof, net of taxes, shall be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) any after Tax effect of income (loss) from the extinguishment or conversion of (i) Indebtedness, (ii) Swap Obligations or (iii) other derivative instruments shall be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) any impairment charge or asset write-off or write-down, including impairment charges or asset write-offs or write-downs related to goodwill, intangible assets, long-lived assets, investments in debt and equity securities and investments recorded using the equity method or as a result of a change in law or regulation, in each case, pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP shall be excluded;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) any equity-based or non-cash compensation or similar charge or expense or reduction of revenue including any such charge, expense or amount arising from grants of stock appreciation or similar rights, stock options, restricted stock, profits interests or other rights or equity or equity-based incentive programs ("**equity incentives**"), any other management or employee benefit plan or agreement, pension plan or other long-term or post-employment plan, any one-time cash charges associated with the equity incentives or other long-term incentive compensation plans (including under deferred compensation arrangements of the Borrower or any of its direct or indirect parent entities or subsidiaries), rollover, acceleration, or payout of Equity Interests by management, future, present or former other employees, directors, officers, managers, members, partners, independent contractors or consultants or business partners of the Borrower or any of its direct or indirect parent entities or subsidiaries, and any cash awards granted to future, present or former employees, directors, officers, managers, members, partners, independent contractors or consultants or business partners of the Borrower and its Subsidiaries in replacement for forfeited equity awards, shall be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) any fees, expenses or charges incurred during such period, or any amortization thereof for such period, in connection with any acquisition, recapitalization, investment, asset sale, disposition, incurrence or repayment of Indebtedness (including such fees, expenses or charges related to the offering and issuance of any securities and the syndication and incurrence of any Facility (including such fees, expenses or charges relating to any rating by the Rating Agencies)), issuance of Equity Interests of the Borrower or its direct or indirect parent entities, refinancing transaction or amendment or modification of any debt instrument (including any amendment or other modification of any securities and any Facility) and including, in each case, any such transaction consummated on or prior to the Closing Date and any such transaction undertaken but not completed, and any charges or non-recurring merger costs incurred during such period as a result of any such transaction, in each case whether or not successful or consummated (including, for the avoidance of doubt the effects of expensing all transaction related expenses in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic No. 805, *Business Combinations*), shall be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) accruals and reserves that are established or adjusted in connection with the Transactions or within twenty-four months after the closing of any acquisition or other Investment that are so required to be established or adjusted as a result of such acquisition in accordance with GAAP or changes as a result of modifications of accounting policies shall be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) any expenses, charges or losses to the extent covered by insurance or indemnity and actually reimbursed, or, so long as the Borrower has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer or indemnifying party and only to the extent that such amount is in fact reimbursed within 365 days of the date of the insurable or indemnifiable event (net of any amount so added back in any prior period to the extent not so reimbursed within the applicable 365-day period), shall be excluded;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) any non-cash compensation expense resulting from the application of Accounting Standards Codification Topic No. 718, Compensation—Stock Compensation, shall be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) any net pension or post-employment benefit costs representing amortization of unrecognized prior service costs, actuarial losses, including amortization of such amounts arising in prior periods, amortization of the unrecognized net obligation (and loss or cost) existing at the date of initial application of Statement on Financial Accounting Standards No. 87, 106 and 112; and any other items of a similar nature, shall be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) the following items shall be excluded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any net gain or loss (after any offset) resulting in such period from Swap Obligations and the application of Accounting Standards Codification Topic No. 815, Derivatives and Hedging,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any net gain or loss (after any offset) resulting in such period from currency translation or transaction gains or losses including those related to currency remeasurements of Indebtedness (including any net loss or gain resulting from Swap Obligations for currency exchange risk) and any other foreign currency translation or transactions gains and losses to the extent such gains or losses are non-cash items,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any adjustments resulting for the application of Accounting Standards Codification Topic No. 460, Guarantees, or any comparable regulation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at the election of the Borrower with respect to any quarterly period, effects of adjustments to accruals and reserves during a prior period relating to any change in the methodology of calculating reserves for returns, rebates and other chargebacks, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) earn-out, non-compete and contingent consideration obligations (including to the extent accounted for as bonuses or otherwise) and adjustments thereof and purchase price or valuation adjustments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) the amount of distributions actually made to any direct or indirect parent company of such Person in respect of such period in accordance with Section 7.06(i)(iii) shall be included in calculating Consolidated Net Income as though such amounts had been paid as taxes directly by such Person for such period.

In addition, to the extent not already included in the Consolidated Net Income of the Borrower and its Restricted Subsidiaries, notwithstanding anything to the contrary in the foregoing, Consolidated Net Income shall include the amount of proceeds received or due from business interruption insurance and reimbursements of any expenses and charges that are covered by indemnification or other reimbursement provisions in connection with any acquisition, investment or any sale, conveyance, transfer or other disposition of assets permitted under this Agreement.

"**Consolidated Secured Net Debt**" means Consolidated Total Net Debt minus, without duplication, the portion of Indebtedness of the Borrower or any Restricted Subsidiary included in Consolidated Total Net Debt that is not secured, in whole or in part, by Liens on the Collateral.

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"**Consolidated Secured Net Leverage Ratio**" means, with respect to any four-quarter period, the ratio of (a) Consolidated Secured Net Debt as of the last day of such period to (b) Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such period.

"**Consolidated Total Net Debt**" means, as of any date of determination, the aggregate principal amount of Indebtedness of the Borrower and its Restricted Subsidiaries outstanding on such date, in an amount that would be reflected on a balance sheet prepared as of such date on a consolidated basis in accordance with GAAP (but excluding the effects of any discounting of Indebtedness resulting from the application of purchase accounting in connection with the Transactions or any Permitted Acquisition), consisting of (a) Indebtedness for borrowed money, (b) debt obligations evidenced by promissory notes, bonds, debentures, loan agreements or similar instruments and (c) Financing Lease Obligations, Attributable Indebtedness and purchase money Indebtedness, *minus* the aggregate amount of all Unrestricted Cash and Cash Equivalents on the balance sheet of the Borrower and its Restricted Subsidiaries as of such date; *provided* that Consolidated Total Net Debt shall not include (i) Indebtedness in respect of letters of credit (including Letters of Credit), except to the extent of unreimbursed amounts thereunder; *provided* that any such unreimbursed amount shall not be counted as Consolidated Total Net Debt until three Business Days after such amount is drawn, (ii) Non-Financing Lease Obligations; (iii) [reserved], and (iv) Indebtedness of Unrestricted Subsidiaries; it being understood, for the avoidance of doubt, that obligations under Swap Contracts do not constitute Consolidated Total Net Debt.

"**Consolidated Total Net Leverage Ratio**" means, with respect to any four-quarter period, the ratio of (a) Consolidated Total Net Debt as of the last day of such period to (b) Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such period.

"**Consolidated Working Capital**" means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, Current Assets at such date of determination minus Current Liabilities at such date of determination; *provided* that increases or decreases in Consolidated Working Capital shall be calculated without regard to any changes in Current Assets or Current Liabilities as a result of (a) any reclassification in accordance with GAAP of assets or liabilities, as applicable, between current and noncurrent or (b) the effects of purchase accounting.

"**Contract Consideration**" has the meaning set forth in Section 2.05(b)(i).

"**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**" has the meaning set forth in the definition of "Affiliate."

"**Controlled Investment Affiliate**" means, as to any Person, any other Person, other than the Investors, which directly or indirectly is in Control of, is Controlled by, or is under common Control with such Person and is organized by such Person (or any Person Controlling such Person) primarily for making direct or indirect equity or debt investments in the Borrower and/or other companies.

"**Converted Restricted Subsidiary**" has the meaning set forth in the definition of "Consolidated EBITDA."

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"**Converted Unrestricted Subsidiary**" has the meaning set forth in the definition of "Consolidated EBITDA."

"**Covered Party**" has the meaning set forth in Section 10.26(a).

"**Credit Agreement Refinancing Indebtedness**" means (a) Permitted First Priority Refinancing Debt, (b) Permitted Junior Lien Refinancing Debt, (c) Permitted Unsecured Refinancing Debt or (d) other Indebtedness incurred pursuant to a Refinancing Amendment, in each case, issued, incurred or otherwise obtained (including by means of the extension or renewal of existing Indebtedness) in exchange for, or to extend, renew, replace, repurchase, retire or refinance, in whole or part, existing Term Loans and Revolving Credit Loans (or Commitments in respect to Revolving Credit Loans), or any then-existing Credit Agreement Refinancing Indebtedness ("**Refinanced Debt**"); *provided* that (i) such Indebtedness has a maturity no earlier than, and, in the case of Refinancing Term Loans, a Weighted Average Life to Maturity equal to or greater than the Refinanced Debt, (ii) such Indebtedness shall not have a greater principal amount than the principal amount of the Refinanced Debt plus accrued interest, fees, premiums (if any) and penalties thereon and reasonable fees and expenses associated with the refinancing and unused commitments with respect thereto, (iii) the terms and conditions of such Indebtedness (except as set forth in the other provisions of this definition) shall reflect terms that are otherwise as agreed between the Borrower and the lender, holder or other provider of such Credit Agreement Refinancing Indebtedness (it being understood that no such Credit Agreement Refinancing Indebtedness shall rank senior in right of payment, or be secured by Liens on the Collateral ranking senior in priority to the Liens on the Collateral securing such Refinanced Debt and, to the extent any more restrictive financial maintenance covenant is added for the benefit of any such Credit Agreement Refinancing Indebtedness which is in the form of Other Revolving Credit Commitments or Other Revolving Credit Loans, no consent shall be required from the Administrative Agent or any of the Revolving Credit Lenders to the extent that such financial covenant (x) is also added for the benefit of the Revolving Credit Facility or (y) would apply only to periods after the Latest Maturity Date of such Revolving Credit Facility and (iv) such Refinanced Debt shall be repaid, repurchased, retired, defeased or satisfied and discharged, all accrued interest, fees, premiums (if any) and penalties in connection therewith shall be paid, and all commitments thereunder terminated, on the date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained.

"**Credit Extension**" means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

"**Cumulative Credit**" means, at any date, an amount, not less than zero in the aggregate, determined on a cumulative basis equal to, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the greater of (x) $142,500,000 and (y) 30% of LTM Consolidated EBITDA determined as of such date; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Cumulative Retained Excess Cash Flow Amount at such time, which amount shall not be less than zero for any fiscal quarter; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the cumulative amount of cash and Cash Equivalent proceeds (other than Excluded Contributions) and/or the fair market value of assets (as determined by the Borrower in good faith) received from (i) the sale or transfer of Equity Interests (other than any Disqualified Equity Interests of the Borrower and other than any Designated Equity Contribution, the Equity Investment or Permitted Change of Control Equity Amount) of Holdings, the Borrower or any direct or indirect

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parent of the Borrower after the Closing Date and on or prior to such time (including upon exercise of warrants or options) which proceeds or assets have been contributed as common equity to the capital of the Borrower or (ii) the common Equity Interests of the Borrower (or Holdings or any direct or indirect parent of Holdings) (other than Disqualified Equity Interests of the Borrower and other than any Designated Equity Contribution, the Equity Investment or Permitted Change of Control Equity Amount) issued upon conversion of Indebtedness (other than Indebtedness that is contractually subordinated to the Obligations) of the Borrower or any Restricted Subsidiary of the Borrower owed to a Person other than a Loan Party or a Restricted Subsidiary of a Loan Party, in each case, Not Otherwise Applied other than for use in the Cumulative Credit (including, for the avoidance of doubt, for the purposes of Section 7.03(m)(i)(y)); plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 100% of the aggregate amount of contributions to the common capital (other than from a Restricted Subsidiary and other than any Designated Equity Contribution, the Equity Investment or Permitted Change of Control Equity Amount) of the Borrower received after the Closing Date (other than Excluded Contributions, the Equity Investment or Permitted Change of Control Equity Amount), excluding any such amount that has been applied in accordance with Section 7.03(m)(i)(y); plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 100% of the aggregate amount received by the Borrower or any Restricted Subsidiary of the Borrower from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the sale or transfer (other than to the Borrower or any Restricted Subsidiary) of the Equity Interests of an Unrestricted Subsidiary, joint venture or any minority investments, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any dividend or other distribution by an Unrestricted Subsidiary or received in respect of any minority investment (except to the extent increasing Consolidated Net Income and excluding Excluded Contributions, the Equity Investment or Permitted Change of Control Equity Amount), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any interest, returns, profits, distributions, principal payments and similar payments by an Unrestricted Subsidiary or joint venture or received in respect of any minority investments (except to the extent increasing Consolidated Net Income); plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the event any Unrestricted Subsidiary has been redesignated as a Restricted Subsidiary or has been merged, consolidated or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Borrower or a Restricted Subsidiary, the fair market value of the Investments of the Borrower and the Restricted Subsidiaries in such Unrestricted Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable) so long as such Investments were originally made pursuant to Section 7.02(n)(y); plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to the extent not already included in Consolidated Net Income, an amount equal to any returns in cash and Cash Equivalents and/or fair market value of assets (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received by the Borrower or any Restricted Subsidiary in respect of any Investments not prohibited hereunder; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) 100% of the aggregate amount of any Declined Proceeds; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any amount of the Cumulative Credit used to make Investments pursuant to Section 7.02(n)(y) after the Closing Date and prior to such time; minus

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any amount of the Cumulative Credit used to pay dividends or make distributions pursuant to Section 7.06(h)(y) after the Closing Date and prior to such time; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any amount of the Cumulative Credit used to make prepayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings pursuant to Section 7.09(a)(v)(y) after the Closing Date and prior to such time; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the aggregate amount of Investments made pursuant to Section 7.02(n)(z) after the Closing Date and prior to such time, solely to the extent such Investment was made in reliance on Section 7.02(n)(z); minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the aggregate amount of prepayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings pursuant to Section 7.09(a)(vi) after the Closing Date and prior to such time, solely to the extent such prepayment was made in reliance on Section 7.09(a)(vi).

"**Cumulative Retained Excess Cash Flow Amount**" means the cumulative portion (since January 1, 2025), not less than zero for any year, of Excess Cash Flow not required to be applied to prepay the Term Loans pursuant to Section 2.05(b)(i).

"**Cure Expiration Date**" has the meaning set forth in Section 8.05(a).

"**Current Assets**" means, with respect to the Borrower and the Restricted Subsidiaries on a consolidated basis at any date of determination, all assets (other than cash and Cash Equivalents) of the Borrower and the Restricted Subsidiaries that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries as current assets at such date of determination, other than amounts related to current or deferred Taxes based on income or profits (but excluding assets held for sale, loans (permitted) to third parties, pension assets, deferred bank fees and derivative financial instruments).

"**Current Liabilities**" means, with respect to the Borrower and the Restricted Subsidiaries on a consolidated basis at any date of determination, all liabilities of the Borrower and the Restricted Subsidiaries that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries as current liabilities at such date of determination, other than (a) the current portion of any Indebtedness, (b) accruals of Consolidated Interest Expense (excluding Consolidated Interest Expense that is past due and unpaid), (c) accruals for current or deferred Taxes based on income or profits, (d) accruals of any costs or expenses related to restructuring reserves, and (e) any Revolving Credit Exposure.

"**Customary Escrow Provisions**" means customary prepayment or redemption terms relating to Escrowed Proceeds under escrow arrangements.

"**Daily Simple SOFR**" means, for any day (a "**SOFR Rate Day**"), a rate per annum equal to the greater of (a) SOFR for the day (such day the "**SOFR Determination Date**") that is five Business Days (or such other period as determined by the Borrower and the Administrative Agent based on one of the then prevailing market conventions) prior to (i) if such SOFR Rate Day is a Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a Business Day, the Business Day immediately preceding such SOFR Rate Day, and (b) the Applicable Term SOFR Floor. If by 5:00 pm (New York City time) on the second Business Day immediately following any SOFR Determination Date, the SOFR in respect of such SOFR Determination Date has not been published on the NYFRB's Website and a Replacement Event with respect to the Daily Simple

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SOFR has not occurred, then the SOFR for such SOFR Determination Date will be the SOFR as published in respect of the first preceding Business Day for which such SOFR was published on the NYFRB's Website; *provided* that any SOFR determined pursuant to this sentence shall be utilized for purposes of calculation of Daily Simple SOFR for no more than five consecutive Business Days.

"**Daily SOFR Loan**" means any Loan bearing interest at a rate determined by reference to Daily Simple SOFR and made pursuant to clause (a)(ii) of the definition of "Term SOFR".

"**Debt Fund Affiliate**" means (i) any fund or client managed by, advised or sub-advised or under common management with BXC, Blackstone Real Estate Special Situations Advisors L.L.C. and Blackstone Tactical Opportunities Fund L.P., (ii) any fund or client managed by an adviser within the credit focused division of Blackstone Inc. or Blackstone ISG-I Advisors L.L.C., (iii) The Blackstone Strategic Opportunity Funds (including masters, feeders, onshore, offshore and parallel funds), (iv) funds and accounts managed by Blackstone Alternative Solutions, L.L.C. or its Affiliates and (v) any other Affiliate of the Permitted Holders or the Borrower that is a Bona Fide Debt Fund or an investment vehicle that is engaged in the making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course.

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

"**Declined Proceeds**" has the meaning set forth in Section 2.05(b)(vii).

"**Default**" means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default.

"**Default Rate**" means an interest rate equal to (a) the Base Rate plus (b) the Applicable Rate applicable to Revolving Credit Loans that are Base Rate Loans plus (c) 2.0% per annum; *provided* that with respect to the overdue principal or interest in respect of a Term SOFR Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan, plus 2.0% per annum, in each case to the fullest extent permitted by applicable Laws.

"**Defaulting Lender**" means any Lender whose acts or failure to act, whether directly or indirectly, cause it to meet any part of the definition of "Lender Default."

"**Derivative Instrument**" means, with respect to a Person, any contract, instrument or other right to receive payment or delivery of cash or other assets to which such Person or any Affiliate of such Person that is acting in concert with such Person in connection with such Person's investment in the Loans is a party (whether or not requiring further performance by such Person), the value and/or cash flows of which (or any material portion thereof) are materially affected by the value and/or performance of the Loans and/or Commitments and/or the creditworthiness of the Borrower and/or any one or more of the Guarantors (the "**Performance References**").

"**Designated Equity Contribution**" has the meaning set forth in Section 8.05(a).

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"**Discount Prepayment Accepting Lender**" has the meaning set forth in Section 2.05(a)(v)(B)(1).

"**Discount Range**" has the meaning set forth in Section 2.05(a)(v)(C)(1).

"**Discount Range Prepayment Amount**" has the meaning set forth in Section 2.05(a)(v)(C)(1).

"**Discount Range Prepayment Notice**" means a written notice of a Borrower Solicitation of Discount Range Prepayment Offers made pursuant to Section 2.05(a)(v)(C)(1) substantially in the form of Exhibit K-4.

"**Discount Range Prepayment Offer**" means the irrevocable written offer by a Lender, substantially in the form of Exhibit K-5, submitted in response to an invitation to submit offers following the Auction Agent's receipt of a Discount Range Prepayment Notice.

"**Discount Range Prepayment Response Date**" has the meaning set forth in Section 2.05(a)(v)(C)(1).

"**Discount Range Proration**" has the meaning set forth in Section 2.05(a)(v)(C)(3).

"**Discounted Prepayment Determination Date**" has the meaning set forth in Section 2.05(a)(v)(D)(3).

"**Discounted Prepayment Effective Date**" means in the case of a Borrower Offer of Specified Discount Prepayment, Borrower Solicitation of Discount Range Prepayment Offer or Borrower Solicitation of Discounted Prepayment Offer, five (5) Business Days following the Specified Discount Prepayment Response Date, the Discount Range Prepayment Response Date or the Solicited Discounted Prepayment Response Date, as applicable, in accordance with Section 2.05(a)(v)(B)(1), Section 2.05(a)(v)(C)(1) or Section 2.05(a)(v)(D)(1), respectively, unless a shorter period is agreed to between the Borrower and the Auction Agent.

"**Discounted Term Loan Prepayment**" has the meaning set forth in Section 2.05(a)(v)(A).

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

"**Disposition**" or "**Dispose**" means the sale, transfer, license, sublicense, cross-license, lease, conveyance, or other disposition (including any Sale and Lease-Back Transaction and any sale or issuance of Equity Interests in a Restricted Subsidiary) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith and including any disposition of property in connection with a Division/Series Transaction; *provided* that "Disposition" and "Dispose" shall not be deemed to include any issuance by Holdings of any of its Equity Interests to another Person.

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"**Disqualified Equity Interests**" means any Equity Interest that, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset sale or casualty, eminent domain or condemnation event so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale or casualty, eminent domain or condemnation event shall be subject to the prior repayment in full of the Loans and all other Obligations (other than obligations under any Secured Hedging Agreement, obligations under any Treasury Services Agreement, contingent indemnification obligations and other contingent obligations not then due and payable) that are accrued and payable and the termination of the Commitments and the termination or expiration of all outstanding Letters of Credit (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized, backstopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer or deemed reissued under another agreement reasonably acceptable to the applicable L/C Issuer)), (b) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests and other than as a result of a change of control or asset sale or casualty, eminent domain or condemnation event so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale or casualty, eminent domain or condemnation event shall be subject to the prior repayment in full of the Loans and all other Obligations (other than obligations under any Secured Hedging Agreement, obligations under any Treasury Services Agreement, contingent indemnification obligations and other contingent obligations not then due and payable) that are accrued and payable and the termination of the Commitments and the expiration or termination of all outstanding Letters of Credit (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized, backstopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer or deemed reissued under another agreement reasonably acceptable to the applicable L/C Issuer)), in whole or in part, (c) provides for the scheduled payments of dividends in cash, or (d) 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 ninety-one (91) days after the Latest Maturity Date at the time of issuance of such Equity Interests; *provided* that if such Equity Interests are issued pursuant to a plan for the benefit of future, present or former employees, directors, officers, managers or consultants (or their respective Controlled Investment Affiliates or Immediate Family Members) of the Borrower (or any direct or indirect parent thereof), the Borrower or the Restricted Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because it may be required to be repurchased by the Borrower or its Restricted Subsidiaries in order to satisfy applicable statutory or regulatory obligations; provided further, however, that any Equity Interests held by any future, current or former employee, officer, manager, consultant, director, employee or independent contractor (or their Controlled Investment Affiliates or Immediate Family Members), of the Borrower, any of its Subsidiaries, any of its parent entities or any other entity in which the Borrower or a Restricted Subsidiary has an Investment and is designated in good faith as an "affiliate" by the board of directors (or similar body) of the Borrower (or the compensation committee thereof), in each case pursuant to any equity option or equity appreciation rights plan, any management, director and/or employee equity ownership or incentive plan, equity subscription plan or subscription agreement, employment termination agreement or any other employment agreement or equity holders' agreement shall not constitute Disqualified Equity Interests solely because it may be required to be repurchased by the Borrower or its Subsidiaries; and provided further, however, that any class of Equity Interests of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Equity Interests that is not Disqualified Equity Interests shall not be deemed to be Disqualified Equity Interests.

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"**Disqualified Lenders**" means (A) those Persons identified by or on behalf of the Borrower or the Sponsors to the Administrative Agent in writing from time to time and such Person's sponsors (in the case of competitors) and Affiliates identified in writing or reasonably identifiable as such solely on the basis of their names, other than an Affiliate of such Person that is a Bona Fide Debt Fund (except (i) to the extent specified with respect to any Person and (ii) to the extent such Bona Fide Debt Fund is separately identified in writing by the Sponsor or the Borrower to the Administrative Agent)); *provided* that (x) no updates to the list of Disqualified Lenders shall be deemed to retroactively disqualify any parties that have previously validly acquired an assignment or participation in respect of the Loans from continuing to hold or vote such previously acquired assignments and participations on the terms set forth herein for Lenders that are not Disqualified Lenders and (y) notwithstanding anything herein to the contrary, the Borrower may withhold consent for any assignments to (i) any Affiliate of a Disqualified Lender (to the extent such consent is otherwise required under Section 10.07) regardless of whether such assignee is reasonably identifiable as an Affiliate of a Disqualified Lender solely on the basis of its name (other than with respect to Affiliates that are Bona Fide Debt Funds (except (i) to the extent so specified with respect to any Person and (ii) to the extent such Bona Fide Debt Fund is separately identified in writing by the Sponsor or the Borrower to the Administrative Agent)), (ii) any funds or investment vehicles that are "distressed debt" funds or are otherwise engaged in the making, purchasing, holding or otherwise investing in distressed commercial loans, bonds and other similar extensions of credit in the ordinary course and (iii) any Affiliates of any Person that are primarily engaged as principals in private equity or venture capital and (B) those Persons with a Net Short Position (other than Jefferies LLC and its Affiliates). The list of Disqualified Lenders shall be made available to any Lender upon request to the Administrative Agent, subject to customary confidentiality requirements. Any additions, deletions or other modifications to the list of Disqualified Lenders shall become effective on the next Business Day after delivery to the Administrative Agent. For the avoidance of doubt, no consent of the Administrative Agent shall be required in connection with any updates to the list of Disqualified Lenders provided in writing by the Borrower (or one of its Affiliates) or the Sponsors.

"**Distressed Person**" has the meaning set forth in the definition of "Lender-Related Distress Event."

"**Division/Series Transaction**" means, with respect to the Loan Parties and their respective Restricted Subsidiaries, that any such Person (a) divides into two or more Persons (whether or not the original dividing Loan Party or Subsidiary thereof survives such division) or (b) creates, or reorganizes into, one or more series, in each case, as contemplated under the applicable Laws of any jurisdiction.

"**Dollar**" and "**$**" mean lawful money of the United States.

"**Dollar Denominated Letter of Credit**" means any Letter of Credit incurred in Dollars.

"**Dollar Denominated Loan**" means any Loan incurred in Dollars.

"**Dollar Equivalent**" means, with respect to an amount of an Approved Currency other than Dollars, the equivalent amount thereof in Dollars as determined by the Administrative Agent or the applicable L/C Issuer at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date or other relevant date of determination) for the purchase of Dollars with such Approved Currency.

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"**Domestic Subsidiary**" means any Subsidiary that is organized under the Laws of the United States, any state thereof or the District of Columbia.

"**ECF Payment Amount**" has the meaning set forth in Section 2.05(b)(i).

"**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.

"**Eligible Assignee**" has the meaning set forth in Section 10.07(a).

"**Environment**" means indoor air, ambient air, surface water, groundwater, drinking water, land surface, subsurface strata and natural resources such as wetlands, flora and fauna.

"**Environmental Laws**" means any applicable Law relating to pollution, protection of the Environment and natural resources, hazardous materials, or the protection of human health and safety as it relates to exposure to hazardous materials.

"**Environmental Liability**" means any liability, contingent or otherwise (including any liability for damages, costs of investigation and remediation, fines, penalties or indemnities), of or relating to the Loan Parties or any of their respective Subsidiaries directly or indirectly resulting from or based upon (a) violation of, or liability under or relating to, any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials or (d) the actual or alleged presence, Release or threatened Release of any Hazardous Materials, including, in each case of (a) through (d), any such liability which any Loan Party has retained or assumed pursuant to any written contract, agreement or other consensual arrangement.

"**Environmental Permit**" means any permit, approval, identification number, license or other authorization required under any Environmental Law.

"**Equal Priority Intercreditor Agreement**" means an intercreditor agreement substantially in the form of Exhibit J-1 (which agreement in such form, with immaterial changes thereto or with changes thereto that are posted to the Lenders and not objected to in writing by the Required Lenders within five (5) Business Days, in each case, the Collateral Agent is authorized to enter into by all Lenders) among Holdings, the Borrower, the Subsidiaries of the Borrower from time to time party thereto, the Collateral Agent and one or more collateral agents or representatives for the holders of Indebtedness that is not prohibited under Section 7.03 to be secured by the Collateral on an equal priority basis (without giving effect to control of remedies) with the Liens securing the Initial Term Loans and/or Revolving Credit Loans.

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"**Equity Interests**" means, with respect to any Person, all of the shares, interests, rights, participations or other equivalents (however designated) of capital stock of (or other ownership or profit interests or units in) such Person and all of the warrants, options or other rights for the purchase, acquisition or exchange from such Person of any of the foregoing (including through convertible securities).

"**Equity Investment**" means the direct or indirect contribution by the Sponsors and the Investors and certain other Persons (including the Management Stockholders) to the common equity capital of the Borrower of an aggregate amount of cash of not less than $500,000,000 as of the Closing Date.

"**Equity Offering**" means any public or private sale or issuance of Equity Interests (excluding Disqualified Equity Interests of the Borrower) of the Borrower or any of its direct or indirect parent companies other than (a) public offerings with respect to the Borrower's or any direct or indirect parent company's common equity registered on Form S-8 and (b) issuances to any Subsidiary of the Borrower and any such public or private sale or issuance that constitutes an Excluded Contribution.

"**Equityholding Vehicle**" means any direct or indirect parent entity of Holdings and any equityholder thereof through which Management Stockholders hold Equity Interests of Holdings or such parent entity.

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

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

"**ERISA Event**" means (a) a Reportable Event; (b) a withdrawal by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate from a Multiemployer Plan; (d) the filing by the PBGC of a notice of intent to terminate any Pension Plan, the treatment of a Pension Plan or Multiemployer Plan amendment as a termination under Section 4041 or Section 4041A of ERISA, respectively, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) appointment of a trustee to administer any Pension Plan or Multiemployer Plan; (f) with respect to a Pension Plan, the failure to satisfy the minimum funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Pension Plan, whether or not waived; (g) any Foreign Benefit Event; or (h) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon a Loan Party, any Restricted Subsidiary or any ERISA Affiliate.

"**Erroneous Payment**" has the meaning assigned to it in Section 9.15(a).

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"**Erroneous Payment Deficiency Assignment**" has the meaning assigned to it in Section 9.15(d).

"**Erroneous Payment Impacted Class**" has the meaning assigned to it in Section 9.15(d).

"**Erroneous Payment Return Deficiency**" has the meaning assigned to it in Section 9.15(d).

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

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

"**euro**" means the single currency of participating member states of the economic and monetary union in accordance with the Treaty of Rome 1957, as amended by the Single European Act 1986, the Maastricht Treaty of 1992 and the Amsterdam Treaty of 1998.

"**Event of Default**" has the meaning set forth in Section 8.01.

"**Excess Cash Flow**" means, for any period, an amount (which shall not be less than zero) equal to (a) the sum, without duplication, of (i) Consolidated Net Income for such period, (ii) an amount equal to the amount of all non-cash charges to the extent deducted in arriving at such Consolidated Net Income, (iii) decreases in Consolidated Working Capital and long-term accounts receivable of the Borrower and its Restricted Subsidiaries for such period (other than any such decreases arising from acquisitions or dispositions by the Borrower and its Restricted Subsidiaries completed during such period or the application of purchase accounting), and (iv) an amount equal to the aggregate net non-cash loss on Dispositions by the Borrower and its Restricted Subsidiaries during such period (other than sales in the ordinary course of business) or any cash gain, in each case to the extent deducted in arriving at such Consolidated Net Income, minus (b) the sum, without duplication, of (i) an amount equal to the amount of all non-cash credits included in arriving at such Consolidated Net Income and cash charges included in clauses (1) through (18) of the definition of "Consolidated Net Income," (ii) an amount equal to the aggregate net non-cash gain on Dispositions by the Borrower and its Restricted Subsidiaries during such period (other than Dispositions in the ordinary course of business) to the extent included in arriving at such Consolidated Net Income, (iii) increases in Consolidated Working Capital and long-term accounts receivable of the Borrower and its Restricted Subsidiaries for such period (other than any such increases arising from acquisitions or dispositions by the Borrower and its Restricted Subsidiaries during such period or the application of purchase accounting), (iv) [reserved], (v) cash expenditures in respect of Swap Contracts during such period to the extent not deducted in arriving at such Consolidated Net Income and (vi) any payment of cash to be amortized or expensed over a future period and recorded as a long-term asset. Notwithstanding anything in the definition of any term used in the definition of Excess Cash Flow to the contrary, all components of Excess Cash Flow shall be computed for the Borrower and its Restricted Subsidiaries on a consolidated basis.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

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"**Excluded Assets**" has the meaning set forth in the definition of "Collateral and Guarantee Requirement."

"**Excluded Contribution**" means net cash proceeds, marketable securities or Qualified Proceeds received by the Borrower from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) contributions to its common equity capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) dividends, distributions, fees and other payments (A) from Unrestricted Subsidiaries and any of their Subsidiaries, (B) received in respect of any minority investments and (C) from any joint ventures that are not Restricted Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the sale (other than to a Subsidiary of the Borrower or to any management equity plan or stock option plan or any other management or employee benefit plan or agreement of the Borrower) of Equity Interests (other than Disqualified Equity Interests of the Borrower and the Equity Investment) of the Borrower (or any direct or indirect parent of the Borrower to the extent contributed as common Equity Interests by the Borrower);

in each case to the extent designated as Excluded Contributions by the Borrower, but in any event excluding the Equity Investment and any Permitted Change of Control Equity Amount.

"**Excluded Person**" has the meaning set forth in Section 10.08.

"**Excluded Subsidiary**" means (a) any Subsidiary that is not a wholly owned Subsidiary of the Borrower or a Subsidiary Guarantor, (b) any Subsidiary that does not have total assets in excess of 5% of Total Assets in the aggregate, together with all other Subsidiaries excluded via this clause (b), (c) any Securitization Subsidiary, (d) any Subsidiary that is prohibited by applicable Law (whether on the Closing Date or thereafter) or Contractual Obligations existing on the Closing Date (or, in the case of any newly acquired Subsidiary, in existence at the time of acquisition but not entered into in contemplation thereof) from guaranteeing the Obligations or if guaranteeing the Obligation would require governmental (including regulatory) or other third-party (other than a Loan Party) consent, approval, license or authorization (unless such consent, approval, license or authorization has been obtained), (e) any other Subsidiary with respect to which the Administrative Agent and the Borrower mutually agree that the burden or cost or other consequences (including any adverse tax consequences) of providing a Guarantee shall be excessive in view of the benefits to be obtained by the Lenders therefrom, (f) any direct or indirect Foreign Subsidiary of the Borrower, (g) any Subsidiary with respect to which the provision of a guarantee by it would result in adverse tax consequences to Holdings, the Borrower, any direct or indirect parent entity of the Borrower or any of the Borrower's direct or indirect Subsidiaries, in each case that are not de minimis, as reasonably determined by the Borrower in consultation with the Administrative Agent, (h) any not-for-profit Subsidiaries, (i) any Unrestricted Subsidiaries, (j) any direct or indirect Subsidiary (x) that is a direct or indirect Subsidiary of a direct or indirect Foreign Subsidiary that is a CFC or (y) substantially all of whose assets consist of Equity Interests and/or indebtedness of (i) one or more Foreign Subsidiaries that are CFCs or (ii) other Subsidiaries described in this clause (j), and any other assets incidental thereto (any Subsidiary described in this clause (j)(y), a "**FSHCO**"), (k) any special purpose entities and (l) any captive insurance subsidiaries; *provided* that for the avoidance of doubt (i) at the option of the Borrower, any Excluded Subsidiary may issue a Guaranty and become a Guarantor as described in clause (iii) of the definition of "Guarantors" and (ii) any Person that becomes a Guarantor pursuant to clause (iii) of the definition of "Guarantors" shall cease to constitute an Excluded Subsidiary, and shall not be released from its obligations under the Guaranty, solely on the bases that, prior to becoming a Guarantor, such Person otherwise constituted an Excluded Subsidiary pursuant to the applicable clause under this definition.

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"**Excluded Swap Obligation**" means, with respect to any Guarantor, (a) any Swap Obligation if, and to the extent that, all or a portion of the Guaranty of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guaranty 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) (i) by virtue of such Guarantor's failure to constitute an "eligible contract participant," as defined in the Commodity Exchange Act and the regulations thereunder (determined after giving effect to Section 11.12 and any other applicable agreement for the benefit of such Guarantor and any and all applicable guarantees of such Guarantor's Swap Obligations by other Loan Parties), at the time the guarantee of (or grant of such security interest by, as applicable) such Guarantor becomes or would become effective with respect to such Swap Obligation or (ii) in the case of a Swap Obligation that is subject to a clearing requirement pursuant to section 2(h) of the Commodity Exchange Act, because such Guarantor is a "financial entity," as defined in section 2(h)(7)(C) of the Commodity Exchange Act, at the time the guarantee of (or grant of such security interest by, as applicable) such Guarantor becomes or would become effective with respect to such Swap Obligation or (b) any other Swap Obligation designated as an "Excluded Swap Obligation" of such Guarantor as specified in any agreement between the relevant Loan Parties and the Approved Counterparty applicable to such Swap Obligations. If a Swap Obligation arises under a master agreement governing more than one Swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to the Swap 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 3.06) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 3.01(a), amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient's failure to comply with Section 3.01(d), and (d) any withholding Taxes imposed under FATCA.

"**Existing Credit Agreements**" means collectively (a) the First Lien Credit Agreement dated as of March 1, 2018 (as amended by the First Amendment dated as of August 8, 2018, the Second Amendment dated as of October 15, 2019, the Third Amendment dated as of October 15, 2019, the Fourth Amendment dated as of June 24, 2020, the Fifth Amendment dated as of December 4, 2020, the Sixth Amendment dated June 23, 2022, the Seventh Amendment dated June 29, 2023 and as further amended, restated, amended and restated, supplemented or otherwise modified from time to time), among Holdings, the Borrower, the subsidiaries of the Borrower party thereto, as guarantors, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, (b) the Second Lien Credit Agreement dated as of March 1, 2018 (as amended by the First Amendment dated as of August 8, 2018, the Second

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Amendment dated as of December 4, 2020 and the Third Amendment dated as of July 10, 2023 and as further amended, restated, amended and restated, supplemented or otherwise modified from time to time), among Holdings, the Borrower, the subsidiaries of the Borrower party thereto, as guarantors, the lenders from time to time party thereto and Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent and (c) the First Lien Term Loan Agreement dated as of October 25, 2018 (as amended by the First Amendment dated as of November 25, 2019, the Second Amendment dated as of April 17, 2020, the Third Amendment dated as of December 4, 2020 and as further amended, restated, amended and restated, supplemented or otherwise modified from time to time), among PSAV Group (Canada) Investments Corp., a corporation organized under the laws of British Columbia, PSAV Group (Canada) Holding Corp., a corporation organized under the laws of British Columbia, PSAV Group (Canada) Acquisition ULC, Holdings, the Borrower, the subsidiaries of the Borrower party thereto, as guarantors, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent in each case, as further amended, amended and restated, supplemented, renewed or otherwise modified and in effect on the date hereof.

"**Existing Revolver Tranche**" has the meaning set forth in Section 2.16(b).

"**Existing Term Loan Tranche**" has the meaning set forth in Section 2.16(a).

"**Facility**" means the Initial Term Loans, a given Class of Incremental Term Loans, a given Refinancing Series of Refinancing Term Loans, a given Modification Series of Modified Term Loans, the Revolving Credit Facility, a given Class of Incremental Revolving Credit Commitments, a given Refinancing Series of Other Revolving Credit Commitments or a given Modification Series of Modified Revolving Credit Commitments, as the context may require.

"**FATCA**" means Sections 1471 through 1474 of the Code (including, for the avoidance of doubt, any agreements entered into pursuant to Section 1471(b)(1) of the Code), as of the Closing Date (or any amended or successor version thereof that is substantively comparable and not materially more onerous to comply with), any current or future Treasury Regulations or other official administrative guidance promulgated thereunder and any intergovernmental agreements (and any related law, regulation or official administrative guidance) promulgated thereunder and any laws, fiscal or regulatory legislation, rules, guidance notes and practices adopted by a non-U.S. jurisdiction implementing the foregoing.

"**Federal Funds Rate**" means, for any day, the rate calculated by the NYFRB based on such day's federal funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as the federal funds effective rate; *provided* that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published for any day that is a Business Day, the average of the quotations for the day for such transactions as determined by the Administrative Agent.

"**Fee Letter**" means that certain Fee Letter, dated as of June 24, 2024, among the Borrower and the Initial Lenders, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time.

"**Financial Covenant**" has the meaning set forth in Section 7.08.

"**Financial Covenant Event of Default**" has the meaning set forth in Section 8.01(b).

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"**Financing Lease Obligation**" means, at the time any determination thereof is to be made, the amount of the liability in respect of a Financing Lease; *provided* that any obligations of the Borrower or its Restricted Subsidiaries either existing on the Closing Date or created prior to any recharacterization described below (i) that were not included on the consolidated balance sheet of the Borrower as financing or capital lease obligations and (ii) that are subsequently recharacterized as financing or capital lease obligations or indebtedness due to a change in accounting treatment or otherwise, shall for all purposes under this Agreement (including, without limitation, the calculation of Consolidated Net Income and Consolidated EBITDA) not be treated as financing or capital lease obligations, Financing Lease Obligations or Indebtedness.

"**Financing Leases**" means all leases that have been or are required to be, in accordance with GAAP, recorded as a financing or capital leases (and, for the avoidance of doubt, not a straight-line or operating lease) on both the balance sheet and income statement for financial reporting purposes in accordance with GAAP as in effect on January 1, 2015; *provided* that for all purposes hereunder the amount of obligations under any Financing Lease shall be the amount thereof accounted for as a liability on a balance sheet in accordance with GAAP as in effect on January 1, 2015.

"**Fitch**" means Fitch Ratings, Inc. or any successor by merger or consolidation to its business.

"**Fixed Charges**" means, with respect to the Borrower and its Restricted Subsidiaries for any period, the sum of, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Consolidated Interest Expense of the Borrower and its Restricted Subsidiaries for such period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of preferred stock during such period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) all cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of Disqualified Equity Interests during such period.

"**Flood Insurance Laws**" means, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto, (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (v) the Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto.

"**Foreign Benefit Event**" means, with respect to any Foreign Pension Plan, (a) the existence of unfunded liabilities in excess of the amount permitted under any applicable Law or in excess of the amount that would be permitted absent a waiver from any applicable Governmental Authority or (b) the failure to make the required contributions or payments, under any applicable Law, on or before the due date for such contributions or payments.

"**Foreign Currency Denominated Letter of Credit**" means any Letter of Credit denominated in an Approved Foreign Currency, other than, with respect to each L/C Issuer, those Approved Foreign Currencies not authorized to be issued by such L/C Issuer as notified to the Administrative Agent and the Borrower from time to time.

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"**Foreign Currency Denominated Loan**" means any Loan incurred in any Approved Foreign Currency.

"**Foreign Pension Plan**" means any benefit plan that under applicable Law is required to be funded through a trust or other funding vehicle other than a trust or funding vehicle maintained exclusively by a Governmental Authority.

"**Foreign Subsidiary**" means any direct or indirect Subsidiary of the Borrower that is not a Domestic Subsidiary.

"**Foreign Subsidiary Total Assets**" means the total assets of the Foreign Subsidiaries, as determined on a consolidated basis in accordance with GAAP in good faith by a Responsible Officer.

"**FRB**" means the Board of Governors of the Federal Reserve System of the United States.

"**Free and Clear Incremental Amount**" has the meaning set forth in Section 2.14(d)(iv).

"**Fronting Exposure**" means, at any time there is a Defaulting Lender, (a) with respect to the L/C Issuer, such Defaulting Lender's Pro Rata Share of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof and (b) with respect to the Swing Line Lenders, such Defaulting Lender's Pro Rata Share of Swing Line Loans other than Swing Line Loans as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

"**FSHCO**" has the meaning set forth in the definition of "Excluded Subsidiary".

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

"**GAAP**" means generally accepted accounting principles in the United States of America, as in effect from time to time; *provided, however*, that (i) if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change in accounting principles or change as a result of the adoption or modification of accounting policies (including, but not limited to, the impact of Accounting Standards Update 2016-12, Revenue from Contracts with Customers (Topic 606) or similar revenue recognition policies or any change in the methodology of calculating reserves for returns, rebates and other chargebacks) occurring after the Closing Date in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith, (ii) GAAP shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under FASB ASC Topic 825 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any of its Subsidiaries at "**fair value**," as defined therein, and Indebtedness shall be measured at the aggregate principal amount thereof, (iii) the accounting for operating leases and financing or capital leases

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under GAAP as in effect on January 1, 2015 (including, without limitation, Accounting Standards Codification 840) shall apply for the purposes of determining compliance with the provisions of this Agreement, including the definition of Financing Leases and obligations in respect thereof, (iv) all references to codified accounting standards specifically named in this Agreement shall be deemed to include any successor, replacement, amendment or updated accounting standard under GAAP, (v) GAAP shall not include the policies, rules and regulations of the SEC, the American Institute of Certified Public Accountants, the International Accounting Standards Board or any other applicable regulatory or governing body applicable only to public companies and (vi) any calculation or determination in this Agreement that requires the application of GAAP across multiple quarters need not be calculated or determined using the same accounting standard for each constituent quarter.

"**GAAP Accounting Changes**" has the meaning set forth in Section 1.03(c).

"**Governmental Authority**" means any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank, self-regulatory organization, or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

"**Granting Lender**" has the meaning set forth in Section 10.07(h).

"**Guarantee**" means, as to any Person, without duplication, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness payable or performable by another Person (the "**primary obligor**") in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness of the payment or performance of such Indebtedness, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other monetary obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other monetary obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness of any other Person, whether or not such Indebtedness is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien); *provided* that the term "**Guarantee**" shall not include endorsements for collection or deposit, in either case in the ordinary course of business, or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in connection with any acquisition or disposition of assets not prohibited under this Agreement (other than such obligations with respect to Indebtedness). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term "**Guarantee**" as a verb has a corresponding meaning.

"**Guaranteed Obligations**" has the meaning set forth in Section 11.01.

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"**Guarantors**" means, collectively, (i) Holdings, (ii) the wholly owned Domestic Subsidiaries of the Borrower (other than any Excluded Subsidiary), including those wholly owned Domestic Subsidiaries of the Borrower that issue a Guaranty of the Obligations after the Closing Date pursuant to Section 6.11, (iii) any other wholly owned Subsidiary (including any Excluded Subsidiary) organized under the laws of the United States, any state thereof or the District of Columbia or, to the extent reasonably acceptable to the Administrative Agent (and subject to clause (D) of the definition of "Collateral and Guarantee Requirement"), any other jurisdiction that, at the option of the Borrower, issues a Guaranty of the Obligations after the Closing Date and (iv) solely in respect of any Secured Hedge Agreement or Treasury Services Agreement to which the Borrower is not a party, the Borrower, in each case, until the Guaranty thereof is released in accordance with this Agreement.

"**Guaranty**" means, collectively, the guaranty of the Obligations by the Guarantors pursuant to this Agreement.

"**Hazardous Materials**" means all materials, pollutants, contaminants, chemicals, compounds, constituents, substances or wastes, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, lead, radon gas, pesticides, fungicides, fertilizers, or toxic mold, in each case that are regulated pursuant to, or which would give rise to liability under, applicable Environmental Law.

"**Holding Company**" means (i) any Person so long as such Person directly or indirectly holds 100% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Holdings or (ii) any Public Company or SPAC IPO Entity, and at the time such Person, Public Company or SPAC IPO Entity, as applicable, acquired such voting power, and in each case immediately after giving effect to the acquisition of such voting power, no Person and no group (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Closing Date), including any such group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) (other than any Permitted Holder), shall have beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, of more than 50% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of such Person.

"**Holdings**" means (a) Initial Holdings, if it is the direct parent of the Borrower, or, if not, one or more Domestic Subsidiaries of Initial Holdings (or any successor) that, collectively, directly own 100% of the issued and outstanding Equity Interests in the Borrower and issues a Guaranty of the Obligations and agrees to assume the obligations of "Holdings" pursuant to this Agreement and the other Loan Documents pursuant to one or more instruments in form and substance reasonably satisfactory to the Administrative Agent and (b) any Successor Holdings.

"**Honor Date**" has the meaning set forth in Section 2.03(c)(i).

"**Identified Participating Lenders**" has the meaning set forth in Section 2.05(a)(v)(C)(3).

"**Identified Qualifying Lenders**" has the meaning set forth in Section 2.05(a)(v)(D)(3).

"**Immaterial Subsidiary**" has the meaning set forth in Section 8.03.

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

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"**Incremental Amendment**" has the meaning set forth in Section 2.14(f).

"**Incremental Base Amount**" means the greater of (x) $475,000,000 and (y) an amount equal to 100% of LTM Consolidated EBITDA.

"**Incremental Commitments**" has the meaning set forth in Section 2.14(a).

"**Incremental Equivalent Debt**" has the meaning set forth in Section 7.03(w).

"**Incremental Equivalent First Lien Debt**" has the meaning set forth in Section 7.03(q).

"**Incremental Equivalent Junior Lien Debt**" has the meaning set forth in Section 7.03(q).

"**Incremental Equivalent Unsecured Debt**" has the meaning set forth in Section 7.03(w).

"**Incremental Facility**" has the meaning set forth in Section 2.14(a).

"**Incremental Facility Closing Date**" has the meaning set forth in Section 2.14(d).

"**Incremental Lenders**" has the meaning set forth in Section 2.14(c).

"**Incremental Loan Request**" has the meaning set forth in Section 2.14(a).

"**Incremental Loans**" has the meaning set forth in Section 2.14(b).

"**Incremental Revolving Credit Commitments**" has the meaning set forth in Section 2.14(a).

"**Incremental Revolving Credit Lender**" has the meaning set forth in Section 2.14(c).

"**Incremental Revolving Credit Loans**" has the meaning set forth in Section 2.14(b).

"**Incremental Revolving Facility**" has the meaning set forth in Section 2.14(a).

"**Incremental Term Commitments**" has the meaning set forth in Section 2.14(a).

"**Incremental Term Facility**" has the meaning set forth in Section 2.14(a).

"**Incremental Term Lender**" has the meaning set forth in Section 2.14(c).

"**Incremental Term Loan**" has the meaning set forth in Section 2.14(b).

"**Incurred Acquisition Debt**" has the meaning set forth in Section 7.03(g).

"**Incurrence-Based Incremental Amount**" has the meaning set forth in Section 2.14(d)(iv).

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"**Indebtedness**" means, as to any Person at a particular time, without duplication, all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) net obligations of such Person under any Swap Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all obligations of such Person to pay the deferred purchase price of property (including Financing Lease Obligations) or services (other than (i) trade accounts and accrued expenses payable in the ordinary course of business, (ii) any earn-out obligation except to the extent such earn-out obligation (x) remains unpaid more than 60 days after the same has become due and payable or (y) is otherwise treated as a liability on the balance sheet of the Borrower and its Restricted Subsidiaries, and (iii) accruals for payroll and other liabilities accrued in the ordinary course);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements and mortgage, industrial revenue bond, industrial development bond and similar financings), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all Financing Lease Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all obligations of such Person in respect of Disqualified Equity Interests;

if and to the extent that the foregoing would constitute indebtedness or a liability in accordance with GAAP; *provided* that Indebtedness of any direct or indirect parent of the Borrower appearing on the balance sheet of the Borrower solely by reason of push-down accounting under GAAP shall be excluded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to the extent not otherwise included above, all Guarantees of such Person in respect of any of the foregoing.

For all purposes hereof, the Indebtedness of any Person shall (A) include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, except to the extent such Person's liability for such Indebtedness is otherwise expressly limited and only to the extent such Indebtedness would be included in the calculation of Consolidated Total Net Debt, (B) in the case of the Borrower and its Restricted Subsidiaries, exclude all intercompany Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business, (C) exclude contingent obligations incurred in the ordinary course of business or consistent with industry practice, obligations under or in respect of Non-Financing Lease Obligations, Qualified Securitization Facilities, straight-line leases, operating leases, Sale and Lease-Back Transactions (except any resulting Financing Lease Obligations) or lease lease-back transactions, (D) [reserved] and (E) exclude (i) deferred or prepaid revenue, (ii) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other

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"**Indemnified Liabilities**" has the meaning set forth in Section 10.05.

"**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 the Borrower under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

"**Indemnitees**" has the meaning set forth in Section 10.05.

"**Information**" has the meaning set forth in Section 10.08.

"**Initial Holdings**" has the meaning set forth in the introductory paragraph to this Agreement.

"**Initial Lender**" means each of the Initial Term Lenders, in each case, in their capacities as initial Lenders under this Agreement.

"**Initial Term Lender**" means each of the Term Lenders who has delivered a signature page hereto on the Closing Date in their capacity as such.

"**Initial Revolving Borrowing**" means the borrowing of Revolving Credit Loans and issuance of Letters of Credit on the Closing Date.

"**Initial Term Commitment**" means, as to each Term Lender, its obligation to make an Initial Term Loan in Dollars to the Borrower pursuant to Section 2.01(a) in an aggregate principal amount not to exceed the amount set forth opposite such Term Lender's name in Schedule 1.01(A) under the caption "Initial Term Commitment" or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including Section 2.14). The initial aggregate principal amount of the Initial Term Commitments is $2,350,000,000.

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"**Initial Term Loans**" means the term loans made by the Lenders on the Closing Date to the Borrower pursuant to Section 2.01(a).

"**Intellectual Property Security Agreements**" has the meaning set forth in the Security Agreement.

"**Intercompany License Agreement**" means any cost-sharing agreement, commission or royalty agreement, license, cross-license or sub-license agreement, distribution agreement, services agreement, IP Rights transfer agreement or any related agreements, in each case where all the parties to such agreement are one or more of the Borrower and any Restricted Subsidiary thereof.

"**Intercompany Note**" means a promissory note substantially in the form of Exhibit I.

"**Intercreditor Agreements**" means with respect to any Indebtedness permitted to be incurred and secured by this Agreement, and contemplated to be subject to an Intercreditor Agreement (the "**Subject Indebtedness**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any Indebtedness being secured on an equal priority basis (without giving effect to the control of remedies) with the Liens on the Collateral securing the Obligations (or words of similar import), (i) the Equal Priority Intercreditor Agreement, (ii) an intercreditor agreement the terms of which are consistent with market terms (as determined by the Borrower and the Administrative Agent in good faith) for intercreditor agreements governing subordination of Liens and related intercreditor matters at the time the relevant intercreditor agreement is proposed to be established in light of the type of Indebtedness subject thereto or (iii) any other intercreditor agreement the terms of which are reasonably acceptable to the Borrower and the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to any Indebtedness being secured on a junior lien basis to the Liens on the Collateral securing the Obligations (or words of similar import), (i) the Junior Priority Intercreditor Agreement, (ii) an intercreditor agreement the terms of which are consistent with market terms (as determined by the Borrower and the Administrative Agent in good faith) for intercreditor agreements governing subordination of Liens and related intercreditor matters at the time the relevant intercreditor agreement is proposed to be established in light of the type of Indebtedness subject thereto or (iii) any other intercreditor agreement the terms of which are reasonably acceptable to the Borrower and the Administrative Agent; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any Indebtedness being subordinated in right of payment (or words of similar import) to the Obligations, (i) an intercreditor or subordination agreement or arrangement, as applicable, the terms of which are consistent with market terms (as determined by the Borrower and the Administrative Agent in good faith) governing subordination arrangements (which may take the form of a "waterfall" or similar provision relating to the distribution of payments) at the time the relevant intercreditor agreement is proposed to be established in light of the type of Indebtedness subject thereto or (ii) any other intercreditor or subordination agreement or arrangement, as applicable, the terms of which are reasonably acceptable to the Borrower and the Administrative Agent.

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"**Interest Payment Date**" means, (a) as to any Term SOFR Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date of the Facility under which such Loan was made; *provided* that if any Interest Period for a Term SOFR Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates, (b) as to any Base Rate Loan (including any Swing Line Loan), the last Business Day of each March, June, September and December and the Maturity Date of the Facility under which such Loan was made (c) with respect to any Daily SOFR Loan, each date that is on the numerically corresponding day in each calendar month that is one month (or, at the Borrower's option, three months) after the borrowing date of such Daily SOFR Loan (or, if there is no such numerically corresponding day in such month, then the last day of such month) and the date on which such Daily SOFR Loan is repaid or converted in full and (d) to the extent for purposes of creating a fungible Class of Term Loans, the date of incurrence of any Incremental Term Loans.

"**Interest Period**" means, as to each Term SOFR Loan, the period commencing on the date such Term SOFR Loan is disbursed or converted to or continued as a Term SOFR Loan and ending on the date one, three or six months thereafter (or, if agreed by all relevant Lenders, twelve months thereafter), as selected by the Borrower in its Committed Loan Notice; *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Interest Period that would otherwise end on a day that is not a Business Day shall, subject to clause (iii) below, be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Interest Period shall extend beyond the Maturity Date of the Facility under which such Loan was made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to the extent for purposes of creating a fungible Class of Term Loans, an Interest Period may end on the date of incurrence of any Incremental Term Loans.

"**Investment**" means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution (excluding accounts receivable, trade credit, advances or extensions of credit to customers and vendors, commission, travel and similar advances to officers, directors, employees and consultants made in the ordinary course of business) to, Guarantee or assumption of Indebtedness of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person (excluding, in the case of the Borrower and its Restricted Subsidiaries, (i) intercompany advances arising from their cash management, tax, and accounting operations in the ordinary course of business or consistent with past practice and (ii) intercompany loans, advances, or Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business or consistent with past practice) or (c) the purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount of any Investment at any time shall be the amount actually invested (measured at the time made), without adjustment for subsequent increases or decreases in the value of such Investment but less all returns and distributions received on such Investment.

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"**Investors**" means each of (a) the Blackstone Funds and any of their Affiliates (other than any portfolio operating companies) (in each case, other than BXC) and (b) certain other Persons that have invested cash and/or equity in the Borrower (or other direct or indirect parent company of the Borrower) as of the Closing Date and any of their Affiliates, Controlled Investment Affiliates or Immediate Family Members and (c) concurrently with and following the consummation of any Permitted Change of Control, any Permitted Acquiror.

"**IP Rights**" has the meaning set forth in Section 5.15.

"**IPO Entity**" has the meaning set forth in the definition of "Qualified IPO."

"**IPO Listco**" means a wholly owned Subsidiary of Holdings or any parent entity of Holdings formed in contemplation of any Qualified IPO to become an IPO Entity.

"**IPO Shell Company**" means each of IPO Listco and any IPO Subsidiary.

"**IPO Subsidiary**" means a wholly owned subsidiary of IPO Listco formed in contemplation of, and to facilitate, a Qualified IPO Reorganization Transaction and a Qualified IPO.

"**ISP**" means, with respect to any Letter of Credit, the "International Standby Practices 1998" published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

"**Junior Financing**" has the meaning set forth in Section 7.09(a).

"**Junior Priority Intercreditor Agreement**" means an intercreditor agreement substantially in the form of Exhibit J-2 (which agreement in such form, with immaterial changes thereto or with changes thereto that are posted to the Lenders and not objected to in writing by the Required Lenders within five (5) Business Days, in each case, the Collateral Agent is authorized to enter into by all Lenders) among the Collateral Agent and one or more collateral agents or representatives for the holders of Indebtedness that is not prohibited under Section 7.03 to be secured by the Collateral on a junior Lien basis to the Liens securing the Initial Term Loans and/or Revolving Credit Loans.

"**L/C Advance**" means, with respect to each Revolving Credit Lender, such Lender's funding of its participation in any L/C Borrowing in accordance with its Pro Rata Share or other applicable share provided for under this Agreement.

"**L/C Borrowing**" means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the applicable Honor Date or refinanced as a Revolving Credit Borrowing. All L/C Borrowings shall be denominated in Dollars.

"**L/C Commitment**" means, with respect to each L/C Issuer, the commitment of such L/C Issuer to issue Letters of Credit pursuant to Section 2.03, as such commitment is set forth on Schedule 1.01(A) or if an L/C Issuer has entered into an Assignment and Assumption, the amount set forth for such L/C Issuer as its L/C Commitment in the Register maintained by the Administrative Agent.

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"**L/C Credit Extension**" means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the renewal or increase of the amount thereof.

"**L/C Disbursement**" means any payment made by an L/C Issuer pursuant to a Letter of Credit.

"**L/C Issuer**" means each of (i) Sixth Street Lending Partners, Sixth Street Specialty Lending, Inc., and TAO Talents, LLC (collectively, the "**Sixth Street L/C Issuers**") (*provided* that each of the Sixth Street L/C Issuers may arrange for one or more Letters of Credit to be issued indirectly through a bank or other legally authorized Person designated by such Sixth Street L/C Issuer and reasonably acceptable to the Borrower, including one or more of its Affiliates; *provided*, *further*, that the designation by any of the Sixth Street L/C Issuers of Truist Bank shall be deemed to be acceptable to the Borrower), (ii) each other Person with a L/C Commitment set forth on Schedule 1.01(A) and (iii) any other Lender that becomes an L/C Issuer in accordance with Sections 2.03(k) or 10.07(j), in each case in its capacity as an issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder. Each L/C Issuer may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of similar creditworthiness to such L/C Issuer, in which case the term "L/C Issuer" shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate and for all purposes of the Loan Documents. If there is more than one L/C Issuer at any given time, the term L/C Issuer shall refer to the relevant L/C Issuer(s). For the avoidance of doubt, no Blackstone Credit Entity may be an L/C Issuer.

"**L/C Obligations**" means, as at any date of determination, the aggregate principal amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 2.03(l). For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP or Rule 36 of UCP 600, such Letter of Credit shall be deemed to be "outstanding" in the amount so remaining available to be drawn.

"**Latest Maturity Date**" means, at any date of determination, the latest Maturity Date applicable to any Loan or Commitment hereunder at such time, including the latest maturity date of any Refinancing Term Loan, any Refinancing Term Commitment, any Modified Term Loan, any Modified Revolving Credit Commitment, any Incremental Term Loans, any Incremental Revolving Credit Commitments or any Other Revolving Credit Commitments, in each case as extended in accordance with this Agreement from time to time.

"**Laws**" means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents, orders, decrees, injunctions or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority.

"**LCT Election**" has the meaning set forth in Section 1.02(h).

"**LCT Test Date**" has the meaning set forth in Section 1.02(h).

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"**Lead Arrangers**" means each of Sixth Street Lending Partners, Sixth Street Specialty Lending, Inc., Apollo Global Funding, LLC and Oaktree Capital Management, L.P., each in its capacities as a lead arranger and bookrunner under this Agreement.

"**Lender**" has the meaning set forth in the introductory paragraph to this Agreement and, as the context requires, includes the L/C Issuers and the Swing Line Lenders, and their respective successors and assigns as permitted hereunder, each of which is referred to herein as a "Lender".

"**Lender Default**" means (i) the refusal (which may be given verbally or in writing and has not been retracted) or failure of any Lender to make available its portion of any incurrence of revolving loans or reimbursement obligations required to be made by it, which refusal or failure is not cured within two (2) Business Days after the date of such refusal or failure; (ii) the failure of any Lender to pay over to the Administrative Agent, any L/C Issuer or any other Lender any other amount required to be paid by it hereunder within two (2) Business Days of the date when due, unless subject to a good faith dispute; (iii) a Lender has notified the Borrower or the Administrative Agent that it does not intend to comply with its funding obligations, or has made a public statement to that effect with respect to its funding obligations, under the Revolving Credit Facility or under other agreements generally in which it commits to extend credit; (iv) a Lender has failed, within three (3) Business Days after request by the Administrative Agent, to confirm that it will comply with its funding obligations under the Revolving Credit Facility; or (v) a Lender has admitted in writing that it is insolvent or such Lender becomes subject to a Lender-Related Distress Event or a Bail-In Action. Any determination by the Administrative Agent that a Lender Default has occurred under any one or more of clauses (i) through (v) above shall be conclusive and binding absent manifest error, and the applicable Lender shall be deemed to be a Defaulting Lender (subject to Section 2.17(b)) upon delivery of written notice of such determination to the Borrower, each L/C Issuer, each Swing Line Lender and each Lender.

"**Lender-Related Distress Event**" means, with respect to any Lender or any person that directly or indirectly controls such Lender (each, a "**Distressed Person**"), as the case may be, a voluntary or involuntary case with respect to such Distressed Person under any Debtor Relief Law, or a custodian, conservator, receiver or similar official is appointed for such Distressed Person or any substantial part of such Distressed Person's assets, or such Distressed Person or any person that directly or indirectly controls such Distressed Person is subject to a forced liquidation, or such Distressed Person makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any Governmental Authority having regulatory authority over such Distressed Person or its assets to be, insolvent or bankrupt; *provided* that a Lender-Related Distress Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any equity interests in any Lender or any person that directly or indirectly controls such Lender by a Governmental Authority or an instrumentality thereof.

"**Lending Office**" means, as to any Lender, the office or offices of such Lender described as such in such Lender's Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent.

"**Letter of Credit**" means any letter of credit issued hereunder. A Letter of Credit may be a commercial letter of credit or a standby letter of credit and may be issued in any Approved Currency; *provided* that no L/C Issuer shall be required to issue commercial letters of credit without its consent nor shall any L/C Issuer be required to issue or extend any Letter of Credit beyond the scheduled Maturity Date that corresponds with its Revolving Credit Commitment.

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"**Letter of Credit Expiration Date**" means the day that is five (5) Business Days prior to the scheduled Maturity Date then in effect for the applicable Revolving Credit Facility (or, if such day is not a Business Day, the next preceding Business Day)

"**Letter of Credit Issuance Request**" means a letter of credit request substantially in the form of Exhibit B.

"**Letter of Credit Sublimit**" means an amount equal to the lesser of (a) $50,000,000 and (b) the aggregate principal amount of the Revolving Credit Commitments. The Letter of Credit Sublimit is part of, and not in addition to, the Revolving Credit Facility.

"**Lien**" means any mortgage, deed of trust, pledge, hypothecation, assignment by way of security, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to Real Property, and any Financing Lease having substantially the same economic effect as any of the foregoing); *provided* that in no event shall a Non-Financing Lease Obligation be deemed to constitute a Lien.

"**Limited Condition Transaction**" or "**Specified Debt Transaction**" means (i) any permitted acquisition or other similar Investment, including by way of a merger, amalgamation or consolidation, by one or more of the Borrower and its Restricted Subsidiaries of any assets, business or Person permitted by this Agreement, (ii) any Restricted Payment to the extent such Restricted Payment is irrevocably declared or otherwise irrevocably publicly announced, (iii) the prepayment, redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness requiring irrevocable notice in advance, (iv) a Permitted Change of Control or (v) a Disposition undertaken in connection with the foregoing.

"**Loan**" means an extension of credit by a Lender to the Borrower under Article 2 in the form of a Term Loan, a Revolving Credit Loan or a Swing Line Loan (including any Incremental Term Loan and any extensions of credit under any Revolving Commitment Increase).

"**Loan Documents**" means, collectively, (i) this Agreement, (ii) the Notes, (iii) the Collateral Documents, (iv) each Intercreditor Agreement, to the extent then in effect, (v) any Refinancing Amendment, Incremental Amendment or Modification Amendment and (vi) any document, agreement or letter agreed in writing by the Borrower and any Secured Party to be a "Loan Document".

"**Loan Parties**" means, collectively, the Borrower and each Guarantor.

"**Long Derivative Instrument**" means a Derivative Instrument (i) the value of which generally increases, and/or the payment or delivery obligations under which generally decrease, with positive changes to the Performance References and/or (ii) the value of which generally decreases, and/or the payment or delivery obligations under which generally increase, with negative changes to the Performance References.

"**LTM Consolidated EBITDA**" means Consolidated EBITDA for the most recently ended period of four consecutive fiscal quarters ended prior to the date of determination for which financial statements are internally available, calculated on a Pro Forma Basis.

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"**Management Stockholders**" means the future, present and former members of management, employees, directors, officers, managers, members or partners (and their Controlled Investment Affiliates and Immediate Family Members) of Holdings, the Borrower or any of its Subsidiaries who are investors in Holdings, the Borrower or any direct or indirect parent thereof including any such future, present or former employees, directors, officers, managers, members or partners owning through an Equityholding Vehicle.

"**Margin Stock**" has the meaning set forth in Regulation U issued by the FRB.

"**Market Capitalization**" means an amount equal to (i) the total number of issued and outstanding shares of common Equity Interests of the IPO Entity on the date of the declaration of a Restricted Payment multiplied by (ii) the arithmetic mean of the closing prices per share of such common Equity Interests on the principal securities exchange on which such common Equity Interests are traded for the 30 consecutive trading days immediately preceding the date of declaration of such Restricted Payment.

"**Master Agreement**" has the meaning set forth in the definition of "Swap Contract."

"**Material Adverse Effect**" means a (a) material adverse effect on the business, operations, assets, liabilities (actual or contingent) or financial condition of the Borrower and its Restricted Subsidiaries, taken as a whole; (b) material adverse effect on the ability of the Loan Parties (taken as a whole) to fully and timely perform any of their material payment obligations under any Loan Document to which the Borrower or any of the Loan Parties is a party; or (c) material adverse effect on the rights and remedies available to the Lenders or any Agent under any Loan Document.

"**Material Intellectual Property**" means any intellectual property owned by the Borrower or any of its Restricted Subsidiaries that is material to the business of the Borrower and its Restricted Subsidiaries, taken as a whole (as reasonably determined by the Borrower).

"**Material Real Property**" means any fee owned Real Property located in the United States that is owned by any Loan Party with a fair market value in excess of $25,000,000 (at the Closing Date or, with respect to fee-owned Real Property acquired after the Closing Date, at the time of acquisition, in each case, as reasonably estimated by the Borrower in good faith).

"**Maturity Date**" means (i) with respect to the Initial Term Loans, the date that is seven (7) years after the Closing Date, (ii) with respect to the Revolving Credit Commitments, the date that is five (5) years after the Closing Date, (iii) with respect to any tranche of Modified Term Loans or Modified Revolving Credit Commitments, the final maturity date applicable thereto as specified in the applicable Modification Request accepted by the respective Lender or Lenders, (iv) with respect to any Refinancing Term Loans or Other Revolving Credit Commitments, the final maturity date applicable thereto as specified in the applicable Refinancing Amendment and (v) with respect to any Incremental Term Loans or Incremental Revolving Credit Commitments, the final maturity date applicable thereto as specified in the applicable Incremental Amendment; *provided*, in each case, that if such date is not a Business Day, then the applicable Maturity Date shall be the next succeeding Business Day.

"**Maximum Rate**" has the meaning set forth in Section 10.10.

"**MFN Excluded Loans**" means any Incremental Term Loans or other Indebtedness to which MFN Protection would apply if it were incurred as Incremental Term Loans (a) not secured by the Collateral on an equal priority basis (without giving effect to the control of remedies) with the Liens securing the Initial Term Loans and/or Revolving Credit Loans, (b) consisting of customary bridge facilities and/or (c) denominated in any currency other than Dollars.

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"**MFN Protection**" has the meaning set forth in Section 2.14(e)(iii).

"**Modified Revolving Credit Commitments**" has the meaning set forth in Section 2.16(b).

"**Modifying Revolving Credit Loans**" means one or more Classes of Revolving Credit Loans that result from a Modification Amendment.

"**Modified Term Loans**" has the meaning set forth in Section 2.16(a).

"**Modifying Revolving Credit Lender**" has the meaning set forth in Section 2.16(c).

"**Modifying Term Lender**" has the meaning set forth in Section 2.16(c).

"**Modification**" means the establishment of a Modification Series by amending a Loan pursuant to Section 2.16 and the applicable Modification Amendment.

"**Modification Amendment**" has the meaning set forth in Section 2.16(d).

"**Modification Election**" has the meaning set forth in Section 2.16(c).

"**Modification Request**" means any Term Loan Modification Request or a Revolver Modification Request, as the case may be.

"**Modification Series**" means any Term Loan Modification Series or a Revolver Modification Series, as the case may be.

"**Moody's**" means Moody's Investors Service, Inc. and any successor thereto.

"**Mortgage Policy**" and "**Mortgage Policies**" has the meaning set forth in the definition of "Collateral and Guarantee Requirement."

"**Mortgaged Property**" has the meaning set forth in the definition of "Collateral and Guarantee Requirement."

"**Mortgages**" means collectively, the deeds of trust, trust deeds, deeds to secure debt, hypothecs and mortgages made by the Loan Parties in favor or for the benefit of the Collateral Agent on behalf of the Secured Parties creating and evidencing a Lien on a Mortgaged Property in form and substance reasonably satisfactory to the Collateral Agent and the Borrower with such terms and provisions as may be required by the applicable Laws of the relevant jurisdiction, and any other mortgages executed and delivered pursuant to Section 6.11, 6.13 or 6.16 in each case, as the same may from time to time be amended, restated, supplemented, or otherwise modified.

"**Multiemployer Plan**" means any employee benefit plan of the type described in Section 3(37) or Section 4001(a)(3) of ERISA, to which the Borrower, any Restricted Subsidiary or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding six years, has made or been obligated to make contributions.

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"**Net Proceeds**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 100% of the cash proceeds actually received by the Borrower or any of the Restricted Subsidiaries (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise and including casualty insurance settlements and condemnation awards, but in each case only as and when received) from any Disposition or Casualty Event, net of (i) attorneys' fees, accountants' fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses and brokerage, consultant and other customary fees actually incurred in connection therewith, (ii) the principal amount, premium or penalty, if any, interest and other amounts on any Indebtedness that is secured by a Lien (other than such Indebtedness that is secured by a Lien on the Collateral on an equal priority basis (without giving effect to control of remedies) with or subordinated to the Liens securing the Initial Term Loans and/or the Revolving Credit Loans) on the asset subject to such Disposition or Casualty Event and that is required to be repaid (and is timely repaid) in connection with such Disposition or Casualty Event (other than Indebtedness under the Loan Documents), (iii) in the case of any Disposition or Casualty Event by a non-wholly owned Restricted Subsidiary, the pro rata portion of the Net Proceeds thereof (calculated without regard to this clause (iii)) attributable to minority interests and not available for distribution to or for the account of the Borrower or a wholly owned Restricted Subsidiary as a result thereof, (iv) any costs associated with unwinding any related Swap Obligations in connection with such transaction, (v) Taxes (including Tax distributions paid pursuant to Section 7.06(i)(iii)) paid or reasonably estimated to be payable as a result thereof and (vi) the amount of any reasonable reserve established in accordance with GAAP against any adjustment to the sale price or any liabilities (other than any taxes deducted pursuant to clause (i) above) (x) related to any of the applicable assets and (y) retained by the Borrower or any of the Restricted Subsidiaries including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations (however, the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Proceeds of such Disposition or Casualty Event occurring on the date of such reduction); *provided* that the Borrower may reinvest any portion of such proceeds (other than proceeds in respect of Dispositions made pursuant to Section 7.05(t)(iii)) in assets useful for its business (which shall include any Investment permitted by this Agreement) within 18 months of such receipt and such portion of such proceeds shall not constitute Net Proceeds except to the extent not, within 18 months of such receipt, so reinvested or contractually committed to be so reinvested (it being understood that if any portion of such proceeds are not so used within such 18-month period but within such 18-month period are contractually committed to be used, then upon the termination of such contract or if such Net Proceeds are not so used within 24 months of initial receipt, such remaining portion shall constitute Net Proceeds as of the date of such termination or expiry without giving effect to this proviso); *provided*, *further*, that the Borrower may retroactively elect to deem expenditures that otherwise would be permissible as a reinvestment of proceeds in accordance with foregoing proviso that occur prior to the receipt of the proceeds in respect of such Disposition to have been invested in accordance with the foregoing proviso (it being agreed that such deemed expenditure shall have been made or have been committed to be made no earlier than 180 days prior to such Disposition); *provided*, *further*, that (x) the proceeds realized in any single transaction or series of related transactions shall not constitute Net Proceeds unless the amount of such proceeds exceeds (and only to the extent in excess of) the greater of (i) $59,500,000 and (ii) 12.5% of LTM Consolidated EBITDA and (y) only the aggregate amount of proceeds (excluding, for the avoidance of doubt, Net Proceeds described in the preceding clause (x)) in excess of the greater of (i) $119,000,000 and (ii) 25% of LTM Consolidated EBITDA in any fiscal year shall constitute Net Proceeds under this clause (a), and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 100% of the cash proceeds from the incurrence, issuance or sale by the Borrower or any of the Restricted Subsidiaries of any Indebtedness, net of all Taxes (including Tax distributions paid pursuant to Section 7.06(i)(iii)) paid or reasonably estimated to be payable as a result thereof and fees (including investment banking fees and discounts), commissions, costs and other expenses, in each case incurred in connection with such incurrence, issuance or sale (and, in the case of the incurrence, issuance or sale of any Indebtedness the proceeds of which are required to be used to prepay any Class of Loans and/or reduce any Class of Commitments under this Agreement, accrued interest and premium, if any, on such Loans and any other amounts (other than principal) required to be paid in respect of such Loans and/or Commitments in connection with any such prepayment and/or reduction), and payments made in order to obtain a necessary consent or as may be required by applicable Law and any relocation costs incurred are a result of such event.

For purposes of calculating the amount of Net Proceeds, fees, commissions and other costs and expenses payable to the Borrower or any Restricted Subsidiary shall be disregarded.

"**Net Short Position**" means, with respect to a Lender or beneficial owner, as of a date of determination, either (i) the value of its Short Derivative Instruments exceeds the sum of the (x) the value of its Loans and/or Commitments plus (y) the value of its Long Derivative Instruments as of such date of determination or (ii) it is reasonably expected that such would have been the case were a Failure to Pay or Bankruptcy Credit Event (each as defined in the 2014 ISDA Credit Derivatives Definitions) to have occurred with respect to the Borrower or any Guarantor immediately prior to such date of determination. Notwithstanding the foregoing, it is understood and agreed that Jefferies Credit Partners LLC, its Affiliates and Approved Funds shall not be deemed to have a Net Short Position under this Agreement.

"**Non-Consenting Lender**" has the meaning set forth in Section 3.06(d).

"**Non-Debt Fund Affiliate**" means any Affiliate of Holdings other than (a) Holdings, the Borrower or any Subsidiary of the Borrower, (b) any Debt Fund Affiliates and (c) any natural person.

"**Non-Defaulting Lender**" means, at any time, a Lender that is not a Defaulting Lender.

"**Non-Expiring Credit Commitment**" has the meaning set forth in Section 2.04(g).

"**Non-Extension Notice Date**" has the meaning set forth in Section 2.03(b)(iii).

"**Non-Financing Lease Obligation**" means a lease obligation that is not required to be accounted for as a financing or capital lease on both the balance sheet and the income statement for financial reporting purposes in accordance with GAAP. For the avoidance of doubt, a straight-line or operating lease shall be considered a Non-Financing Lease Obligation.

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"**Not Otherwise Applied**" means, with reference to any amount of proceeds of any transaction or event, that such amount, without duplication, (a) was not required to be applied to prepay the Loans pursuant to Section 2.05(b), (b) was not previously (and is not concurrently being) applied in determining the permissibility of a transaction under the Loan Documents where such permissibility was or is (or may have been) contingent on receipt of such amount or utilization of such amount for a specified purpose, (c) was not utilized pursuant to Section 8.05, (d) was not used to make Investments pursuant to Section 7.02(y), (e) was not applied to incur Indebtedness pursuant to Section 7.03(m)(i)(y), (f) was not applied to make a Restricted Payment pursuant to Section 7.06(g)(i) or Section 7.06(p), (g) was not used to make prepayments, redemptions, purchases, defeasances or other payments pursuant to Section 7.09(a)(iv) or (h) was not utilized to increase availability under clauses (c) or (d) of the definition of Cumulative Credit.

"**Note**" means a Term Note, a Revolving Credit Note or a Swing Line Note as the context may require.

"**Notice of Intent to Cure**" has the meaning set forth in Section 8.05(a).

"**NYFRB**" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

"**NYFRB Rate**" means, for any day, the greater of (a) the Federal Funds Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day).

"**NYFRB's Website**" means the website of the NYFRB, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the NYFRB from time to time.

"**Obligations**" means all (x) advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party and its Restricted Subsidiaries arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, 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 Restricted Subsidiary of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding and (y) obligations of the Borrower or any Restricted Subsidiary arising under any Secured Hedge Agreement or any Treasury Services Agreement. Without limiting the generality of the foregoing, the Obligations of the Loan Parties under the Loan Documents (and of their Restricted Subsidiaries to the extent they have obligations under the Loan Documents) include (a) the obligation (including guarantee obligations) to pay principal, interest, Letter of Credit fees, reimbursement obligations, charges, expenses, fees, Attorney Costs, indemnities and other amounts payable by any Loan Party under any Loan Document and (b) the obligation of any Loan Party to reimburse any amount in respect of any of the foregoing that any Lender, in its sole discretion, may elect to pay or advance on behalf of such Loan Party. Notwithstanding the foregoing, at the option of the Borrower, the obligations of the Borrower or any Restricted Subsidiary under any Secured Hedge Agreement or any Treasury Services Agreement shall be secured and guaranteed pursuant to the Collateral Documents and the Guaranty, but only to the extent that, and for so long as, the other Obligations are so secured and guaranteed. Notwithstanding the foregoing, Obligations of any Guarantor shall in no event include any Excluded Swap Obligations of such Guarantor.

"**OFAC**" means the Office of Foreign Assets Control of the United States Department of the Treasury.

"**Offered Amount**" has the meaning set forth in Section 2.05(a)(v)(D)(1).

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"**Offered Discount**" has the meaning set forth in Section 2.05(a)(v)(D)(1).

"**OID**" means original issue discount.

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

"**Other Applicable Indebtedness**" has the meaning set forth in Section 2.05(b)(i).

"**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 Debt Representative**" means, with respect to any series of Indebtedness permitted, pursuant to the terms of this Agreement, to be incurred and secured on an equal priority basis (without giving effect to control of remedies) with or junior Lien basis to the Lien securing the Obligations, the trustee, administrative agent, collateral agent, security agent or similar agent under the indenture or agreement pursuant to which such Indebtedness is issued, incurred or otherwise obtained, as the case may be, and each of their successors in such capacities.

"**Other Revolving Credit Commitments**" means one or more Classes of revolving credit commitments hereunder that result from a Refinancing Amendment.

"**Other Revolving Credit Loans**" means one or more Classes of Revolving Credit Loans that result from a Refinancing Amendment.

"**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 3.06).

"**Outstanding Amount**" means (a) with respect to the Term Loans, Revolving Credit Loans and Swing Line Loans on any date, the aggregate outstanding Principal Amount thereof after giving effect to any Borrowings and prepayments or repayments of Term Loans, Revolving Credit Loans (including any refinancing of outstanding unpaid drawings under Letters of Credit or L/C Credit Extensions as a Revolving Credit Borrowing) and Swing Line Loans, as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any date, the aggregate outstanding Principal Amount thereof on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes thereto as of such date, including as a result of any reimbursements of outstanding unpaid drawings under any Letters of Credit (including any refinancing of outstanding unpaid drawings under Letters of Credit or L/C Credit Extensions as a Revolving Credit Borrowing) or any reductions in the maximum amount available for drawing under Letters of Credit taking effect on such date.

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"**Overnight Bank Funding Rate**" means, for any day, the rate comprised of both overnight federal funds and overnight borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall commence to publish such composite rate).

"**Participant**" has the meaning set forth in Section 10.07(f).

"**Participant Register**" has the meaning set forth in Section 10.07(f).

"**Participating Lender**" has the meaning set forth in Section 2.05(a)(v)(C)(2).

"**Payment Recipient**" has the meaning set forth in Section 9.15(a).

"**PBGC**" means the Pension Benefit Guaranty Corporation.

"**Pension Plan**" means any "**employee pension benefit plan**" (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Loan Party or any ERISA Affiliate or to which any Loan Party or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding six years.

"**Perfection Certificate**" means a certificate in the form of Exhibit H hereto or any other form reasonably approved by the Collateral Agent, as the same may be supplemented from time to time.

"**Performance References**" has the meaning set forth in the definition of "Derivative Instrument."

"**Periodic Term SOFR Determination Day**" has the meaning specified in the definition of "Term SOFR".

"**Permitted Acquiror**" means any Person or group of such Persons (including any direct or indirect equity holders of the Borrower existing prior to the consummation of a Permitted Change of Control) whose acquisition of beneficial ownership constitutes a Permitted Change of Control.

"**Permitted Acquisition**" has the meaning set forth in Section 7.02(i).

"**Permitted Change of Control**" means a Change of Control that satisfies the following conditions: (i) the Borrower is in Pro Forma Compliance (including after giving effect to any prepayment of Term Loans substantially concurrently with the consummation of such transaction) with the Permitted Change of Control Leverage Ratio, (ii) the Borrower delivers a notice to the Administrative Agent of the identity of the Permitted Acquiror at least fifteen (15) Business Days prior to the Permitted Change of Control Effective Date, (iii) the Administrative Agent shall have

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received at least three (3) Business Days prior to the Permitted Change of Control Effective Date, all documentation and other information about the Permitted Acquiror that the Administrative Agent or any Lender reasonably determines is necessary and is required by United States regulatory authorities to comply with applicable "know your customer" and anti-money laundering rules and regulations, including the USA PATRIOT Act and the Beneficial Ownership Regulation, in each case, consistent with the documentation delivered in satisfaction of the first sentence of Section 4.01(c), that has been requested by the Administrative Agent (or any Lender through the Administrative Agent) in writing at least ten (10) Business Days prior to the Permitted Change of Control Effective Date, (iv) the Borrower makes customary representations substantially similar to Section 5.18, solely with respect to the Permitted Acquiror, (v) no Event of Default shall have occurred and be continuing immediately after giving effect to the consummation of the transaction resulting in such Change of Control, (vi) no other Permitted Change of Control shall theretofore have occurred, (vii) the definitive agreement in respect of such transaction shall be mutually executed by the parties thereto on or prior to the date that is two (2) years after the Closing Date and the Permitted Change of Control Effective Date shall occur on or prior to the date that is 30 months after the Closing Date, (viii)(A) the requirements of the Permitted Change of Control Minimum Equity Amount shall have been be satisfied, (B) the aggregate amount of the Permitted Change of Control Cash Consideration shall be greater than 50% of the Permitted Change of Control Minimum Equity Amount and (C) after giving effect to such Change of Control, the Permitted Acquiror shall directly or indirectly beneficially own at least a majority of the aggregate ordinary voting power represented by the issued and outstanding voting interests of Holdings, (ix)(A) solely if the Permitted Acquiror is a private equity sponsor or is directly or indirectly controlled by a private equity sponsor, in each case, such private equity sponsor shall have committed capital and/or assets under management of at least $5.0 billion and be domiciled in the United States, the United Kingdom, Canada or the European Union or (B) solely in the case of a Strategic Permitted Change of Control, the Permitted Acquiror shall have a public corporate credit rating of at least Baa3 and BBB- from each of S&P and Moody's, respectively, and a market capitalization (as determined in good faith by the Borrower or the Permitted Acquiror) of $5.0 billion or more and be organized or domiciled in the United States, (x) [reserved], (xi) after giving effect to the transactions resulting in such Change of Control, (A) Holdings shall own directly 100% of the voting Equity Interests of the Borrower and (B) Holdings and the Borrower shall be organized under the laws of the United States, any state thereof or the District of Columbia and (xii) the Borrower or the Permitted Acquiror, as applicable, shall deliver to the Administrative Agent a certificate of a Responsible Officer thereof certifying that the requirements set forth in clauses (i), (ii), (iv), (v), (vi), (viii), (ix) and (xi) above shall be satisfied upon consummation of such Change of Control. On the Permitted Change of Control Effective Date, the amount available for Restricted Payments made pursuant to Section 7.06(h)(y) utilizing amounts pursuant clause (c) of the definition of "Cumulative Credit", the amount available for incurrence of Indebtedness pursuant to Section 7.03(m)(i)(y) and the amount of available for Restricted Payments pursuant to Section 7.06(p), in each case, shall be re-set to $0.

"**Permitted Change of Control Cash Consideration**" has the meaning set forth in the definition of "Permitted Change of Control Minimum Equity Amount".

"**Permitted Change of Control Costs**" means all reasonable fees, costs and expenses incurred or payable by the Borrower (or any direct or indirect parent of the Borrower) or any of its Restricted Subsidiaries in connection with a Permitted Change of Control.

"**Permitted Change of Control Effective Date**" means the date of consummation of a Permitted Change of Control.

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"**Permitted Change of Control Equity Amount**" has the meaning set forth in the definition of "Permitted Change of Control Minimum Equity Amount".

"**Permitted Change of Control Leverage Ratio**" means a Consolidated Total Net Leverage Ratio of not greater than 5.00:1.00, *provided* that (i) solely with respect to testing the Permitted Change of Control Leverage Ratio in connection with a Strategic Permitted Change of Control, the aggregate amount of adjustments to Consolidated EBITDA permitted to be made for any period pursuant to clause (1)(h)(y) of the definition of "Consolidated EBITDA" in calculating the Consolidated Total Net Leverage Ratio shall not exceed 20% of Consolidated EBITDA for such period (calculated after giving effect to all addbacks and excluding from such cap any adjustments that are taken in compliance with the requirements of Regulation S-X (which adjustments for pro forma "run rate" cost savings and synergies shall be deemed to be Regulation S-X as in effect prior to January 1, 2021)) and (ii) if an LCT Election is made in respect of the Permitted Change of Control Leverage Ratio, such calculation shall be made as of the date of the definitive agreements for which such Limited Condition Transaction is entered into and each six-month anniversary of such LCT Test Date, if any, that occurs prior to the Permitted Change of Control Effective Date.

"**Permitted Change of Control Minimum Equity Amount**" means the (x) aggregate amount of cash consideration paid by the Permitted Acquiror in connection with a Permitted Change of Control (the "**Permitted Change of Control Cash Consideration**"), plus (y) the fair market value of all equity contributions in any direct or indirect parent company of the Borrower (or directly or indirectly to the Permitted Acquiror's acquisition vehicle) by any applicable co-investors (including any Permitted Holders) or other direct or indirect equityholders in the Borrower previously made, or made substantially concurrently therewith, (with such new cash equity contributions applied to consummate the Permitted Change of Control) on or prior to the Permitted Change of Control Effective Date (the aggregate amount under this clause (y), together with the Permitted Change of Control Cash Consideration, collectively, the "**Permitted Change of Control Equity Amount**"), shall be equal to at least 40.0% of the total consolidated pro forma debt and equity capitalization of the Borrower and its Subsidiaries (provided that the aggregate principal amount of all outstanding Indebtedness for borrowed money of the Borrower and its Subsidiaries shall be included in determining the pro forma debt capitalization) as of the Permitted Change of Control Effective Date after giving effect thereto and all other transactions consummated in connection therewith; *provided*, that (i) any cash equity contribution of existing co-investors (including any Permitted Holders) or other direct or indirect equityholders in the Borrower shall either be the form of common equity, or, if not in the form of common equity, shall be in the form of (or substantially in the same form as) such equity existing as of the Closing Date (or such other form otherwise reasonably acceptable to the Required Lenders) and (ii) the equity of the Permitted Acquiror shall be in the form of common equity.

"**Permitted First Lien Ratio Debt**" has the meaning set forth in the definition of "Permitted Ratio Debt."

"**Permitted First Priority Refinancing Debt**" means any Permitted First Priority Refinancing Notes and any Permitted First Priority Refinancing Loans.

"**Permitted First Priority Refinancing Loans**" means any Credit Agreement Refinancing Indebtedness in the form of secured loans incurred by the Borrower and/or the Subsidiary Guarantors in the form of one or more tranches of loans not under this Agreement; *provided* that (i) such Indebtedness is secured by the Collateral on an equal priority basis (but without giving effect to the control of remedies) with the Liens securing the Initial Term Loans and/or Revolving Credit Loans and is not secured by any property or assets of Holdings, the Borrower or any Restricted Subsidiary other than the Collateral, (ii) such Indebtedness is not at any time guaranteed by any Subsidiaries other than Subsidiaries that are Guarantors and (iii) an Other Debt Representative acting on behalf of the holders of such Indebtedness shall have become party to each Intercreditor Agreement then in effect or that will be in effect at the time of incurrence of such Indebtedness.

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"**Permitted First Priority Refinancing Notes**" means any Credit Agreement Refinancing Indebtedness in the form of secured Indebtedness (including any Registered Equivalent Notes) incurred by the Borrower and/or the Subsidiary Guarantors in the form of one or more series of senior secured notes (whether issued in a public offering, Rule 144A, private placement or otherwise); *provided* that (i) such Indebtedness is secured by the Collateral on an equal priority basis (but without giving effect to the control of remedies) with the Liens securing the Initial Term Loans and/or Revolving Credit Loans and is not secured by any property or assets of Holdings, the Borrower or any Restricted Subsidiary other than the Collateral, (ii) such Indebtedness is not at any time guaranteed by any Subsidiaries other than Subsidiaries that are Guarantors, (iii) such Indebtedness does not have scheduled amortization or payments of principal (other than customary offers to repurchase upon a change of control, asset sale or event of loss and a customary acceleration right after an event of default) prior to the date that is the Latest Maturity Date at the time such Indebtedness is incurred or issued and (iv) an Other Debt Representative acting on behalf of the holders of such Indebtedness shall have become party to each Intercreditor Agreement then in effect or that will be in effect at the time of incurrence of such Indebtedness. Permitted First Priority Refinancing Notes will include any Registered Equivalent Notes issued in exchange therefor.

"**Permitted Holders**" means each of (a) the Investors, (b) the Management Stockholders (including any Management Stockholders holding Equity Interests through an Equityholding Vehicle), (c) any Person who is acting solely as an underwriter in connection with a public or private offering of Equity Interests of the Borrower or any of its direct or indirect parent companies, acting in such capacity, (d) any group (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Closing Date) of which any of the foregoing, any Holding Company, Permitted Plan or any Person or group that becomes a Permitted Holder and any member of such group; *provided* that, in the case of such group and without giving effect to the existence of such group or any other group, Persons referred to in clauses (a) through (c), collectively, have beneficial ownership of more than 50% of the total voting power of the issued and outstanding Equity Interests of the Borrower or any of its direct or indirect parent companies held by such group, (e) any Permitted Plan and (f) any Holding Company. Any Permitted Acquiror whose acquisition of beneficial ownership constitutes a Permitted Change of Control, will thereafter, together with its Affiliates, constitute an additional Permitted Holder.

"**Permitted Intercompany Activities**" means any transactions (A) between or among the Borrower and its Restricted Subsidiaries that are entered into in the ordinary course of business of the Borrower and its Restricted Subsidiaries and, in the good faith judgment of the Borrower are necessary or advisable in connection with the ownership or operation of the business of the Borrower and its Restricted Subsidiaries, including, but not limited to, (i) payroll, cash management, purchasing, insurance and hedging arrangements, (ii) management, technology and licensing, sublicensing, or cross-licensing arrangements and (iii) customer loyalty and rewards programs, (B) between or among the Borrower and its Restricted Subsidiaries, as the case may be, and any captive insurance subsidiaries, (C) constituting a Qualified IPO Reorganization Transaction or (D) any Permitted Tax Restructuring.

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"**Permitted Junior Lien Refinancing Debt**" means Credit Agreement Refinancing Indebtedness constituting secured Indebtedness (including any Registered Equivalent Notes) incurred by the Borrower and/or the Subsidiary Guarantors in the form of one or more series of junior lien secured notes or junior lien secured loans; *provided* that (i) notwithstanding any provision to the contrary contained in the definition of "Credit Agreement Refinancing Indebtedness," such Indebtedness is secured by the Collateral on a junior priority basis to the Liens securing the Initial Term Loans and/or Revolving Credit Loans and the obligations in respect of any Permitted First Priority Refinancing Debt and is not secured by any property or assets of Holdings, the Borrower or any Restricted Subsidiary other than the Collateral, (ii) an Other Debt Representative acting on behalf of the holders of such Indebtedness shall have become party to each applicable Intercreditor Agreement then in effect or that will be in effect at the time of incurrence of such Indebtedness, and (iii) such Indebtedness meets the Permitted Other Debt Conditions. Permitted Junior Lien Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

"**Permitted Junior Secured Ratio Debt**" has the meaning set forth in the definition of "Permitted Ratio Debt."

"**Permitted Other Debt Conditions**" means that such applicable Indebtedness (i) does not have scheduled amortization payments of principal or payments of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligations (except customary asset sale or change of control provisions), in each case on or prior to the Latest Maturity Date at the time such Indebtedness is incurred and (ii) is not at any time guaranteed by any Subsidiaries other than Subsidiaries that are Guarantors.

"**Permitted Plan**" means any employee benefit plan of Holdings or any of its Affiliates (including any Equityholding Vehicle) and any Person acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan.

"**Permitted Ratio Debt**" means Indebtedness of the Borrower or any Restricted Subsidiary so long as (i) (x) if the proceeds of such Indebtedness are being used to finance a Specified Debt Transaction, no Event of Default under Sections 8.01(a) or (f) with respect to the Borrower shall have occurred and be continuing or would exist after giving effect to the incurrence of such Indebtedness and application of proceeds thereof, or (y) if otherwise, no Event of Default shall have occurred and be continuing or would exist after giving effect to the incurrence of such Indebtedness and application of proceeds thereof and (ii) (x) in the case of Indebtedness secured by the Collateral on an equal priority basis (without giving effect to the control of remedies) with the Liens securing the Initial Term Loans and/or Revolving Credit Loans, the Consolidated First Lien Net Leverage Ratio determined on a Pro Forma Basis as of the last day of the most recently ended period of four consecutive fiscal quarters for which financial statements are internally available, does not exceed 5.00:1.00 ("**Permitted First Lien Ratio Debt**"); (y) in the case of Indebtedness secured by the Collateral on a junior lien basis with the Liens securing the Initial Term Loans and/or Revolving Credit Loans, the Consolidated Secured Net Leverage Ratio determined on a Pro Forma Basis as of the last day of the most recently ended period of four consecutive fiscal quarters for which financial statements are internally available does not exceed 5.50:1.00 ("**Permitted Junior Secured Ratio Debt**"); and (z) in the case of Indebtedness that is unsecured (or, to the extent incurred a Restricted Subsidiary that is not a Loan Party, not secured by all or any portion of the Collateral), the Consolidated Total Net Leverage Ratio determined on a Pro Forma Basis as of the last day of the most recently ended period of four consecutive fiscal quarters for which financial statements are internally available, does not exceed 6.00:1.00 ("**Permitted Unsecured Ratio Debt**"); *provided* that such Indebtedness shall (A) have a maturity date that is on or after the Latest

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Maturity Date of the Initial Term Loans at the time such Indebtedness is incurred (or, in the case of Permitted Ratio Debt in the form of revolving Indebtedness, on or after the Latest Maturity Date applicable to any Revolving Credit Facilities at the time such Indebtedness is incurred) (or, in the case of Permitted Ratio Debt that is secured by the Collateral on a junior basis to the Liens securing the Initial Term Loans and/or Revolving Credit Loans, that is unsecured (or, to the extent incurred a Restricted Subsidiary that is not a Loan Party, not secured by the Collateral), at least ninety-one (91) days after the Latest Maturity Date of the Obligations at the time such Indebtedness is incurred (or, in the case of Permitted Ratio Debt in the form of revolving Indebtedness that is secured by the Collateral on a junior basis to the Liens securing the Initial Term Loans and/or the Revolving Credit Loans, that is unsecured (or, to the extent incurred a Restricted Subsidiary that is not a Loan Party, not secured by the Collateral), on or after the Latest Maturity Date applicable to any Revolving Credit Facilities at the time such Indebtedness is incurred)) (*provided* that the restrictions in this clause (A) shall not apply to the extent such Indebtedness constitutes a customary bridge facility, so long as the long-term Indebtedness into which such customary bridge facility is to be converted or exchanged satisfies the requirements of this clause (A) and such conversion or exchange is subject only to conditions customary for similar conversions or exchanges), (B)(i) have a Weighted Average Life to Maturity not shorter than the longest remaining Weighted Average Life to Maturity of the Initial Term Loans (or, in the case of Permitted Ratio Debt in the form of revolving Indebtedness, shall not be subject to scheduled amortization prior to maturity) at the time of such incurrence and (ii) in the case of Permitted Ratio Debt that is secured by the Collateral on a junior basis to the Liens securing the Initial Term Loans and/or Revolving Credit Loans, that is unsecured (or, to the extent incurred a Restricted Subsidiary that is not a Loan Party, not secured by the Collateral), shall not be subject to scheduled amortization prior to maturity; *provided* that the restrictions in this clause (B) shall not apply to the extent such Indebtedness constitutes a customary bridge facility, so long as the long-term Indebtedness into which such customary bridge facility is to be converted or exchanged satisfies the requirements of this clause (B) and such conversion or exchange is subject only to conditions customary for similar conversions or exchanges, (C) if such Indebtedness is secured by the Collateral, shall be subject to each applicable Intercreditor Agreement then in effect or that will be in effect at the time of the incurrence of such Indebtedness and (D) in the case of Permitted First Lien Ratio Debt that is secured by the Collateral on an equal priority basis (without giving effect to control of remedies) with the Liens securing the Initial Term Loans and/or Revolving Credit Loans (other than Permitted First Lien Ratio Debt in the form of customary bridge loans, high yield notes, privately placed fixed-rate notes or other debt securities), such Permitted First Lien Ratio Debt shall be subject to the MFN Protection as if such Permitted First Lien Ratio Debt were an Incremental Term Loan (but subject to the exceptions to such MFN Protection in respect of MFN Excluded Loans as if such Permitted First Lien Ratio Debt were an Incremental Term Loan); *provided, further* that any such Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party, together with any other outstanding Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party pursuant to Sections 2.14, 7.03(g) (only in the case of Incurred Acquisition Debt), 7.03(m)(y), 7.03(q), 7.03(s), 7.03(w) and 7.03(z)(i)(B) and (z)(ii) (only in the case of any Permitted Refinancing of Indebtedness incurred under Section 7.03(z)(i)(B)), does not exceed in the aggregate at any time outstanding, the greater of (X) $142,500,000 and (Y) 30% of LTM Consolidated EBITDA, in each case determined at the time of incurrence.

"**Permitted Refinancing**" means, with respect to any Person, any modification, refinancing, refunding, renewal, replacement or extension of any Indebtedness of such Person; *provided* that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed, replaced or extended except by an amount equal to unpaid accrued interest and premium thereon plus other reasonable amounts paid, and fees and expenses reasonably incurred,

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in connection with such modification, refinancing, refunding, renewal, replacement or extension and by an amount equal to any existing commitments unutilized thereunder unless otherwise permitted under any basket or exception under Section 7.03 (with such amounts being deemed utilization of the applicable basket or exception under Section 7.03), (b) other than with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant to Section 7.03(e) (or Indebtedness of such type incurred or assumed pursuant to another clause of Section 7.03) any such modification, refinancing, refunding, renewal, replacement or extension has a final maturity date the same as or later than the final maturity date of, and except for revolving Indebtedness, has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended, (c) other than with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant to Section 7.03(e) (or Indebtedness of such type incurred or assumed pursuant to another clause of Section 7.03), no Event of Default under Sections 8.01(a) or, solely with respect to the Borrower, Section 8.01(f) shall have occurred and be continuing and (d) if such Indebtedness being modified, refinanced, refunded, renewed, replaced or extended is Junior Financing, (i) to the extent such Indebtedness being modified, refinanced, refunded, renewed, replaced or extended is subordinated in right of payment to the Obligations, such modification, refinancing, refunding, renewal, replacement or extension is subordinated in right of payment to the Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended and (ii) such modification, refinancing, refunding, renewal, replacement or extension is incurred by the Person who is the obligor of the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended and (d) if the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended was subject to an Intercreditor Agreement, the holders of such modified, refinanced, refunded, renewed, replaced or extended Indebtedness (if such Indebtedness is secured) or their representative on their behalf shall become party to the appropriate Intercreditor Agreement(s).

"**Permitted Tax Restructuring**" means any reorganizations and other transactions entered into among the Borrower (or any direct or indirect parent entity thereof) and/or its Restricted Subsidiaries for tax planning (as determined by the Borrower in good faith) so long as such reorganizations and other transactions do not impair the value of the Loan Documents and the Guarantees, taken as a whole, in any material respect.

"**Permitted Unsecured Ratio Debt**" has the meaning set forth in the definition of "Permitted Ratio Debt."

"**Permitted Unsecured Refinancing Debt**" means Credit Agreement Refinancing Indebtedness in the form of unsecured Indebtedness (including any Registered Equivalent Notes) incurred by the Borrower and/or the Subsidiary Guarantors in the form of one or more series of senior unsecured notes or loans; *provided* that such Indebtedness (i) otherwise satisfies the requirements set forth in the definition of "Credit Agreement Refinancing Indebtedness" and (ii) meets the Permitted Other Debt Conditions. Permitted Unsecured Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

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

"**PIK Election**" has the meaning assigned to such term in Section 2.08(b).

"**PIK Interest Election Notice**" has the meaning assigned to such term in Section 2.08(b).

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"**PIK Interest Election Termination Date**" means the date that is 24 months after the Closing Date; *provided* that, if such day is not a Business Day, then the PIK Interest Election Termination Date shall be the immediately preceding Business Day.

"**Plan**" means any "**employee benefit plan**" (as such term is defined in Section 3(3) of ERISA, but excluding any Multiemployer Plan) sponsored, maintained or contributed to by any Loan Party or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate.

"**Platform**" has the meaning set forth in Section 6.02.

"**Pledged Debt**" has the meaning set forth in the Security Agreement.

"**Pledged Equity**" has the meaning set forth in the Security Agreement.

"**Post-Acquisition Period**" means, with respect to any Permitted Acquisition or similar Investment or the conversion of any Unrestricted Subsidiary into a Restricted Subsidiary, the period beginning on the date such Permitted Acquisition or conversion is consummated and ending on the date that is 24 months after the date on which such Permitted Acquisition, similar Investment or conversion is consummated.

"**Prime Rate**" means the rate of interest per annum last quoted by *The Wall Street Journal* as the "Prime Rate" in the United States or, if *The Wall Street Journal* ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the "bank prime loan" rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined in good faith by the Administrative Agent in its reasonable discretion) or any similar release by the Federal Reserve Board (as determined in good faith by the Administrative Agent in its reasonable discretion).

"**Principal Amount**" means (i) the stated or principal amount of each Dollar Denominated Loan or Dollar Denominated Letter of Credit or L/C Obligation with respect thereto, as applicable, and (ii) the Dollar Equivalent of the stated or principal amount of each Foreign Currency Denominated Loan and Foreign Currency Denominated Letter of Credit or L/C Obligation with respect thereto, as the context may require.

"**Principal Increase**" has the meaning set forth in Section 2.08(b).

"**Principal Repayment Date**" has the meaning set forth in <u>Section</u> <u>2.07</u>.

"**Pro Forma Adjustment**" means, for any four-quarter period that includes all or any part of a fiscal quarter included in any Post-Acquisition Period, with respect to the Acquired EBITDA of the applicable Acquired Entity or Business or Converted Restricted Subsidiary or the Consolidated EBITDA of the Borrower, the *pro forma* increase or decrease in such Acquired EBITDA or such Consolidated EBITDA, as the case may be, projected by the Borrower in good faith as a result of (a) actions taken, actions with respect to which substantial steps have been taken or actions that are expected to be taken during such Post-Acquisition Period for the purposes of realizing reasonably identifiable and factually supportable "run rate" cost savings, operating expense reductions and synergies (other than revenue synergies) or (b) any additional costs incurred during such Post-Acquisition Period, in each case in connection with the combination of the operations of such Acquired Entity or Business or Converted Restricted Subsidiary with the operations of the Borrower and the Restricted Subsidiaries; *provided* that (i) at the election of the

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Borrower, such Pro Forma Adjustment shall not be required to be determined for any Acquired Entity or Business or Converted Restricted Subsidiary to the extent the aggregate consideration paid in connection with such acquisition was less than the greater of (x) $47,500,000 and (y) 10% of LTM Consolidated EBITDA, and (ii) so long as such actions are taken during such Post-Acquisition Period or such costs are accrued or incurred during such Post-Acquisition Period, as applicable, for purposes of projecting such *pro forma* increase or decrease to such Acquired EBITDA or such Consolidated EBITDA, as the case may be, it may be assumed that such cost savings will be realizable during the entirety of such four-quarter period, or such additional costs will be accrued or incurred during the entirety of such four-quarter period; *provided*, *further*, that any such *pro forma* increase or decrease to such Acquired EBITDA or such Consolidated EBITDA, as the case may be, shall be without duplication for cost savings or additional costs already included in such Acquired EBITDA or such Consolidated EBITDA, as the case may be, for such four-quarter period.

"**Pro Forma Basis,**" "**Pro Forma Compliance**" and "**Pro Forma Effect**" mean, with respect to compliance with any test hereunder, that (A) to the extent applicable, the Pro Forma Adjustment shall have been made and (B) all Specified Transactions and the following transactions in connection therewith shall be deemed to have occurred as of the first day of the applicable period of measurement in such test: (a) income statement items (whether positive or negative) attributable to the property or Person subject to such Specified Transaction, (i) in the case of a Disposition of all or substantially all Equity Interests in any Subsidiary of the Borrower or any division, product line, or facility used for operations of the Borrower or any of its Subsidiaries, shall be excluded, and (ii) in the case of a Permitted Acquisition or Investment described in the definition of "Specified Transaction", shall be included, (b) any retirement of Indebtedness, and (c) any Indebtedness incurred or assumed by the Borrower or any of the Restricted Subsidiaries in connection therewith and if such Indebtedness has a floating or formula rate, shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as at the relevant date of determination; *provided* that (I) without limiting the application of the Pro Forma Adjustment pursuant to (A) above, the foregoing *pro forma* adjustments may be applied to any such test solely to the extent that such adjustments are consistent with the definition of Consolidated EBITDA (and subject to the limitations set forth in such definition) and give effect to events (including operating expense reductions) that are (as determined by the Borrower in good faith) (i) (x) directly attributable to such transaction, (y) expected to have a continuing impact on the Borrower and the Restricted Subsidiaries and (z) factually supportable or (ii) otherwise consistent with the definition of Pro Forma Adjustment; (II) when calculating the Consolidated First Lien Net Leverage Ratio for purposes of (i) the definition of "Applicable Rate" and (ii) determining actual compliance (and not Pro Forma Compliance or compliance on a Pro Forma Basis) with Section 7.08, the events that occurred subsequent to the end of the applicable four-quarter period shall not be given *pro forma* effect; (III) when calculating the Consolidated First Lien Net Leverage Ratio for purposes of the definition of "Applicable ECF Percentage", such percentage shall be calculated giving *pro forma* effect to any prepayment to be made pursuant to Section 2.05(b)(i), in connection with such calculation and any other Indebtedness prepaid subsequent to the end of the applicable four-quarter period and on or prior to such date of determination and (IV) in determining Pro Forma Compliance with the Consolidated First Lien Net Leverage Ratio, the Consolidated Secured Net Leverage Ratio, the Consolidated Total Net Leverage Ratio or any other incurrence test (other than in respect of Section 7.08), in connection with the incurrence (including by assumption or guarantee) of any Indebtedness, the incurrence of any Indebtedness in respect of the Revolving Credit Facility and/or any Indebtedness incurred under any other revolving facility included in the Consolidated First Lien Net Leverage Ratio, the Consolidated Secured Net Leverage Ratio, the Consolidated Total Net Leverage Ratio or such other incurrence test calculation immediately prior to, or

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simultaneously with, the event for which the Pro Forma Compliance determination of such ratio or other test is being made, shall be disregarded; *provided*, *further*, that with respect to any incurrence of Indebtedness permitted by the provisions of this Agreement in reliance on the *pro forma* calculation of the Consolidated First Lien Net Leverage Ratio, the Consolidated Secured Net Leverage Ratio, the Consolidated Total Net Leverage Ratio or such other incurrence test calculation, any Indebtedness being incurred (or expected to be incurred) substantially simultaneously or contemporaneously with the incurrence of any such Indebtedness in reliance on any "basket" set forth in this Agreement (including the Incremental Base Amount and any "baskets" measured as a percentage of Total Assets or Consolidated EBITDA) shall be disregarded; *provided* that Indebtedness incurred under the Revolving Credit Facility and/or any Indebtedness incurred under any other revolving facility shall be disregarded. In the event any fixed "baskets" are intended to be utilized together with any incurrence-based "baskets" in a single transaction or series of related transactions (including utilization of the Free and Clear Incremental Amount and the Incurrence-Based Incremental Amount), (i) compliance with or satisfaction of any applicable financial ratios or tests for the portion of Indebtedness or any other applicable transaction or action to be incurred under any incurrence-based "baskets" shall first be calculated without giving effect to amounts being utilized pursuant to any fixed "baskets", but giving full *pro forma* effect to all applicable and related transactions (including, subject to the foregoing with respect to fixed "baskets", any incurrence and repayment of Indebtedness) and all other permitted Pro Forma Adjustments (except that the incurrence of any Indebtedness under the Revolving Credit Facility and/or any Indebtedness incurred under any other revolving facility immediately prior to or in connection therewith shall be disregarded), and (ii) thereafter, incurrence of the portion of such Indebtedness or other applicable transaction or action to be incurred under any fixed "baskets" shall be calculated. Whenever Pro Forma Effect is to be given to a pro forma event, the pro forma calculations shall be made in good faith by a Responsible Officer of the Borrower.

"**Pro Rata Share**" means, with respect to each Lender, at any time a fraction (expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of the Commitments and, if applicable and without duplication, Term Loans of such Lender under the applicable Facility or Facilities at such time and the denominator of which is the amount of the Aggregate Commitments under the applicable Facility or Facilities and, if applicable and without duplication, Term Loans under the applicable Facility or Facilities at such time; *provided* that, in the case of the Revolving Credit Facility, if such Commitments have been terminated, then the Pro Rata Share of each Lender shall be determined based on the Pro Rata Share of such Lender immediately prior to such termination and after giving effect to any subsequent assignments made pursuant to the terms hereof.

"**Projections**" has the meaning set forth in Section 6.01(c).

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

"**Public Company**" means any Person with a class or series of Equity Interests that is traded on the New York Stock Exchange, the NASDAQ, or the London Stock Exchange.

"**Public Lender**" has the meaning set forth in Section 6.02.

"**Public Offer**" has the meaning set forth in Section 1.02(h).

"**QFC**" has the meaning set forth in Section 10.26(b)(iv).

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"**QFC Credit Support**" has the meaning set forth in Section 10.26.

"**Qualified ECP Guarantor**" means, in respect of any Swap Obligation, each Guarantor that, at the time the relevant Guaranty (or grant of the relevant security interest, as applicable) becomes or would become effective with respect to such Swap Obligation, has total assets exceeding $10,000,000 or otherwise constitutes an "eligible contract participant" under the Commodity Exchange Act and which may cause another person to qualify as an "eligible contract participant" with respect to such Swap Obligation at such time by entering into an agreement pursuant to the Commodity Exchange Act.

"**Qualified Equity Interests**" means any Equity Interests that are not Disqualified Equity Interests.

"**Qualified IPO**" means any transaction or series of transactions, including a SPAC IPO, that results in, or following which, any common Equity Interests of the Borrower or any direct or indirect parent company of the Borrower, any SPAC IPO Entity (or its successor by merger, amalgamation or other combination) or any IPO Listco that the Borrower will distribute to its direct or indirect parent company in connection with a Qualified IPO (an "**IPO Entity**") being publicly traded on any United States national securities exchange or over-the-counter market, or any analogous exchange or market in Canada, the United Kingdom or any country in the European Union.

"**Qualified IPO Reorganization Transactions**" means, collectively, the transactions taken prior to and in connection with and reasonably related to consummating a Qualified IPO, including (a) the formation and ownership of IPO Shell Companies, (b) entry into, and performance of, (i) a reorganization agreement among any of Holdings, its Subsidiaries, its direct or indirect parent entities and/or IPO Shell Companies implementing Qualified IPO Reorganization Transactions and certain other reorganization transactions in connection with a Qualified IPO so long as after giving effect to such agreement and the transactions contemplated thereby would not reasonably be expected to have a Material Adverse Effect and the security interests of the Lenders in the Collateral and the Guarantees of the Obligations, taken as a whole, would not be adversely affected in any material respect and (ii) customary underwriting agreements in connection with a Qualified IPO and any future follow-on underwritten public offerings of common Equity Interests in an IPO Entity, including the provision by IPO Listco and Holdings of customary representations, warranties, covenants and indemnification to the underwriters thereunder, (c) the merger of one or more IPO Subsidiaries with one or more direct or indirect holders of Equity Interests in Holdings with such IPO Subsidiary surviving and holding Equity Interests in Holdings or the dividend or other distribution by Holdings of Equity Interests of IPO Shell Companies or other transfer of ownership to the holder of Equity Interests of Holdings, (d) the amendment and/or restatement of any Organizational Documents of Holdings and any IPO Subsidiaries in a manner not adverse in any material respect to the Lenders or the Administrative Agent, and with respect to any such transaction involving Holdings, the Borrower or any Restricted Subsidiary, Holdings, the Borrower and such Restricted Subsidiary, as applicable, shall deliver to the Administrative Agent all such necessary amendments, corporate authority documents and other supporting documents to or under this Agreement (including, without limitation, those described in Section 6.11) evidencing any changes made necessary as a result of the consummation of such transaction, (e) the issuance of Equity Interests of IPO Shell Companies to holders of Equity Interests of Holdings in connection with any Qualified IPO Reorganization Transactions, (f) the making of Restricted Payments to (or Investments in) an IPO Shell Company or Holdings or any Subsidiaries to permit Holdings to make distributions or other transfers, directly or indirectly, to IPO Listco, in each case solely for the purpose of paying, and solely in the amounts necessary for IPO Listco to pay, IPO-related expenses

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and the making of such distributions by Holdings, (g) the repurchase or redemption by IPO Listco of its Equity Interests from Holdings, a Borrower or any Restricted Subsidiary, (h) the entry into an exchange agreement, pursuant to which holders of Equity Interests in Holdings will be permitted to exchange such interests for certain Equity Interests in IPO Listco, (i) any issuance, dividend or distribution of the Equity Interests of the IPO Shell Companies or other Disposition of ownership thereof to the IPO Shell Companies and/or the direct or indirect holders of Equity Interests of Holdings and (j) all other transactions reasonably incidental to, or necessary for the consummation of, the foregoing so long as after giving effect to such agreement and the transactions contemplated thereby, the security interests of the Lenders in the Collateral and the Guarantees of the Obligations, taken as a whole, would not be adversely affected.

"**Qualified Proceeds**" means the fair market value of assets that are used or useful in, or Equity Interests of any Person engaged in, a Similar Business.

"**Qualified Securitization Facility**" means any Securitization Facility (a) constituting a securitization financing facility that meets the following conditions: (i) the board of directors or management of the Borrower shall have determined in good faith that such Securitization Facility, is in the aggregate economically fair and reasonable to the Borrower, and (ii) all sales and/or contributions of Securitization Assets and related assets to the applicable Securitization Subsidiary are made at fair market value (as determined in good faith by the Borrower) or (b) constituting a receivables or payables financing or factoring facility.

"**Qualifying Lender**" has the meaning set forth in Section 2.05(a)(v)(D)(3).

"**Rating Agencies**" means Moody's, S&P, Fitch and Kroll Bond Rating Agency.

"**Real Property**" means, collectively, all right, title and interest (including any leasehold, mineral or other estate) in and to any and all parcels of or interests in real property owned or leased by any Person, whether by lease, license or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures and equipment thereon, all general intangibles and contract rights and other property and rights incidental to the ownership, lease or operation thereof.

"**Recipient**" means (a) the Administrative Agent, (b) any Lender or (c) any L/C Issuer, as applicable.

"**Refinanced Debt**" has the meaning set forth in the definition of "Credit Agreement Refinancing Indebtedness".

"**Refinancing Amendment**" means an amendment to this Agreement executed by each of (a) the Borrower, (b) Holdings, (c) the Administrative Agent, (d) each Additional Refinancing Lender and (e) each Lender that agrees to provide any portion of Refinancing Term Loans, Other Revolving Credit Commitments or Other Revolving Credit Loans incurred pursuant thereto, in accordance with Section 2.15.

"**Refinancing Series**" means all Refinancing Term Loans, Refinancing Term Commitments, Other Revolving Credit Commitments or Other Revolving Credit Loans that are established pursuant to the same Refinancing Amendment (or any subsequent Refinancing Amendment to the extent such Refinancing Amendment expressly provides that the Refinancing Term Loans, Refinancing Term Commitments, Other Revolving Credit Commitments or Other Revolving Credit Loans provided for therein are intended to be a part of any previously established Refinancing Series) and that provide for the same All-In Yield and, in the case of Refinancing Term Loans or Refinancing Term Commitments, amortization schedule.

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"**Refinancing Term Commitments**" means one or more Classes of Term Commitments hereunder that are established to fund Refinancing Term Loans of the applicable Refinancing Series hereunder pursuant to a Refinancing Amendment.

"**Refinancing Term Loans**" means one or more Classes of Term Loans hereunder that result from a Refinancing Amendment.

"**Register**" has the meaning set forth in Section 10.07(d).

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

"**Release**" means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, disposing or migrating into or through the Environment.

"**Replacement Event**" has the meaning set forth in the definition of "Term SOFR".

"**Reportable Event**" means any of the events set forth in Section 4043(c) of ERISA or the regulations issued thereunder with respect to a Pension Plan, other than events for which the thirty (30) day notice period has been waived.

"**Request for Credit Extension**" means (a) with respect to a Borrowing, continuation or conversion of Term Loans or Revolving Credit Loans, a Committed Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Issuance Request and (c) with respect to a Swing Line Loan, a Swing Line Loan Notice.

"**Required Class Lenders**" means, with respect to any Class on any date of determination, Lenders having more than 50% of the sum of (i) the outstanding Loans under such Class and (ii) the aggregate unused Commitments under such Class; *provided* that the unused Commitments of, and the portion of the outstanding Loans under such Class held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of the Required Class Lenders; *provided, further,* that, to the same extent set forth in Section 10.07(m) with respect to determination of Required Lenders, the Loans of any Affiliated Lender shall in each case be excluded for purposes of making a determination of Required Class Lenders.

"**Required Facility Lenders**" means, as of any date of determination, with respect to any Facility, Lenders having more than 50% of the sum of (a) the Total Outstandings under such Facility (with the aggregate amount of each Lender's risk participation and funded participation in L/C Obligations and Swing Line Loans, as applicable, under such Facility being deemed "**held**" by such Lender for purposes of this definition) and (b) the aggregate unused Commitments under such Facility; *provided* that the unused Commitments of, and the portion of the Total Outstandings under such Facility held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of the Required Facility Lenders; *provided, further*, that, to the same extent set forth in Section 10.07(m) with respect to determination of Required Lenders, the Loans of any Affiliated Lender shall in each case be excluded for purposes of making a determination of Required Facility Lenders.

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"**Required Lenders**" means, as of any date of determination, Lenders having more than 50% of the sum of the (a) Total Outstandings (with the aggregate amount of each Lender's risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed "held" by such Lender for purposes of this definition), (b) aggregate unused Term Commitments and (c) aggregate unused Commitments in respect of Revolving Credit Loans; *provided* that the unused Term Commitment and unused Commitments in respect of Revolving Credit Loans of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders; *provided, further*, that, to the same extent set forth in Section 10.07(m) with respect to determination of Required Lenders, the Loans of any Affiliated Lender shall in each case be excluded for purposes of making a determination of Required Lenders; *provided, further*, that, in the event there are three or more unaffiliated Lenders, Required Lenders shall also require at least two of such Lenders.

"**Required Revolving Credit Lenders**" means, as of any date of determination, Revolving Credit Lenders having more than 50% of the sum of the (a) Outstanding Amount of all Revolving Credit Loans and Swing Line Loans and all L/C Obligations (with the aggregate amount of each Lender's risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed "held" by such Lender for purposes of this definition) and (b) aggregate unused Commitments in respect of Revolving Credit Loans; *provided* that such unused Commitment of, and the portion of the Outstanding Amount of all Revolving Credit Loans and Swing Line Loans and all L/C Obligations held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Revolving Credit Lenders.

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

"**Responsible Officer**" means the chief executive officer, director, president, vice president, chief financial officer, chief legal officer, treasurer, assistant treasurer, controller or assistant controller or other similar officer of a Loan Party or designee of a Responsible Officer and in the case of a limited partnership or an exempted limited partnership, any officer or director of the general partner or ultimate general partner, as the case may be, and, as to any document delivered on the Closing Date, any secretary or assistant secretary of such Loan Party and any officer or employee of the applicable Loan Party whose signature is included on an incumbency certificate or similar certificate reasonably satisfactory to the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, limited liability company, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

"**Restricted Payment**" means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests of the Borrower or any Restricted Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such Equity Interest, or on account of any return of capital to the Borrower's or a Restricted Subsidiary's stockholders, partners or members (or the equivalent Persons thereof).

"**Restricted Subsidiary**" means any Subsidiary of the Borrower other than an Unrestricted Subsidiary.

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"**Revaluation Date**" means (a) with respect to any Loan denominated in an Approved Currency, each of the following: (i) each date of a Borrowing of such Loan, (ii) each date of a continuation of such Loan pursuant to the terms of this Agreement, (iii) the last day of each fiscal quarter of the Borrower and (iv) in the case of a Revolving Credit Loan, the date of any voluntary reduction of a Commitment in respect thereof pursuant to Section 2.06(a); (b) with respect to any Letter of Credit denominated in an Approved Currency, each of the following: (i) each date of issuance of such Letter of Credit, (ii) each date of any amendment of such Letter of Credit that would have the effect of increasing the face amount thereof and (iii) the last day of each fiscal quarter; (c) such additional dates as the Administrative Agent or the respective L/C Issuer shall determine, or the Required Revolving Credit Lenders shall require, at any time when (i) an Event of Default has occurred and is continuing or (ii) to the extent that, and for so long as, the aggregate Revolving Credit Exposure of all Revolving Credit Lenders (for such purpose, using the Dollar Equivalent in effect for the most recent Revaluation Date) exceeds 90% of the aggregate principal amount of the Commitments in respect of Revolving Credit Loans; and (d) the last day of each fiscal quarter.

"**Revolver Modification Request**" has the meaning set forth in Section 2.16(b).

"**Revolver Modification Series**" has the meaning set forth in Section 2.16(b).

"**Revolving Commitment Increase**" has the meaning set forth in Section 2.14(a).

"**Revolving Credit Borrowing**" means a borrowing consisting of simultaneous Revolving Credit Loans of the same Type, in the same Approved Currency, and, in the case of Term SOFR Loans, having the same Interest Period made by each of the Revolving Credit Lenders under this Agreement.

"**Revolving Credit Commitment**" means, as to each Revolving Credit Lender, its obligation to (a) make Revolving Credit Loans to the Borrower pursuant to Section 2.01(b), (b) purchase participations in L/C Obligations in respect of Letters of Credit and (c) purchase participations in Swing Line Loans, in an aggregate Principal Amount at any one time outstanding not to exceed the amount set forth opposite such Lender's name on Schedule 1.01(A) under the caption "**Revolving Credit Commitments**" or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including Section 2.14). The aggregate Revolving Credit Commitments of all Revolving Credit Lenders shall be $250,000,000, on the Closing Date, as such amount may be adjusted from time to time in accordance with the terms of this Agreement.

"**Revolving Credit Exposure**" means, as to each Revolving Credit Lender, the sum of the amount of the outstanding Principal Amount of such Revolving Credit Lender's Revolving Credit Loans and its Pro Rata Share or other applicable share provided for under this Agreement of the amount of the L/C Obligations and the Swing Line Obligations at such time.

"**Revolving Credit Facility**" means, at any time, the aggregate amount of the Revolving Credit Commitments at such time.

"**Revolving Credit Lender**" means, at any time, any Lender that has a Commitment in respect of Revolving Credit Loans at such time, including Revolving Credit Commitment, Incremental Revolving Credit Commitment, Modified Revolving Credit Commitment of a given Modification Series and Other Revolving Credit Commitment of a given Refinancing Series, or, if such Commitments have terminated, Revolving Credit Exposure.

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"**Revolving Credit Loans**" means any loan pursuant to Section 2.01(b), Incremental Revolving Credit Loans, Other Revolving Credit Loans or Modifying Revolving Credit Loans, as the context may require.

"**Revolving Credit Note**" means a promissory note of the Borrower payable to any Revolving Credit Lender or its registered assigns, in substantially the form of Exhibit D-2 hereto, evidencing the aggregate Indebtedness of the Borrower to such Revolving Credit Lender resulting from the Revolving Credit Loans made by such Revolving Credit Lender to the Borrower.

"**S&P**" means S&P Global Ratings, a business unit of Standard & Poor's Financial Services LLC, and any successor thereto.

"**Sale and Lease-Back Transaction**" means any arrangement providing for the leasing (or similar arrangement) by the Borrower or any of its Restricted Subsidiaries of any Real Property or tangible personal property, which property has been or is to be sold or transferred by the Borrower or such Restricted Subsidiary to a third Person in contemplation of such leasing (or similar arrangement); *provided* that any leasing arrangement by any entity other than the Borrower or a Restricted Subsidiary of the Borrower shall not constitute a Sale and Lease-Back Transaction.

"**Same Day Funds**" means immediately available funds.

"**Sanction(s)**" means any international economic sanction administered or enforced by the United States government (including without limitation, OFAC), the United Nations Security Council, the European Union or His Majesty's Treasury.

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

"**Secured Hedge Agreement**" means any Swap Contract that is entered into by and between the Borrower or any Restricted Subsidiary and any Approved Counterparty (unless otherwise designated in writing by the Borrower and the applicable Approved Counterparty to the Administrative Agent as "unsecured", which notice may designate all Swap Contracts under a specified Master Agreement as unsecured).

"**Secured Parties**" means, collectively, the Administrative Agent, the Collateral Agent, the Lenders, the L/C Issuers, the Swing Line Lenders, any Approved Counterparty party to a Secured Hedge Agreement or Treasury Services Agreement, the Supplemental Agents and each co-agent or sub-agent appointed by the Administrative Agent or Collateral Agent from time to time pursuant to Section 9.02.

"**Securities Act**" means the Securities Act of 1933, as amended.

"**Securitization Assets**" means the accounts receivable, royalty or other revenue streams and other rights to payment and any other assets subject to a Qualified Securitization Facility and the proceeds thereof.

"**Securitization Facility**" means any of one or more receivables, factoring or securitization financing facilities as amended, supplemented, modified, extended, renewed, restated or refunded from time to time, the obligations of which are non-recourse (except for customary representations, warranties, covenants, performance guaranties and indemnities made in connection with such facilities) to the Borrower or any of its Restricted Subsidiaries (other than a Securitization

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Subsidiary) pursuant to which the Borrower or any of its Restricted Subsidiaries sells or grants a security interest in its accounts receivable, payables or Securitization Assets or assets related thereto to either (a) a Person that is not a Restricted Subsidiary or (b) a Securitization Subsidiary that in turn sells its accounts receivable, payable or Securitization Assets or assets related thereto to a Person that is not a Restricted Subsidiary.

"**Securitization Fees**" means distributions or payments made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other fees paid to a Person that is not a Securitization Subsidiary in connection with, any Qualified Securitization Facility.

"**Securitization Subsidiary**" means any Subsidiary formed for the purpose of, and that engages in one or more Qualified Securitization Facilities and other activities reasonably related thereto.

"**Security Agreement**" means the Security Agreement substantially in the form of Exhibit G, dated as of the Closing Date, among Holdings, the Borrower, certain Subsidiaries of the Borrower and the Collateral Agent.

"**Security Agreement Supplement**" has the meaning set forth in the Security Agreement.

"**Short Derivative Instrument**" means a Derivative Instrument (i) the value of which generally decreases, and/or the payment or delivery obligations under which generally increase, with positive changes to the Performance References and/or (ii) the value of which generally increases, and/or the payment or delivery obligations under which generally decrease, with negative changes to the Performance References.

"**Similar Business**" means (1) any business conducted or proposed to be conducted by the Borrower or any of its Restricted Subsidiaries on the Closing Date, and any reasonable extension thereof, or (2) any business or other activities that are reasonably similar, ancillary, incidental, complementary or related to, or a reasonable extension, development or expansion of, the businesses in which the Borrower and its Restricted Subsidiaries are engaged or propose to be engaged on the Closing Date.

"**Sixth Street**" means Sixth Street Lending Partners, together with its affiliated funds, related funds and investment vehicles.

"**SOFR**" with respect to any day means the secured overnight financing rate published for such day by the NYFRB, as the administrator of the benchmark (or a successor administrator), on the NYFRB's Website.

"**SOFR Determination Date**" has the meaning specified in the definition of "Daily Simple SOFR".

"**SOFR Rate Day**" has the meaning specified in the definition of "Daily Simple SOFR".

"**Sold Entity or Business**" has the meaning set forth in the definition of the term "Consolidated EBITDA."

"**Solicited Discount Proration**" has the meaning set forth in Section 2.05(a)(v)(D)(3).

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"**Solicited Discounted Prepayment Amount**" has the meaning set forth in Section 2.05(a)(v)(D)(1).

"**Solicited Discounted Prepayment Notice**" means a written notice of the Borrower of Solicited Discounted Prepayment Offers made pursuant to Section 2.05(a)(v)(D)(1) substantially in the form of Exhibit K-6.

"**Solicited Discounted Prepayment Offer**" means the irrevocable written offer by each Lender, substantially in the form of Exhibit K-7, submitted following the Auction Agent's receipt of a Solicited Discounted Prepayment Notice.

"**Solicited Discounted Prepayment Response Date**" has the meaning set forth in Section 2.05(a)(v)(D)(1).

"**Solvent**" and "**Solvency**" mean, with respect to any Person on any date of determination, that on such date (a) the fair value of the assets of such Person and its Subsidiaries, on a consolidated basis, exceeds, on a consolidated basis, their debts and liabilities, subordinated, contingent or otherwise, (b) the present fair saleable value of the property of such Person and its Subsidiaries, on a consolidated basis, is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured in the ordinary course of business, (c) such Person and its Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, subordinated, contingent or otherwise, as such liabilities become absolute and matured in the ordinary course of business and (d) such Person and its Subsidiaries, on a consolidated basis, are not engaged in, and are not about to engage in, business for which they have unreasonably small capital. The amount of any contingent liability at any time shall be computed as the amount that would reasonably be expected to become an actual and matured liability.

"**SPAC IPO**" means the acquisition, purchase, merger, amalgamation or other combination of the Borrower or any direct or indirect parent company of the Borrower, by, or with, a publicly traded special purpose acquisition company or targeted acquisition company or any entity similar to the foregoing (a "SPAC IPO Entity") that results in any common Equity Interests of the Borrower, any direct or indirect parent company of the Borrower or such SPAC IPO Entity (or its successor by merger, amalgamation or other combination) being publicly traded on any United States national securities exchange or over-the-counter market, or any analogous exchange or market in Canada, the United Kingdom or any country of the European Union.

"**SPAC IPO Entity**" has the meaning set forth in the definition of "SPAC IPO".

"**SPC**" has the meaning set forth in Section 10.07(h).

"**Specified Discount**" has the meaning set forth in Section 2.05(a)(v)(B).

"**Specified Discount Prepayment Amount**" has the meaning set forth in Section 2.05(a)(v)(B).

"**Specified Discount Prepayment Notice**" means a written notice of the Borrower of a Borrower Offer of Specified Discount Prepayment made pursuant to Section 2.05(a)(v)(B) substantially in the form of Exhibit K-8.

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"**Specified Discount Prepayment Response**" means the irrevocable written response by each Lender, substantially in the form of Exhibit K-9, to a Specified Discount Prepayment Notice.

"**Specified Discount Prepayment Response Date**" has the meaning set forth in Section 2.05(a)(v)(B).

"**Specified Discount Proration**" has the meaning set forth in Section 2.05(a)(v)(B)(2).

"**Specified Equity Contribution**" means any cash contribution to the common equity of Borrower and/or any purchase or investment in an Equity Interests of the Borrower other than Disqualified Equity Interests.

"**Specified Guarantor**" means any Guarantor that is not an "eligible contract participant" under the Commodity Exchange Act (determined prior to giving effect to Section 11.12).

"**Specified Representations**" means those representations and warranties made by the Borrower and the Guarantors in Sections 5.01(a) (in respect of the existence of the Borrower and the Guarantors only), 5.01(b)(ii), 5.02(a), 5.02(b)(i), 5.04, 5.12, 5.16, 5.18(a)(ii), 5.18(c)(i), 5.18(c)(ii) (with respect to OFAC only) and 5.19(a) (with respect to the creation, validity and perfection of the security interest in the Collateral provided on the Closing Date only).

"**Specified Transaction**" means any Investment, Disposition, incurrence or prepayment, redemption, repurchase, defeasance, acquisition or similar payment, extinguishment, retirement or repayment of Indebtedness, Restricted Payment, Subsidiary designation, Business Expansion, Incremental Term Loan, Permitted Change of Control, Incremental Revolving Facility or Revolving Commitment Increase in respect of which the terms of this Agreement require any test to be calculated on a "Pro Forma Basis" or after giving "Pro Forma Effect"; *provided* that a Revolving Commitment Increase or Incremental Revolving Facility, for purposes of this "Specified Transaction" definition, shall be deemed to be fully drawn.

"**Sponsor**" means collectively, (a) prior to a Permitted Change of Control, (i) BCP Tucson Aggregator LP, BRE Tucson Holdings L.P. and/or their respective Affiliates and (ii) the Blackstone Funds and/or any of its Affiliates and funds or partnerships managed or advised by them or their respective Affiliates and (b) following a Permitted Change of Control (other than a Strategic Permitted Change of Control), the applicable Permitted Acquiror and/or any of their Affiliates and funds or partnership managed or advised by them or their respective Affiliates (provided that, following a Permitted Change of Control, each of the entities listed in the foregoing clause (a) may still be a "Sponsor" for purposes hereof to the extent that they continue to directly or indirectly hold beneficial ownership of Equity Interests of the Borrower).

"**Spot Rate**" means, for any currency, the rate determined by the Administrative Agent for the purchase of such currency with another currency as published on the applicable Bloomberg screen page at or about 11:00 a.m. (London time) on the date two Business Days prior to the date as of which the foreign exchange computation is made. In the event that such rate does not appear on the applicable Bloomberg screen page, the "Spot Rate" with respect to the purchase of such currency with another currency shall be determined by reference to such other publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Borrower, or, in the absence of such agreement, such "Spot Rate" shall instead be the rate determined by the Administrative Agent to be the rate quoted by the Administrative Agent as the spot rate for the purchase by the Administrative Agent of such currency with another currency through its principal foreign exchange trading office in respect of such currency at approximately 11:00 a.m. (local time) on the date two Business Days prior to the date as of which the foreign exchange computation is made.

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"**Sterling**" and "**£**" mean freely transferable lawful money of the United Kingdom (expressed in pounds sterling).

"**Strategic Permitted Change of Control**" means a Permitted Change of Control in respect of which the Permitted Acquiror is not a private equity sponsor and is not directly or indirectly controlled by a private equity sponsor.

"**Subject Indebtedness**" has the meaning set forth in the term "Intercreditor Agreements."

"**Submitted Amount**" has the meaning set forth in Section 2.05(a)(v)(C)(1).

"**Submitted Discount**" has the meaning set forth in Section 2.05(a)(v)(C)(1).

"**Subordinated Financing**" means any Indebtedness for borrowed money that is or is required to be contractually subordinated, in right of payment to the Obligations pursuant to the terms of the Loan Documents with an aggregate principal amount outstanding in excess of the Threshold Amount.

"**Subordinated Financing Documentation**" means any documentation governing any Subordinated Financing.

"**Subsidiary**" of a Person means a corporation, partnership, limited partnership, joint venture, limited liability company or other business entity of which (i) a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, (ii) more than half of the issued share capital is at the time beneficially owned or (iii) the management of which is otherwise controlled, directly or indirectly, through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a "Subsidiary" or to "Subsidiaries" shall refer to a Subsidiary or Subsidiaries of the Borrower. For the avoidance of doubt, unless otherwise specified, any entity that is owned at a 50.0% or less level (as described above) shall not be a "Subsidiary" for any purpose under this Agreement, regardless of whether such entity is consolidated on Holdings', the Borrower's or any Restricted Subsidiary's financial statements.

"**Subsidiary Guarantor**" means, collectively, the Subsidiaries of the Borrower that are Guarantors.

"**Successor Alternative Benchmark Rate**" has the meaning set forth in the definition of "Term SOFR".

"**Successor Borrower**" has the meaning set forth in Section 7.04(d)(I).

"**Successor Holdings**" has the meaning set forth in Section 7.04(d)(II).

"**Supplemental Agent**" has the meaning set forth in Section 9.14(a) and "**Supplemental Agents**" shall have the corresponding meaning.

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"**Support and Services Agreement**" means the management services or similar agreements or the management services provisions contained in an investor rights agreement or other equityholders' agreement, as the case may be, between certain of the management companies associated with the Investors or their advisors or Affiliates, if applicable, and the Borrower (and/or its direct or indirect parent companies or Subsidiaries), as in effect from time to time.

"**Supported QFC**" has the meaning set forth in Section 10.26.

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

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

"**Swap Obligation**" means, with respect to any Person, any obligation to pay or perform under any Swap Contract.

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

"**Swing Line Borrowing**" means a borrowing of a Swing Line Loan pursuant to Section 2.04.

"**Swing Line Commitment**" means, as to each Swing Line Lender, its obligation to make Swing Line Loans to the Borrower pursuant to Section 2.04, in an aggregate Principal Amount at any one time outstanding not to exceed the amount set forth opposite such Lender's name on Schedule 1.01(A) under the caption "**Swing Line Commitments**".

"**Swing Line Facility**" means the swing line loan facility made available by the Swing Line Lenders pursuant to Section 2.04.

"**Swing Line Lender**" means each of Sixth Street Lending Partners, Sixth Street Specialty Lending, Inc., TAO Talents, LLC, and any Affiliate thereof with similar creditworthiness to such Swing Line Lender, in its capacity as a provider of Swing Line Loans or any successor swing line lender hereunder.

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"**Swing Line Loan**" has the meaning set forth in Section 2.04(a).

"**Swing Line Loan Notice**" means a notice of a Swing Line Borrowing pursuant to Section 2.04(b), which, if in writing, shall be substantially in the form of Exhibit C or such other form as approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed by a Responsible Officer of the Borrower.

"**Swing Line Note**" means a promissory note of the Borrower payable to the Swing Line Lenders or its registered assigns, in substantially the form of Exhibit D-3 hereto, evidencing the aggregate Indebtedness of the Borrower to the Swing Line Lenders resulting from the Swing Line Loans.

"**Swing Line Obligations**" means, as of any date of determination, the aggregate principal amount of all Swing Line Loans outstanding.

"**Swing Line Sublimit**" means an amount equal to the lesser of (a) $15,000,000 and (b) the aggregate principal amount of the Revolving Credit Commitments. The Swing Line Sublimit is part of, and not in addition to, the Revolving Credit Commitments.

"**Tax Group**" has the meaning set forth in Section 7.06(i)(iii).

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

"**Term Borrowing**" means a borrowing consisting of simultaneous Term Loans of the same Class and Type and, in the case of Term SOFR Loans, having the same Interest Period made by each of the Term Lenders pursuant to Sections 2.01(a) and 2.01(c), an Incremental Amendment, a Refinancing Amendment or a Credit Extension.

"**Term Commitment**" means, as to each Term Lender, its obligation to make a Term Loan to the Borrower hereunder, expressed as an amount representing the maximum principal amount of the Term Loan to be made by such Term Lender under this Agreement, as such commitment may be (a) reduced from time to time pursuant to Section 2.06 and (b) reduced or increased from time to time pursuant to (i) assignments by or to such Term Lender pursuant to an Assignment and Assumption, (ii) an Incremental Amendment, (iii) a Refinancing Amendment or (iv) a Credit Extension.

"**Term Lender**" means, at any time, any Lender that has a Term Commitment or a Term Loan at such time.

"**Term Loan Modification Request**" has the meaning set forth in Section 2.16(a).

"**Term Loan Modification Series**" has the meaning set forth in Section 2.16(a).

"**Term Loan Increase**" has the meaning set forth in Section 2.14(a).

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"**Term Loan Standstill Period**" has the meaning set forth in Section 8.01(b).

"**Term Loans**" means any Initial Term Loan, Incremental Term Loan, Refinancing Term Loan or Modified Term Loan designated as a "Term Loan," as the context may require.

"**Term Note**" means a promissory note of the Borrower payable to any Term Lender or its registered assigns, in substantially the form of Exhibit D-1 hereto, evidencing the aggregate Indebtedness of the Borrower to such Term Lender resulting from the Term Loans of the applicable Class made by such Term Lender.

"**Term SOFR**" means, (a) for any calculation with respect to a Term SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "**Periodic Term SOFR Determination Day**") that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; *provided*, *however*, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator, then, at the option of the Borrower, (i) Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than five (5) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day or (ii) Term SOFR shall be deemed to equal Daily Simple SOFR for each day the applicable Loan remains outstanding, and (b) for any calculation with respect to a Base Rate Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day, the "**Base Rate Term SOFR Determination Day**") that is two (2) U.S. Government Securities Business Days prior to such day, as such rate is published by the Term SOFR Administrator; *provided*, *however*, that if as of 5:00 p.m. (New York City time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than five (5) U.S. Government Securities Business Days prior to such Base Rate Term SOFR Determination Day; *provided further* that, in no case shall Term SOFR for any Facility be less than the Applicable Term SOFR Floor;

*provided further* that, if (i) the Borrower and the Administrative Agent reasonably determine in good faith that an interest rate is not ascertainable pursuant to the foregoing provisions of this definition and the inability to ascertain such rate is unlikely to be temporary or (ii) the Applicable Authority has made a public statement identifying a specific date after which all tenors of Term SOFR (including any forward-looking term rate thereof) shall or will no longer be representative or made available, or used for determining the interest rate of loans denominated in Dollars, or shall or will otherwise cease, provided that, in each case, at the time of such statement, there is no successor administrator that is reasonably satisfactory to the Administrative Agent that will continue to provide such representative tenor(s) of Term SOFR (any such event or circumstance in the foregoing clauses (i) and (ii) of this proviso, a "**Replacement Event**"), "Term SOFR" shall be replaced by an alternate rate of interest established by the Administrative Agent and the Borrower that is generally accepted as one of the then prevailing market conventions for determining a rate of interest for similar syndicated loans in the United States at such time, which shall include (A) the spread or method for determining a spread or other adjustment or modification

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that is generally accepted as one of the then prevailing market conventions for determining such spread, method, adjustment or modification and (B) other adjustments to such alternate rate and this Agreement (x) to not increase or decrease the pricing in effect at the time of selection of such alternate rate (but, for the avoidance of doubt, which would not reduce the Applicable Rate) and (y) other changes necessary to reflect the available interest periods for such alternate rate for similar syndicated leveraged loans of this type in the United States at such time (any such rate, the "**Successor Alternative Benchmark Rate**"). The Administrative Agent and the Borrower shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable and, notwithstanding anything to the contrary in Section 10.01, such amendment shall become effective without any further action or consent of any other party to this Agreement; *provided*, *further*, that if a Successor Alternative Benchmark Rate has not been established pursuant to the immediately preceding proviso after the Borrower and the Administrative Agent have reached such a determination, the Borrower and the Required Facility Lenders with respect to any Facility may select a different alternate rate as long as it is reasonably practicable for the Administrative Agent to administer such different rate and, upon not less than 15 Business Days' prior written notice to the Administrative Agent, the Required Facility Lenders with respect to such Facility and the Borrower shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable and, notwithstanding anything to the contrary in Section 10.01, such amendment shall become effective without any further action or consent of any other party to this Agreement. Notwithstanding the foregoing, if Term SOFR as so determined would be less than the Applicable Term SOFR Floor with respect to any Facility, such rate shall be deemed to be the Applicable Term SOFR Floor with respect to such Facility for purposes of this Agreement. For the avoidance of doubt, if a Replacement Event occurs, the Applicable Rate for any Loan shall be determined in accordance with the proviso to clause (a) or (b) of this definition, as applicable, until the date a Successor Alternative Benchmark Rate or other alternative term rate determined pursuant to the proviso above has been established in accordance with the requirements of this definition.

"**Term SOFR Administrator**" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate as mutually agreed by the Administrative Agent and the Borrower).

"**Term SOFR Loan**" means any Loan (or any one or more portions thereof) that bears interest based on Term SOFR.

"**Term SOFR Reference Rate**" means the forward-looking term rate based on SOFR.

"**Test Period**" means, for any date of determination under this Agreement, the latest four consecutive fiscal quarters of the Borrower for which financial statements have been delivered to the Administrative Agent on or prior to the Closing Date and/or for which financial statements are required to be delivered pursuant to Section 6.01, as applicable.

"**Threshold Amount**" means the greater of (i) $142,500,000 and (ii) 30% of LTM Consolidated EBITDA.

"**Total Assets**" means the total assets of the Borrower and the Restricted Subsidiaries on a consolidated basis in accordance with GAAP, as shown on the most recent balance sheet of the Borrower delivered pursuant to Sections 6.01(a) or (b) or, for the period prior to the time any such statements are so delivered pursuant to Section 6.01(a) or (b), the Unaudited Financial Statements for the fiscal quarter ended September 30, 2024.

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"**Total Outstandings**" means the aggregate Outstanding Amount of all Loans and all L/C Obligations.

"**Transaction Expenses**" means any fees or expenses incurred or paid by the Investors, Holdings, the Borrower or any of its (or their) Subsidiaries in connection with the Transactions (including expenses in connection with hedging transactions related to the Facilities, any OID or upfront fees, payments to officers, employees and directors as change of control payments, severance payments, special or retention bonuses and charges for repurchase or rollover of, or modifications to, stock options), this Agreement, the other Loan Documents, the Support and Services Agreement and the transactions contemplated hereby and thereby.

"**Transactions**" means, collectively, (a) the funding of the Initial Term Loans and any Initial Revolving Borrowing on the Closing Date and the execution and delivery of the Loan Documents entered into on the Closing Date, (b) the making of the Equity Investment, (c) the Closing Date Refinancing, (d) the payment of Transaction Expenses and (e) the consummation of any other transaction in connection with the foregoing.

"**Treasury Services Agreement**" means any agreement between the Borrower or any Restricted Subsidiary and any Approved Counterparty relating to treasury, depository, credit card, debit card, stored value cards, purchasing or procurement cards and cash management services or automated clearinghouse transfer of funds or any overdraft or similar services.

"**Type**" means, with respect to a Loan, its character as a Base Rate Loan. a Term SOFR Loan or a Daily SOFR Loan.

"**U.S. Government Securities Business Day**" means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"**U.S. Special Resolution Regimes**" has the meaning set forth in Section 10.26.

"**UCC Filing Collateral**" means any Collateral, including Collateral constituting investment property, for which a security interest can be perfected by filing a UCC-1 financing statement.

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

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

"**Unaudited Financial Statements**" means the unaudited consolidated balance sheets of the Borrower and its Restricted Subsidiaries as of March 31, 2024, June 30, 2024 and September 30, 2024 and the related statements of operations and cash flows for the fiscal quarters then ended.

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"**Uniform Commercial Code**" or "**UCC**" means the Uniform Commercial Code as the same may from time to time be in effect in the State of New York or the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be required to apply to any item or items of Collateral.

"**United States**" and "**U.S.**" mean the United States of America.

"**United States Tax Compliance Certificate**" has the meaning set forth in <u>Section</u> <u>3.01(d)(B)(III)</u>.

"**Unreimbursed Amount**" has the meaning set forth in Section 2.03(c)(i).

"**Unrestricted Cash**" means, as to any Person on any date of determination, the amount of (a) unrestricted cash and Cash Equivalents of such Person and (b) cash and Cash Equivalents of such Person that are restricted in favor of the Facilities and/or other equal priority (without giving effect to control of remedies) or junior secured Indebtedness not prohibited under this Agreement (which may also include cash and Cash Equivalents securing other Indebtedness that is secured by a Lien on the Collateral along with the Facilities and/or other equal priority (without giving effect to control of remedies) or junior secured Indebtedness not prohibited under this Agreement). For the avoidance of doubt, Unrestricted Cash of the Borrower and its Restricted Subsidiaries shall include any cash and Cash Equivalents of the Borrower or its Restricted Subsidiaries used to Cash Collateralize any Letter of Credit.

"**Unrestricted Subsidiary**" means (i) as of the Closing Date, each Subsidiary of the Borrower listed on Schedule 1.01(C), (ii) any Subsidiary of the Borrower designated by the Borrower as an Unrestricted Subsidiary pursuant to Section 6.14 subsequent to the Closing Date and (iii) any Subsidiary of an Unrestricted Subsidiary.

"**USA PATRIOT Act**" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56, as amended or modified from time to time.

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

"**wholly owned**" means, with respect to a Subsidiary of a Person, a Subsidiary of such Person all of the outstanding Equity Interests of which (other than (x) director's qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable Law) are owned by such Person and/or by one or more wholly owned Subsidiaries of such Person.

"**Withholding Agent**" means the Borrower, any Guarantor or the Administrative Agent.

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

"**Yield Differential**" has the meaning set forth in Section 2.14(e)(iii).

Section 1.02. *Other Interpretive Provisions*. With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The words "herein," "hereto," "hereof" and "hereunder" and words of similar import when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article, Section, Exhibit and Schedule references are to the Loan Document in which such reference appears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The term "including" is by way of example and not limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The term "documents" includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the computation of periods of time from a specified date to a later specified date, the word "from" means "from and including"; the words "to" and "until" each mean "to but excluding"; and the word "through" means "to and including."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In connection with any action being taken in connection with a Limited Condition Transaction (including any Credit Extension, any incurrence or assumption of Indebtedness and the use of proceeds thereof, the incurrence or assumption of any Liens or the making of any Investments, Restricted Payments or Disposition, or the repayment of any Indebtedness for which an irrevocable notice of prepayment or redemption is required, in each case, in connection with such Limited Condition Transaction), for purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) determining compliance with any provision of this Agreement which requires the calculation of the Consolidated First Lien Net Leverage Ratio, the Consolidated Secured Net Leverage Ratio, or the Consolidated Total Net Leverage Ratio; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) testing availability under baskets or any other calculations set forth in this Agreement (including baskets or any other calculations measured as a percentage of Total Assets or Consolidated EBITDA, or by reference to the Cumulative Credit or the Available RP Capacity Amount, if any),

in each case, at the option of the Borrower (the Borrower's election to exercise such option in connection with any Limited Condition Transaction, an "**LCT Election**"), the date (the "**LCT Test Date**") of determination of whether any such action is permitted hereunder shall be deemed to be either (a) the date the definitive agreements for such Limited Condition Transaction are entered into or irrevocable prepayment or redemption notices are provided to the applicable holders, as applicable (and not at the time of the consummation of such Limited Condition Transaction), or (b) solely in connection with an acquisition to which the United Kingdom City Code on Takeovers and Mergers (the "**City Code**") or similar law or practices in other jurisdictions apply, the date on which a "Rule 2.7 announcement" of a firm intention to make an offer or similar announcement or determination in another jurisdiction subject to laws similar to the City Code in respect of such target company made in compliance with the City Code or similar law or practices in other jurisdictions (a "**Public Offer**"), and if, after giving pro forma effect to the Limited Condition Transaction and the other transactions to be entered into in connection therewith (including any Credit Extension, incurrence or assumption of Indebtedness and the use of proceeds thereof, the incurrence or assumption of any Liens or the making of any Investments, Restricted Payments or Disposition, or the repayment of any Indebtedness for which an irrevocable notice of prepayment or redemption is required) as if they had occurred at the beginning of the most recent four consecutive fiscal quarters ending prior to the LCT Test Date for which consolidated financial statements of the Borrower are available, the Borrower could have taken such action on the relevant LCT Test Date in compliance with such ratio or basket, such ratio or basket shall be deemed to have been complied with. For the avoidance of doubt, if the Borrower has made an LCT Election and any of the ratios or baskets for which compliance was determined or tested as of the LCT Test Date are exceeded as a result of fluctuations in any such ratio or basket, including due to fluctuations in Total Assets or Consolidated EBITDA of the Borrower or the Person subject to such Limited Condition Transaction, at or prior to the consummation of the relevant transaction or action, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations solely for purposes of determining whether the relevant transaction or action is permitted to be consummated or taken; *provided* that if such ratios or baskets improve as a result of such fluctuations, such improved ratios and/or baskets may be utilized. If the Borrower has made an LCT Election for any Limited Condition Transaction (other than a Permitted Change of Control), then in connection with any subsequent calculation of any ratio or basket availability with respect to the incurrence of Indebtedness or Liens, or the making of Restricted Payments or Investments, Dispositions, or the prepayment, redemption, purchase, defeasance or other satisfaction of Indebtedness on or following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the definitive agreement or notice for, or, as applicable the offer in respect of a Public Offer for, such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction, any such ratio or basket shall be tested by calculating the availability under such ratio or basket on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in connection therewith have been consummated (including any incurrence of Indebtedness and any associated Lien and the use of proceeds thereof). Notwithstanding anything in this Agreement or any Loan Document to the contrary, if the Borrower or its Restricted Subsidiaries (x) incurs Indebtedness, creates Liens, makes Investments, makes Restricted Payments or repays any Indebtedness in

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connection with any Limited Condition Transaction under a ratio-based basket and (y) incurs Indebtedness, creates Liens, makes Investments, makes Restricted Payments or repays any Indebtedness in connection with such Limited Condition Transaction under a non-ratio-based basket (which shall occur within five Business Days of the events in clause (x) above), then the applicable ratio will be calculated with respect to any such action under the applicable ratio-based basket without regard to any such action under such non-ratio-based basket made in connection with such Limited Condition Transaction.

In connection with any action being taken in connection with a Limited Condition Transaction, for purposes of determining compliance with any provision of this Agreement which requires that the representations and warranties be true and correct or that no Default, Event of Default or specified Event of Default, as applicable, has occurred, is continuing or would result from any such action, as applicable, such condition shall, at the option of the Borrower, be deemed satisfied, so long as such representations and warranties are true and correct or no Default, Event of Default or specified Event of Default, as applicable, exists on the date the definitive agreements for such Limited Condition Transaction are entered into, irrevocable prepayment or redemption notices or other applicable notices are provided to the applicable holders or a Public Offer is made, as applicable. For the avoidance of doubt, if the Borrower has exercised its option under this clause (h), and any failure of such representations and warranties to be true and correct or any Default, Event of Default or specified Event of Default, as applicable, occurs following the date the definitive agreements for the applicable Limited Condition Transaction were entered into and prior to the consummation of such Limited Condition Transaction, any such representations and warranties shall be deemed to be true and correct or such Default, Event of Default or specified Event of Default shall be deemed to not have occurred or be continuing, in each case, as applicable, for purposes of determining whether any action being taken in connection with such Limited Condition Transaction is permitted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For purposes of determining whether Holdings, the Borrower and its Restricted Subsidiaries comply with any exception to Article 7 (other than the Financial Covenant) where compliance with any such exception is based on a financial ratio or metric being satisfied as of a particular point in time, it is understood that (A) compliance shall be measured at the time when the relevant event is undertaken, as such financial ratios and metrics are intended to be "incurrence" tests and not "maintenance" tests and (B) correspondingly, any such ratio and metric shall only prohibit the Borrower and its Restricted Subsidiaries from creating, incurring, assuming, suffering to exist or making, as the case may be, any new, for example, Liens, Indebtedness or Investments, but shall not result in any previously permitted, for example, Liens, Indebtedness or Investments ceasing to be permitted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding anything to the contrary herein, financial ratios and tests (including the Consolidated Total Net Leverage Ratio, the Consolidated Secured Net Leverage Ratio, the Consolidated First Lien Net Leverage Ratio and Consolidated EBITDA) contained in this Agreement that are calculated with respect to any Test Period (or most recently ended period of four consecutive fiscal quarters for which financial statements are internally available) during which any Specified Transaction occurs shall be calculated with respect to such period and such Specified Transaction on a Pro Forma Basis. Further, if since the beginning of any such period and on or prior to the date of any required calculation of a financial ratio or test (i) a Specified Transaction shall have occurred or (ii) any Person that subsequently became a Subsidiary or was merged, amalgamated or consolidated with or into the Borrower or any of its Subsidiaries since the beginning of such period shall have consummated any Specified Transaction, then, in each case, any applicable financial ratio or test shall be calculated on a Pro Forma Basis for such period as if such Specified Transaction had occurred at the beginning of the applicable period (it being

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understood, for the avoidance of doubt, that solely for purposes of calculating (x) the Consolidated First Lien Net Leverage Ratio for purposes of the definition of "Applicable Rate" (if and to the extent applicable) and (y) compliance with Section 7.08 (other than for the purpose of determining pro forma compliance with Section 7.08 as a condition to taking any action under this Agreement), the date of the required calculation shall be the last day of the applicable period, and no Specified Transaction occurring thereafter shall be taken into account).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) For purposes of Section 2.14 and the definition of "Available Incremental Amount", (i) to the extent of availability under any applicable ratio based prong under the Available Incremental Amount, unless the Borrower elects otherwise, such availability will be deemed to be used, in connection with any incurrence or establishment of any Incremental Facility or any Incremental Equivalent Debt, prior to the usage of the Free and Clear Incremental Amount, (ii) in the case of incurrence or establishment of any Incremental Facility or any Incremental Equivalent Debt in reliance in part on the Incurrence-Based Incremental Amount and in part on the Free and Clear Incremental Amount prong, (A) the portion incurred in reliance on the Free and Clear Incremental Amount shall be disregarded for purposes of testing under the Incurrence-Based Incremental Amount, but giving full pro forma effect to any increase in the amount of Consolidated EBITDA resulting from the application of the entire amount of such Incremental Facility or Incremental Equivalent Debt and the related transactions and (B) the permissibility of the portion of such Incremental Facility or Incremental Equivalent Debt to be incurred or implemented under the Free and Clear Incremental Amount shall be calculated thereafter and (iii) any portion of any Incremental Facility or Incremental Equivalent Debt that is incurred or implemented under the Free and Clear Incremental Amount will be automatically reclassified as having been incurred under the Incurrence-Based Incremental Amount if, at any time after the incurrence or implementation thereof, such portion of such Incremental Facility or Incremental Equivalent Debt would, using the figures reflected in the financial statements internally available for the most recently ended Test Period, be permitted under the Consolidated First Lien Net Leverage Ratio test, the Consolidated Secured Net Leverage Ratio test, or the Consolidated Total Net Leverage Ratio test, as applicable, set forth as part of the Incurrence-Based Incremental Amount; it being understood and agreed that once such Incremental Facility or Incremental Equivalent Debt is reclassified in accordance with this clause (iii), it shall not further be reclassified as having been incurred under the provision of the definition of "Available Incremental Amount" in reliance on which such Incremental Facility or Incremental Equivalent Debt was originally incurred. For purposes of Article 7, (x) to the extent of availability under any applicable ratio based basket set forth therein, such availability will be deemed to be used prior to the usage of any applicable fixed amount set forth therein and (y) in the case of any incurrence test in reliance on any ratio based basket set forth therein, for purposes of calculating whether such ratio has been satisfied in connection with such incurrence that is substantially concurrently incurred in reliance on any provision thereof that does not require compliance with any financial ratio or test shall be disregarded in the calculation of such ratio, even if, in the case of Indebtedness or Liens, such other Indebtedness or Lien is of the same tranche or series (or, in the case of Liens, secures Indebtedness of the same tranche or series) as such Indebtedness being incurred in reliance on a basket that requires compliance with such ratio. If any commitments under any Incremental Revolving Facility or delayed draw term commitments are deemed to be fully drawn at the time of the initial establishment thereof, any subsequent draws thereunder shall not require compliance with any incurrence basket for purposes of determining whether such Indebtedness is permitted hereunder.

Section 1.03. *Accounting Terms*. (a) All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP, applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein, for purposes of determining compliance with any test or covenant contained in this Agreement with respect to any period during which any Specified Transaction occurs, the Consolidated First Lien Net Leverage Ratio, the Consolidated Secured Net Leverage Ratio, and the Consolidated Total Net Leverage Ratio shall be calculated with respect to such period and such Specified Transaction on a Pro Forma Basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Borrower elects to change the accounting method in which it will prepare its financial statements in accordance with GAAP and such election results in a change in the method of calculation of financial covenants, standards or terms (collectively, the "**GAAP Accounting Changes**") in this Agreement, the Borrower and the Administrative Agent agree to enter into good faith negotiations in order to amend such provisions of this Agreement (including the levels applicable herein to any computation of the Consolidated Total Net Leverage Ratio, the Consolidated First Lien Net Leverage Ratio and the Consolidated Secured Net Leverage Ratio) so as to reflect equitably the GAAP Accounting Changes with the desired result that the criteria for evaluating the Borrower's financial condition shall be substantially the same after such change as if such change had not been made. Until such time as such an amendment shall have been executed and delivered by the Borrower and the Administrative Agent in accordance with the penultimate paragraph of Section 10.07, all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed in accordance with the previous accounting method (as determined in good faith by a Responsible Officer of the Borrower) as if such change had not occurred. For the avoidance of doubt, solely making an election (without any other action) will not (1) be treated as an incurrence of Indebtedness and (2) have the effect of rendering invalid any Restricted Payment or Investment, the incurrence of any Indebtedness or Liens, or the prepayment, redemption, purchase, defeasance or other satisfaction of Indebtedness made prior to the date of such election conditioned on the Borrower and the Restricted Subsidiaries having been able to satisfy any Consolidated Total Net Leverage Ratio, Consolidated First Lien Net Leverage Ratio, Consolidated Secured Net Leverage Ratio, or any other test or action that was previously valid under this Agreement on the date made, incurred or taken and prior to such election, as the case may be.

Section 1.04. *Rounding*. Any financial ratios required to be maintained by the Borrower pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding up if there is no nearest number).

Section 1.05. *References to Agreements, Laws, Etc*. Unless otherwise expressly provided herein, (a) references to Organizational Documents, agreements (including the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other modifications are permitted by the Loan Documents; and (b) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law.

Section 1.06. *Times of Day*. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

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Section 1.07. *Timing of Payment or Performance*. When the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than as described in the definition of Interest Period) or performance shall extend to the immediately succeeding Business Day.

Section 1.08. *Cumulative Credit Transactions*. If more than one action occurs on any given date the permissibility of the taking of which is determined hereunder by reference to the amount of the Cumulative Credit immediately prior to the taking of such action, the permissibility of the taking of each such action shall be determined independently and in no event may any two or more such actions be treated as occurring simultaneously.

Section 1.09. *Additional Approved Currencies*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower may from time to time request that Revolving Credit Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of "Approved Currency"; *provided* that such requested currency is a lawful currency (other than Dollars) that is readily transferable and readily convertible into Dollars in the relevant interbank market. Such request shall be subject to the approval of the Administrative Agent and the applicable Revolving Credit Lenders in the case of any Revolving Credit Loans, in their sole discretion; and, in the case of any such request with respect to the issuance of Letters of Credit, such request shall also be subject to the approval of the applicable L/C Issuer and the Revolving Credit Lenders in their sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m. (New York time), five (5) Business Days prior to the date of the desired Borrowing or issuance of a Letter of Credit (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable L/C Issuer, in its or their sole discretion). In the case of any such request pertaining to (i) in the case of Revolving Credit Loans, the Administrative Agent shall promptly notify each Revolving Credit Lender thereof; and (ii) in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall also promptly notify the applicable L/C Issuer thereof. Each Revolving Credit Lender and the applicable L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m. (New York time), three (3) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Revolving Credit Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any failure by a Term Lender, Revolving Credit Lender or an L/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Term Lender, Revolving Credit Lender or L/C Issuer, as the case may be, to permit Revolving Credit Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and the applicable Term Lenders or all the Revolving Credit Lenders, as the case may be, consent to making Revolving Credit Loans in such requested currency, the Administrative Agent shall so notify Borrower and the Administrative Agent and the Borrower shall enter into an amendment to this Agreement to reflect any necessary interest rate mechanics for such currency and such other related changes to this Agreement as may be applicable and, notwithstanding anything to the contrary in <u>Section</u> <u>10.01</u>, such amendment shall become effective without any further action or consent of any other party to this Agreement. Upon effectiveness of such amendment, such currency shall thereupon be deemed for all purposes to be an Approved Currency hereunder for purposes of any Revolving Credit Loans; and if the applicable L/C Issuer also consents to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and such currency shall thereupon be deemed for all purposes to be an Approved Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.09, the Administrative Agent shall promptly so notify the Borrower.

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ARTICLE 2

THE COMMITMENTS AND CREDIT EXTENSIONS

Section 2.01. *The Loans*. (a) *The Initial Term Loan Borrowings*. Subject to the terms and conditions set forth herein, each Term Lender severally agrees to make to the Borrower on the Closing Date loans denominated in Dollars in an aggregate principal amount not to exceed the amount of such Term Lender's Initial Term Commitment. Amounts borrowed under this Section 2.01(a) and repaid or prepaid may not be reborrowed. Initial Term Loans may be Base Rate Loans or Term SOFR Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *The Revolving Credit Borrowings*. Subject to the terms and conditions set forth herein each Revolving Credit Lender severally agrees to make revolving credit loans denominated in an Approved Currency to the Borrower from its applicable Lending Office from time to time as elected by the Borrower pursuant to Section 2.02, on any Business Day during the period from the Closing Date until the Maturity Date with respect to such Revolving Credit Lender's applicable Revolving Credit Commitment, in an aggregate Principal Amount not to exceed at any time outstanding the amount of such Lender's Revolving Credit Commitment at such time; *provided* that after giving effect to any Revolving Credit Borrowing, the aggregate Outstanding Amount of the Revolving Credit Loans of any Lender, plus such Lender's Pro Rata Share or other applicable share provided for under this Agreement of the Outstanding Amount of all L/C Obligations, *plus* such Lender's Pro Rata Share or the other applicable share provided for under this Agreement of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's Revolving Credit Commitment. Within the limits of each Lender's Revolving Credit Commitments, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01(b), prepay under Section 2.05, and reborrow under this Section 2.01(b). Revolving Credit Loans denominated in Dollars may be Base Rate Loans or Term SOFR Loans, as further provided herein.

Section 2.02. *Borrowings, Conversions and Continuations of Loans*. (a) Each Term Borrowing, each Revolving Credit Borrowing, each conversion of Term Loans or Revolving Credit Loans from one Type to the other, and each continuation of Term SOFR Loans shall be made upon the Borrower's irrevocable written notice to the Administrative Agent. Each such notice must be received by the Administrative Agent not later than (i)(A) 1:00 p.m. New York City time three Business Days prior to the requested date of any Borrowing or continuation of Term SOFR Loans that are Dollar Denominated Loans or any conversion of Base Rate Loans to Term SOFR Loans that are Dollar Denominated Loans and (B) 1:00 p.m. New York City time five Business Days prior to the requested date of any Borrowing or continuation of any Foreign Currency Denominated Loan, and (ii) in the case of a Borrowing of Base Rate Loan or (if applicable) Daily SOFR Loans, 12:00 p.m. New York City time two Business Days prior to the requested date of such Borrowing. Except as provided in Section 2.14(d), each Borrowing of, conversion to or continuation of Term SOFR Loans or (if applicable) Daily SOFR Loans shall be in a minimum principal amount of $500,000, or a whole multiple of $100,000 in excess thereof. Except as provided in Sections 2.03(c) and 2.14(d), each Borrowing of or conversion to Base Rate Loans shall be in a minimum principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each Committed Loan Notice shall specify (i) whether the Borrower is requesting a Term Borrowing of a particular Class, a Revolving Credit Borrowing, a conversion of Term Loans of any Class or Revolving Credit Loans from one Type to the other, or a continuation of Term SOFR Loans, (ii) the requested date

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of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Term Loans of a Class or Revolving Credit Loans are to be converted, (v) in the case of a Revolving Credit Borrowing, the relevant Approved Currency in which such Revolving Credit Borrowing is to be denominated, (vi) if applicable, the duration of the Interest Period with respect thereto and (v) the Borrower's wiring instructions. If the Borrower fails to specify an Approved Currency of a Loan in a Committed Loan Notice, such Loan shall be made in Dollars. If the Borrower fails to specify a Type of Loan in a Committed Loan Notice or fails to give a timely notice requesting a conversion or continuation, then the applicable Term Loans or Revolving Credit Loans shall be made as or converted to (x) in the case of any Loan denominated in Dollars, Base Rate Loans or (y) in the case of any Loan denominated in an Approved Foreign Currency, Term SOFR Loans in the Approved Currency having an Interest Period of one (1) month, as applicable. Any such automatic conversion to Base Rate Loans or one-month Term SOFR Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Term SOFR Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Term SOFR Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one (1) month. No Loan may be converted into or continued as a Loan denominated in another Approved Currency, but instead must be prepaid in the original Approved Currency or reborrowed in another Approved Currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount (and Approved Currency) of its Pro Rata Share or other applicable share provided for under this Agreement of the applicable Class of Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Term SOFR Loans or continuation described in Section 2.02(a). In the case of each Borrowing, each Appropriate Lender shall make the amount of its Loan available to the Administrative Agent in Same Day Funds at the Administrative Agent's Office not later than (i) 1:00 p.m. (New York City time) on the Business Day specified in the applicable Committed Loan Notice for any Borrowing of Term SOFR Loans denominated in Dollars, (ii) the Applicable Time specified by the Administrative Agent on the Business Day specified in the applicable Committed Loan Notice for any Borrowing of Term SOFR Loans denominated in an Approved Foreign Currency and (iii) 1:00 p.m. (New York City time) on the Business Day specified in the applicable Committed Loan Notice for any Borrowing of Base Rate Loans. Upon receipt of all requested funds, the Administrative Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent by wire transfer of such funds in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period for Term SOFR Loans upon determination of such interest rate. The determination of Term SOFR by the Administrative Agent shall be conclusive in the absence of manifest error. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrower and the Lenders of any change in the Prime Rate used in determining the Base Rate promptly following the announcement of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) After giving effect to all Term Borrowings, all Revolving Credit Borrowings, all conversions of Term Loans or Revolving Credit Loans from one Type to the other, and all continuations of Term Loans or Revolving Credit Loans as the same Type, there shall not be more than fifteen (15) Interest Periods in effect; *provided* that, after the establishment of any new Class of Loans pursuant to an Incremental Amendment, Refinancing Amendment or Modification Amendment, the number of Interest Periods otherwise permitted by this Section 2.02(d) shall increase by three (3) Interest Periods for each applicable Class so established.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The failure of any Lender to make the Loan to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Loan on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Loan to be made by such other Lender on the date of any Borrowing.

Section 2.03. *Letters of Credit*. (a) The Letter of Credit Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the terms and conditions set forth herein, (A) each L/C Issuer agrees, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date to issue Letters of Credit at sight denominated in any Approved Currency for the account of the Borrower or any Restricted Subsidiary of the Borrower and to amend or renew Letters of Credit previously issued by it, in accordance with Section 2.03(b), and (2) to honor drafts under the Letters of Credit and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued pursuant to this Section 2.03; *provided* that (I) no L/C Issuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit, and no Lender shall be obligated to participate in any Letter of Credit if as of the date of such L/C Credit Extension, (x) the Revolving Credit Exposure of any Revolving Credit Lender would exceed such Lender's Revolving Credit Commitment, (y) the Outstanding Amount of the L/C Obligations in respect of Letters of Credit issued by such L/C Issuer would exceed such L/C Issuer's L/C Commitment or (z) the Outstanding Amount of the L/C Obligations would exceed the Letter of Credit Sublimit, (II) for the avoidance of doubt, in no event shall any Blackstone Credit Entity be an L/C Issuer and (III) the Borrower shall be a co-applicant with respect to any Letter of Credit issued for the account of any Restricted Subsidiary of the Borrower. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) An L/C Issuer shall be under no obligation to issue any Letter of Credit if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such L/C Issuer from issuing such Letter of Credit, or any Law applicable to such L/C Issuer or any directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit, or direct that such L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date (for which such L/C Issuer is not otherwise compensated hereunder);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) subject to Section 2.03(b)(iii) and Section 2.03(a)(ii)(C), the expiry date of such requested Letter of Credit would occur later than the earlier of (x) twelve months after the date of issuance or last renewal or (y) the fifth Business Day prior to the Maturity Date of the Revolving Credit Facility, unless (1) each Appropriate Lender has approved of such expiration date or (2) the L/C Issuer thereof has approved of such expiration date and the Outstanding Amount of L/C Obligations in respect of such requested Letter of Credit has been Cash Collateralized or backstopped pursuant to arrangements reasonably satisfactory to such L/C Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the Revolving Credit Lenders have approved such expiry date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the issuance of such Letter of Credit would violate any Laws binding upon such L/C Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the L/C Issuer does not as of the issuance date of the requested Letter of Credit issue Letters of Credit in the requested currency or type; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any Revolving Credit Lender is at that time a Defaulting Lender, unless such L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to such L/C Issuer (in its sole discretion) with the Borrower or such Lender to eliminate such L/C Issuer's actual or potential Fronting Exposure (after giving effect to Section 2.17(a)(iv)) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which such L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) such L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and each L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article 9 with respect to any acts taken or omissions suffered by such L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and any Letter of Credit Issuance Request (and any other document, agreement or instrument entered into by such L/C Issuer and the Borrower or in favor of such L/C Issuer) pertaining to such Letters of Credit as fully as if the term "Administrative Agent" as used in Article 9 included such L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to each L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Borrower may, at any time and from time to time, reduce the L/C Commitment of any L/C Issuer with the consent of such L/C Issuer; *provided* that the Borrower shall not reduce the L/C Commitment of any L/C Issuer if, after giving effect to such reduction, the conditions set forth in clause (i) above would not be satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit*.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to an L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Issuance Request, appropriately completed and signed by a Responsible Officer of the Borrower or his/her delegate or designee. Such Letter of Credit Issuance Request must be received by the relevant L/C Issuer and the Administrative Agent not later than 1:00 p.m. (New York City time) at least five Business Days (or such longer period as the applicable L/C Issuer and the Borrower may reasonably agree) prior to the proposed issuance date or date of amendment, as the case may be; or, in each case, such other date and time as the relevant L/C Issuer may agree in a particular instance in its sole discretion. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Issuance Request shall specify in form and detail reasonably satisfactory to the relevant L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the relevant Approved Currency in which such Letter of Credit is to be denominated; and (H) such other matters as the relevant L/C Issuer may reasonably request. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Issuance Request shall specify in form and detail reasonably satisfactory to the relevant L/C Issuer (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a Business Day); (3) the nature of the proposed amendment; and (4) such other matters as the relevant L/C Issuer may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Promptly after receipt of any Letter of Credit Issuance Request, the relevant L/C Issuer will confirm with the Administrative Agent in writing that the Administrative Agent has received a copy of such Letter of Credit Issuance Request from the Borrower and, if not, such L/C Issuer will provide the Administrative Agent with a copy thereof. Upon receipt by the relevant L/C Issuer of confirmation from the Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions hereof, such L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower or, if applicable, the Restricted Subsidiary, or enter into the applicable amendment, as the case may be. Immediately upon the issuance of each Letter of Credit, each Revolving Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the relevant L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Lender's Pro Rata Share provided for under this Agreement times the amount of such Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Borrower so requests in any applicable Letter of Credit Issuance Request, the relevant L/C Issuer shall agree to issue a Letter of Credit that has automatic extension provisions (each, an "**Auto-Extension Letter of Credit**"); *provided* that any such Auto-Extension Letter of Credit must permit the relevant L/C Issuer to prevent any such extension at least once in each twelve month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a number of days (the "**Non-Extension Notice Date**") prior to the last day of such twelve month period to be agreed upon by the relevant L/C Issuer and the Borrower at the time such Letter of Credit is issued. Unless otherwise directed by the relevant L/C Issuer, the Borrower shall not be required to make a specific request to the relevant L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the applicable Lenders shall be deemed to have authorized (but may not require) the relevant

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L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; *provided* that the relevant L/C Issuer shall not permit any such extension if (A) the relevant L/C Issuer has determined that it would have no obligation at such time to issue such Letter of Credit in its extended form under the terms hereof (by reason of the provisions of Section 2.03(a)(ii) or otherwise), or (B) it has received written notice on or before the day that is five (5) Business Days before the Non-Extension Notice Date from the Administrative Agent, any Revolving Credit Lender or the Borrower that one or more of the applicable conditions specified in Section 4.02 is not then satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Promptly after issuance of any Letter of Credit or any amendment to a Letter of Credit, the relevant L/C Issuer will also deliver to the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Drawings and Reimbursements; Funding of Participations*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the relevant L/C Issuer shall notify promptly the Borrower and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Approved Foreign Currency, the Borrower shall reimburse the L/C Issuer in such Approved Foreign Currency, unless the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Approved Foreign Currency, the L/C Issuer shall notify the Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than 1:00 p.m. (New York City time), in the case of a drawing in Dollars, or 2:00 p.m. (London time) (or, if earlier, 9:00 a.m. New York City time), in the case of a drawing in an Approved Foreign Currency, on the next Business Day immediately following the date of any honoring of a drawing by an L/C Issuer under a Letter of Credit that the Borrower receives notice thereof (each such date, an "**Honor Date**"), the Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing in the relevant Approved Currency; *provided* that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with this Section 2.03 that such payment be financed with a Revolving Credit Borrowing under the Revolving Credit Facility in an equivalent amount and, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Borrowing. If the Borrower fails to so reimburse such L/C Issuer by such time, such L/C Issuer shall notify the Administrative Agent and the Administrative Agent shall promptly notify each Appropriate Lender of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the amount of the Dollar Equivalent thereof) (the "**Unreimbursed Amount**"), and the amount of such Appropriate Lender's Pro Rata Share provided for under this Agreement thereof. In such event, the Borrower shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans or Term SOFR Loans, as applicable, but subject to the amount of the unutilized portion of the Revolving Credit Commitments of the Appropriate Lenders and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Appropriate Lender (including any Lender acting as an L/C Issuer) shall upon any notice pursuant to Section 2.03(c)(i) make funds available to the Administrative Agent for the account of the relevant L/C Issuer in Dollars at the Administrative Agent's Office for Dollar-denominated payments in an amount equal to its Pro Rata Share or other applicable share provided for under this Agreement of the Unreimbursed Amount not later than 2:00 p.m. (New York City time) on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each Appropriate Lender that so makes funds available shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan or Term SOFR Loan, as applicable, to the Borrower in such amount. The Administrative Agent shall promptly remit the funds so received to the relevant L/C Issuer in Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing of Base Rate Loans or Term SOFR Loans, as applicable, because the conditions set forth in Section 4.02 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from the relevant L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest (which begins to accrue upon funding by the L/C Issuer) at the Default Rate for Revolving Credit Loans. In such event, each Appropriate Lender's payment to the Administrative Agent for the account of the relevant L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.03.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Until each Appropriate Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse the relevant L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender's Pro Rata Share or other applicable share provided for under this Agreement of such amount shall be solely for the account of the relevant L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each Revolving Credit Lender's obligation to make Revolving Credit Loans or L/C Advances to reimburse an L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the relevant L/C Issuer, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; *provided* that each Revolving Credit Lender's obligation to make Revolving Credit Loans pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Borrower of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrower to reimburse the relevant L/C Issuer for the amount of any payment made by such L/C Issuer under any Letter of Credit, together with interest as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of the relevant L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii), such L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such

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payment is immediately available to such L/C Issuer at a rate per annum equal to the Overnight Bank Funding Rate from time to time in effect, plus any reasonable administrative, processing or similar fees customarily charged by such L/C Issuer in connection with the foregoing. A certificate of the relevant L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this Section 2.03(c)(vi) shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Repayment of Participations*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If, at any time after an L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Credit Lender such Lender's L/C Advance in respect of such payment in accordance with Section 2.03(c), the Administrative Agent receives for the account of such L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Lender its Pro Rata Share or other applicable share provided for under this Agreement hereof (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender's L/C Advance was outstanding) in the same funds as those received by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any payment received by the Administrative Agent for the account of an L/C Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 10.06 (including pursuant to any settlement entered into by such L/C Issuer in its discretion), each Appropriate Lender shall pay to the Administrative Agent for the account of such L/C Issuer its Pro Rata Share or other applicable share provided for under this Agreement thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the Overnight Bank Funding Rate, plus any reasonable administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Obligations Absolute*. The obligation of the Borrower to reimburse the relevant L/C Issuer for each drawing under each Letter of Credit issued by it and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other agreement or instrument relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the existence of any claim, counterclaim, setoff, defense or other right that any Loan Party may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the relevant L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any payment by the relevant L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not comply with the terms of such Letter of Credit; or any payment made by the relevant L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any exchange, release or non-perfection of any Collateral, or any release or amendment or waiver of or consent to departure from the Guaranty or any other guarantee, for all or any of the Obligations of any Loan Party in respect of such Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any adverse change in the relevant exchange rates or in the availability of Dollars or the relevant Approved Foreign Currency to the Borrower or any Subsidiary or in the relevant currency markets generally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Loan Party;

*provided* that the foregoing shall not excuse any L/C Issuer from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are waived by the Borrower to the extent permitted by applicable Law) suffered by the Borrower that are caused by such L/C Issuer's gross negligence or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Role of L/C Issuers*. Each Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, the relevant L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the L/C Issuers, any Agent-Related Person nor any of the respective correspondents, participants or assignees of any L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Lenders holding a majority of the Revolving Credit Commitments, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Letter of Credit Issuance Request. The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; *provided* that this assumption is not intended to, and shall not, preclude the Borrower's pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuers, any Agent-Related Person, nor any of the respective correspondents, participants or assignees of any L/C Issuer, shall be liable or responsible for any of the matters described in clauses (i) through (vii) of Section 2.03(e) or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any

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document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of such L/C Issuer; *provided* that anything in such clauses to the contrary notwithstanding, the Borrower may have a claim against an L/C Issuer, and such L/C Issuer may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower which are caused by such L/C Issuer's failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of willful misconduct or gross negligence on the part of the relevant L/C Issuer or such L/C Issuer's willful or grossly negligent failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit, in each case, as determined in a final and non-appealable judgment by a court of competent jurisdiction, such L/C Issuer shall be deemed to have exercised care in each such determination. In furtherance and not in limitation of the foregoing, each L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and no L/C Issuer shall be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason, or refuse to accept and make payment upon such documents if such documents are not in compliance with the terms of such Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Cash Collateral*. If (i) as of the Letter of Credit Expiration Date, any Letter of Credit may for any reason remain outstanding and partially or wholly undrawn (and without limiting the requirements of Section 2.03(a)(ii)(C)), (ii) any Event of Default occurs and is continuing and the Administrative Agent or the Lenders holding a majority of the Revolving Credit Commitments, as applicable, require the Borrower to Cash Collateralize the L/C Obligations pursuant to Section 8.02 or (iii) an Event of Default set forth under Section 8.01(f) occurs and is continuing, the Borrower shall Cash Collateralize the then Outstanding Amount of all L/C Obligations (in an amount equal to such Outstanding Amount determined as of the date of such Event of Default or the Letter of Credit Expiration Date, as the case may be), and shall do so not later than 2:00 p.m., New York City time on (x) in the case of the immediately preceding clauses (i) and (ii), (1) the Business Day that the Borrower receives notice thereof, if such notice is received on such day prior to 12:00 noon, New York City time or (2) if clause (1) above does not apply, the Business Day immediately following the day that the Borrower receives such notice and (y) in the case of the immediately preceding clause (iii), the Business Day on which an Event of Default set forth under Section 8.01(f) occurs or, if such day is not a Business Day, the Business Day immediately succeeding such day. At any time that there shall exist a Defaulting Lender, immediately upon the request of the Administrative Agent, the L/C Issuer or the Swing Line Lender, the Borrower shall deliver to the Administrative Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after giving effect to Section 2.17(a)(iv) and any Cash Collateral provided by the Defaulting Lender). For purposes hereof, "**Cash Collateralize**" means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the relevant L/C Issuer and the Appropriate Lenders, as collateral for the L/C Obligations, cash or deposit account balances ("**Cash Collateral**") pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and the relevant L/C Issuer (which documents are hereby consented to by the Appropriate Lenders). Derivatives of such term have corresponding meanings. The Borrower hereby grants to the Administrative Agent, for the benefit of the L/C Issuers and the Revolving Credit Lenders of the applicable Facility, a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing. Cash Collateral shall be maintained in a Cash Collateral Account and may be invested in readily available Cash Equivalents as directed by the Borrower. If at any time the Administrative Agent determines that any funds

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held as Cash Collateral are expressly subject to any right or claim of any Person other than the Administrative Agent (on behalf of the Secured Parties) or that the total amount of such funds is less than the aggregate Outstanding Amount of all L/C Obligations, the Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional funds to be deposited and held in the Cash Collateral Account, an amount equal to the excess of (a) such aggregate Outstanding Amount over (b) the total amount of funds, if any, then held as Cash Collateral that the Administrative Agent reasonably determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit for which funds are on deposit as Cash Collateral, such funds shall be applied, to the extent permitted under applicable Law, to reimburse the relevant L/C Issuer. To the extent the amount of any Cash Collateral exceeds the then Outstanding Amount of such L/C Obligations and so long as no Event of Default has occurred and is continuing, the excess shall be refunded to the Borrower. To the extent any Event of Default giving rise to the requirement to Cash Collateralize any Letter of Credit pursuant to this Section 2.03(g) is cured or otherwise waived by the Required Lenders, then so long as no other Event of Default has occurred and is continuing, all Cash Collateral pledged to Cash Collateralize such Letter of Credit shall be refunded to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Letter of Credit Fees*. The Borrower shall pay to the Administrative Agent for the account of the Revolving Credit Lenders for the applicable Revolving Credit Facility (first, to reimburse each applicable L/C Issuer in the amount of its costs and expenses pursuant to Section 2.03(b)(i) in respect of issuing the applicable Letters of Credit and then to the Revolving Credit Lenders for the applicable Revolving Credit Facility in accordance with their Pro Rata Share or other applicable share provided for under this Agreement) a Letter of Credit fee in Dollars for each Letter of Credit issued pursuant to this Agreement equal to the Applicable Rate for Revolving Credit Loans that are Term SOFR Loans, multiplied by the Dollar Equivalent of the daily maximum amount then available to be drawn under such Letter of Credit (whether or not such maximum amount is then in effect under such Letter of Credit if such maximum amount increases periodically pursuant to the terms of such Letter of Credit); *provided, however*, any Letter of Credit fees otherwise payable for the account of a Defaulting Lender with respect to any Letter of Credit as to which such Defaulting Lender has not provided Cash Collateral satisfactory to the L/C Issuer pursuant to this Section 2.03 shall be payable, to the maximum extent permitted by applicable Law, to the other Lenders in accordance with the upward adjustments in their respective Pro Rata Shares allocable to such Letter of Credit pursuant to Section 2.17(a)(iv), with the balance of such fee, if any, payable to the L/C Issuer for its own account. Such Letter of Credit fees shall be computed on a quarterly basis in arrears. Such Letter of Credit fees shall be due and payable in Dollars on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. If there is any change in any Applicable Rate for Revolving Credit Loans during any quarter, the daily maximum amount of each Letter of Credit shall be computed and multiplied by such Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Fronting Fee and Documentary and Processing Charges Payable to L/C Issuers*. The Borrower shall pay directly to each L/C Issuer for its own account, in Dollars, a fronting fee with respect to each Letter of Credit issued by it equal to 0.25% per annum (or such other amount as may be agreed by the Borrower and such L/C Issuer at the time such Person becomes an L/C Issuer hereunder) of the Dollar Equivalent of the aggregate face amount of such Letter of Credit. Such fronting fees shall be computed on a quarterly basis in arrears. Such fronting fees shall be due and payable in Dollars on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. In addition, the Borrower shall pay

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directly to each L/C Issuer for its own account, in Dollars, with respect to each Letter of Credit issued by it the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of such L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable within ten (10) Business Days of demand and are nonrefundable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Conflict with Letter of Credit Issuance Request*. Notwithstanding anything else to the contrary in this Agreement or any Letter of Credit Issuance Request, in the event of any conflict between the terms hereof and the terms of any Letter of Credit Issuance Request, the terms hereof shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Addition of an L/C Issuer*. A Revolving Credit Lender may become an additional L/C Issuer hereunder pursuant to a written agreement among the Borrower, the Administrative Agent and such Revolving Credit Lender. The Administrative Agent shall notify the Revolving Credit Lenders of any such additional L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Letter of Credit Amounts*. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the Dollar Equivalent of the stated amount of such Letter of Credit in effect at such time; *provided, however*, that with respect to any Letter of Credit that, by its terms or the terms of any document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the Dollar Equivalent of the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Reporting*. Each L/C Issuer will report in writing to the Administrative Agent (i) on the first Business Day of each calendar month, the aggregate face amount of Letters of Credit issued by it and outstanding as of the last Business Day of the preceding calendar month (and on such other dates as the Administrative Agent may request), (ii) on or prior to each Business Day on which such L/C Issuer expects to issue, amend, renew or extend any Letter of Credit, the date of such issuance or amendment, and the aggregate face amount of Letters of Credit to be issued, amended, renewed or extended by it and outstanding after giving effect to such issuance, amendment, renewal or extension (and such L/C Issuer shall advise the Administrative Agent on such Business Day whether such issuance, amendment, renewal or extension occurred and whether the amount thereof changed), (iii) on each Business Day on which such L/C Issuer makes any L/C Disbursement, the date and amount of such L/C Disbursement and (iv) on any Business Day on which the Borrower fails to reimburse an L/C Disbursement required to be reimbursed to such L/C Issuer on such day, the date and amount of such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Provisions Related to Letters of Credit in respect of Modified Revolving Credit Commitments*. If the Letter of Credit Expiration Date in respect of any tranche of Revolving Credit Commitments occurs prior to the expiry date of any Letter of Credit, then (i) if consented to by the L/C Issuer which issued such Letter of Credit, if one or more other tranches of Revolving Credit Commitments in respect of which the Letter of Credit Expiration Date shall not have so occurred are then in effect, such Letters of Credit for which consent has been obtained shall automatically be deemed to have been issued (including for purposes of the obligations of the Revolving Credit Lenders to purchase participations therein and to make Revolving Credit Loans and payments in respect thereof pursuant to Sections 2.03(c) and (d)) under (and ratably participated in by Lenders pursuant to) the Revolving Credit Commitments in respect of such non-terminating tranches up to an aggregate amount not to exceed the aggregate amount of the unutilized Revolving Credit Commitments thereunder at such time (it being understood that no partial face amount of any Letter

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of Credit may be so reallocated) and (ii) to the extent not reallocated pursuant to immediately preceding clause (i), the Borrower shall Cash Collateralize any such Letter of Credit in accordance with Section 2.03(g). Upon the maturity date of any tranche of Revolving Credit Commitments, the Letter of Credit Sublimit may be reduced as agreed between the L/C Issuers and the Borrower, without the consent of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Letters of Credit Issued for Subsidiaries*. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Restricted Subsidiary, the Borrower shall be obligated to reimburse the applicable L/C Issuer hereunder for any and all drawings under such Letter of Credit. The Borrower hereby acknowledges that the issuance of Letters of Credit for the account of Restricted Subsidiaries inures to the benefit of the Borrower, and that the Borrower's business derives substantial benefits from the businesses of such Restricted Subsidiaries. In the event that the Borrower requests any Letter of Credit to be issued for the benefit or account of a Restricted Subsidiary, such Restricted Subsidiary shall deliver documentation (including, without limitation, customary letter of credit requests and reimbursement agreements) as may be reasonably requested by the Administrative Agent or the applicable L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *Provisions Related to Modified Revolving Credit Commitments*. In connection with the establishment of any Modified Revolving Credit Commitments or Other Revolving Credit Commitments and subject to the availability of unused Commitments with respect to such Class and the satisfaction of the conditions set forth in Section 4.02, the Borrower may with the written consent of the applicable L/C Issuer designate any outstanding Letter of Credit to be a Letter of Credit issued pursuant to such Class of Modified Revolving Credit Commitments or Other Revolving Credit Commitments. Upon such designation, such Letter of Credit shall no longer be deemed to be issued and outstanding under such prior Class and shall instead be deemed to be issued and outstanding under such Class of Modified Revolving Credit Commitments or Other Revolving Credit Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) *Replacement of an L/C Issuer*. An L/C Issuer may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced L/C Issuer and the successor L/C Issuer. The Administrative Agent shall notify the Lenders of any such replacement of an L/C Issuer. From and after the effective date of any such replacement, (x) the successor L/C Issuer shall have all the rights and obligations of the L/C Issuer being replaced under this Agreement with respect to Letters of Credit to be issued thereafter and (y) references herein to the term "L/C Issuer" shall be deemed to refer to such successor or to any previous L/C Issuer, or to such successor and all current and previous L/C Issuers, as the context shall require. After the replacement of an L/C Issuer hereunder, the replaced L/C Issuer shall remain a party hereto and shall continue to have all the rights and obligations of an L/C Issuer under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) *Resignation of an L/C Issuer*. Subject to the appointment and acceptance of a successor L/C Issuer, any L/C Issuer may resign as an L/C Issuer at any time upon thirty days' prior written notice to the Administrative Agent, the Borrower and the Lenders, in which case, such L/C Issuer shall be replaced in accordance with Section 2.03(q) above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) *Arranged Letters of Credit*. At the request of the Borrower and at the sole election of an L/C Issuer, such L/C Issuer may arrange for the issuance of a letter of credit through third-party Person acceptable to the Borrower. Any such letter of credit so arranged shall be deemed, for all purposes, to constitute a "Letter of Credit" issued pursuant to this Agreement, and in furtherance of the foregoing, any payment or disbursement under any such letter of credit shall be deemed to constitute drawing under a Letter of Credit. In connection with any such arranged letter of credit, the Borrower shall pay to the arranging L/C Issuer all additional fees that the Borrower and such L//C Issuer may separately agree upon in connection with each such letter of credit.

Section 2.04. *Swing Line Loans.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *The Swing Line*. Subject to the terms and conditions set forth herein, each Swing Line Lender agrees to make loans in Dollars to the Borrower (each such loan, a "**Swing Line Loan**"), from time to time on any Business Day during the period beginning on the Business Day after the Closing Date and until the Business Day immediately preceding the Maturity Date of the Revolving Credit Facility (i) in an aggregate principal amount not to exceed at any time outstanding the amount of the Swing Line Sublimit and (ii) for each Swing Line Lender, in an amount not to exceed at any time outstanding such Swing Line Lender's Swing Line Commitment; *provided* that, after giving effect to any Swing Line Loan, (i) the Revolving Credit Exposure shall not exceed the aggregate Revolving Credit Commitments and (ii) the aggregate Outstanding Amount of the Revolving Credit Loans of any Lender, *plus* such Lender's Pro Rata Share or other applicable share provided for under this Agreement of the Outstanding Amount of all L/C Obligations, *plus* such Lender's Pro Rata Share or other applicable share provided for under this Agreement of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's Revolving Credit Commitment then in effect; *provided*, *further*, that the Borrower shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.04, prepay under Section 2.05, and reborrow under this Section 2.04. Each Swing Line Loan shall be a Base Rate Loan. Immediately upon the making of a Swing Line Loan, each Revolving Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lenders a risk participation in such Swing Line Loan in an amount equal to the product of such Lender's Pro Rata Share or other applicable share provided for under this Agreement times the amount of such Swing Line Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Borrowing Procedures*. Each Swing Line Borrowing shall be made upon the Borrower's irrevocable notice to the Swing Line Lenders and the Administrative Agent, which may be given by Swing Line Loan Notice. Each such notice must be received by the Swing Line Lenders and the Administrative Agent not later than 8:00 a.m. (New York City time) on the requested borrowing date and shall specify (i) the principal amount to be borrowed, which principal amount shall be a minimum of $500,000 (and any amount in excess of $500,000 shall be in integral multiples of $100,000) and (ii) the requested borrowing date, which shall be a Business Day. Each such notice must be confirmed promptly by delivery to the Swing Line Lenders and the Administrative Agent of a written Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Promptly after receipt by the Swing Line Lenders of any Swing Line Loan Notice in writing, each Swing Line Lender will confirm with the Administrative Agent in writing that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lenders will notify the Administrative Agent in writing of the contents thereof. Unless the Swing Line Lenders have received notice in writing from the Administrative Agent (including at the request of any Revolving Credit Lender) prior to 2:00 p.m. (New York City time) on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lenders not to make such Swing Line Loan as a result of the limitations set forth in the first proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lenders will, not later than 7:00 p.m. (New York City time) on the borrowing date specified in such Swing

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Line Loan Notice, make the amount of their respective Swing Line Loan available to the Borrower (ratably according to their respective Swing Line Commitments) at their respective office by crediting the account of the Borrower on the books of the Swing Line Lenders in immediately available funds. Notwithstanding anything to the contrary contained in this Section 2.04 or elsewhere in this Agreement, the Swing Line Lenders shall not be obligated to make any Swing Line Loan at a time when a Revolving Credit Lender is a Defaulting Lender unless the Swing Line Lenders have entered into arrangements reasonably satisfactory to them and the Borrower to eliminate the Swing Line Lenders' Fronting Exposure (after giving effect to Section 2.17(a)(iv)) with respect to the Defaulting Lender's or Defaulting Lenders' participation in such Swing Line Loans, including by Cash Collateralizing, or obtaining a backstop letter of credit from an issuer reasonably satisfactory to the Swing Line Lenders to support, such Defaulting Lender's or Defaulting Lenders' Pro Rata Share of the outstanding Swing Line Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Refinancing of Swing Line Loans*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Swing Line Lenders at any time in their sole and absolute discretion may request, on behalf of the Borrower (which hereby irrevocably authorizes such Swing Line Lenders to so request on its behalf), that each Revolving Credit Lender make a Base Rate Loan in an amount equal to such Lender's Pro Rata Share or other applicable share provided for under this Agreement of the amount of Swing Line Loans then outstanding. Such request shall be made in writing (which written request shall be deemed to be a Committed Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion of the aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02. The Swing Line Lenders shall furnish the Borrower with a copy of the applicable Committed Loan Notice promptly after delivering such notice to the Administrative Agent. Each Revolving Credit Lender shall make an amount equal to its Pro Rata Share or other applicable share provided for under this Agreement of the amount specified in such Committed Loan Notice available to the Administrative Agent in Same Day Funds for the account of the Swing Line Lenders at the Administrative Agent's Office for Dollar-denominated payments not later than 1:00 p.m. (New York City time) on the day specified in such Committed Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Revolving Credit Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the Swing Line Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If for any reason any Swing Line Loan cannot be refinanced by such a Revolving Credit Borrowing in accordance with Section 2.04(c)(i), the request for Base Rate Loans submitted by the Swing Line Lenders as set forth herein shall be deemed to be a request by the Swing Line Lenders that each of the Revolving Credit Lenders fund its risk participation in the relevant Swing Line Loan and each Revolving Credit Lender's payment to the Administrative Agent for the account of the Swing Line Lenders pursuant to Section 2.04(c)(i) shall be deemed payment in respect of such participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of the Swing Line Lenders any amount required to be paid by the Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(i), the Swing Line Lenders shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on

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which such payment is immediately available to the Swing Line Lenders at a rate per annum equal to the Federal Funds Rate from time to time in effect, *plus* any reasonable administrative, processing or similar fees customarily charged by the Swing Line Lenders in connection with the foregoing. A certificate of the Swing Line Lenders submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each Revolving Credit Lender's obligation to make Revolving Credit Loans or to purchase and fund risk participations in Swing Line Loans pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the Swing Line Lenders, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; *provided* that each Revolving Credit Lender's obligation to make Revolving Credit Loans pursuant to this Section 2.04(c) (but not to purchase and fund risk participations in Swing Line Loans) is subject to the conditions set forth in Section 4.02. No such funding of risk participations shall relieve or otherwise impair the obligation of the Borrower to repay Swing Line Loans, together with interest as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Repayment of Participations*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) At any time after any Revolving Credit Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line Lenders receive any payment on account of such Swing Line Loan, the Swing Line Lenders will distribute to such Lender its Pro Rata Share or other applicable share provided for under this Agreement of such payment (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender's risk participation was funded) in the same funds as those received by the Swing Line Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any payment received by the Swing Line Lenders in respect of principal or interest on any Swing Line Loan is required to be returned by the Swing Line Lenders under any of the circumstances described in Section 10.06 (including pursuant to any settlement entered into by the Swing Line Lenders in their discretion), each Revolving Credit Lender shall pay to the Swing Line Lenders its Pro Rata Share or other applicable share provided for under this Agreement thereof on demand of the Administrative Agent, *plus* interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the Federal Funds Rate. The Administrative Agent will make such demand upon the request of the Swing Line Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Interest for Account of Swing Line Lender*. The Swing Line Lenders shall be responsible for invoicing the Borrower for interest on the Swing Line Loans. Until each Revolving Credit Lender funds its Base Rate Loan, Term SOFR Loan or risk participation pursuant to this Section 2.04 to refinance such Lender's Pro Rata Share of any Swing Line Loan, interest in respect of such Pro Rata Share shall be solely for the account of the Swing Line Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Payments Directly to Swing Line Lender*. The Borrower shall make all payments of principal and interest in respect of the Swing Line Loans directly to the Swing Line Lenders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Provisions Related to Extended Revolving Credit Commitments*. If the maturity date shall have occurred in respect of any tranche of Revolving Credit Commitments (the "**Expiring Credit Commitment**") at a time when another tranche or tranches of Revolving Credit Commitments is or are in effect with a longer maturity date (each a "**Non-Expiring Credit Commitment**" and collectively, the "**Non-Expiring Credit Commitments**"), then with respect to each outstanding Swing Line Loan, if consented to by the applicable Swing Line Lender, on the earliest occurring maturity date such Swing Line Loan shall be deemed reallocated to the tranche or tranches of the Non-Expiring Credit Commitments on a pro rata basis; *provided* that (x) to the extent that the amount of such reallocation would cause the aggregate credit exposure to exceed the aggregate amount of such Non-Expiring Credit Commitments, immediately prior to such reallocation the amount of Swing Line Loans to be reallocated equal to such excess shall be repaid or Cash Collateralized and (y) notwithstanding the foregoing, if a Default or Event of Default has occurred and is continuing, the Borrower shall still be obligated to pay Swing Line Loans allocated to the Revolving Credit Lenders holding the Expiring Credit Commitments at the maturity date of the Expiring Credit Commitment or if the Loans have been accelerated prior to the maturity date of the Expiring Credit Commitment. Upon the maturity date of any tranche of Revolving Credit Commitments, the Swing Line Sublimit may be reduced as agreed between the Swing Line Lenders and the Borrower, without the consent of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Replacement of the Swing Line Lender*. Each of the Swing Line Lender may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Swing Line Lender and the successor Swing Line Lender. The Administrative Agent shall notify the Lenders of any such replacement of a Swing Line Lender. From and after the effective date of any such replacement, (x) the successor Swing Line Lender shall have all the rights and obligations of the replaced Swing Line Lender under this Agreement with respect to Swing Line Loans made thereafter and (y) references herein to the term "Swing Line Lender" shall be deemed to refer to such successor or to any previous Swing Line Lender, or to such successor and all previous Swing Line Lenders, as the context shall require. After the replacement of a Swing Line Lender hereunder, the replaced Swing Line Lender shall remain a party hereto and shall continue to have all the rights and obligations of a Swing Line Lender under this Agreement with respect to Swing Line Loans made by it prior to its replacement, but shall not be required to make additional Swing Line Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Resignation of the Swing Line Lender*. Subject to the appointment and acceptance of a successor Swing Line Lender, a Swing Line Lender may resign as a Swing Line Lender at any time upon thirty days' prior written notice to the Administrative Agent, the Borrower and the Lenders, in which case, such Swing Line Lender shall be replaced in accordance with Section 2.04(h) above.

Section 2.05. *Prepayments*. (a) *Optional*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Borrower may, upon, subject to clause (iii) below, written notice to the Administrative Agent by the Borrower, at any time or from time to time voluntarily prepay Term Loans of any Class and Revolving Credit Loans in whole or in part without premium or penalty (subject to Section 2.05(a)(iv)); *provided* that (I) such notice must be received by the Administrative Agent not later than 1:00 p.m. New York City time (A) three (3) Business Days prior to any date of prepayment of Term SOFR Loans and (B) one Business Day prior to the date of any prepayment of Base Rate Loans or Daily SOFR Loans, in each case, unless the Administrative Agent agrees to a shorter period in its discretion; (II) any prepayment of Term SOFR Loans shall be in a minimum Principal Amount of $500,000, or a whole multiple of $100,000 in excess thereof; and (III) any prepayment of Base Rate Loans or Daily SOFR Loans shall be in a minimum Principal Amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if

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less, the entire Principal Amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Class(es) and Type(s) of Loans to be prepaid. The Administrative Agent will promptly notify each Appropriate Lender of its receipt of each such notice, and of the amount of such Lender's Pro Rata Share or other applicable share provided for under this Agreement of such prepayment. Subject to Section 2.05(a)(iii) below, if such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Term SOFR Loan shall be accompanied by all accrued interest thereon to such date. In the case of each prepayment of the Loans pursuant to this Section 2.05(a), the Borrower may in its sole discretion select the Borrowing or Borrowings (and the order of maturity of principal payments) to be repaid, and such payment shall be paid to the Appropriate Lenders in accordance with their respective Pro Rata Shares or other applicable share as provided for under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Borrower may, upon, subject to clause (iii) below, written notice to the Swing Line Lenders (with a copy to the Administrative Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; *provided* that (i) such notice must be received by the Swing Line Lenders and the Administrative Agent no later than 1:00 p.m. (New York City time) on the date of the prepayment, and (2) any such prepayment shall be in a minimum principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, if less, the entire Principal Amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything to the contrary contained in this Agreement, the Borrower may rescind any notice of prepayment under Sections 2.05(a)(i) or 2.05(a)(ii) if such prepayment would have resulted from a refinancing of all or a portion of the applicable Facility, which refinancing shall not be consummated or shall otherwise be delayed. Each prepayment of any Class of Term Loans pursuant to this Section 2.05(a) shall be applied as directed by the Borrower (which may be applied to any specific Class, tranche or facility of Indebtedness) and, absent such direction, shall be applied in direct order of maturity to repayments thereof required pursuant to Section 2.07(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If any Initial Term Loans are voluntarily prepaid pursuant to Section 2.05(a)(i) (other than in connection with a Change of Control or a Qualified IPO), mandatorily prepaid pursuant to Section 2.05(b)(iii), or assigned or prepaid pursuant to Section 3.06 prior to the second anniversary of the Closing Date, the Borrower shall pay to the Administrative Agent, for the ratable account of each of the applicable Term Lenders, a prepayment premium of (x) in the case of any such prepayment or assignment prior to the first anniversary of the Closing Date, 2.00% of the aggregate principal amount of the Initial Term Loans so prepaid, refinanced, assigned, substituted or replaced, (y) in the case of any such prepayment or assignment that occurs on or after the first anniversary of the Closing Date but prior to the second anniversary of the Closing Date, 1.00% of the aggregate principal amount of the Initial Term Loans so prepaid, refinanced, assigned, substituted or replaced and (z) on or after the second anniversary of the Closing Date, no such prepayment premium shall be required. If, prior to the second anniversary of the Closing Date, any Lender holding Initial Term Loans that is a Non-Consenting Lender is replaced pursuant to Section 3.06(a) in connection with a voluntarily prepayment pursuant to Section 2.05(a)(i) (other than in connection with a Change of Control or a Qualified

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IPO) or mandatory prepayment pursuant to Section 2.05(b)(iii), such Lender holding Initial Term Loans (and not any Person who replaces such Lender pursuant to Section 3.06(a)) shall receive its pro rata portion (as determined immediately prior to it being so replaced) of the prepayment fee described in the preceding sentence and such amounts shall be due and payable on the date of effectiveness of such prepayment. For the avoidance of doubt, the premiums payable pursuant to this clause (iv) shall not be payable upon an acceleration of the Term Loans as a result of the exercise of remedies pursuant to Section 8.02. On and after the Permitted Change of Control Effective Date, each reference to the Closing Date in this Section 2.05(a)(iv) shall be deemed to instead refer to the Permitted Change of Control Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding anything in any Loan Document to the contrary, so long as no Event of Default has occurred and is continuing and, only to the extent funded at a discount, no proceeds of Revolving Credit Borrowings are applied to fund any such repayment, any Company Party may prepay the outstanding Term Loans (which shall, for the avoidance of doubt, be automatically and permanently canceled immediately upon such prepayment) (or Holdings, the Borrower or any of its Subsidiaries may purchase such outstanding Term Loans and immediately cancel them) on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Any Company Party shall have the right to make a voluntary prepayment of Term Loans at a discount to par pursuant to a Borrower Offer of Specified Discount Prepayment, Borrower Solicitation of Discount Range Prepayment Offers or Borrower Solicitation of Discounted Prepayment Offers (any such prepayment, the "**Discounted Term Loan Prepayment**"), in each case made in accordance with this Section 2.05(a)(v); *provided* that no Company Party shall initiate any action under this Section 2.05(a)(v) in order to make a Discounted Term Loan Prepayment unless (I) at least ten (10) Business Days shall have passed since the consummation of the most recent Discounted Term Loan Prepayment as a result of a prepayment made by a Company Party on the applicable Discounted Prepayment Effective Date; or (II) at least three Business Days shall have passed since the date the Company Party was notified that no Term Lender was willing to accept any prepayment of any Term Loan at the Specified Discount, within the Discount Range or at any discount to par value, as applicable, or in the case of Borrower Solicitation of Discounted Prepayment Offers, the date of any Company Party's election not to accept any Solicited Discounted Prepayment Offers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) (I) Subject to the proviso to subsection (A) above, any Company Party may from time to time offer to make a Discounted Term Loan Prepayment by providing the Auction Agent with five (5) Business Days' notice in the form of a Specified Discount Prepayment Notice; *provided* that (II) any such offer shall be made available, at the sole discretion of the Company Party, to (x) each Term Lender and/or (y) each Term Lender with respect to any Class of Term Loans on an individual tranche basis, (III) any such offer shall specify the aggregate principal amount offered to be prepaid (the "**Specified Discount Prepayment Amount**") with respect to each applicable tranche, the tranche or tranches of Term Loans subject to such offer and the specific percentage discount to par (the "**Specified Discount**") of such Term Loans to be prepaid (it being understood that different Specified Discounts and/or Specified Discount Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as a separate offer pursuant to the terms of this Section 2.05(a)(v)(B)), (IV) the Specified Discount Prepayment Amount shall be

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in an aggregate principal amount not less than $1,000,000 and whole increments of $500,000 in excess thereof and (V) each such offer shall remain outstanding through the Specified Discount Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Specified Discount Prepayment Notice and a form of the Specified Discount Prepayment Response to be completed and returned by each such Term Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m. (New York City time), on the third (3rd) Business Day after the date of delivery of such notice to such Lenders (the "**Specified Discount Prepayment Response Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each Term Lender receiving such offer shall notify the Auction Agent (or its delegate) by the Specified Discount Prepayment Response Date whether or not it agrees to accept a prepayment of any of its applicable then outstanding Term Loans at the Specified Discount and, if so (such accepting Lender, a "**Discount Prepayment Accepting Lender**"), the amount and the tranches of such Lender's Term Loans to be prepaid at such offered discount. Each acceptance of a Discounted Term Loan Prepayment by a Discount Prepayment Accepting Lender shall be irrevocable. Any Term Lender whose Specified Discount Prepayment Response is not received by the Auction Agent by the Specified Discount Prepayment Response Date shall be deemed to have declined to accept the applicable Borrower Offer of Specified Discount Prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If there is at least one Discount Prepayment Accepting Lender, the relevant Company Party will make a prepayment of outstanding Term Loans pursuant to this paragraph (B) to each Discount Prepayment Accepting Lender in accordance with the respective outstanding amount and tranches of Term Loans specified in such Lender's Specified Discount Prepayment Response given pursuant to subsection (1) above; *provided* that if the aggregate principal amount of Term Loans accepted for prepayment by all Discount Prepayment Accepting Lenders exceeds the Specified Discount Prepayment Amount, such prepayment shall be made pro rata among the Discount Prepayment Accepting Lenders in accordance with the respective principal amounts accepted to be prepaid by each such Discount Prepayment Accepting Lender and the Auction Agent (in consultation with such Company Party and subject to rounding requirements of the Auction Agent made in its reasonable discretion) will calculate such proration (the "**Specified Discount Proration**"). The Auction Agent shall promptly, and in any case within three Business Days following the Specified Discount Prepayment Response Date, notify (I) the relevant Company Party of the respective Term Lenders' responses to such offer, the Discounted Prepayment Effective Date and the aggregate principal amount of the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender and the Administrative Agent of the Discounted Prepayment Effective Date, and the aggregate principal amount and the tranches of Term Loans to be prepaid at the Specified Discount on such date and (III) each Discount Prepayment Accepting Lender of the Specified Discount Proration, if any, and confirmation of the principal amount, tranche and Type of Term Loans of such Lender to be prepaid at the Specified Discount on such date. Each determination by the Auction Agent of the

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amounts stated in the foregoing notices to the Company Party and such Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to the Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with subsection (F) below (subject to subsection (J) below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) (1) Subject to the proviso to subsection (A) above, any Company Party may from time to time solicit Discount Range Prepayment Offers by providing the Auction Agent with five (5) Business Days' notice in the form of a Discount Range Prepayment Notice; *provided* that (I) any such solicitation shall be extended, at the sole discretion of such Company Party, to (x) each Term Lender and/or (y) each Term Lender with respect to any Class of Term Loans on an individual tranche basis, (II) any such notice shall specify the maximum aggregate principal amount of the relevant Term Loans (the "**Discount Range Prepayment Amount**"), the tranche or tranches of Term Loans subject to such offer and the maximum and minimum percentage discounts to par (the "**Discount Range**") of the principal amount of such Term Loans with respect to each relevant tranche of Term Loans willing to be prepaid by such Company Party (it being understood that different Discount Ranges and/or Discount Range Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as a separate offer pursuant to the terms of this Section 2.05(a)(v)(C)), (III) the Discount Range Prepayment Amount shall be in an aggregate principal amount not less than $1,000,000 and whole increments of $500,000 in excess thereof and (IV) each such solicitation by a Company Party shall remain outstanding through the Discount Range Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Discount Range Prepayment Notice and a form of the Discount Range Prepayment Offer to be submitted by a responding Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m. (New York City time), on the third (3rd) Business Day after the date of delivery of such notice to such Lenders (the "**Discount Range Prepayment Response Date**"). Each Term Lender's Discount Range Prepayment Offer shall be irrevocable and shall specify a discount to par within the Discount Range (the "**Submitted Discount**") at which such Lender is willing to allow prepayment of any or all of its then outstanding Term Loans of the applicable tranche or tranches and the maximum aggregate principal amount and tranches of such Lender's Term Loans (the "**Submitted Amount**") such Term Lender is willing to have prepaid at the Submitted Discount. Any Term Lender whose Discount Range Prepayment Offer is not received by the Auction Agent by the Discount Range Prepayment Response Date shall be deemed to have declined to accept a Discounted Term Loan Prepayment of any of its Term Loans at any discount to their par value within the Discount Range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Auction Agent shall review all Discount Range Prepayment Offers received on or before the applicable Discount Range Prepayment Response Date and shall determine (in consultation with such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) the Applicable Discount and Term Loans to be prepaid at such Applicable Discount in accordance with this subsection (C). The relevant Company Party agrees to accept on the Discount Range

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Prepayment Response Date all Discount Range Prepayment Offers received by Auction Agent by the Discount Range Prepayment Response Date, in the order from the Submitted Discount that is the largest discount to par to the Submitted Discount that is the smallest discount to par, up to and including the Submitted Discount that is the smallest discount to par within the Discount Range (such Submitted Discount that is the smallest discount to par within the Discount Range being referred to as the "**Applicable Discount**") which yields a Discounted Term Loan Prepayment in an aggregate principal amount equal to the lower of (I) the Discount Range Prepayment Amount and (II) the sum of all Submitted Amounts. Each Term Lender that has submitted a Discount Range Prepayment Offer to accept prepayment at a discount to par that is larger than or equal to the Applicable Discount shall be deemed to have irrevocably consented to prepayment of Term Loans equal to its Submitted Amount (subject to any required proration pursuant to the following subsection (3)) at the Applicable Discount (each such Term Lender, a "**Participating Lender**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If there is at least one (1) Participating Lender, the relevant Company Party will prepay the respective outstanding Term Loans of each Participating Lender in the aggregate principal amount and of the tranches specified in such Lender's Discount Range Prepayment Offer at the Applicable Discount; *provided* that if the Submitted Amount by all Participating Lenders offered at a discount to par greater than or equal to the Applicable Discount exceeds the Discount Range Prepayment Amount, prepayment of the principal amount of the relevant Term Loans for those Participating Lenders whose Submitted Discount is a discount to par greater than or equal to the Applicable Discount (the "**Identified Participating Lenders**") shall be made pro rata among the Identified Participating Lenders in accordance with the Submitted Amount of each such Identified Participating Lender and the Auction Agent (in consultation with such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) will calculate such proration (the "**Discount Range Proration**"). The Auction Agent shall promptly, and in any case within five (5) Business Days following the Discount Range Prepayment Response Date, notify (I) the relevant Company Party of the respective Term Lenders' responses to such solicitation, the Discounted Prepayment Effective Date, the Applicable Discount, and the aggregate principal amount of the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender and the Administrative Agent of the Discounted Prepayment Effective Date, the Applicable Discount, and the aggregate principal amount and tranches of Term Loans to be prepaid at the Applicable Discount on such date, (III) each Participating Lender of the aggregate principal amount and tranches of such Term Lender to be prepaid at the Applicable Discount on such date, and (IV) if applicable, each Identified Participating Lender of the Discount Range Proration. Each determination by the Auction Agent of the amounts stated in the foregoing notices to the relevant Company Party and Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to the Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with subsection (F) below (subject to subsection (J) below).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) (1) Subject to the proviso to subsection (A) above, any Company Party may from time to time solicit Solicited Discounted Prepayment Offers by providing the Auction Agent with five (5) Business Days' notice in the form of a Solicited Discounted Prepayment Notice; *provided* that (I) any such solicitation shall be extended, at the sole discretion of such Company Party, to (x) each Term Lender and/or (y) each Lender with respect to any Class of Term Loans on an individual tranche basis, (II) any such notice shall specify the maximum aggregate principal amount of the Term Loans (the "**Solicited Discounted Prepayment Amount**") and the tranche or tranches of Term Loans the Borrower is willing to prepay at a discount (it being understood that different Solicited Discounted Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as a separate offer pursuant to the terms of this Section 2.05(a)(v)(D)), (III) the Solicited Discounted Prepayment Amount shall be in an aggregate principal amount not less than $1,000,000 and whole increments of $500,000 in excess thereof and (IV) each such solicitation by a Company Party shall remain outstanding through the Solicited Discounted Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Solicited Discounted Prepayment Notice and a form of the Solicited Discounted Prepayment Offer to be submitted by a responding Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m. (New York City time), on the third (3rd) Business Day after the date of delivery of such notice to such Term Lenders (the "**Solicited Discounted Prepayment Response Date**"). Each Term Lender's Solicited Discounted Prepayment Offer shall (x) be irrevocable, (y) remain outstanding until the Acceptance Date, and (z) specify both a discount to par (the "**Offered Discount**") at which such Term Lender is willing to allow prepayment of its then outstanding Term Loan and the maximum aggregate principal amount and tranches of such Term Loans (the "**Offered Amount**") such Term Lender is willing to have prepaid at the Offered Discount. Any Term Lender whose Solicited Discounted Prepayment Offer is not received by the Auction Agent by the Solicited Discounted Prepayment Response Date shall be deemed to have declined prepayment of any of its Term Loans at any discount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Auction Agent shall promptly provide the relevant Company Party with a copy of all Solicited Discounted Prepayment Offers received on or before the Solicited Discounted Prepayment Response Date. Such Company Party shall review all such Solicited Discounted Prepayment Offers and select the largest of the Offered Discounts specified by the relevant responding Term Lenders in the Solicited Discounted Prepayment Offers that is acceptable to the Company Party (the "**Acceptable Discount**"), if any. If the Company Party elects to accept any Offered Discount as the Acceptable Discount, then as soon as practicable after the determination of the Acceptable Discount, but in no event later than by the third Business Day after the date of receipt by such Company Party from the Auction Agent of a copy of all Solicited Discounted Prepayment Offers pursuant to the first sentence of this subsection (2) (the "**Acceptance Date**"), the Company Party shall submit an Acceptance and Prepayment Notice to the Auction Agent setting forth the Acceptable Discount. If the Auction Agent shall fail to receive an Acceptance and Prepayment Notice from the Company Party by the Acceptance Date, such Company Party shall be deemed to have rejected all Solicited Discounted Prepayment Offers.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Based upon the Acceptable Discount and the Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted Prepayment Response Date, within three Business Days after receipt of an Acceptance and Prepayment Notice (the "**Discounted Prepayment Determination Date**"), the Auction Agent will determine (in consultation with such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) the aggregate principal amount and the tranches of Term Loans (the "**Acceptable Prepayment Amount**") to be prepaid by the relevant Company Party at the Acceptable Discount in accordance with this Section 2.05(a)(v)(D). If the Company Party elects to accept any Acceptable Discount, then the Company Party agrees to accept all Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted Prepayment Response Date, in the order from largest Offered Discount to smallest Offered Discount, up to and including the Acceptable Discount. Each Term Lender that has submitted a Solicited Discounted Prepayment Offer with an Offered Discount that is greater than or equal to the Acceptable Discount shall be deemed to have irrevocably consented to prepayment of Term Loans equal to its Offered Amount (subject to any required pro rata reduction pursuant to the following sentence) at the Acceptable Discount (each such Lender, a "**Qualifying Lender**"). The Company Party will prepay outstanding Term Loans pursuant to this subsection (D) to each Qualifying Lender in the aggregate principal amount and of the tranches specified in such Lender's Solicited Discounted Prepayment Offer at the Acceptable Discount; *provided* that if the aggregate Offered Amount by all Qualifying Lenders whose Offered Discount is greater than or equal to the Acceptable Discount exceeds the Solicited Discounted Prepayment Amount, prepayment of the principal amount of the Term Loans for those Qualifying Lenders whose Offered Discount is greater than or equal to the Acceptable Discount (the "**Identified Qualifying Lenders**") shall be made pro rata among the Identified Qualifying Lenders in accordance with the Offered Amount of each such Identified Qualifying Lender and the Auction Agent (in consultation with such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) will calculate such proration (the "**Solicited Discount Proration**"). On or prior to the Discounted Prepayment Determination Date, the Auction Agent shall promptly notify (I) the relevant Company Party of the Discounted Prepayment Effective Date and Acceptable Prepayment Amount comprising the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender and the Administrative Agent of the Discounted Prepayment Effective Date, the Acceptable Discount, and the Acceptable Prepayment Amount of all Term Loans and the tranches to be prepaid to be prepaid at the Applicable Discount on such date, (III) each Qualifying Lender of the aggregate principal amount and the tranches of such Term Lender to be prepaid at the Acceptable Discount

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on such date, and (IV) if applicable, each Identified Qualifying Lender of the Solicited Discount Proration. Each determination by the Auction Agent of the amounts stated in the foregoing notices to such Company Party and Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to such Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with subsection (F) below (subject to subsection (J) below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) In connection with any Discounted Term Loan Prepayment, the Company Parties and the Term Lenders acknowledge and agree that the Auction Agent may require as a condition to any Discounted Term Loan Prepayment, the payment of customary fees and expenses from a Company Party in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) If any Term Loan is prepaid in accordance with paragraphs (B) through (D) above, a Company Party shall prepay such Term Loans on the Discounted Prepayment Effective Date. The relevant Company Party shall make such prepayment to the Administrative Agent, for the account of the Discount Prepayment Accepting Lenders, Participating Lenders, or Qualifying Lenders, as applicable, at the Administrative Agent's Office in immediately available funds not later than 11:00 a.m. (New York City time) on the Discounted Prepayment Effective Date and all such prepayments shall be applied to the remaining principal installments of the relevant tranche of Loans on a pro rata basis across such installments. The Term Loans so prepaid shall be accompanied by all accrued and unpaid interest on the par principal amount so prepaid up to, but not including, the Discounted Prepayment Effective Date. Each prepayment of the outstanding Term Loans pursuant to this Section 2.05(a)(v) shall be paid to the Discount Prepayment Accepting Lenders, Participating Lenders, or Qualifying Lenders, as applicable, and shall be applied to the relevant Loans of such Lenders in accordance with their respective Pro Rata Share. The aggregate principal amount of the tranches and installments of the relevant Term Loans outstanding shall be deemed reduced by the full par value of the aggregate principal amount of the tranches of Term Loans prepaid on the Discounted Prepayment Effective Date in any Discounted Term Loan Prepayment. In connection with each prepayment pursuant to this Section 2.05(a)(v), the relevant Company Party shall waive any right to bring any action against the Administrative Agent, in its capacity as such, in connection with any such Discounted Term Loan Prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) To the extent not expressly provided for herein, each Discounted Term Loan Prepayment shall be consummated pursuant to procedures consistent with the provisions in this Section 2.05(a)(v), established by the Auction Agent acting in its reasonable discretion and as reasonably agreed by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) Notwithstanding anything in any Loan Document to the contrary, for purposes of this Section 2.05(a)(v), each notice or other communication required to be delivered or otherwise provided to the Auction Agent (or its delegate) shall be deemed to have been given upon Auction Agent's (or its delegate's) actual receipt during normal business hours of such notice or communication; *provided* that any notice or communication actually received outside of normal business hours shall be deemed to have been given as of the opening of business on the next Business Day.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) Each of the Company Parties and the Term Lenders acknowledge and agree that the Auction Agent may perform any and all of its duties under this Section 2.05(a)(v) by itself or through any Affiliate of the Auction Agent and expressly consents to any such delegation of duties by the Auction Agent to such Affiliate and the performance of such delegated duties by such Affiliate. The exculpatory provisions pursuant to this Agreement shall apply to each Affiliate of the Auction Agent and its respective activities in connection with any Discounted Term Loan Prepayment provided for in this Section 2.05(a)(v) as well as activities of the Auction Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) Each Company Party shall have the right, by written notice to the Auction Agent, to revoke in full (but not in part) its offer to make a Discounted Term Loan Prepayment and rescind the applicable Specified Discount Prepayment Notice, Discount Range Prepayment Notice or Solicited Discounted Prepayment Notice therefor at its discretion at any time on or prior to the applicable Specified Discount Prepayment Response Date (and if such offer is revoked pursuant to the preceding clauses, any failure by such Company Party to make any prepayment to a Lender, as applicable, pursuant to this Section 2.05(a)(v) shall not constitute a Default or Event of Default under Section 8.01 or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Mandatory*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Within five (5) Business Days after financial statements have been delivered pursuant to Section 6.01(a) (commencing with the fiscal year ending December 31, 2025) and the related Compliance Certificate has been delivered pursuant to Section 6.02(a), the Borrower shall cause to be offered to be prepaid in accordance with clause (b)(vi) and (vii) below, an aggregate principal amount of Term Loans in an amount equal to (the "**ECF Payment Amount**") (A) the Applicable ECF Percentage of Excess Cash Flow, if any, for the fiscal year covered by such financial statements minus (B) the sum of (1) at the Borrower's option, all voluntary prepayments, repurchases or redemptions of Term Loans made during such fiscal year or after year-end and prior to when such Excess Cash Flow prepayment is due (including the amounts paid in cash, in the case of Term Loans prepaid pursuant to (x) Section 2.05(a)(v), an amount equal to the principal (or face) amount of indebtedness so prepaid, repaid, retired or repurchased, (y) Section 3.06, an amount equal to the principal (or face) amount of indebtedness so prepaid, repaid, retired or repurchased and (z) open-market and other privately negotiated purchases pursuant to Section 10.07(k), an amount equal to the principal (or face) amount of indebtedness so prepaid, repaid, retired or repurchased), in each case under this clause (1) except to the extent financed with proceeds of long-term funded Indebtedness (other than revolving loans), (2) at the Borrower's option, all voluntary prepayments, repurchases (including an exchange) or redemptions of Revolving Credit Loans during such fiscal year or after year-end and prior to when such Excess Cash Flow prepayment is due (except to the extent financed with proceeds of long term funded Indebtedness (other than revolving loans)) to the extent the Revolving Credit Commitments are permanently reduced by the amount of such payments, (3) at the Borrower's option, all voluntary prepayments, repurchases or redemptions of any Incremental Equivalent First Lien Debt, Credit Agreement Refinancing Indebtedness, Permitted Ratio Debt, incurred or assumed Indebtedness under Section 7.03(g) and any other permitted Indebtedness (in the case of any revolving credit facilities,

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to the extent accompanied by a permanent reduction of the corresponding commitment), in each case, secured by Liens on the Collateral (except to the extent financed with proceeds of long-term funded Indebtedness (other than revolving loans)) during such fiscal year or after year-end and prior to when such Excess Cash Flow prepayment is due, (4) the amount of cash used for Capital Expenditures or acquisitions of IP Rights (to the extent not expensed) and Capitalized Software Expenditures (to the extent not expensed) accrued or made (or committed to be made) in cash during such period or, at the option of the Borrower, made after such period and prior to the date the Excess Cash Flow prepayment is due (it being understood that to the extent such Capital Expenditures or acquisitions and Capitalized Software Expenditures are not actually made as committed in a subsequent period, such amount shall be added back in calculating Excess Cash Flow for such subsequent period), to the extent financed with internally generated cash or borrowings under the Revolving Credit Facility or other revolving credit facilities, (5) without duplication of amounts deducted pursuant to clauses (B)(1), (B)(2), or (B)(3) above, the aggregate amount of all other principal payments of Indebtedness of the Borrower or its Restricted Subsidiaries made (or committed to be made) during such period or scheduled to be made within twelve (12) months after year-end of the year in respect of which such Excess Cash Flow prepayment is due (it being understood that to the extent such payments are not actually made as committed in a subsequent period, such amount shall be added back in calculating Excess Cash Flow for such subsequent period) (including (A) the principal component of payments in respect of Financing Leases, (B) the amount of any scheduled repayment of Term Loans pursuant to Section 2.07, and (C) any mandatory prepayment of Term Loans pursuant to Section 2.05(b)(ii) to the extent required due to a Disposition that resulted in an increase to Consolidated Net Income and not in excess of the amount of such increase but excluding all prepayments in respect of any other revolving credit facility, except to the extent there is an equivalent permanent reduction in commitments thereunder, in each case, to the extent financed with internally generated cash or borrowings under the Revolving Credit Facility or other revolving credit facilities), (6) cash payments by the Borrower and its Restricted Subsidiaries made (or committed to be made) during such period or, at the option of the Borrower, made after such period and prior to the date the Excess Cash Flow prepayment is due (it being understood that to the extent such payments are not actually made as committed in a subsequent period, such amount shall be added back in calculating Excess Cash Flow for such subsequent period) in respect of long-term liabilities of the Borrower and its Restricted Subsidiaries other than Indebtedness, to the extent financed with internally generated cash or borrowings under the Revolving Credit Facility or other revolving credit facilities, (7) the amount of Investments and Permitted Acquisitions made (or committed to be made) by the Borrower and its Restricted Subsidiaries during such period or, at the option of the Borrower, made after such period and prior to the date the Excess Cash Flow prepayment is due (it being understood that to the extent such Investments and acquisitions are not actually made as committed in a subsequent period, such amount shall be added back in calculating Excess Cash Flow for such subsequent period) and paid (or committed to be paid), and paid in cash pursuant to Section 7.02 (other than Section 7.02(a), (c) or (x)) to the extent financed with internally generated cash or borrowings under the Revolving Credit Facility or other revolving credit facilities, (8) the amount of Restricted Payments paid in cash (or committed to be paid) during such period or, at the option of the Borrower, paid after such period and prior to the date the Excess Cash Flow prepayment is due (it being understood that to the extent such payments are not actually paid as committed in a subsequent period, such amount shall be added back in calculating Excess Cash Flow for such subsequent period), to the extent financed with internally generated cash or borrowings under the Revolving Credit Facility or other revolving credit facilities, (9) the aggregate amount of

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expenditures made (or committed to be made) by the Borrower and its Restricted Subsidiaries in cash during such period or, at the option of the Borrower, made after such period and prior to the date the Excess Cash Flow prepayment is due (it being understood that to the extent such expenditures are not actually made as committed in a subsequent period, such amount shall be added back in calculating Excess Cash Flow for such subsequent period) (including expenditures for the payment of financing fees) to the extent that such expenditures are not expensed during such period, to the extent financed with internally generated cash or borrowings under the Revolving Credit Facility or other revolving credit facilities, (10) the aggregate amount of any premium, make-whole or penalty payments paid (or committed to be paid) in cash by the Borrower and its Restricted Subsidiaries during such period or, at the option of the Borrower, paid after such period and prior to the date the Excess Cash Flow prepayment is due (it being understood that to the extent such premium, make-whole or penalty payments are not actually paid as committed in a subsequent period, such amount shall be added back in calculating Excess Cash Flow for such subsequent period) that are required to be made in connection with any prepayment of Indebtedness, to the extent financed with internally generated cash or borrowings under the Revolving Credit Facility or other revolving credit facilities , (11) the amount of cash Taxes (including Tax distributions paid pursuant to Section 7.06(i)(iii)) paid (or committed to be paid) in such period or, at the option of the Borrower, paid after such period and prior to the date the Excess Cash Flow prepayment is due (it being understood that to the extent such taxes are not actually paid as committed in a subsequent period, such amount shall be added back in calculating Excess Cash Flow for such subsequent period) to the extent they exceed the amount of tax expense deducted in determining Consolidated Net Income for such period and (12)(x) the aggregate consideration required to be paid in cash by the Borrower and its Restricted Subsidiaries pursuant to binding contracts, commitments, letters of intent or purchase orders (the "**Contract Consideration**") entered into prior to or during such period and (y) the aggregate amount of cash that is reasonably expected to be expended in respect of any planned cash expenditures by the Borrower or any of the Restricted Subsidiaries in the case of each of clauses (x) and (y), relating to acquisitions or other Investments or Capital Expenditures or acquisitions of IP Rights to the extent expected to be consummated or made, in each case during the 12-month period following the end of such period (or if committed to be made during such 12-month period, during the 180 days following the end of such 12-month period); *provided* that to the extent the aggregate amount of internally generated cash actually utilized to finance such acquisition or other Investment, Capital Expenditures or acquisitions of IP Rights during such 12-month period is less than the Contract Consideration (or, if committed to during such 12-month period, within 180 days following the end of such 12-month period), the amount of such shortfall shall be added to the calculation of Excess Cash Flow at the end of such 12-month period (or, if committed to during such 12-month period, 180 days following the end of such 12-month period), in the case of each of the immediately preceding clauses (1) through (12), without duplication of any deduction from Excess Cash Flow in any prior period; *provided* that (A) prepayments pursuant to this Section 2.05(b)(i) shall only be required for any fiscal year if the ECF Payment Amount for such fiscal year is greater than the greater of (x) $95,000,000 and (y) an amount equal to 20% of LTM Consolidated EBITDA at the time of such prepayment and (B) for the avoidance of doubt, only amounts in excess of the greater of (x) $95,000,000 and (y) an amount equal to 20% of LTM Consolidated EBITDA at the time of such prepayment shall be prepaid pursuant to this Section 2.05(b)(i); *provided, further*, that, to the extent the amounts deducted pursuant to the immediately preceding clauses (1) through (12) exceed the amounts that would otherwise be payable pursuant to this Section 2.05(b)(i) in any given fiscal year, the excess thereof may be

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applied, in the Borrower's discretion, to any amount of Excess Cash Flow payable pursuant to this Section 2.05(b)(i) in the next succeeding fiscal year. Notwithstanding the foregoing, if at the time that any such prepayment would be required, the Borrower is required to offer to repurchase Incremental Equivalent Debt, Credit Agreement Refinancing Indebtedness, Permitted Ratio Debt, or Incurred Acquisition Debt, in each case, that is secured by a Lien on the Collateral on an equal priority basis (without giving effect to control of remedies) with the Lien securing the Obligations or any other Indebtedness outstanding at such time that is secured by a Lien on the Collateral on an equal priority basis (without giving effect to control of remedies) with the Lien securing the Obligations pursuant to the terms of the documentation governing such Indebtedness with Excess Cash Flow (such Indebtedness required to be offered to be so repurchased, "**Other Applicable Indebtedness**"), then the Borrower may apply the Excess Cash Flow on a pro rata or less than pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Term Loans and all Other Applicable Indebtedness at such time) to the prepayment of such Other Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to this Section 2.05(b)(i) shall be reduced accordingly by the principal amount of such prepayment of such Other Applicable Indebtedness; *provided*, *further*, that (A) the portion of Excess Cash Flow allocated to such Other Applicable Indebtedness shall not exceed the amount of Excess Cash Flow required to be allocated to such Other Applicable Indebtedness pursuant to the terms thereof and (B) to the extent the holders of such Other Applicable Indebtedness decline to have such indebtedness repurchased or prepaid, the declined amount shall promptly (and in any event within ten (10) Business Days after the date of such rejection) be applied to prepay the Term Loans in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If (A) the Borrower or any Restricted Subsidiary of the Borrower Disposes of any property or assets outside the ordinary course of business pursuant to Section 7.05(j), 7.05(m) or 7.05(t)(iii) hereof or (B) any Casualty Event occurs, which, in each case results in the realization or receipt by the Borrower or Restricted Subsidiary of Net Proceeds, the Borrower shall cause to be offered to be prepaid in accordance with clause (b)(vi) and (vii) below, on or prior to the date which is ten (10) Business Days after the date of the realization or receipt by the Borrower or any Restricted Subsidiary of such Net Proceeds, subject to clause (b)(ix) below, an aggregate principal amount of Term Loans in an amount equal to 100% of the Net Proceeds received (such amount, the "**Applicable Proceeds**"); *provided* that if at the time that any such prepayment would be required, the Borrower is required to offer to repurchase any Other Applicable Indebtedness with the Net Proceeds of such Disposition, then the Borrower may apply the Applicable Proceeds to such Other Applicable Indebtedness, at the election of the Borrower, on a pro rata or less than pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Term Loans and all Other Applicable Indebtedness at such time) to the prepayment of such Other Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to this Section 2.05(b)(ii) shall be reduced accordingly by the principal amount of such prepayment of such Other Applicable Indebtedness; *provided, further*, that (A) the portion of the Applicable Proceeds (but not the other Net Proceeds received) allocated to such the Other Applicable Indebtedness shall not exceed the amount of Applicable Proceeds required to be allocated to such Other Applicable Indebtedness pursuant to the terms thereof and (B) to the extent the holders of such Other Applicable Indebtedness decline to have such indebtedness repurchased or prepaid, the declined amount shall promptly (and in any event within ten (10) Business Days after the date of such rejection) be applied to prepay the Term Loans in accordance with the terms hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Borrower or any Restricted Subsidiary incurs or issues any Indebtedness after the Closing Date (other than Indebtedness not prohibited under Section 7.03), the Borrower shall cause to be offered to be prepaid in accordance with clause (b)(vi) below, and subject to Section 2.05(a)(iv) above, an aggregate principal amount of Term Loans in an amount equal to 100% of all Net Proceeds received therefrom on or prior to the date which is five (5) Business Days after the receipt by the Borrower or such Restricted Subsidiary of such Net Proceeds; *provided* that if at the time that any such prepayment would be required, the Borrower is required to offer to repurchase any Other Applicable Indebtedness with the Net Proceeds of such Indebtedness, then the Borrower may apply such Net Proceeds to such Other Applicable Indebtedness, at the election of the Borrower, on a pro rata or less than pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Term Loans and all Other Applicable Indebtedness at such time) to the prepayment of such Other Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to this Section 2.05(b)(iii) shall be reduced accordingly by the principal amount of such prepayment of such Other Applicable Indebtedness; *provided, further*, that (A) the portion of such Net Proceeds allocated to such the Other Applicable Indebtedness shall not exceed the amount of such Net Proceeds required to be allocated to such Other Applicable Indebtedness pursuant to the terms thereof and (B) to the extent the holders of such Other Applicable Indebtedness decline to have such indebtedness repurchased or prepaid, the declined amount shall promptly (and in any event within ten (10) Business Days after the date of such rejection) be applied to prepay the Term Loans in accordance with the terms hereof. Notwithstanding the foregoing, if the Borrower or any other Loan Party incurs any Credit Agreement Refinancing Indebtedness, the Net Proceeds of such Credit Agreement Refinancing Indebtedness shall be used pursuant to clause (iv) of the definition thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If for any reason the aggregate Dollar Equivalent of the Revolving Credit Exposures at any time exceeds the aggregate Revolving Credit Commitments then in effect (including, for the avoidance of doubt, as a result of the termination of any Class of Revolving Credit Commitments on the Maturity Date with respect thereto), the Borrower shall promptly prepay or cause to be promptly prepaid Revolving Credit Loans and Swing Line Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; *provided* that the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(b)(iv) unless after the prepayment in full of the Revolving Credit Loans and Swing Line Loans such aggregate Outstanding Amount exceeds the aggregate Revolving Credit Commitments then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Except with respect to Loans incurred in connection with any Refinancing Amendment, Term Loan Modification Request, Revolver Modification Request or any Incremental Amendment (which may be prepaid on a less than pro rata basis in accordance with its terms), (A) each prepayment of Term Loans pursuant to this Section 2.05(b) shall be applied as between series, Classes or tranches of Term Loans as directed by the Borrower (*provided* that (i) any prepayment of Term Loans with the Net Proceeds of Credit Agreement Refinancing Indebtedness shall be applied solely to each applicable Class of Refinanced Debt and (ii) any Class of Incremental Term Loans may specify that one or more other Classes of Term Loans and Incremental Term Loans may be prepaid prior to such Class of Incremental Term Loans); (B) with respect to each Class of Term Loans, each prepayment pursuant to clauses (i) through (iv) of this Section 2.05(b) shall be applied to the scheduled installments of principal thereof following the date of prepayment pursuant to Section 2.07(a) in direct order of maturity (without premium or penalty), unless otherwise directed by the Borrower; and (C) each such prepayment shall be paid to the Lenders in accordance with their respective Pro Rata Shares of such prepayment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Borrower shall notify the Administrative Agent in writing of any mandatory prepayment of Term Loans required to be made pursuant to clauses (i) through (iv) of this Section 2.05(b) by 3:00 p.m. (New York City time) at least three (3) Business Days prior to the date of such prepayment (or such later date as reasonably agreed by the Administrative Agent). Each such notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the amount of such prepayment. The Administrative Agent will promptly notify each Appropriate Lender of the contents of the Borrower's prepayment notice and of such Appropriate Lender's Pro Rata Share of the prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *Term Opt-out of Prepayment*. With respect to each prepayment of Term Loans required pursuant to Section 2.05(b)(i) or (ii), (A) each Lender of Term Loans will have the right to refuse such offer of prepayment by giving written notice of such refusal to the Administrative Agent within one (1) Business Day after such Lender's receipt of notice from the Administrative Agent of such offer of prepayment ("**Declined Proceeds**") (in which case the Borrower shall not prepay any Term Loans of such Lender on the date that is specified in clause (B) below), (B) the Borrower will make all such prepayments not so refused upon the fourth Business Day after delivery of notice by the Borrower pursuant to Section 2.05(b)(vi), and (C) any Declined Proceeds may be retained by the Borrower .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) In connection with any mandatory prepayments by the Borrower of the Term Loans pursuant to this Section 2.05(b), such prepayments shall be applied on a pro rata basis to the then outstanding Term Loans of the applicable Class or Classes being prepaid irrespective of whether such outstanding Term Loans are Base Rate Loans or Term SOFR Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) *Foreign Dispositions and Excess Cash Flow.* Notwithstanding any other provisions of this Section 2.05, to the extent that any or all of the Net Proceeds of any Disposition by a Subsidiary or Excess Cash Flow attributable to Subsidiaries are prohibited or delayed by applicable local law from being repatriated or otherwise distributed to the Borrower or such repatriation or distribution would result in material adverse Tax consequences to Holdings, the Borrower, any direct or indirect owner of the Borrower or any of the Borrower's direct or indirect Subsidiaries with respect to such Net Proceeds or Excess Cash Flow, the portion of such Net Proceeds or Excess Cash Flow so affected will not be required to be applied by the Borrower to repay Term Loans at the times provided in this Section 2.05 but may be retained by the applicable Subsidiary so long but only so long, as the applicable local law will not permit repatriation or other distribution to the Borrower or such repatriation or distribution would produce such material adverse Tax consequences (the Borrower hereby agreeing to cause the applicable Subsidiary to promptly take all actions reasonably required by the applicable local law to permit such repatriation or distribution without such consequences), and once such repatriation or other distribution of any of such affected Net Proceeds or Excess Cash Flow that, in each case, would otherwise be required to be used to make an offer of prepayment pursuant to Sections 2.05(b)(i) or 2.05(b)(ii) is permitted under the applicable local law or may occur without such material adverse Tax consequence, the applicable amount of Net Proceeds or Excess Cash Flow will be promptly (and in any event not later than two (2) Business Days thereafter) applied by the Borrower (net of additional taxes payable or reserved against as a result thereof, whether or not such distribution or repatriation actually occurs) to the repayment of the Term Loans pursuant to this Section 2.05. To the extent any such Net Proceeds or Excess Cash Flow is not repatriated to the Borrower on account of the material adverse tax consequences described above, such proceeds shall not be permitted to be repatriated to the Borrower for the purpose of making Restricted Payments by the Borrower.

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Section 2.06. *Termination or Reduction of Commitments*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Optional*. The Borrower may, upon written notice to the Administrative Agent, terminate the unused Commitments of any Class, or from time to time permanently reduce the unused Commitments of any Class, in each case without premium or penalty; *provided* that (i) any such notice shall be received by the Administrative Agent by 3:00 p.m. (New York City time) three (3) Business Days prior to the date of termination or reduction (unless the Administrative Agent agrees to a shorter period in its discretion), (ii) any such partial reduction shall be in a minimum aggregate principal amount of $500,000, or any whole multiple of $100,000, in excess thereof or, if less, the entire amount thereof and (iii) if, after giving effect to any reduction of the Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Revolving Credit Facility, such sublimit shall be automatically reduced by the amount of such excess. The amount of any such Commitment reduction shall not otherwise be applied to the Letter of Credit Sublimit or the Swing Line Sublimit unless otherwise specified by the Borrower. Notwithstanding the foregoing, the Borrower may rescind or postpone any notice of termination of the Commitments if such termination would have resulted from a refinancing of all of the applicable Facility, which refinancing shall not be consummated or otherwise shall be delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Mandatory*. The Initial Term Commitment of each Term Lender shall be automatically and permanently reduced to $0 upon the funding of the Initial Term Loans to be made by it on the Closing Date. The Revolving Credit Commitment of each Class shall automatically and permanently terminate on the Maturity Date with respect to such Class of Revolving Credit Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Application of Commitment Reductions; Payment of Fees*. The Administrative Agent will promptly notify the Appropriate Lenders of any termination or reduction of unused portions of the Letter of Credit Sublimit or the Swing Line Sublimit or the unused Commitments of any Class under this Section 2.06. Upon any reduction of unused Commitments of any Class, the Commitment of each Lender of such Class shall be reduced by such Lender's Pro Rata Share of the amount by which such Commitments are reduced (other than the termination of the Commitment of any Lender as provided in Section 3.06). All commitment fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination.

Section 2.07. *Repayment of Loans*. (a) *Term Loans*. The Borrower shall repay to the Administrative Agent for the ratable account of the Term Lenders (i) on the last Business Day of each March, June, September and December, commencing with June 30, 2025 (each, a "**Principal Repayment Date**"), an aggregate principal amount of Initial Term Loans incurred on the Closing Date equal to 0.25% of the aggregate principal amount of all Initial Term Loans outstanding on the Closing Date (which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.05) and (ii) on the Maturity Date for the Initial Term Loans, the aggregate principal amount of all Initial Term Loans outstanding on such date. In the event that any Incremental Term Loans, Refinancing Term Loans or Modified Term Loans are made, such other Incremental Term Loans, Refinancing Term Loans or Modified Term Loans, as applicable, shall be repaid by the Borrower in the amounts and on the dates set forth in the Incremental Amendment, Refinancing Amendment or Modification Amendment with respect thereto and on the applicable Maturity Date thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Revolving Credit Loans*. The Borrower shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders on the applicable Maturity Date for the Revolving Credit Facilities of a given Class the aggregate principal amount of all of its Revolving Credit Loans of such Class outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Swing Line Loans*. The Borrower shall repay each Swing Line Loan on the earlier to occur of (i) the date that is five (5) Business Days after such Loan is made and (ii) the Maturity Date for the Revolving Credit Facility (although Swing Line Loans may thereafter be reborrowed, in accordance with the terms and conditions hereof, if there are one or more Classes of Revolving Credit Commitments which remain in effect).

Section 2.08. *Interest*. (a) Subject to the provisions of Section 2.08(c), (i) each Term SOFR Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to Term SOFR for such Interest Period plus the Applicable Rate; *provided* that if Term SOFR shall be determined pursuant to clause (a)(ii) of the definition thereof, each such Loan shall be deemed to bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to Daily Simple SOFR for each day within such Interest Period *plus* the Applicable Rate and (ii) each Base Rate Loan (other than a Swing Line Loan) shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate *plus* the Applicable Rate and (iii) each Swing Line Loan shall bear interest on the outstanding principal amount therefrom from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any Interest Period commencing on or prior to the PIK Interest Election Termination Date, the Borrower may deliver a notice to the Administrative Agent (a "**PIK Interest Election Notice**") concurrently with the notice of any Borrowing of Term Loans or continuation or conversion of any Term Loans delivered pursuant to Section 2.02(a), setting forth the Borrower's election (any such election, a "**PIK Election**") for 50% (but not less than 50%) of the Applicable Rate in respect of all Term Loans to be paid in kind, with such portion of the Applicable Rate being capitalized and added to the principal amount of the applicable Term Loans on each applicable Interest Payment Date (each such payment in kind capitalized and added to the principal amount of the Term Loans pursuant to this Section 2.08(b), a "**Principal Increase**") and such Principal Increase shall be considered principal of the relevant Term Loans for all purposes, including, without limitation, calculation of interest on subsequent Interest Payment Dates; provided that the Applicable Rate in respect of all Term Loans following a PIK Election shall be the sum of (A) the Applicable Rate otherwise applicable to such Term Loans, *plus* (B) 0.50% per annum. Interest that is paid in the form of a Principal Increase in accordance with this clause (b) shall be considered paid for all purposes of this Agreement, and shall not be considered overdue. For the avoidance of doubt, following any initial submission of a PIK Interest Election Notice, the Borrower shall be deemed to have elected to pay 50% of the Applicable Rate in respect of all Term Loans in the form of a Principal Increase on each Interest Payment Date occurring thereafter until the earlier of (a) the PIK Interest Election Termination Date and (b) the first Interest Payment Date occurring after the Borrower provides written notice to the Administrative Agent specifying that the Borrower elects to pay 100% of the Applicable Rate in respect of all Term Loans in cash on the immediately succeeding Interest Payment Date (in which case, 100% of the Applicable Rate in respect of all Term Loans shall be paid in cash, unless the Borrower delivers a subsequent PIK Interest Election Notice in accordance with this clause (b)). Notwithstanding the foregoing, in the event that a PIK Election is in effect on the PIK Interest Election Termination Date, the aggregate

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amount of interest accrued through such date during the applicable Interest Period in the form of a Principal Increase shall be capitalized on such date and added to the principal amount of the Term Loans, and for the remainder of such Interest Period, 100% of the interest shall accrue without giving effect to the premium set forth in this section and shall be paid in cash on the next Interest Payment Date immediately following the PIK Interest Election Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the continuance of a Default under Section 8.01(a) or Section 8.01(f), the Borrower shall pay interest on past due amounts owing by it hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws; *provided* that no interest at the Default Rate shall accrue or be payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender. Accrued and unpaid interest on such amounts (including interest on past due interest) shall be due and payable upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

Section 2.09. *Fees*. In addition to certain fees described in Sections 2.03(h) and (i):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Commitment Fee*. The Borrower agrees to pay to the Administrative Agent, for the account of each Revolving Credit Lender under the applicable Revolving Credit Facility in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, a commitment fee in Dollars equal to the Commitment Fee Rate times the actual daily amount by which the aggregate Revolving Credit Commitments for the applicable Revolving Credit Facility exceeds the sum of (A) the Outstanding Amount of Revolving Credit Loans (which when calculated for such purpose shall not include Swing Line Loans) for such Facility, and (B) the Outstanding Amount of L/C Obligations for such Facility; *provided* that any commitment fee accrued with respect to any of the Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such Lender shall be a Defaulting Lender, except to the extent that such commitment fee shall otherwise have been due and payable by the Borrower prior to such time; and *provided, further*, that no commitment fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The commitment fee on each Revolving Credit Facility shall accrue at all times from the Closing Date until the Maturity Date for the Revolving Credit Commitments, including at any time during which one or more of the conditions in Article 4 is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date during the first full fiscal quarter to occur after the Closing Date and on the Maturity Date for the Revolving Credit Commitments. The commitment fee shall be calculated quarterly in arrears, and if there is any change in the Commitment Fee Rate during any quarter, the actual daily amount shall be computed and multiplied by the Commitment Fee Rate separately for each period during such quarter that such Commitment Fee Rate was in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Other Fees*. The Borrower shall pay to the Agents such fees as shall have been separately agreed upon in writing (including, but not limited to, as set forth in the Fee Letter) in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever (except as expressly agreed between the Borrower and the applicable Agent).

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Section 2.10. *Computation of Interest and Fees*. All computations of interest for Base Rate Loans shall be made on the basis of a year of three hundred sixty-five (365) days, or three hundred sixty-six (366) days, as applicable, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a three hundred sixty (360) day year and actual days elapsed. Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; *provided* that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one (1) day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

Section 2.11. *Evidence of Indebtedness*. (a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and evidenced by one or more entries in the Register maintained by the Administrative Agent, acting solely for purposes of Treasury Regulation Section 5f.103-1(c), as agent for the Borrower, in each case in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be prima facie evidence absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the Register and the corresponding accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note payable to such Lender and its registered assignees, which shall evidence such Lender's Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount, currency and maturity of its Loans and payments with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the accounts and records referred to in Section 2.11(a), each Lender and the Administrative Agent shall maintain in accordance with its usual practice accounts or records and, in the case of the Administrative Agent, entries in the Register, evidencing the purchases and sales by such Lender of participations in Letters of Credit or Swing Line Loans. In the event of any conflict between the accounts and records maintained by the Administrative Agent and the accounts and records of any Lender in respect of such matters, the Register and corresponding accounts and records of the Administrative Agent shall control in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Entries made in good faith by the Administrative Agent in the Register pursuant to Sections 2.11(a) and (b), and by each Lender in its account or accounts pursuant to Sections 2.11(a) and (b), shall be prima facie evidence of the amount of principal and interest due and payable or to become due and payable from the Borrower to, in the case of the Register, each Lender and, in the case of such account or accounts, such Lender, under this Agreement and the other Loan Documents, absent manifest error; *provided* that the failure of the Administrative Agent or such Lender to make an entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrower under this Agreement and the other Loan Documents.

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Section 2.12. *Payments Generally*. (a) All payments to be made by the Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein and except with respect to an Approved Foreign Currency, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent's Office for Dollar-denominated payments and in Same Day Funds not later than 1:00 p.m. New York City time on the date specified herein. Except as otherwise expressly provided herein, all payments by the Borrower hereunder in an Approved Foreign Currency shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent's Office in such Approved Foreign Currency and in Same Day Funds not later than 2:00 p.m. (London time) (or, if earlier, 9:00 a.m. New York City time) on the dates specified herein. If, for any reason, the Borrower is prohibited by any Law from making any required payment hereunder in an Approved Foreign Currency, the Borrower shall make such payment in Dollars in an amount equal to the Dollar Equivalent of such Approved Foreign Currency payment amount. The Administrative Agent will promptly distribute to each Appropriate Lender its Pro Rata Share (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender's applicable Lending Office. All payments received by the Administrative Agent after the time specified above shall in each case be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided herein, if any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be; *provided* that, if such extension would cause payment of interest on or principal of Term SOFR Loans to be made in the next succeeding calendar month, such payment shall be made on the immediately preceding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the Borrower or any Lender has notified the Administrative Agent, prior to the date any payment is required to be made by it to the Administrative Agent hereunder, that the Borrower or such Lender, as the case may be, will not make such payment, the Administrative Agent may assume that the Borrower or such Lender, as the case may be, has timely made such payment and may (but shall not be so required to), in reliance thereon, make available a corresponding amount to the Person entitled thereto. If and to the extent that such payment was not in fact made to the Administrative Agent in Same Day Funds, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Borrower failed to make such payment, each Lender shall forthwith on demand repay to the Administrative Agent the portion of such assumed payment that was made available to such Lender in Same Day Funds, together with interest thereon in respect of each day from and including the date such amount was made available by the Administrative Agent to such Lender to the date such amount is repaid to the Administrative Agent in Same Day Funds at the Overnight Bank Funding Rate, plus any reasonable administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if any Lender failed to make such payment (including, without limitation, failure to fund participations in respect of any Letter of Credit or Swing Line Loan), such Lender shall forthwith on demand pay to the Administrative Agent the amount thereof in Same Day Funds, together with interest thereon for the period from the date such amount was made available by the Administrative Agent to the Borrower to the date such amount is recovered by the Administrative Agent (the "**Compensation Period**") at a rate per annum equal to the Overnight Bank Funding Rate, plus any reasonable administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing. When such Lender makes payment to the Administrative Agent

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(together with all accrued interest thereon), then such payment amount (excluding the amount of any interest which may have accrued and been paid in respect of such late payment) shall constitute such Lender's Loan included in the applicable Borrowing. If such Lender does not pay such amount (including, without limitation, failure to fund participations in respect of any Letter of Credit or Swing Line Loan) forthwith upon the Administrative Agent's demand therefor, the Administrative Agent may make a demand therefor upon the Borrower, and the Borrower shall pay such amount to the Administrative Agent, together with interest thereon for the Compensation Period at a rate per annum equal to the rate of interest applicable to the applicable Borrowing. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights which the Administrative Agent or the Borrower may have against any Lender as a result of any default by such Lender hereunder.

A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this Section 2.12(c) shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article 2, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article 4 or in the applicable Incremental Amendment, Modification Amendment or Refinancing Amendment are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of the Lenders hereunder to make Loans and to fund participations in Letters of Credit and Swing Line Loans are several and not joint. The failure of any Lender to make any Loan or to fund any such participation 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 or purchase its participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Whenever any payment received by the Administrative Agent under this Agreement or any of the other Loan Documents is insufficient to pay in full all amounts due and payable to the Administrative Agent and the Lenders under or in respect of this Agreement and the other Loan Documents on any date, such payment shall be distributed by the Administrative Agent and applied by the Administrative Agent and the Lenders in the order of priority set forth in Section 8.04. If the Administrative Agent receives funds for application to the Obligations of the Loan Parties under or in respect of the Loan Documents under circumstances for which the Loan Documents do not specify the manner in which such funds are to be applied, the Administrative Agent may (to the fullest extent permitted by mandatory provisions of applicable Law), but shall not be obligated to, elect to distribute such funds to each of the Lenders in accordance with such Lender's Pro Rata Share (or other applicable share as provided herein) of the sum of (a) the Outstanding Amount of all Loans outstanding at such time and (b) the Outstanding Amount of all L/C Obligations outstanding at such time, in repayment or prepayment of such of the outstanding Loans or other Obligations then owing to such Lender.

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Section 2.13. *Sharing of Payments*. (a) If, other than as expressly provided elsewhere herein, any Lender shall obtain on account of the Loans made by it, or the participations in L/C Obligations and Swing Line Loans held by it, any payment (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) in excess of its ratable share (or other share contemplated hereunder) thereof, such Lender shall immediately (b) notify the Administrative Agent of such fact, and (c) purchase from the other Lenders such participations in the Loans made by them and/or such subparticipations in the participations in L/C Obligations or Swing Line Loans held by them, as the case may be, as shall be necessary to cause such purchasing Lender to share the excess payment in respect of such Loans or such participations, as the case may be, pro rata (or in accordance with such other share contemplated hereunder) with each of them; *provided* that if all or any portion of such excess payment is thereafter recovered from the purchasing Lender under any of the circumstances described in Section 10.06 (including pursuant to any settlement entered into by the purchasing Lender in its discretion), such purchase shall to that extent be rescinded and each other Lender shall repay to the purchasing Lender the purchase price paid therefor, together with an amount equal to such paying Lender's ratable share (according to the proportion of (i) the amount of such paying Lender's required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered, without further interest thereon. For avoidance of doubt, the provisions of this paragraph shall not be construed to apply to (A) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement as in effect from time to time (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 permitted hereunder. The Borrower agrees that any Lender so purchasing a participation from another Lender may, to the fullest extent permitted by applicable Law, exercise all its rights of payment (including the right of setoff, but subject to Section 10.09) with respect to such participation as fully as if such Lender were the direct creditor of the Borrower in the amount of such participation. The Administrative Agent will keep records (which shall be conclusive and binding in the absence of manifest error) of participations purchased under this Section 2.13 and will in each case notify the Lenders following any such purchases or repayments. Each Lender that purchases a participation pursuant to this Section 2.13 shall from and after such purchase have the right to give all notices, requests, demands, directions and other communications under this Agreement with respect to the portion of the Obligations purchased to the same extent as though the purchasing Lender were the original owner of the Obligations purchased.

Section 2.14. *Incremental Credit Extensions*. (a) *Incremental Commitments*. The Borrower may, at any time or from time to time after the Closing Date, by notice to the Administrative Agent (an "**Incremental Loan Request**"), request (A) one or more new commitments (which may be in the form of delayed draw commitments) in respect of term loans which may be in the same Facility as any outstanding Term Loans of an existing Class (a "**Term Loan Increase**") or a new Class of Term Loans (each, an "**Incremental Term Facility**", collectively with any Term Loan Increase, the "**Incremental Term Commitments**") and/or (B) one or more increases in the amount of the Revolving Credit Commitments or any Incremental Revolving Facility (a "**Revolving Commitment Increase**") or the establishment of one or more new revolving credit commitments (each, an "**Incremental Revolving Facility**" and collectively with any Incremental Term Facility, an "**Incremental Facility**" and any such new commitments, collectively with any Revolving Commitment Increases, the "**Incremental Revolving Credit Commitments**" and the Incremental Revolving Credit Commitments, collectively with any Incremental Term Commitments, the "**Incremental Commitments**"), whereupon the Administrative Agent shall promptly deliver a copy to each of the Lenders. Incremental Commitments and Incremental Loans may be (A) secured by the Collateral on an equal priority basis (without giving effect to the control of remedies) with the Liens securing the Initial Term Loans and/or Revolving Credit Loans, (B) secured by the Collateral on a junior lien basis to the Liens securing the Initial Term Loans and/or Revolving Credit Loans or (C) unsecured (or, to the extent incurred by a Restricted Subsidiary that is not a Loan Party, secured by assets that are not Collateral).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Incremental Loans*. Any Incremental Commitments effected through the establishment of one or more new revolving credit commitments or new Term Loans not in the same Facility of any existing Class of Term Loans made (or, in the case of any Incremental Facility in the form of a delayed draw term loan facility, committed to be made) on an Incremental Facility Closing Date shall be designated a separate Class of Incremental Commitments for all purposes of this Agreement. On any Incremental Facility Closing Date on which any Incremental Term Commitments of any Class are effected (including through any Term Loan Increase), subject to the satisfaction of the terms and conditions in this Section 2.14, (i) each Incremental Term Lender of such Class shall make a Loan (or, in the case of any Incremental Facility in the form of a delayed draw term loan facility, commit to make a Loan) to the Borrower (or any Loan Party organized under the laws of the United States, any state thereof, the District of Columbia or any territory thereof, may be designated as a borrower in respect thereof) (an "**Incremental Term Loan**") in an amount equal to its Incremental Term Commitment of such Class and (ii) each Incremental Term Lender of such Class shall become a Lender hereunder with respect to the Incremental Term Commitment of such Class and the Incremental Term Loans of such Class made pursuant thereto. On any Incremental Facility Closing Date on which any Incremental Revolving Credit Commitments of any Class are effected through the establishment of one or more new revolving credit commitments (including through any Revolving Commitment Increase), subject to the satisfaction of the terms and conditions in this Section 2.14, (i) each Incremental Revolving Credit Lender of such Class shall make its Commitment available to the Borrower (or any Loan Party organized under the laws of the United States, any state thereof, the District of Columbia or any territory thereof, may be designated as a borrower in respect thereof) (when borrowed, "**Incremental Revolving Credit Loans**" and collectively with Incremental Term Loans, "**Incremental Loans**") in an amount equal to its Incremental Revolving Credit Commitment of such Class and (ii) each Incremental Revolving Credit Lender of such Class shall become a Lender hereunder with respect to the Incremental Revolving Credit Commitment of such Class and the Incremental Revolving Credit Loans of such Class made pursuant thereto. For the avoidance of doubt, Incremental Term Loans may have identical terms to any of the Term Loans and be treated as the same Class as any of such Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Incremental Loan Request*. Each Incremental Loan Request from the Borrower pursuant to this Section 2.14 shall set forth the requested amount, the Approved Currency and proposed terms of the relevant Incremental Term Loans or Incremental Revolving Credit Commitments, provided that any currency other than an Approved Currency is subject to the reasonable acceptance by the Administrative Agent at the time of incurrence of such Incremental Facility. Incremental Term Loans may be made, and Incremental Revolving Credit Commitments may be provided, by any existing Lender (but each existing Lender will not have an obligation to make any Incremental Commitment, nor will the Borrower have any obligation to approach any existing lenders to provide any Incremental Commitment) or by any other bank or other financial institution or other institutional lender (any such other bank or other financial institution or other institutional lender being called an "**Additional Lender**") (each such existing Lender or Additional Lender providing such, an "**Incremental Revolving Credit Lender**" or "**Incremental Term Lender,**" as applicable, and, collectively, the "**Incremental Lenders**"); *provided* that (i) the Administrative Agent and, in the case of an Incremental Revolving Credit Commitment, the Swing Line Lenders and each L/C Issuer shall have consented (not to be unreasonably withheld, conditioned or delayed) to such Lender's or Additional Lender's making such Incremental Term Loans or providing such Incremental Revolving Credit Commitments to the extent such consent, if

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any, would be required under Section 10.07(b) for an assignment of Loans or Revolving Credit Commitments, as applicable, to such Lender or Additional Lender, (ii) with respect to Incremental Term Commitments, any Affiliated Lender providing an Incremental Term Commitment shall be subject to the same restrictions set forth in Section 10.07(k) as they would otherwise be subject to with respect to any purchase by or assignment to such Affiliated Lender of Term Loans and (iii) Affiliated Lenders may not provide Incremental Revolving Credit Commitments, unless subsequently purchased from a Defaulting Lender pursuant to Section 10.07(k).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Effectiveness of Incremental Amendment*. The effectiveness of any Incremental Amendment, and the Incremental Commitments thereunder, shall be subject to the satisfaction on the date thereof (the "**Incremental Facility Closing Date**") of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (x) if the proceeds of such Incremental Commitments are being used to finance a Specified Debt Transaction, no Event of Default under Sections 8.01(a) or, solely with respect to the Borrower, Section 8.01(f) shall have occurred and be continuing or would exist after giving effect to such Incremental Commitments, or (y) if otherwise, no Event of Default shall have occurred and be continuing or would exist after giving effect to such Incremental Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) after giving effect to such Incremental Commitments, the conditions of Section 4.02(a) shall be satisfied (it being understood that all references to "**the date of such Credit Extension**" or similar language in such Section 4.02 shall be deemed to refer to the effective date of such Incremental Amendment); *provided* that if the proceeds of such Incremental Commitments are being used to finance a Specified Debt Transaction there shall be no requirement to satisfy any or all conditions of Section 4.02(a), instead, the accuracy of the representations and warranties shall refer to the accuracy of the representations and warranties that would constitute Specified Representations; *provided*, *further*, that the Incremental Lenders providing such Incremental Commitments may waive or modify in scope the requirement regarding the accuracy of Specified Representations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Incremental Term Commitment shall be in an aggregate principal amount that is not less than $1,000,000 and shall be in increments of $500,000 (*provided* that such amount may be less than $1,000,000 if such amount represents all remaining availability under the limit set forth in Section 2.14(d)(iv)) and each Incremental Revolving Credit Commitment shall be in an aggregate principal amount that is not less than $1,000,000 and shall be in increments of $500,000 (*provided* that such amount may be less than $1,000,000 if such amount represents all remaining availability under the limit set forth in Section 2.14(d)(iv));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the aggregate principal amount of the Incremental Term Loans and the Incremental Revolving Credit Commitments, determined at the time of incurrence or establishment thereof, as the case may be, shall not exceed the sum of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Incremental Base Amount, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the amount of all voluntary prepayments, repurchases, redemptions and other retirements of Initial Term Loans, Incremental Term Loans and Incremental Equivalent First Lien Debt and any other Indebtedness, in each case, secured by Liens on the Collateral on an equal priority basis (without giving effect to control of remedies) with the Liens securing the Initial Term Loans and/or Revolving Credit Loans, all voluntary permanent reductions in respect of such Revolving Credit Commitments (and any other

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applicable revolving credit commitments and/or delayed draw term loan commitments secured by Liens on the Collateral on an equal priority basis (without giving effect to control of remedies), with the Liens securing the Initial Term Loans and/or Revolving Credit Loans), in each case, prior to or simultaneous with the Incremental Facility Closing Date (including through (x) "Dutch Auctions" open to all Lenders of the applicable Class on a pro rata basis in accordance with procedures of the type described in Section 2.05(a)(v), (y) open-market or other privately negotiated purchases (including exchanges) pursuant to Section 10.07(k) and (z) yank a bank provisions, which, in the case of any such prepayment, repurchase, redemption or retirement, shall be credited to the extent of the principal (or face) amount of Indebtedness so prepaid, repaid, redeemed, retired or repurchased) (excluding voluntary prepayments, repurchases, redemptions, and other retirements of Incremental Term Loans, Incremental Equivalent First Lien Debt or such other indebtedness and all voluntary permanent reductions of Revolving Credit Commitments (or other applicable revolving credit commitments and/or delayed draw term loan commitments), to the extent funded with a contemporaneous incurrence of long-term funded Indebtedness (other than revolving loans)), *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) additional amounts (including at any time prior to the utilization of amounts under clauses (A) and (B) above) so long as (I) in the case of Indebtedness secured by the Collateral on an equal priority basis (without giving effect to the control of remedies) with the Liens securing the Initial Term Loans and/or Revolving Credit Loans, the Consolidated First Lien Net Leverage Ratio determined on a Pro Forma Basis as of the last day of the most recently ended period of four consecutive fiscal quarters for which financial statements are internally available, does not exceed 5.00:1.00; (II) in the case of Indebtedness secured by the Collateral on a junior lien basis with the Liens securing the Initial Term Loans and/or Revolving Credit Loans, the Consolidated Secured Net Leverage Ratio determined on a Pro Forma Basis as of the last day of the most recently ended period of four consecutive fiscal quarters for which financial statements are internally available, does not exceed 5.50:1.00; and (III) in the case of Indebtedness that is unsecured (or, to the extent incurred by a Restricted Subsidiary that is not a Loan Party, not secured by all or any portion of the Collateral), the Consolidated Total Net Leverage Ratio determined on a Pro Forma Basis as of the last day of the most recently ended period of four consecutive fiscal quarters for which financial statements are internally available, does not exceed 6.00:1.00;

(the amounts under the foregoing clauses (A) and (B) are herein referred to as the "**Free and Clear Incremental Amount**", the amounts under the foregoing clause (C) are herein referred to as the "**Incurrence-Based Incremental Amount**" (the Free and Clear Incremental Amount, together with the Incurrence-Based Incremental Amount, less the aggregate principal amount of Indebtedness incurred pursuant to Section 7.03(q) and Section 7.03(w) in reliance on the Free and Clear Incremental Amount at or prior to such time, are herein referred to as the "**Available Incremental Amount**")); *provided*, that any such Incremental Term Loans or Incremental Revolving Credit Commitments incurred or guaranteed by a Restricted Subsidiary that is not a Loan Party, together with any other outstanding Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party pursuant to this Section 2.14, Sections 7.03(g) (only in the case of Incurred Acquisition Debt), 7.03(m)(y), 7.03(q), 7.03(s), 7.03(w) and 7.03(z)(i)(B) and (z)(ii) (only in the case of any Permitted Refinancing of Indebtedness incurred under Section 7.03(z)(i)(B)) does not exceed in the aggregate at any time outstanding the greater of (i) $142,500,000 and (ii) 30% of LTM Consolidated EBITDA, in each case determined at the time of incurrence;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such other conditions as the Borrower and each Incremental Lender providing such Incremental Commitments shall agree.

The Borrower may elect to use the Incurrence-Based Incremental Amount prior to the Free and Clear Incremental Amount or any combination or order thereof, and any portion of any Incremental Facility incurred in reliance on the Free and Clear Incremental Amount shall be reclassified, as the Borrower may elect from time to time, as incurred under the Incurrence-Based Incremental Amount if the Borrower meets the applicable ratio for the Incurrence-Based Incremental Amount at such time on a Pro Forma Basis, and if any applicable ratio for the Incurrence-Based Incremental Amount would be satisfied on a Pro Forma Basis as of the end of any subsequent fiscal quarter after the initial incurrence of such Incremental Facility, such reclassification shall be deemed to have automatically occurred whether or not elected by the Borrower.

For purposes of determining Pro Forma Compliance and any testing of any ratios in the Incurrence-Based Incremental Amount, (a) it shall be assumed that all commitments under any Incremental Revolving Facility or Incremental Equivalent Debt in the form of a revolving facility then being established are fully drawn, (b) with respect to any delayed draw term commitments under any Incremental Facility or Incremental Equivalent Debt, the Borrower may elect to test the availability of the Available Incremental Amount either (x) at the time such commitments are established (assuming such commitments are fully drawn) or (y) so long as any such commitments are disregarded for purposes of any Required Lender vote until such commitments in respect of such Incremental Term Loans are initially drawn in accordance with the terms and conditions of this Agreement, solely at the time such Incremental Term Loans (or loans under Incremental Equivalent Debt) incurred under such commitments are incurred, (c) the cash proceeds of any Incremental Facility or Incremental Equivalent Debt shall be excluded from any calculation of "net" Indebtedness in determining whether such Incremental Facility or such Incremental Equivalent Debt can be incurred (*provided* that the use of proceeds thereof and any other Pro Forma Adjustments shall be included) and (d) the incurrence (including by assumption or guarantee) or repayment of any Indebtedness in respect of the Revolving Credit Facility (and/or any Incremental Revolving Facility) and any other revolving facilities included in such calculation immediately prior to, or simultaneously with, the event for which the Pro Forma Compliance determination of such ratio or other test is being made, shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Required Terms*. The terms, provisions and documentation of the Incremental Term Loans and Incremental Term Commitments or the Incremental Revolving Credit Loans and Incremental Revolving Credit Commitments, as the case may be, of any Class shall be as agreed between the Borrower and the applicable Incremental Lenders providing such Incremental Commitments, and except as otherwise set forth herein (or as they otherwise relate to fees, premiums, pricing, rate floors, call protection or optional prepayment or redemption terms), to the extent not consistent with the Initial Term Loans or Revolving Credit Commitments, as applicable, each existing on the Incremental Facility Closing Date, shall be either reasonably satisfactory to the Administrative Agent (except for covenants and terms that apply solely to any period after the Latest Maturity Date of the Initial Term Loans or Revolving Credit Facility, as applicable, that is in effect on the effective date of such Incremental Amendment) or as are otherwise agreed between the Borrower and the applicable Incremental Lenders (it being understood that to the extent any more restrictive financial maintenance covenant is added for the benefit of any Incremental Revolving Facility, for the period during which such more restrictive financial maintenance covenant is in effect, no consent shall be required from the Administrative Agent or any of the Lenders to the extent that such more restrictive financial maintenance covenant is also added for the benefit of the Revolving Credit Facility that then benefits from a financial maintenance covenant and is remaining outstanding after the effectiveness of such Incremental Amendment (except to the extent such financial maintenance covenant is applicable only to periods after the Latest Maturity Date of such Facility)). In any event:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Incremental Term Loans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) shall not mature earlier than the Maturity Date of the Initial Term Loans, other than Indebtedness subject to Customary Escrow Provisions or customary bridge facilities so long as the long-term Indebtedness that is released from escrow or into which such customary bridge facilities are to be converted or exchanged otherwise satisfies the requirements of this clause (A) and such conversion or exchange is subject only to conditions customary for similar conversions or exchanges,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) shall have a Weighted Average Life to Maturity not shorter than the remaining Weighted Average Life to Maturity of the Initial Term Loans other than customary bridge facilities, so long as the long-term Indebtedness into which such customary bridge facilities are to be converted or exchanged satisfies the requirements of this clause (B) and such conversion or exchange is subject only to conditions customary for similar conversions or exchanges,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) shall have an Applicable Rate, and subject to clauses (e)(i)(A) and (e)(i)(B) above and clause (e)(iii) below, amortization determined by the Borrower and the applicable Incremental Term Lenders, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Incremental Term Loans may participate on a pro rata basis or less than pro rata basis (but not on a greater than pro rata basis) in any mandatory prepayments of Term Loans hereunder, as specified in the applicable Incremental Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Incremental Revolving Credit Commitments and Incremental Revolving Credit Loans shall be identical to the Revolving Credit Commitments and the Revolving Credit Loans, other than the Maturity Date and as set forth in this Section 2.14(e)(ii); *provided* that notwithstanding anything to the contrary in this Section 2.14 or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any such Incremental Revolving Credit Commitments or Incremental Revolving Credit Loans shall not mature or provide for mandatory commitment reductions earlier than the Latest Maturity Date of any Revolving Credit Commitments outstanding at the time of incurrence of such Incremental Revolving Credit Commitments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the borrowing and repayment (except for (1) payments of interest and fees at different rates on Incremental Revolving Credit Commitments (and related outstandings), (2) repayments required upon the maturity date of the Incremental Revolving Credit Commitments and (3) repayment made in connection with a permanent repayment and termination of commitments (subject to clause (D) below)) of Loans with respect to Incremental Revolving Credit Commitments after the associated Incremental Facility Closing Date shall be made on a pro rata basis (or, in the case of repayment, on a pro rata basis or less than a pro rata basis) with all other Revolving Credit Commitments on the Incremental Facility Closing Date,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) subject to the provisions of Section 2.03(n) and 2.04(g) to the extent dealing with Swing Line Loans and Letters of Credit which mature or expire after a maturity date when there exists Incremental Revolving Credit Commitments with a longer maturity date, all Swing Line Loans and Letters of Credit shall be participated on a pro rata basis by all Lenders with Commitments in accordance with their percentage of the Revolving Credit Commitments on the Incremental Facility Closing Date (and except as provided in Section 2.03(n) and Section 2.04(g), without giving effect to changes thereto on an earlier maturity date with respect to Swing Line Loans and Letters of Credit theretofore incurred or issued),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the permanent repayment of Revolving Credit Loans with respect to, and termination of, Incremental Revolving Credit Commitments after the associated Incremental Facility Closing Date shall be made on a pro rata basis or a less than pro rata basis (but not on a greater than pro rata basis) with all other Revolving Credit Commitments on the Incremental Facility Closing Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) assignments and participations of Incremental Revolving Credit Commitments and Incremental Revolving Credit Loans shall be governed by the same assignment and participation provisions applicable to Revolving Credit Commitments and Revolving Credit Loans on the Incremental Facility Closing Date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any Incremental Revolving Credit Commitments may constitute a separate Class or Classes, as the case may be, of Commitments from the Classes constituting the applicable Revolving Credit Commitments prior to the Incremental Facility Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the amortization schedule applicable to any Incremental Term Loans and the All-In Yield applicable to the Incremental Term Loans or Incremental Revolving Credit Loans of each Class shall be determined by the Borrower and the applicable Lenders providing such Incremental Term Loans or Incremental Revolving Credit Commitments and shall be set forth in each applicable Incremental Amendment; *provided, however*, that with respect to any Incremental Term Loans that are denominated in Dollars and secured by the Collateral on an equal priority basis (without giving effect to the control of remedies) with the Liens securing the Initial Term Loans and/or Revolving Credit Loans, if the All-In Yield applicable to such Incremental Term Loans (other than Incremental Term Loans which constitute MFN Excluded Loans) shall be greater than the applicable All-In Yield payable pursuant to the terms of this Agreement as amended through the date of such calculation with respect to such Initial Term Loans by more than 50 basis points per annum (the amount of such excess of the All-In Yield applicable to such Incremental Term Loans over the sum of the All-In Yield applicable to the Initial Term Loans plus 50 basis points per annum, the "**Yield Differential**") then the interest rate (together with the Term SOFR or Base Rate floor, as applicable) with respect to the Initial Term Loans shall be increased by the applicable Yield Differential (this proviso, the "**MFN Protection**"); it being agreed that to the extent that the MFN Protection is effectuated pursuant to the preceding proviso and the Initial Term Loans are subject to a pricing grid, an amount equal to the applicable Yield Differential shall apply to each "level" in such pricing grid, such that the relevant rate differential among each "level" in such pricing grid is maintained both prior to and after the application of the preceding proviso.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Incremental Amendment*. Commitments (including in the form of delayed draw term loan commitments) in respect of Incremental Term Loans and Incremental Revolving Credit Commitments shall become Commitments (or in the case of an Incremental Revolving Credit Commitment to be provided by an existing Revolving Credit Lender, an increase in such Lender's applicable Revolving Credit Commitment), under this Agreement pursuant to an amendment (an "**Incremental Amendment**") to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, the Administrative Agent, any Loan Party organized under the laws of the United States, any state thereof, the District of Columbia or any territory thereof, that may be designated as a borrower in respect thereof (if any) and each Incremental Lender providing such Commitments. The Incremental Amendment may, without the consent of any other Loan Party, Agent or Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.14. The Borrower (or any Loan Party organized under the laws of the United States, any state thereof, the District of Columbia or any territory thereof, that may be designated as a borrower in respect thereof) will use the proceeds of the Incremental Term Loans and Incremental Revolving Credit Commitments for any purpose not prohibited by this Agreement. No Lender shall be obligated to provide any Incremental Term Loans or Incremental Revolving Credit Commitments, unless it so agrees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Reallocation of Revolving Credit Exposure*. Upon any Incremental Facility Closing Date on which Incremental Revolving Credit Commitments are effected through an increase in the Revolving Credit Commitments pursuant to this Section 2.14, (a) if the increase relates to the Revolving Credit Facility, each of the Revolving Credit Lenders shall assign to each of the Incremental Revolving Credit Lenders, and each of the Incremental Revolving Credit Lenders shall purchase from each of the Revolving Credit Lenders, at the principal amount thereof, such interests in the Incremental Revolving Credit Loans outstanding on such Incremental Facility Closing Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving Credit Loans will be held by existing Revolving Credit Lenders and Incremental Revolving Credit Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such Incremental Revolving Credit Commitments to the Revolving Credit Commitments, (b) each Incremental Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder shall be deemed, for all purposes, a Revolving Credit Loan and (c) each Incremental Revolving Credit Lender shall become a Lender with respect to the Incremental Revolving Credit Commitments and all matters relating thereto. The Administrative Agent and the Lenders hereby agree that the minimum borrowing and prepayment requirements in Sections 2.02 and 2.05(a) of this Agreement shall not apply to the transactions effected pursuant to the immediately preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) This Section 2.14 shall supersede any provisions in Section 2.13, 4.02 or 10.01 to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding the foregoing, Incremental Term Facilities and Incremental Revolving Facilities may be established and incurred as a means of effectively extending the maturity or effecting a repricing or a refinancing, in whole or in part, without utilizing any of the Available Incremental Amount, without regard to whether an Event of Default has occurred and is continuing and, without regard to the minimums set forth in Section 2.14(d)(iii), to the extent that the net cash proceeds from the Incremental Term Loans and Incremental Revolving Credit Loans,

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as applicable, are used to either (x) prepay Term Loans or (y) permanently reduce the Revolving Credit Commitments, Modified Revolving Credit Commitments or Incremental Revolving Credit Commitments; *provided* that (i) the Lenders with respect to any Class of Loans or Commitments being prepaid are offered the opportunity to participate in such transaction on a pro rata basis (and on the same terms) and (ii) the aggregate principal amount of such Class of Loans or Commitments, as the case may be, does not exceed the sum of (A) the aggregate principal amount of the applicable Class of Loans or Commitments being prepaid, extended, repriced or refinanced, (B) fees and expenses associated with the such prepayment (including any prepayment premium, penalties or other call protection) and (C) fees and expenses (including any OID, upfront fees, commitment fees, amendment fees, arrangement fees, underwriting fees or similar fees) related to the establishment of such Incremental Term Facilities and Incremental Revolving Facilities, as applicable.

Section 2.15. *Refinancing Amendments*. (a) On one or more occasions after the Closing Date, the Borrower may obtain, from any Lender or any other bank, financial institution or other institutional lender or investor that agrees to provide any portion of Refinancing Term Loans or Other Revolving Credit Commitments pursuant to a Refinancing Amendment in accordance with this Section 2.15 (each, an "**Additional Refinancing Lender**") (*provided* that (i) solely with respect to Other Revolving Credit Commitments, the Administrative Agent, the Swing Line Lenders and each L/C Issuer, if applicable, shall have consented (not to be unreasonably withheld, conditioned or delayed) to such Lender's or Additional Refinancing Lender's providing such Other Revolving Credit Commitments to the extent such consent, if any, would be required under Section 10.07(b) for an assignment of Revolving Credit Commitments to such Lender or Additional Refinancing Lender, (ii) with respect to Refinancing Term Loans, any Affiliated Lender providing Refinancing Term Loans shall be subject to the same restrictions set forth in Section 10.07(k) as they would otherwise be subject to with respect to any purchase by or assignment to such Affiliated Lender of Term Loans and (iii) Affiliated Lenders may not provide Other Revolving Credit Commitments), Credit Agreement Refinancing Indebtedness in respect of all or any portion of any Class, as selected by the Borrower in its sole discretion, of Term Loans or Revolving Credit Loans (or unused Commitments in respect thereof) then outstanding under this Agreement, in the form of Refinancing Term Loans, Refinancing Term Commitments, Other Revolving Credit Commitments, or Other Revolving Credit Loans pursuant to a Refinancing Amendment; *provided* that notwithstanding anything to the contrary in this Section 2.15 or otherwise, (1) the borrowing and repayment (except for (A) payments of interest and fees at different rates on Other Revolving Credit Commitments (and related outstandings), (B) repayments required upon the maturity date of the Other Revolving Credit Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments (subject to clause (3) below)) of Loans with respect to Other Revolving Credit Commitments after the date of obtaining any Other Revolving Credit Commitments shall be made on a pro rata basis with all other Revolving Credit Commitments, (2) subject to the provisions of Section 2.03(n) and Section 2.04(g) to the extent dealing with Swing Line Loans and Letters of Credit which mature or expire after a maturity date when there exist Other Revolving Credit Commitments with a longer maturity date, all Swing Line Loans and Letters of Credit shall be participated on a pro rata basis by all Lenders with Commitments in accordance with their percentage of the Commitments in respect of Revolving Credit Loans (and except as provided in Section 2.03(n) and Section 2.04(g), without giving effect to changes thereto on an earlier maturity date with respect to Swing Line Loans and Letters of Credit theretofore incurred or issued), (3) the permanent repayment of Revolving Credit Loans with respect to, and termination of, Other Revolving Credit Commitments after the date of obtaining any Other Revolving Credit Commitments shall be made on a pro rata basis with all other Commitments in respect of Revolving Credit Loans, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (4) assignments and participations of Other Revolving Credit Commitments and Other Revolving Credit Loans shall be governed by the same assignment and participation provisions applicable to Revolving Credit Commitments and Revolving Credit Loans.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date thereof of each of the conditions set forth in Section 4.02 and, to the extent reasonably requested by the Administrative Agent, receipt by the Administrative Agent of (i) customary legal opinions, board resolutions and officers' certificates consistent with those delivered on the Closing Date other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel's form of opinion reasonably satisfactory to the Administrative Agent and (ii) reaffirmation agreements and/or such amendments to the Collateral Documents as may be reasonably requested by the Administrative Agent in order to ensure that such Credit Agreement Refinancing Indebtedness is provided with the benefit of the applicable Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each issuance of Credit Agreement Refinancing Indebtedness under Section 2.15(a) shall be in an aggregate principal amount that is (x) not less than $1,000,000 and (y) an integral multiple of $500,000 in excess thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended pursuant to a Refinancing Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto, (ii) make such other changes to this Agreement and the other Loan Documents consistent with the provisions and intent of the third paragraph of Section 10.01 (without the consent of the Required Lenders called for therein) and (iii) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.15, and the Required Lenders hereby expressly authorize the Administrative Agent to enter into any such Refinancing Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Section 2.15 shall supersede any provisions in Section 2.13, 4.02 or 10.01 to the contrary.

Section 2.16. *Modification of Term Loans; Modification of Revolving Credit Loans*. (a) *Modification of Term Loans*. The Borrower may at any time and from time to time, in its sole discretion, request that all or a portion of the Term Loans of a given Class (or series or tranche thereof) (each, an "**Existing Term Loan Tranche**") be amended to extend the scheduled maturity date(s) with respect to all or a portion of any principal amount of such Term Loans or to make any other changes to the terms of such Term Loans (excluding any changes to the guarantees, Collateral or payment or lien priority (unless such change is to make such payment or lien priority junior to the Existing Term Loan Tranche and in such case an Intercreditor Agreement or subordination agreement shall be entered into)) (any such Term Loans which have been so amended, "**Modified Term Loans**") and to provide for other terms consistent with this Section 2.16. In order to establish any Modified Term Loans, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders under the applicable Existing Term Loan Tranche) (each, a "**Term Loan Modification Request**") setting forth the proposed terms of the Modified Term Loans to be established, which shall (x) be identical as offered to each Lender under such Existing Term Loan Tranche (including as to the proposed interest rates and fees payable) and offered pro rata to each Lender under such Existing Term Loan Tranche and (y) be identical to the Term Loans under the Existing Term Loan Tranche from which such Modified Term Loans are to

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be amended, except that: (i) all or any of the scheduled amortization payments of principal of the Modified Term Loans may be delayed to later dates than the scheduled amortization payments of principal of the Term Loans of such Existing Term Loan Tranche, to the extent provided in the applicable Modification Amendment; (ii) (A) the interest rates (including through fixed interest rates), interest margins, rate floors, upfront fees, funding discounts, original issue discounts and prepayment terms and premiums with respect to the Modified Term Loans may be different than those for the Term Loans of such Existing Term Loan Tranche, in each case, to the extent provided in the applicable Modification Amendment and/or (B) additional fees and/or premiums may be payable to the Lenders providing such Modified Term Loans in addition to any of the items contemplated by the preceding clause (A), in each case, to the extent provided in the applicable Modification Amendment; (iii) the Modification Amendment may provide for other covenants and terms; and (iv) Modified Term Loans may have prepayment premiums or call protection as may be agreed by the Borrower and the Lenders thereof; *provided* that (A) all documentation in respect of such Modification Amendment shall be consistent with the foregoing and (B) any Modified Term Loans may participate on a pro rata basis or less than a pro rata basis (but not greater than a pro rata basis) in any mandatory repayments or prepayments hereunder, in each case as specified in the respective Term Loan Modification Request. Any Modified Term Loans amended pursuant to any Term Loan Modification Request shall be designated a series (each, a "**Term Loan Modification Series**") of Modified Term Loans for all purposes of this Agreement; *provided* that any Modified Term Loans amended from an Existing Term Loan Tranche may, to the extent provided in the applicable Modification Amendment, be designated as an increase in any previously established Term Loan Modification Series with respect to such Existing Term Loan Tranche. Each Term Loan Modification Series of Modified Term Loans incurred under this Section 2.16 shall be in an aggregate principal amount that is not less than $1,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Modification of Revolving Credit Commitments*. The Borrower may at any time and from time to time, in its sole discretion, request that all or a portion of the Revolving Credit Commitments or Incremental Revolving Credit Commitments of a given Class (or series or tranche thereof) (each, an "**Existing Revolver Tranche**") be amended to extend the Maturity Date with respect to all or a portion of any principal amount of such Revolving Credit Commitments or Incremental Revolving Credit Commitments or to make any other changes to the terms of such Revolving Credit Commitments or Incremental Revolving Credit Commitments (excluding any changes to the guarantees, Collateral or payment or lien priority (unless such change is to make such payment or lien priority of the Modified Revolving Credit Commitments junior to the Existing Revolver Tranche and in such case an Intercreditor Agreement or subordination agreement shall be entered into)) (any such Revolving Credit Commitments or Incremental Revolving Credit Commitments which have been so amended, "**Modified Revolving Credit Commitments**") and to provide for other terms consistent with this Section 2.16. In order to establish any Modified Revolving Credit Commitments, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders under the applicable Existing Revolver Tranche) (each, a "**Revolver Modification Request**") setting forth the proposed terms of the Modified Revolving Credit Commitments to be established, which shall (x) be identical as offered to each Lender under such Existing Revolver Tranche (including as to the proposed interest rates and fees payable) and offered pro rata to each Lender under such Existing Revolver Tranche and (y) be identical to the Revolving Credit Commitments under the Existing Revolver Tranche from which such Modified Revolving Credit Commitments are to be amended, except that: (i) the Maturity Date of the Modified Revolving Credit Commitments may be delayed to a later date than the Maturity Date of the Revolving Credit Commitments of such Existing Revolver Tranche, to the extent provided in the applicable Modification Amendment; (ii) (A) the interest rates (including through fixed interest rates), interest margins, rate floors, upfront fees, funding discounts, original issue discounts and prepayment terms and premiums with respect to extensions of credit under the

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Modified Revolving Credit Commitments (whether in the form of interest rate margin, upfront fees, commitment fees, OID or otherwise) may be different than those for extensions of credit under the Revolving Credit Commitments of such Existing Revolver Tranche, in each case, to the extent provided in the applicable Modification Amendment and/or (B) additional fees and/or premiums may be payable to the Lenders providing such Modified Revolving Credit Commitments in addition to any of the items contemplated by the preceding clause (A), in each case, to the extent provided in the applicable Modification Amendment; (iii) the Modification Amendment may provide for other covenants and terms; and (iv) all borrowings under the applicable Revolving Credit Commitments (i.e., the Existing Revolver Tranche and the Modified Revolving Credit Commitments of the applicable Revolver Modification Series) and repayments thereunder shall be made on a pro rata basis (except for (I) payments of interest and fees at different rates on Modified Revolving Credit Commitments (and related outstandings) and (II) repayments required upon the Maturity Date of the non-extending Revolving Credit Commitments); *provided, further*, that all documentation in respect of such Modification Amendment shall be consistent with the foregoing. Any Modified Revolving Credit Commitments amended pursuant to any Revolver Modification Request shall be designated a series (each, a "**Revolver Modification Series**") of Modified Revolving Credit Commitments for all purposes of this Agreement; *provided* that any Modified Revolving Credit Commitments amended from an Existing Revolver Tranche may, to the extent provided in the applicable Modification Amendment, be designated as an increase in any previously established Revolver Modification Series with respect to such Existing Revolver Tranche. Each Revolver Modification Series of Modified Revolving Credit Commitments incurred under this Section 2.16 shall be in an aggregate principal amount that is not less than $1,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Modification Request*. The Borrower shall provide the applicable Modification Request at least three (3) Business Days prior to the date on which Lenders under the Existing Term Loan Tranche or Existing Revolver Tranche, as applicable, are requested to respond, and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting reasonably to accomplish the purposes of this Section 2.16. No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Tranche amended into Modified Term Loans or any of its Revolving Credit Commitments amended into Modified Revolving Credit Commitments, as applicable, pursuant to any Modification Request. Any Lender holding a Loan under an Existing Term Loan Tranche (each, a "**Modifying Term Lender**") wishing to have all or a portion of its Term Loans under the Existing Term Loan Tranche subject to such Modification Request amended into Modified Term Loans and any Revolving Credit Lender (each, a "**Modifying Revolving Credit Lender**") wishing to have all or a portion of its Revolving Credit Commitments under the Existing Revolver Tranche subject to such Modification Request amended into Modified Revolving Credit Commitments, as applicable, shall notify the Administrative Agent (each, a "**Modification Election**") on or prior to the date specified in such Modification Request of the amount of its Term Loans under the Existing Term Loan Tranche or Revolving Credit Commitments under the Existing Revolver Tranche, as applicable, which it has elected to request be amended into Modified Term Loans or Modified Revolving Credit Commitments, as applicable (subject to any minimum denomination requirements imposed by the Administrative Agent). In the event that the aggregate principal amount of Term Loans under the Existing Term Loan Tranche or Revolving Credit Commitments under the Existing Revolver Tranche, as applicable, in respect of which applicable Term Lenders or Revolving Credit Lenders, as the case may be, shall have accepted the relevant Modification Request exceeds the amount of Modified Term Loans or Modified Revolving Credit Commitments, as applicable, requested to be extended pursuant to the Modification Request, Term Loans or Revolving Credit Commitments, as applicable, subject to Modification Elections shall be amended to Modified Term Loans or Revolving Credit Commitments, as applicable, on a pro rata basis (subject to rounding by the Administrative Agent, which shall be conclusive) based on the aggregate principal amount of Term Loans or Revolving Credit Commitments, as applicable, included in each such Modification Election.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Modification Amendment*. Modified Term Loans and Modified Revolving Credit Commitments shall be established pursuant to an amendment (each, a "**Modification Amendment**") to this Agreement among the Borrower, the Administrative Agent and each Modifying Term Lender or Modifying Revolving Credit Lender, as applicable, providing a Modified Term Loan or Modified Revolving Credit Commitment, as applicable, thereunder, which shall be consistent with the provisions set forth in Sections 2.16(a) or (b) above, respectively (but which shall not require the consent of any other Lender). The effectiveness of any Modification Amendment shall be subject to the satisfaction on the date thereof of each of the conditions set forth in Section 4.02(a), to the extent reasonably requested by the Administrative Agent, to receipt by the Administrative Agent of (i) legal opinions, board resolutions and officers' certificates consistent with those delivered on the Closing Date other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel's form of opinion reasonably satisfactory to the Administrative Agent and (ii) reaffirmation agreements and/or such amendments to the Collateral Documents as may be reasonably requested by the Administrative Agent in order to ensure that the Modified Term Loans or Modified Revolving Credit Commitments, as applicable, are provided with the benefit of the applicable Loan Documents. For the avoidance of doubt, no consent of any Agent shall be required except to the extent affecting the rights and duties of, or any fees or other amounts payable to, such Agent. The Borrower may, at its election, specify as a condition to consummating any Modification Amendment that a minimum amount (to be determined and specified in the relevant Modification Request in the Borrower's sole discretion and as may be waived by the Borrower) of Term Loans, Revolving Credit Commitments or Incremental Revolving Credit Commitments (as applicable) of any or all applicable Classes be tendered. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Modification Amendment. Each of the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended pursuant to a Modification Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Modified Term Loans or Modified Revolving Credit Commitments, as applicable, incurred pursuant thereto, (ii) modify the scheduled repayments set forth in Section 2.07 with respect to any Existing Term Loan Tranche subject to a Modification Election to reflect a reduction in the principal amount of the Term Loans thereunder in an amount equal to the aggregate principal amount of the Modified Term Loans amended pursuant to the applicable Modification (with such amount to be applied ratably to reduce scheduled repayments of such Term Loans required pursuant to Section 2.07), (iii) modify the prepayments set forth in Section 2.05 to reflect the existence of the Modified Term Loans and the application of prepayments with respect thereto, (iv) make such other changes to this Agreement and the other Loan Documents consistent with the provisions and intent of the third paragraph of Section 10.01 (without the consent of the Required Lenders) and (v) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.16, and the Required Lenders hereby expressly authorize the Administrative Agent to enter into any such Modification Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No conversion of Loans pursuant to any Modification in accordance with this Section 2.16 shall constitute a voluntary or mandatory payment or prepayment for purposes of this Agreement or be subject to MFN Protection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Section 2.16 shall supersede any provisions in Section 2.13, 4.02 or 10.01 to the contrary.

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Section 2.17. *Defaulting Lenders*. (a) *Adjustments*. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Waivers and Amendments*. That Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 10.01.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Reallocation of Payments*. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article 8 or otherwise), shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to L/C Issuers or the Swing Line Lenders hereunder; third, if so determined by the Administrative Agent or requested by any L/C Issuer or the Swing Line Lenders, to be held as Cash Collateral for future funding obligations of that Defaulting Lender of any participation in any Swing Line Loan or Letter of Credit; fourth, as the Borrower may request (so long as no Default or Event of Default has occurred and is continuing), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund Loans under this Agreement; sixth, to the payment of any amounts owing to the Lenders, the L/C Issuers or the Swing Line Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender, any L/C Issuer or the Swing Line Lenders against that Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default has occurred and is continuing, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against that Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; and eighth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; *provided* that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Loans or L/C Borrowings were made at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Borrowings owed to, that Defaulting Lender. 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 2.17(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Certain Fees*. That Defaulting Lender (x) shall not be entitled to receive any commitment fee pursuant to Section 2.09(a) for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender) and (y) shall be limited in its right to receive Letter of Credit fees as provided in Section 2.03(h).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Reallocation of Pro Rata Share to Reduce Fronting Exposure*. During any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each Non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit or Swing Line Loans pursuant to Sections 2.03 and 2.04, the Pro Rata Share of each Non-Defaulting Lender's Revolving Credit Loans and L/C Obligations shall be computed without giving effect to the Commitment of that Defaulting Lender; *provided* that (i) each such reallocation shall be given effect only if, at the date the applicable Lender becomes a Defaulting Lender, no Default or Event of Default has occurred and is continuing; and (ii) the aggregate obligation of each Non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit and Swing Line Loans shall not exceed the positive difference, if any, of (1) the Revolving Credit Commitment of that Non-Defaulting Lender minus (2) the aggregate Outstanding Amount of the Loans of that Lender. Subject to Section 10.23, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender's increased exposure following such reallocation. If the allocation described in this clause (iv) cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lenders' Fronting Exposure and (y) second, Cash Collateralize the L/C Issuers' Fronting Exposure in accordance with the procedures satisfactory to such L/C Issuer (in its sole discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Defaulting Lender Cure*. If the Borrower, the Administrative Agent, the Swing Line Lenders and the L/C Issuers agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Revolving Credit Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held on a pro rata basis by the Lenders in accordance with their Pro Rata Share (without giving effect to Section 2.17(a)(iv)), whereupon that Lender will cease to be a Defaulting Lender; *provided* that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of 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 3

TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY

Section 3.01. *Taxes*. (a) Any and all payments made by or on account of any obligation of Borrower or any Guarantor under any Loan Document shall be made free and clear of and without deduction for any and all Taxes, except as required by applicable Law. If the applicable Withholding Agent shall be required (as determined in the good faith discretion of the applicable Withholding Agent) by any Law to deduct or withhold any Taxes from or in respect of any sum payable under any Loan Document to any Agent or any Lender, (A) to the extent the Tax in question is an Indemnified Tax, the sum payable by the Borrower or such Guarantor shall be increased as necessary so that after making all required deductions or withholdings (including deductions or withholdings applicable to additional sums payable under this Section 3.01), each

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such Agent or such Lender receives an amount equal to the sum it would have received had no such deductions or withholdings been made, (B) the applicable Withholding Agent shall be entitled to make such deductions or withholdings, (C) the applicable Withholding Agent shall pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable Law, and (D) as soon as practicable after any such payment, if the Borrower or any Guarantor is the applicable Withholding Agent, the Borrower or such Guarantor, as applicable, shall furnish to such Agent or Lender (as the case may be) the original or a copy of a receipt evidencing payment thereof or other evidence reasonably acceptable to such Agent or Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Loan Party agrees to 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 and all Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Loan Party agrees to indemnify each Agent and each Lender for (i) the full amount of Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) payable by such Agent or such Lender and (ii) any reasonable expenses arising therefrom or with respect thereto, in each case 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, prepared in good faith by such Agent or Lender (or by an Agent on behalf of such Lender) and delivered to the Borrower and the Administrative Agent, accompanied by a written statement thereof setting forth in reasonable detail the basis and calculation of such amounts shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Lender shall, at such times as are reasonably requested by the Borrower or the Administrative Agent, provide the Borrower and the Administrative Agent with any documentation prescribed by Law or reasonably requested by the Borrower or the Administrative Agent certifying as to any entitlement of such Lender to an exemption from, or reduction in, withholding Tax with respect to any payments to be made to such Lender under any Loan Document. Each such Lender shall, whenever a lapse in time or change in circumstances renders such documentation obsolete or inaccurate in any respect, deliver promptly to the Borrower and the Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested by the Borrower or the Administrative Agent) or promptly notify the Borrower and the Administrative Agent in writing of its legal ineligibility to do so. Unless the applicable Withholding Agent has received forms or other documents satisfactory to it indicating that payments under any Loan Document to or for a Lender are not subject to withholding Tax or are subject to such Tax at a rate reduced by an applicable tax treaty, the applicable Withholding Agent may withhold amounts required to be withheld by applicable Law from such payments at the applicable statutory rate. Without limiting the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each Lender that is a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time upon the reasonable request of the Borrower or the Administrative Agent) two properly completed and duly signed copies of Internal Revenue Service Form W-9 (or any applicable successor form) certifying that such Lender is exempt from U.S. federal backup withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each Lender that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time upon the reasonable request of the Borrower or the Administrative Agent) whichever of the following is applicable:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) two properly completed and duly signed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E (or any applicable successor forms) claiming eligibility for the benefits of an income tax treaty to which the United States is a party, and such other documentation as required under the Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) two properly completed and duly signed copies of Internal Revenue Service Form W-8ECI (or any applicable successor forms),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) a certificate substantially in the form of Exhibit L-1 claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code (a "**United States Tax Compliance Certificate**"), and two properly completed and duly signed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E (or any applicable successor form) or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV) to the extent a Lender is not the beneficial owner (for example, where the Lender is a partnership or a participating Lender), Internal Revenue Service Form W-8IMY (or any applicable successor forms) of the Lender, accompanied by a Form W-8ECI, W-8BEN or W-8BEN-E, a United States Tax Compliance Certificate substantially in the form of Exhibit L-2 or Exhibit L-3, Form W-9 and/or any other required information from each beneficial owner, as applicable and to the extent required under this Section 3.01(d) as if such beneficial owner were a Lender hereunder (*provided* that if the Lender is a partnership and not a participating Lender, and one or more direct or indirect partners of such Lender are claiming the portfolio interest exemption, a United States Tax Compliance Certificate substantially in the form of Exhibit L-4 may be provided by such Lender on behalf of such partner(s)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Each Lender that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or before the date on which it becomes a party to this Agreement (and from time to time upon the reasonable request of the Borrower or the Administrative Agent), executed copies 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Without limiting the provisions of clause (d)(A), (B), (C), (E) or (F) of this Section 3.01, if a payment made to a Lender under any Loan Document would be subject to Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent, at the time or times prescribed by

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law and at such time or times reasonably requested by the Borrower or the Administrative Agent, such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA, to determine whether such Lender has or has not complied with such Lender's obligations under FATCA and to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this Section 3.01(d)(D), "**FATCA**" shall include any amendments made to FATCA after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Each Lender hereby authorizes the Administrative Agent to deliver to the Loan Parties and to any successor Administrative Agent any documentation provided by such Lender to the Administrative Agent pursuant to this Section 3.01(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) The Administrative Agent and each Supplemental Agent, if any, shall deliver to the Borrower, on or prior to the Closing Date (or, in the case of a Supplemental Agent or a successor Administrative Agent pursuant to Section 9.09 hereof, on or before the date on which it becomes a Supplemental Agent or the Administrative Agent, as applicable), two properly completed and duly signed copies of, as applicable, (i) Internal Revenue Service Form W-8ECI with respect to any payments to be received on its own behalf and Internal Revenue Service Form W-8IMY (certifying that it is either a "qualified intermediary" within the meaning of Section 1.1441-1(e)(5) of the United States Treasury Regulations that has assumed primary withholding obligations under the Internal Revenue Code, including Chapters 3 and 4 of the Internal Revenue Code, or a "U.S. branch" within the meaning of Section 1.1441-1(b)(2)(iv) of the United States Treasury Regulations that is treated as a United States person (as defined in Section 7701(a)(30) of the Code) for purposes of withholding obligations under the Code) for the amounts the Administrative Agent receives for the account of others or (ii) Internal Revenue Service Form W-9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Lender claiming any additional amounts payable pursuant to this Section 3.01 shall, if requested by the Borrower, use its reasonable efforts to change the jurisdiction of its Lending Office (or take any other measures reasonably requested by the Borrower) if such a change or other measures would reduce any such additional amounts (including any such additional amounts that may thereafter accrue) and would not, in the sole determination of such Lender, result in any unreimbursed cost or expense or be otherwise materially disadvantageous to such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any Lender or Agent receives a refund in respect of any Indemnified Taxes as to which indemnification or additional amounts have been paid to it by any Loan Party pursuant to this Section 3.01, it shall promptly remit such refund to such Loan Party (but only to the extent of indemnification or additional amounts paid by such Loan Party under this Section 3.01 with respect to Indemnified Taxes giving rise to such refund), net of all reasonable and documented out-of-pocket expenses (including any Taxes) of the Lender or Agent, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); *provided* that such Loan Party, upon the request of the Lender or Agent, as the case may be, agrees promptly to return such refund (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to such Lender or Agent in the event such Lender or Agent is required to repay such refund to the relevant Governmental Authority. Notwithstanding anything

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to the contrary in this paragraph (f), in no event will the Lender or Agent, as the case may be, be required to pay any amount to any Loan Party pursuant to this paragraph (f) the payment of which would place such Lender or such Agent in a less favorable net after-Tax position than such Lender or such Agent 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 section shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to Taxes that it deems confidential) to the Borrower or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If any change in Law shall subject any Lender or Agent to any Taxes (other than (A) Indemnified Taxes and (B) Excluded Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, and the result of any of the foregoing shall be to increase the cost to such Lender or Agent of making, converting to, continuing or maintaining any Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender or Agent of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or Agent hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or Agent, the Borrower will pay to such Lender or Agent, as the case may be, such additional amount or amounts as will compensate such Lender or Agent, as the case may be, for such additional costs incurred or reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For the avoidance of doubt, the term "Lender" for purposes of this Section 3.01 shall include each L/C Issuer and the term "applicable Law" shall include FATCA.

Section 3.02. *Illegality*. If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Term SOFR Loans or Loans in an Approved Currency (other than Dollars), or to determine or charge interest rates based upon Term SOFR or the interest rate applicable to such Approved Currency, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, (a) any obligation of such Lender to make or continue Loans in the affected Approved Currency or Currencies, or, in the case of Term SOFR Loans denominated in Dollars, to convert Base Rate Loans to Term SOFR Loans, shall be suspended and (b) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Term SOFR component of Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, to be determined by the Administrative Agent without reference to such component of Base Rate, in each case, until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist (it being understood that such Lender agrees to so advise the Administrative Agent once the relevant circumstances giving rise to such determination no longer exists). Upon receipt of such notice, (i) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all applicable Term SOFR Loans or all applicable Loans in the affected Approved Currency of such Lender to Base Rate Loans denominated in Dollars (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Term SOFR component of Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Term SOFR Loans or such Loans in such affected Approved Currency to such day, or promptly, if such Lender may not lawfully continue to maintain such Term SOFR Loans or such Loans in such affected Approved Currency and (ii) if such notice asserts the illegality of such Lender determining or charging interest rates

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based upon Term SOFR, the Administrative Agent shall during the period of such suspension compute Base Rate applicable to such Lender without reference to the Term SOFR component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon Term SOFR (it being understood that such Lender agrees to so advise the Administrative Agent once such illegality no longer exists). Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. Each Lender agrees to designate a different Lending Office if such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender. For the avoidance of doubt, invalidity of Term SOFR determined pursuant to clause (a) thereof without giving effect to clause (a)(ii) thereof shall not affect ability of the Borrower to incur Daily Simple SOFR Loans pursuant to clause (a)(ii) of the definition thereof.

Section 3.03. *Inability to Determine Rates*. If the Administrative Agent reasonably determines in good faith that for any reason adequate and reasonable means do not exist for determining Term SOFR or the interest rate applicable to an Approved Currency (other than Dollars) for any requested Interest Period with respect to a proposed Term SOFR Loan or a Loan in a given Approved Currency, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, the obligation of the Lenders to make or maintain Term SOFR Loans or Loans in the affected Approved Currency shall be suspended until the Administrative Agent revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Term SOFR Loans or Loans denominated in the affected Approved Currency or, failing that, will be deemed to have converted such request, if applicable, into a request for a Borrowing of Base Rate Loans (without giving effect to clause (c) in the definition thereof).

Section 3.04. [*Reserved*]*.*

Section 3.05. [*Reserved*]

Section 3.06. *Replacement of Lenders under Certain Circumstances*. (a) If at any time (i) the Borrower becomes obligated to pay additional amounts or indemnity payments described in Section 3.01 or Section 3.02 as a result of any condition described in such Sections, (ii) any Lender becomes a Defaulting Lender or (iii) any Lender becomes a Non-Consenting Lender, then the Borrower, may so long as no Event of Default has occurred and is continuing, at its sole cost and expense, on five Business Days' prior written notice to the Administrative Agent and such Lender, (x) replace such Lender by causing such Lender to (and such Lender shall be obligated to) assign pursuant to Section 10.07(b) (with the assignment fee to be paid by the Borrower in such instance) all of its rights and obligations under this Agreement (in respect of any applicable Facility only in the case of clause (i) or (ii) or, with respect to a Class vote, clause (iii)) to one or more Eligible Assignees (or with respect to any assignment to any Affiliated Lender, pursuant to Section 10.07(k)); *provided* that neither the Administrative Agent nor any Lender shall have any obligation to the Borrower to find a replacement Lender or other such Person; and *provided, further*, that (A) in the case of any such assignment resulting from a claim for payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such payments and (B) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable Eligible Assignees shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable departure, waiver or amendment of the Loan Documents; or (y) terminate the Commitment of such Lender or L/C Issuer (in respect of any applicable Facility only in the case of clauses (i) - (iii)), as the case may be, and (1) in the case of a Lender (other than an L/C Issuer), repay all Obligations of the Borrower owing to such Lender

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relating to the Loans and participations held by such Lender as of such termination date and (2) in the case of an L/C Issuer, repay all Obligations of the Borrower owing to such L/C Issuer relating to the Loans and participations held by the L/C Issuer as well as all Letters of Credit issued by such L/C Issuer as of such termination date and cancel or backstop on terms satisfactory to such L/C Issuer any Letters of Credit issued by it; *provided* that in the case of any such termination of a Non-Consenting Lender such termination shall be sufficient (together with all other consenting Lenders) to cause the adoption of the applicable departure, waiver or amendment of the Loan Documents and such termination shall be in respect of any applicable Facility only in the case of clause (i) or (ii) or, with respect to a Class vote, clause (iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Lender being replaced pursuant to Section 3.06(a)(x) above shall (i) execute and deliver an Assignment and Assumption with respect to such Lender's applicable Commitment and outstanding Loans and participations in L/C Obligations and Swing Line Loans in respect thereof, and (ii) deliver any Notes evidencing such Loans to the Borrower or Administrative Agent. Pursuant to such Assignment and Assumption, (A) the assignee Lender shall acquire all or a portion, as the case may be, of the assigning Lender's Commitment and outstanding Loans and participations in L/C Obligations and Swing Line Loans, (B) all obligations of the Borrower owing to the assigning Lender relating to the Loans, Commitments and participations so assigned shall be paid in full by the assignee Lender to such assigning Lender concurrently with such Assignment and Assumption and (C) upon such payment and, if so requested by the assignee Lender, delivery to the assignee Lender of the appropriate Note or Notes executed by the Borrower, the assignee Lender shall become a Lender hereunder and the assigning Lender shall cease to constitute a Lender hereunder with respect to such assigned Loans, Commitments and participations, except with respect to indemnification provisions under this Agreement, which shall survive as to such assigning Lender. In connection with any such replacement, if any such Non-Consenting Lender or Defaulting Lender does not execute and deliver to the Administrative Agent a duly executed Assignment and Assumption reflecting such replacement on the date on which the assignee Lender executes and delivers such Assignment and Assumption to such Non-Consenting Lender or Defaulting Lender, then such Non-Consenting Lender or Defaulting Lender shall be deemed to have executed and delivered such Assignment and Assumption without any action on the part of the Non-Consenting Lender or Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary contained above, any Lender that acts as an L/C Issuer may not be replaced hereunder at any time that it has any Letter of Credit outstanding hereunder unless arrangements reasonably satisfactory to such L/C Issuer (including the furnishing of a backup standby letter of credit in form and substance, and issued by an issuer reasonably satisfactory to such L/C Issuer or the depositing of cash collateral into a cash collateral account in amounts and pursuant to arrangements reasonably satisfactory to such L/C Issuer) have been made with respect to each such outstanding Letter of Credit and the Lender that acts as the Administrative Agent may not be replaced hereunder except in accordance with the terms of Section 9.09.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that (i) the Borrower or the Administrative Agent has requested that the Lenders consent to a departure or waiver of any provisions of the Loan Documents or agree to any amendment thereto, (ii) the consent, waiver or amendment in question requires the agreement of each Lender, each affected Lender or each affected Lender of a certain Class or Facility in accordance with the terms of Section 10.01 or all the Lenders with respect to a certain Class of the Loans or all the Lenders with respect to a certain Facility and (iii) the Required Lenders (or, in the case of a consent, waiver or amendment involving all affected Lenders of a certain Class or Facility, the Required Class Lenders or Required Facility Lenders, as applicable) have agreed to such consent, waiver or amendment, then any Lender who does not agree to such consent, waiver or amendment shall be deemed a "**Non-Consenting Lender**."

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Section 3.07. *Survival*. Each party's obligations under this Article 3 shall survive termination of the Aggregate Commitments and repayment of all other Obligations hereunder.

ARTICLE 4

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

Section 4.01. *Conditions to Initial Credit Extension*. The obligation of each Lender to make a Credit Extension hereunder on the Closing Date is subject to satisfaction of the following conditions precedent, except as otherwise agreed between the Borrower and the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent's receipt of the following, each of which shall be originals or pdf copies or other facsimiles (followed promptly by originals, if requested by the Administrative Agent) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party each in form and substance reasonably satisfactory to the Administrative Agent and its legal counsel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Committed Loan Notice in accordance with the requirements hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) executed counterparts of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Collateral Document set forth on Schedule 1.01(B) required to be executed on the Closing Date as indicated on such schedule, duly executed by each Loan Party thereto, together with (subject to the last paragraph of this Section 4.01):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) certificates, if any, representing the Pledged Equity (constituting "certificated securities" within the meaning of Article 8 of the UCC) in the Borrower and each wholly owned Restricted Subsidiary of the Borrower that is a Domestic Subsidiary (other than those described under clause (b) of the definition of "Excluded Subsidiary"), accompanied by undated stock or membership interest powers executed in blank and instruments evidencing the Pledged Debt (including the Intercompany Note) endorsed in blank (or confirmation in lieu thereof reasonably satisfactory to the Administrative Agent or its counsel that such certificates, powers and instruments shall be sent for delivery to the Collateral Agent or its counsel within the time periods provided therefor on Schedule 6.16); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) copies of proper financing statements, filed or duly prepared for filing under the Uniform Commercial Code in all United States jurisdictions that the Administrative Agent may deem reasonably necessary in order to perfect and protect the Liens created under the Security Agreement on assets of Holdings, the Borrower and each Subsidiary Guarantor that is party to the Security Agreement, covering the Collateral described in the Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) subject to the last paragraph of this Section 4.01 and Section 6.16, all actions reasonably necessary and reasonably requested by the Administrative Agent in accordance with the Collateral Documents and the Collateral and Guarantee Requirement to cause the Collateral Agent to have a perfected first priority security interest in the Collateral (subject to Liens permitted under Section 7.01 which by operation of law or contract would have priority over the Liens securing the Initial Term Loans and/or Revolving Credit Loans) shall have been taken;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such certificates of good standing (to the extent such concept exists) from the applicable secretary of state (or equivalent Governmental Authority) of the state of organization of each Loan Party, certificates of resolutions or other action, incumbency certificates, certificates of incorporation or formation, as applicable, and/or other certificates of Responsible Officers of each Loan Party evidencing 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 to which such Loan Party is a party or is to be a party on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) an opinion from Simpson Thacher & Bartlett LLP, counsel to the Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a solvency certificate from the chief financial officer, chief accounting officer or other officer with equivalent duties of the Borrower (after giving effect to the Transactions) substantially in the form attached hereto as Exhibit E-2 (or, at the sole option and discretion of the Borrower, a third-party opinion as to the solvency of the Borrower and its Subsidiaries on a consolidated basis issued by a nationally recognized firm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a certificate, dated the Closing Date and signed by a Responsible Officer of the Borrower, confirming satisfaction of the conditions set forth in Section 4.01(d); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Perfection Certificate, duly completed and executed by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Closing Fees and all fees and expenses due to the Administrative Agent, the Initial Lenders and their respective Affiliates (including, without limitation, the fees and expenses of Davis Polk & Wardwell LLP, counsel to the Administrative Agent and the Lenders) required to be paid on the Closing Date and (in the case of expenses) invoiced at least three Business Days before the Closing Date (except as otherwise agreed by the Borrower) shall have been paid from the proceeds of the initial funding under the Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall have received at least three Business Days prior to the Closing Date all documentation and other information about the Borrower and the Guarantors required under applicable "know your customer" and anti-money laundering rules and regulations, including the USA PATRIOT Act, that has been requested by the Administrative Agent in writing at least 10 Business Days prior to the Closing Date. If the Borrower qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, the Borrower shall have delivered to the Administrative Agent, at least three Business Days prior to the Closing Date, a Beneficial Ownership Certification to the extent requested by the Administrative Agent at least 10 Business Days prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Specified Representations shall be true and correct in all material respects on the Closing Date (except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Closing Date Refinancing shall have been consummated, or will be consummated substantially concurrently with the borrowing of the Initial Term Loans on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Initial Lenders shall have received the Audited Financial Statements and the Unaudited Financial Statements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Equity Investment shall have been consummated, or shall be consummated substantially concurrently with the borrowing of the Initial Term Loans on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) On a Pro Forma Basis after giving effect to the Transactions, the Borrower and its Restricted Subsidiaries shall have cash and/or Cash Equivalents in an aggregate amount not less than $50,000,000.

Without limiting the generality of the provisions of Section 9.03(b), for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

Section 4.02. *Conditions to All Credit Extensions*. The obligation of each Lender to honor any Request for Credit Extension (other than (x) a Committed Loan Notice requesting only a conversion of Loans to the other Type or a continuation of Term SOFR Loans and (y) a Request for Credit Extension in connection with an Incremental Amendment (or the funding of any delayed draw term loans in connection therewith) which shall be governed by Section 2.14(d)), other than on the Closing Date, is subject to the following conditions precedent, subject to the provisions of Section 1.02(h):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The representations and warranties of each Loan Party set forth in Article 5 and in each other Loan Document shall be true and correct in all material respects (except that any representation and warranty that is qualified as to "materiality" or "Material Adverse Effect" shall be true and correct in all respects as so qualified) on and as of the date of such Credit Extension with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Default shall exist or would result from such proposed Credit Extension or from the application of the proceeds therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent and, if applicable, the relevant L/C Issuer or the Swing Line Lenders shall have received a Request for Credit Extension in accordance with the requirements hereof.

Each Request for Credit Extension after the Closing Date (other than (a) a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Term SOFR Loans and (b) a Request for Credit Extension in connection with an Incremental Amendment (or the funding of any delayed draw term loans in connection therewith), which shall be governed by Section 2.14(d)) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) (or, in the case of a Request for Credit Extension in connection with an Incremental Amendment, the conditions specified in Section 2.14(d)) have been satisfied on and as of the date of the applicable Credit Extension.

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ARTICLE 5

REPRESENTATIONS AND WARRANTIES

The Borrower, Holdings (solely to the extent applicable to it) and each of the Subsidiary Guarantors party hereto represent and warrant to the Agents and the Lenders at the time of each Credit Extension that:

Section 5.01. *Existence, Qualification and Power; Compliance with Laws*. Each Loan Party and each Restricted Subsidiary (a) is a Person duly organized or formed, validly existing and in good standing (where relevant) under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority to (i) own or lease its assets and carry on its business as currently conducted and (ii) in the case of the Loan Parties, execute, deliver and perform its obligations under the Loan Documents to which it is a party, (c) is duly qualified and in good standing (where relevant) under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, (d) is in compliance with all Laws, orders, writs and injunctions and (e) has all requisite governmental licenses, authorizations, consents and approvals and all requisite third-party accreditations to operate its business as currently conducted; except in each case, referred to in clause (a) (other than with respect to the Borrower), (b)(i) (other than with respect to the Borrower), (c), (d) and (e), to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect.

Section 5.02. *Authorization; No Contravention*. The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is a party are within such Loan Party's corporate or other powers, (a) have been duly authorized by all necessary corporate or other organizational action, and (b) do not (i) contravene the terms of any of such Person's Organizational Documents, (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under (other than as permitted by Section 7.01), or require any payment to be made under (x) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (y) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject, or (iii) violate any applicable Law; except with respect to any conflict, breach or contravention, payment (but not creation of Liens) or violation referred to in clauses (b)(ii) and (b)(iii) above, to the extent that such violation, conflict, breach, contravention or payment would not reasonably be expected to have a Material Adverse Effect.

Section 5.03. *Governmental Authorization; Other Consents*. No material approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority is necessary or required in connection with (a) the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, or for the consummation of the Transactions, (b) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection or maintenance of the Liens created under the Collateral Documents (including the priority thereof) or (d) the exercise by the Administrative Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents, except for (i) filings, recordings and registrations with Governmental Authorities necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties, (ii) the approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect (except to the extent not required to be obtained, taken, given or made or be in full force and effect pursuant to the Collateral and Guarantee Requirement) and (iii) those approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to obtain or make would not reasonably be expected to have a Material Adverse Effect.

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Section 5.04. *Execution, Delivery and Enforceability*. This Agreement and each other Loan Document has been duly executed and delivered by each Loan Party that is a party thereto. This Agreement and each other Loan Document constitutes, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is a party thereto in accordance with its terms, except as such enforceability may be limited by (i) Debtor Relief Laws and by general principles of equity, (ii) the need for filings, recordations and registrations necessary to create or perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties and (iii) the effect of foreign Laws, rules and regulations as they relate to pledges, if any, of Equity Interests in Foreign Subsidiaries.

Section 5.05. *Financial Statements; No Material Adverse Effect*. (a) Each of the Audited Financial Statements and the Unaudited Financial Statements fairly present in all material respects the financial condition of the Company and its Subsidiaries as of the dates thereof and their results of operations for the periods covered thereby in accordance with GAAP consistently applied throughout the periods covered thereby (except as otherwise disclosed in the notes therein), and in the case of the Unaudited Financial Statements, subject to changes resulting from year-end adjustments and to the absence of certain footnotes and to the inclusion of any explanatory note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The forecasts of consolidated balance sheets and consolidated statements of income and cash flow of the Borrower and its Subsidiaries which have been furnished to the Administrative Agent prior to the Closing Date have been prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed to be reasonable at the time of preparation of such forecasts, it being understood that actual results may vary from such forecasts and that such variations may be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Since the Closing Date, there has been no event or circumstance, either individually or in the aggregate, that has had or would reasonably be expected to have a Material Adverse Effect.

Section 5.06. *Litigation*. Except as set forth on Schedule 5.06, there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Borrower, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower or any of its Restricted Subsidiaries or against any of their properties or revenues that either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.

Section 5.07. *Ownership of Property; Liens; Real Property*. (a) The Borrower and each of its Restricted Subsidiaries has good record title to, or valid leasehold interests in, or easements or other limited property interests in, all Real Property which is necessary in the ordinary conduct of its business, free and clear of all Liens except as set forth on Schedule 5.07 hereto and except for minor defects in title that do not materially interfere with its ability to conduct its business or to utilize such assets for their intended purposes and Liens permitted by Section 7.01 and except where the failure to have such title or other interest would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the Closing Date, Schedule 3 to the Perfection Certificate dated as of the Closing Date contains a true and complete list of each Material Real Property owned by the Borrower or any of its Subsidiaries.

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Section 5.08. *Environmental Matters*. Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Loan Party and its Restricted Subsidiaries and their respective properties and operations are and, other than any matters which have been finally resolved without further liability or obligation, have been in compliance with all Environmental Laws, which includes obtaining, maintaining and complying with all applicable Environmental Permits required under such Environmental Laws to carry on the business of the Loan Parties and their respective Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) none of the Loan Parties or their respective Restricted Subsidiaries have received any written notice that alleges any of them is in violation of or potentially liable under any Environmental Laws and none of the Loan Parties or their respective Restricted Subsidiaries nor any of the Real Property owned, leased or operated by any Loan Party or its Restricted Subsidiaries is the subject of any claims, investigations, liens, demands, or judicial, administrative or arbitral proceedings pending or, to the knowledge of the Borrower, threatened, under or relating to any Environmental Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there has been no Release of Hazardous Materials on, at, under or from any Real Property or, to the knowledge of the Borrower, facilities currently or formerly, owned, leased or operated by any Loan Party or its Restricted Subsidiaries, or arising out of the conduct of the Loan Parties or their respective Restricted Subsidiaries, in each case that would reasonably be expected to require investigation, remedial activity, corrective action or cleanup by, or on behalf of, any Loan Party or its Restricted Subsidiaries or would reasonably be expected to result in an Environmental Liability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the knowledge of the Borrower, there are no facts, circumstances or conditions arising out of or relating to the Loan Parties or their respective Restricted Subsidiaries or any of their respective operations or any facilities currently or, to the knowledge of the Borrower, formerly owned, leased or operated by any of the Loan Parties or their respective Restricted Subsidiaries that would reasonably be expected to result in an Environmental Liability.

Section 5.09. *Taxes*. Except as would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each of the Loan Parties and their Subsidiaries have filed all tax returns required to be filed, and have paid all Taxes levied or imposed upon them or their properties, that are due and payable, except those that are being contested in good faith by appropriate proceedings diligently conducted.

Section 5.10. *ERISA Compliance*. (a) Except as would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each Plan maintained by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate is in compliance with the applicable provisions of ERISA and the Code and the regulations and published interpretations thereunder and other federal or state Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) No ERISA Event has occurred and is continuing; (ii) neither any Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (iii) neither any Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Section 4201 of ERISA with respect to a Multiemployer Plan; and (iv) neither any Loan Party nor any ERISA Affiliate has engaged in a transaction that would be subject to Section 4069 or Section 4212(c) of ERISA, except, with respect to each of the foregoing clauses of this Section 5.10(b), as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to each Pension Plan, the adjusted funding target attainment percentage (as defined in Section 436 of the Code), as determined by the applicable Pension Plan's Enrolled Actuary under Sections 436(j) and 430(d)(2) of the Code and all applicable regulatory guidance promulgated thereunder, would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect. Neither any Loan Party nor any ERISA Affiliate maintains or contributes to a Plan that is, or is expected to be, in at-risk status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code) in each case, except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

Section 5.11. *Subsidiaries; Equity Interests*. As of the Closing Date (after giving effect to the Transactions), no Loan Party has any Subsidiaries (other than Excluded Subsidiaries pursuant to clause (b) of the definition thereof) other than those specifically disclosed in Schedule 5.11, and all of the outstanding Equity Interests owned by the Loan Parties (or a Subsidiary of any Loan Party) in such material Subsidiaries have been validly issued and are fully paid and all Equity Interests owned by a Loan Party in such material Subsidiaries are owned free and clear of all Liens except (i) those created under the Collateral Documents and (ii) any Lien that is permitted under Section 7.01. As of the Closing Date, Schedules 1(a) and 5(a) to the Perfection Certificate (a) set forth the name and jurisdiction of each Domestic Subsidiary that is a Loan Party and (b) set forth the ownership interest of the Borrower and any other Guarantor in each wholly owned Subsidiary (other than Excluded Subsidiaries pursuant to clause (b) of the definition thereof), including the percentage of such ownership.

Section 5.12. *Margin Regulations; Investment Company Act*. (a) (i) The Borrower is not engaged nor will it engage, principally or as one of its important activities, in the business of (1) purchasing or carrying Margin Stock or (2) extending credit for the purpose of purchasing or carrying Margin Stock, in each case of the foregoing clauses (1) and (2) in a manner that violates Regulation U of the Board of Governors of the United States Federal Reserve System, and (ii) no proceeds of any Borrowings or drawings under any Letter of Credit will be used for any purpose that violates Regulation U of the Board of Governors of the United States Federal Reserve System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Loan Party is required to be registered as an "**investment company**" under the Investment Company Act of 1940.

Section 5.13. *Disclosure*. As of the Closing Date, no report, financial statement, certificate or other written information furnished by or on behalf of any Loan Party (other than projected financial information, *pro forma* financial information and information of a general economic or industry nature) to any Agent or any Lender on or prior to the Closing Date in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document (as modified or supplemented by other information so furnished), when taken as a whole, contains any untrue statement of a material fact or omits to state any material fact necessary to make the statements therein (when taken as a whole), in the light of the circumstances under which they were made, not materially misleading. With respect to projected financial information and *pro forma* financial information, the Borrower represents that such information was prepared in good faith based upon assumptions believed to be reasonable at the time of preparation; it being understood that such projections may vary from actual results and that such variances may be material.

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Section 5.14. *Labor Matters*. Except as, in the aggregate, would not reasonably be expected to have a Material Adverse Effect, as of the Closing Date (a) there are no strikes or other labor disputes against the Borrower or any of its Restricted Subsidiaries pending or, to the knowledge of the Borrower, threatened, (b) hours worked by and payment made to employees of the Borrower or any of its Restricted Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Laws, (c) the Borrower and the other Loan Parties have complied with all applicable labor Laws including work authorization and immigration and (d) all payments due from the Borrower or any of its Restricted Subsidiaries on account of employee wages and health and welfare and other benefits insurance have been paid or accrued as a liability on the books of the relevant party.

Section 5.15. *Intellectual Property; Licenses, Etc*. The Borrower and its Restricted Subsidiaries own, license or possess the right to use all of the trademarks, service marks, trade names, domain names (together with the goodwill associated with the foregoing), copyrights, patents, patent rights, technology, software, know-how, database rights, design rights and other intellectual property rights (collectively, "**IP Rights**") that are reasonably necessary for the operation of their respective businesses as currently conducted, and, to the knowledge of the Borrower, such failure to own, license or possess, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. To the knowledge of the Borrower, the business of any Loan Party or other Restricted Subsidiaries as currently conducted does not infringe upon, misappropriate, dilute or otherwise violate any IP Rights held by any other Person except for such infringements, misappropriations dilutions and other violations, individually or in the aggregate, which would not reasonably be expected to have a Material Adverse Effect. No claim or litigation regarding any of the IP Rights is filed and presently pending or, to the knowledge of the Borrower, presently threatened in writing against any Loan Party or other Restricted Subsidiaries, which, either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.

Except pursuant to licenses and other user agreements entered into by each Loan Party in the ordinary course of business, as of the Closing Date, to the knowledge of the Borrower, all registrations and applications for registration of IP Rights listed in Schedule 5 to the Perfection Certificate are valid and subsisting, except, in each case, to the extent failure of such registrations and applications for registration to be valid and subsisting would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

Section 5.16. *Solvency*. On the Closing Date, after giving effect to the Transactions, the Borrower and its Subsidiaries, on a consolidated basis, are Solvent.

Section 5.17. *Subordination of Junior Financing*. The Obligations are "Senior Debt," "Senior Indebtedness," "Guarantor Senior Debt" or "Senior Secured Financing" (or any comparable term) under, and as defined in, any documentation governing any Junior Financing.

Section 5.18. *OFAC; USA PATRIOT Act; FCPA*. (a) To the extent applicable, each of Holdings, the Borrower and its Subsidiaries is in compliance, in all material respects, with (i) the Trading with the Enemy Act, as amended, the International Emergency Economic Powers Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto and (ii) the USA PATRIOT Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Borrower nor any of its Subsidiaries nor, to the knowledge of the Borrower and the other Loan Parties, any director, officer, employee, agent or controlled affiliate of the Borrower or any of its Subsidiaries is currently the target of any Sanctions, nor is the Borrower or any of its Subsidiaries located, organized or resident in any country or territory that is the target of Sanctions, except to the extent authorized under applicable Sanctions laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No part of the proceeds of the Loans will be used, directly or knowingly indirectly, by the Borrower (i) in violation of the United States Foreign Corrupt Practices Act of 1977, as amended or (ii) for the purpose of financing any activities or business of or with any Person or in any country or territory that, at the time of such financing, is the target of any Sanctions, except to the extent authorized under applicable Sanctions laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Mortgages*. Upon recording thereof in the appropriate recording office, each Mortgage is effective to create, in favor of the Collateral Agent, for its benefit and the benefit of the Secured Parties, legal, valid and enforceable perfected Liens on, and security interest in, all of the Loan Parties' right, title and interest in and to the Mortgaged Property thereunder and the proceeds thereof, subject only to Liens permitted by Section 7.01 and when the Mortgages are filed in the offices (if any) specified on Schedule 7 to the Perfection Certificate dated the Closing Date (or, in the case of any Mortgage executed and delivered after the date thereof in accordance with the provisions of Sections 6.11 and 6.13, when such Mortgage is filed in the offices specified in the local counsel opinion delivered with respect thereto in accordance with the provisions of Sections 6.11 and 6.13), such Mortgage shall constitute fully perfected Liens on, and security interests in, all right, title and interest of the Loan Parties in the Mortgaged Property thereunder and the proceeds thereof, in each case prior and superior in right to any other Person, other than Liens permitted by Section 7.01.

Notwithstanding anything herein (including this Section 5.19) or in any other Loan Document to the contrary, neither the Borrower nor any other Loan Party makes any representation or warranty as to (A) the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest in any Equity Interests of any Foreign Subsidiary, or as to the rights and remedies of the Agents or any Lender with respect thereto, under foreign Law, except with respect to a Foreign Subsidiary that, at the option of the Borrower, is a Guarantor or (B) the pledge or creation of any security interest, or the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest to the extent such pledge, security interest, perfection or priority is not required pursuant to the Collateral and Guarantee Requirement.

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ARTICLE 6

AFFIRMATIVE COVENANTS

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other than obligations under Treasury Services Agreements or obligations under Secured Hedge Agreements) hereunder which is accrued and payable shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized or a backstop letter of credit reasonably satisfactory to the applicable L/C Issuer is in place), then from and after the Closing Date, the Borrower shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02 and 6.03) cause each of its Restricted Subsidiaries to:

Section 6.01. *Financial Statements*. (a) Commencing with respect to the fiscal year ending on December 31, 2024, deliver to the Administrative Agent for prompt further distribution to each Lender, on or before the date on which such financial statements are required or permitted to be filed with the SEC (or, if such financial statements are not required to be filed with the SEC, within one hundred thirty-five (135) days (or such longer period as the Administrative Agent may agree in its sole discretion; *provided* that such longer period shall be no longer than one hundred sixty-five (165) days) after the end of each fiscal year ending after the Closing Date), a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, stockholders' equity and cash flows for such fiscal year, setting forth in each case in unaudited pro forma comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by (A) a report and opinion of any independent registered public accounting firm of nationally recognized standing (it being understood and agreed that any of the "Big Four" accounting firms are acceptable), which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not contain any qualification or exception as to the scope of such audit or any "going concern" or like qualification (excluding any explanatory note or "emphasis of matter" paragraph) (other than resulting from (x) activities, operations, financial results, assets or liabilities of any Unrestricted Subsidiary, (y) the impending maturity of any Indebtedness or (z) any actual or prospective default under any financial covenant) and (B) a customary short-form management's discussion and analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Commencing with respect to the fiscal quarter ending on March 31, 2025, deliver to the Administrative Agent for prompt further distribution to each Lender, on or before the date on which such financial statements are required or permitted to be filed with the SEC (or, if such financial statements are not required to be filed with the SEC, within sixty (60) days (or such longer period as the Administrative Agent may agree in its sole discretion; *provided* that such longer period shall be no longer than ninety (90) days) after the end of each of the first three fiscal quarters of each fiscal year of the Borrower ending after the Closing Date), a consolidated unaudited balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter and the related consolidated unaudited statements of income or operations for such fiscal quarter and the portion of the fiscal year then ended, setting forth in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, and unaudited statements of stockholders' equity for the current fiscal quarter and consolidated unaudited statement of cash flows for the portion of the fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding portion of the previous fiscal year, all in reasonable detail and (x) certified by a Responsible Officer of the Borrower as fairly presenting in all material respects the financial condition, results of operations, stockholders' equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes and (y) accompanied by a customary short-form management's discussion and analysis.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to the consummation of a Qualified IPO, deliver to the Administrative Agent for prompt further distribution to each Lender, within one hundred thirty-five (135) days (or such longer period as the Administrative Agent may agree in its sole discretion; *provided* that such longer period shall be no longer than one hundred sixty-five (165) days) after the end of each fiscal year, a detailed consolidated budget for the following fiscal year on a quarterly basis in the form customarily prepared by the Borrower (collectively, the "**Projections**"), it being understood that actual results may vary from such Projections and that such variations may be material; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Deliver to the Administrative Agent with each set of consolidated financial statements referred to in Sections 6.01(a) and 6.01(b) above, supplemental financial information necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such consolidated financial statements.

Notwithstanding the foregoing, (x) the obligations in paragraphs (a) and (b) of this Section 6.01 may be satisfied with respect to financial information of the Borrower and the Subsidiaries by furnishing (A) the applicable financial statements of the Borrower (or any direct or indirect parent of the Borrower) or (B) the Borrower's (or any direct or indirect parent thereof), as applicable, Form 10-K or 10-Q, as applicable, filed with the SEC; *provided* that with respect to clauses (A) and (B), (i) to the extent such information relates to a parent of the Borrower, such information is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to the Borrower (or such parent), on the one hand, and the information relating to the Borrower and the Subsidiaries on a stand-alone basis, on the other hand and (ii) to the extent such information is in lieu of information required to be provided under Section 6.01(a), such materials are accompanied by a report and opinion of any independent registered public accounting firm of nationally recognized standing (it being understood and agreed that any of the "Big Four" accounting firms are acceptable), which report and opinion shall be prepared in accordance with generally accepted auditing standards and, except as contemplated in Section 6.01(a) (after giving effect to the exclusions, exceptions and qualification set forth therein) shall not contain any qualifications or exceptions as to the scope of such audit or any "going concern" qualification and (y) the financial information of the Borrower and the Subsidiaries required to be delivered pursuant to paragraphs (a) and (b) of this Section 6.01 may be furnished at any time on or prior to the date applicable to the Borrower (or any direct or indirect parent thereof) pursuant to the SEC's rules and regulations under the Exchange Act to the extent such date applicable to the Borrower (or any direct or indirect parent thereof) is later than the date set forth in paragraphs (a) and (b) of this Section 6.01 (and the deadline for such delivery shall be deemed to be extended pursuant hereto).

Documents required to be delivered pursuant to Section 6.01 and Section 6.02 may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower (or any direct or indirect parent of the Borrower) posts such documents, or provides a link thereto on the website on the Internet at the Borrower's website; or (ii) on which such documents are posted on the Borrower's behalf on Debtdomain, Roadshow Access (if applicable) or another relevant website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon written request by the Administrative Agent, the Borrower shall deliver paper copies of such documents to the Administrative Agent for further distribution to each Lender until a written request to cease delivering paper copies is given by the Administrative Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Borrower shall notify (which may be by facsimile or electronic mail) the Administrative Agent of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents.

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Section 6.02. *Certificates; Other Information*. Deliver to the Administrative Agent for prompt further distribution to each Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no later than five (5) days after the actual delivery of the financial statements referred to in Sections 6.01(a) and (b), a duly completed Compliance Certificate signed by a Responsible Officer of the Borrower setting forth, to the extent the Financial Covenant was in effect as of the last day of the most recently ended Test Period and/or resulting in any change to the Applicable ECF Percentage or Applicable Rate, the Consolidated First Lien Net Leverage Ratio (but without the requirement to provide any calculations thereof) as of the last day of the most recently ended Test Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly after the same are publicly available, copies of all annual, regular, periodic and special reports and registration statements which Holdings, the Borrower or any Restricted Subsidiary files with the SEC or with any Governmental Authority that may be substituted therefor (other than amendments to any registration statement (to the extent such registration statement, in the form it became effective, is delivered), exhibits to any registration statement and, if applicable, any registration statement on Form S-8) and in any case not otherwise required to be delivered to the Administrative Agent pursuant hereto; *provided* that notwithstanding the foregoing, the obligations in this Section 6.02(b) may be satisfied so long as such information is publicly available on the SEC's EDGAR website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promptly after the furnishing thereof, copies of any material requests or material notices received by any Loan Party (other than in the ordinary course of business) or material statements or material reports furnished to any holder of debt securities (other than in connection with any board observer rights) of any Loan Party or of any of its Restricted Subsidiaries pursuant to the terms of any documentation governing any Junior Financing with a principal amount in excess of the Threshold Amount and, in each case, any Permitted Refinancing thereof, and not otherwise required to be furnished to the Lenders pursuant to any other clause of this Section 6.02;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) together with the delivery of each annual Compliance Certificate pursuant to Section 6.02(a), a list of each Subsidiary of the Borrower that identifies each Subsidiary as a Restricted Subsidiary, an Unrestricted Subsidiary and/or an Excluded Subsidiary as of the date of delivery of such Compliance Certificate or confirmation that there has been no change in such information since the later of the Closing Date or the date of the last such list; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly, such additional information regarding the business, legal, financial or corporate affairs of the Loan Parties or any of their respective Restricted Subsidiaries, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender through the Administrative Agent may from time to time reasonably request; *provided* that notwithstanding anything to the contrary in this Section 6.02(e), none of the Borrower nor any Restricted Subsidiary shall be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by Law or binding agreement (solely to the extent not entered into in contemplation thereof) (or would otherwise cause a breach or default thereunder) or (iii) is subject to attorney-client or similar privilege or constitutes attorney work-product.

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The Borrower hereby acknowledges that (a) the Administrative Agent will make available to the Lenders and the L/C Issuers materials and/or information provided by or on behalf of the Borrower hereunder (collectively, "**Borrower Materials**") by posting the Borrower Materials on Debtdomain, Roadshow Access (if applicable) or another similar electronic system (the "**Platform**") and (b) certain of the Lenders may be "public-side" Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Borrower or its securities) (each, a "Public Lender"). The Borrower hereby agrees to make all Borrower Materials that the Borrower intends to be made available to Public Lenders clearly and conspicuously designated as "PUBLIC." By designating Borrower Materials as "PUBLIC," the Borrower authorizes such Borrower Materials to be made available to a portion of the Platform designated "Public Investor," which is intended to contain only information that is publicly available or not material information (though it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United States federal and state securities laws or is of a type that would be publicly available if the Borrower were a public reporting company (as reasonably determined by the Borrower). Notwithstanding the foregoing, the Borrower shall not be under any obligation to mark any Borrower Materials "PUBLIC." The Borrower agrees that (i) any Loan Documents, (ii) any financial statements delivered pursuant to Section 6.01 (excluding, for the avoidance of doubt, **Section** 6.01(c)), (iii) any Compliance Certificates delivered pursuant to Section 6.02(a) and (iv) notices delivered pursuant to Section 6.03(a) will be deemed to be "public-side" Borrower Materials and may be made available to Public Lenders.

Each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the "Private Side Information" or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender's compliance procedures and applicable law, including United States federal and state securities laws, to make reference to communications that are not made available through the "Public Side Information" portion of the Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes of United States federal or state securities laws.

Section 6.03. *Notices*. Promptly after a Responsible Officer of Holdings or the Borrower has obtained knowledge thereof, notify the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the occurrence of any Default or Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of any matter that has resulted or would reasonably be expected to result in a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of the filing or commencement of any action, suit, litigation or proceeding, whether at law or in equity by or before any Governmental Authority, (i) against Holdings, the Borrower or any of its Subsidiaries thereof that would reasonably be expected to result in a Material Adverse Effect or (ii) with respect to any Loan Document affecting the rights and obligations of the Borrower or any other Loan Party.

Each notice pursuant to this Section 6.03 shall be accompanied by a written statement of a Responsible Officer of the Borrower (x) that such notice is being delivered pursuant to Sections 6.03(a), (b) or (c) (as applicable) and (y) setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto.

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Section 6.04. *Payment of Taxes*. Pay, discharge or otherwise satisfy as the same shall become due and payable in the normal conduct of its business, all of its obligations and liabilities in respect of Taxes imposed upon it or upon its income or profits or in respect of its property, except, in each case, (i) to the extent any such Tax is being contested in good faith and by appropriate proceedings for which appropriate reserves have been established in accordance with GAAP or (ii) if such failure to pay or discharge such obligations and liabilities would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 6.05. *Preservation of Existence, Etc.* (a) Preserve, renew and maintain in full force and effect its legal existence under the Laws of the jurisdiction of its organization except (x) in a transaction permitted by Sections 7.04 or 7.05 and (y) any Restricted Subsidiary may merge or consolidate with any other Restricted Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take all reasonable action to maintain all rights, privileges (including its good standing where applicable in the relevant jurisdiction), permits, governmental licenses and franchises necessary or desirable in the normal conduct of its business, except, in the case of (a) (other than with respect to the Borrower) or (b), (i) to the extent that failure to do so would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or (ii) pursuant to a transaction permitted by Article 7 or clause (a)(y) of this Section 6.05.

Section 6.06. *Maintenance of Properties*. Except if the failure to do so would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, maintain, preserve and protect all of its material tangible or intangible properties and equipment necessary in the operation of its business in good working order, repair and condition, ordinary wear and tear excepted and fire, casualty or condemnation excepted.

Section 6.07. *Maintenance of Insurance*. (a) *Generally*. Maintain with financially sound and reputable insurance companies, insurance with respect to its properties and business, against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts (after giving effect to any self-insurance reasonable and customary for similarly situated Persons engaged in the same or similar businesses as the Borrower and the Restricted Subsidiaries) as are customarily carried under similar circumstances by such other Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Requirements of Insurance*. All such insurance shall (i) provide, to the extent reasonably available after the Borrower's use of commercially reasonable efforts, that no cancellation, material reduction in amount or material change in coverage thereof shall be effective until at least 10 days (or, to the extent reasonably available, 30 days) after receipt by the Collateral Agent of written notice thereof (the Borrower shall deliver a copy of the policy (and to the extent any such policy is cancelled or renewed, a renewal or replacement policy) or other evidence thereof to the Administrative Agent and the Collateral Agent, or insurance certificate with respect thereto) and (ii) name the Collateral Agent as loss payee (in the case of property insurance) or additional insured on behalf of the Secured Parties (in the case of liability insurance) (it being understood that, absent an Event of Default, any proceeds of any such property insurance shall be delivered by the insurer(s) to the Borrower or one of its Subsidiaries and applied in accordance with this Agreement), as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Flood Insurance*. If any portion of any improved Mortgaged Property is at any time located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a special flood hazard area with respect to which flood insurance has been made available under the Flood Insurance Laws, then the Borrower shall, or shall cause each Loan Party to (i) maintain, or cause to be maintained, with a financially sound and reputable insurer, flood insurance in an amount and on such terms sufficient to comply with all applicable rules and

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regulations promulgated pursuant to the Flood Insurance Laws and (ii) upon written request of the Administrative Agent, deliver to the Administrative Agent evidence of such compliance to the Administrative Agent. Following the Closing Date, the Borrower shall, upon the written request of the Administrative Agent, deliver to the Administrative Agent evidence of annual renewals of such flood insurance.

Section 6.08. *Compliance with Laws*. Comply with, the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except if the failure to comply therewith would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 6.09. *Books and Records*. Maintain proper books of record and account, in which entries that are full, true and correct in all material respects and are in conformity with GAAP consistently applied and which reflect all material financial transactions and matters involving the assets and business of the Borrower or a Restricted Subsidiary, as the case may be (it being understood and agreed that certain Foreign Subsidiaries maintain individual books and records in conformity with generally accepted accounting principles in their respective countries of organization and that such maintenance shall not constitute a breach of the representations, warranties or covenants hereunder).

Section 6.10. *Inspection Rights*. Permit representatives and independent contractors of the Administrative Agent and each Lender to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants (subject to such accountants' customary policies and procedures), all at the reasonable expense of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower; *provided* that, excluding any such visits and inspections during the continuation of an Event of Default, only the Administrative Agent on behalf of the Lenders may exercise rights of the Administrative Agent and the Lenders under this Section 6.10 and the Administrative Agent shall not exercise such rights more often than two times during any calendar year and only one (1) such time shall be at the Borrower's expense; *provided, further*, that when an Event of Default exists, the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon reasonable advance notice.

The Administrative Agent and the Lenders shall give the Borrower the opportunity to participate in any discussions with the Borrower's independent public accountants. Notwithstanding anything to the contrary in this Section 6.10, none of the Borrower nor any Restricted Subsidiary shall be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by Law or binding agreement (solely to the extent not entered into in contemplation thereof) (or would otherwise cause a breach or default thereunder) or (iii) is subject to attorney-client or similar privilege or constitutes attorney work-product.

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Section 6.11. *Additional Collateral; Additional Guarantors*. At the Borrower's expense, take all action either necessary or as reasonably requested by the Administrative Agent or the Collateral Agent to ensure that the Collateral and Guarantee Requirement continues to be satisfied, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon (x) the formation or acquisition of any new direct or indirect wholly owned Domestic Subsidiary (including by way of, or as a result of, any Division/Series Transaction) (in each case, other than an Excluded Subsidiary) by the Borrower, (y) any Excluded Subsidiary ceasing to constitute an Excluded Subsidiary or (z) the designation in accordance with Section 6.14 of an existing direct or indirect wholly owned Domestic Subsidiary (other than an Excluded Subsidiary) as a Restricted Subsidiary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) within sixty (60) days (or with respect to clause (C) below, ninety (90) days) after such formation, acquisition, cessation or designation, or such longer period as the Administrative Agent may agree in writing in its discretion, notify the Administrative Agent thereof and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) cause each such Domestic Subsidiary to duly execute and deliver to the Administrative Agent or the Collateral Agent (as appropriate) joinders to this Agreement as Guarantors, Security Agreement Supplements, Intellectual Property Security Agreements, Mortgages, a counterpart of the Intercompany Note, each Intercreditor Agreement, if applicable, and other security agreements and documents (including, with respect to such Mortgages, the documents listed in clause (f) of the definition of "Collateral and Guarantee Requirement"), as reasonably requested by and in form and substance reasonably satisfactory to the Administrative Agent (consistent with the, Security Agreement and other security agreements in effect on the Closing Date), in each case granting Liens required by the Collateral and Guarantee Requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) cause each such Domestic Subsidiary (and the parent of each such Domestic Subsidiary that is a Guarantor) to deliver any and all certificates representing Equity Interests (to the extent certificated) and intercompany notes (to the extent certificated) that are required to be pledged pursuant to the Collateral and Guarantee Requirement, accompanied by undated stock powers or other appropriate instruments of transfer executed in blank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) take and cause such Domestic Subsidiary and each direct or indirect parent of such Domestic Subsidiary to take whatever action (including the recording of Mortgages, the filing of Uniform Commercial Code financing statements and Intellectual Property Security Agreements, and delivery of stock and membership interest certificates) as may be necessary in the reasonable opinion of the Collateral Agent to vest in the Collateral Agent (or in any representative of the Collateral Agent designated by it) valid and perfected Liens to the extent required by the Collateral and Guarantee Requirement, and to otherwise comply with the requirements of the Collateral and Guarantee Requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as promptly as practicable after the request therefor by the Administrative Agent or Collateral Agent, deliver to the Collateral Agent with respect to each Material Real Property, any existing title reports, abstracts, surveys, appraisals or environmental assessment reports, to the extent available and in the possession of the Loan Parties or their respective Subsidiaries; *provided, however*, that there shall be no obligation to deliver to the Administrative Agent any existing environmental assessment report or appraisal whose disclosure to the Administrative Agent would require the consent of a Person other than the Loan Parties or one of their respective Subsidiaries, where, despite the commercially reasonable efforts of the Loan Parties or their respective Subsidiaries to obtain such consent, such consent cannot be obtained; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if reasonably requested by the Administrative Agent or the Collateral Agent, within sixty (60) days after such request (or such longer period as the Administrative Agent may agree in writing in its discretion), deliver to the Collateral Agent any other items necessary from time to time to satisfy the Collateral and Guarantee Requirement with respect to perfection and existence of security interests with respect to property of any Guarantor acquired after the Closing Date and subject to the Collateral and Guarantee Requirement, but not specifically covered by the preceding clauses (i) or (ii) or clause (b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Not later than 90 days (or such longer period as the Administrative Agent may agree in writing in its discretion) after the acquisition by any Loan Party of any Material Real Property as determined by the Borrower (acting reasonably and in good faith) that is required to be provided as Collateral pursuant to the Collateral and Guarantee Requirement, cause such property to be subject to a Lien and Mortgage in favor of the Collateral Agent for the benefit of the Secured Parties and take, or cause the relevant Loan Party to take, such actions as shall be necessary or reasonably requested by the Administrative Agent to grant and perfect or record such Lien, in each case to the extent required by, and subject to the limitations and exceptions of, the Collateral and Guarantee Requirement and to otherwise comply with the requirements of the Collateral and Guarantee Requirement; and (ii) as promptly as practicable after the request therefor by the Administrative Agent or Collateral Agent, deliver to the Collateral Agent with respect to each such acquired Material Real Property, any existing title reports, abstracts, surveys, appraisals or environmental assessment reports, to the extent available and in the possession of the Loan Parties or their respective Subsidiaries; *provided, however*, that there shall be no obligation to deliver to the Administrative Agent any existing environmental assessment report or appraisal whose disclosure to the Administrative Agent would require the consent of a Person other than the Loan Parties or one of their respective Subsidiaries, where, despite the commercially reasonable efforts of the Loan Parties or their respective Subsidiaries to obtain such consent, such consent cannot be obtained.

Section 6.12. *Compliance with Environmental Laws*. Except, in each case, to the extent that the failure to do so would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, comply, and take all commercially reasonable actions to cause all lessees and other Persons operating or occupying its properties to comply with all applicable Environmental Laws and Environmental Permits; obtain, maintain and renew all Environmental Permits necessary for its operations and properties; and, in each case to the extent the Loan Parties or their respective Subsidiaries are required by Environmental Laws, conduct any investigation, remedial or other corrective action necessary to address Hazardous Materials at any property or facility in accordance with applicable Environmental Laws.

Section 6.13. *Further Assurances*. Promptly upon reasonable request by the Administrative Agent (i) correct any material defect or error that may be discovered in the execution, acknowledgment, filing or recordation of any Intercreditor Agreement or any Collateral Document or other document or instrument relating to any Collateral, and (ii) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Administrative Agent may reasonably request from time to time in order to carry out more effectively the purposes of any Intercreditor Agreement or the Collateral Documents, to the extent required pursuant to the Collateral and Guarantee Requirement.

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Section 6.14. *Designation of Subsidiaries*. The Borrower may at any time designate any Restricted Subsidiary of the Borrower as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; *provided* that (i) immediately after such designation no Event of Default shall have occurred and be continuing and (ii) no Subsidiary may be designated as an Unrestricted Subsidiary if it is a "Restricted Subsidiary" for the purpose of any Junior Financing with an aggregate outstanding principal amount in excess of the Threshold Amount at the time of such designation. The designation of any Subsidiary as an Unrestricted Subsidiary after the Closing Date shall constitute an Investment by the Borrower therein at the date of designation in an amount equal to the fair market value of the Borrower's or its Subsidiary's (as applicable) Investment therein. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (i) the incurrence at the time of designation of any Investment, Indebtedness or Liens of such Subsidiary existing at such time and (ii) a return on any Investment by the Borrower in Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to the fair market value at the date of such designation of the Borrower's or its Subsidiary's (as applicable) Investment in such Subsidiary.

Notwithstanding the foregoing, (x) no Restricted Subsidiary may be designated as an Unrestricted Subsidiary if, on the date of and after giving effect to such designation, such Unrestricted Subsidiary (or any Subsidiary thereof) would own (or hold an exclusive license with respect to) any Material Intellectual Property (and no Material Intellectual Property may be transferred (including by way of an exclusive license) to an existing Unrestricted Subsidiary) and (y) no Unrestricted Subsidiary may, at any time, own (or hold an exclusive license with respect to) Material Intellectual Property.

Section 6.15. *Transactions with Affiliates*. The Borrower shall not, nor shall the Borrower permit any of the Restricted Subsidiaries to enter into any transaction of any kind with any Affiliate of the Borrower, whether or not in the ordinary course of business, involving aggregate payments or consideration in excess of the greater of (i) $95,000,000 and (ii) 20% of LTM Consolidated EBITDA, other than (a) loans and other transactions among the Borrower and its Restricted Subsidiaries or any entity that becomes a Restricted Subsidiary as a result of such loan or other transaction to the extent permitted under Article 7, (b) on terms (when taken as a whole) that are not materially less favorable to the Borrower or such Restricted Subsidiary as would be obtainable by the Borrower or such Restricted Subsidiary at the time in a comparable arm's-length transaction with a Person other than an Affiliate or, if in the good faith judgment of the Borrower, no comparable transaction is available with which to compare such transaction, such transaction is otherwise fair to the Borrower or such Restricted Subsidiary from a financial point of view and when such transaction is taken in its entirety, (c) the Transactions and the payment of Transaction Expenses as part of or in connection with the Transactions, (d) [reserved], (e) Restricted Payments permitted under Section 7.06, Investments permitted under Section 7.02 and prepayments, redemptions, purchases, defeasances and other payments permitted by Section 7.09, (f) employment and severance arrangements between the Borrower and its Restricted Subsidiaries and their respective officers and employees in the ordinary course of business or consistent with past practice and transactions pursuant to equity-based plans and employee benefit plans and arrangements in the ordinary course of business or consistent with past practice, (g) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, directors, managers, officers, employees and consultants of the Borrower and its Restricted Subsidiaries (or any direct or indirect parent of the Borrower) in the ordinary course of business to the extent attributable to the ownership or operation of the Borrower and its Restricted Subsidiaries, (h) transactions pursuant to agreements in existence on the Closing Date and set forth on Schedule 6.15 or any amendment thereto to the extent such an amendment is not materially adverse to the Lenders in any material respect, (i)(x) the payment of management, consulting, monitoring,

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transaction, advisory and other fees, indemnities and expenses pursuant to the Support and Services Agreement (plus any unpaid management, consulting, monitoring, transaction, advisory and other fees, indemnities and expenses accrued in any prior year) and any termination fees (including any such cash lump sum or present value fee upon the consummation of a corporate event, including an initial public equity offering) pursuant to the Support and Services Agreement, or any amendment thereto or replacement thereof so long as any such amendment or replacement is not materially disadvantageous in the good faith judgment of the Borrower to the Lenders when taken as a whole, as compared to the Support and Services Agreement as in effect immediately prior to such amendment or replacement, (y) the payment of indemnification and other similar amounts to the Investors and reimbursement of expenses of the Investors and (z) customary payments by the Borrower and any of its Restricted Subsidiaries to the Investors made for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities (including in connection with acquisitions or divestitures), which payments are approved by a majority of the members of the board of directors or managers or a majority of the disinterested members of the board of directors or managers of the Borrower, in good faith, (j) payments by the Borrower or any of its Subsidiaries pursuant to any tax sharing agreements with any direct or indirect parent of the Borrower to the extent attributable to the ownership or operation of the Borrower and its Subsidiaries, but only to the extent permitted by Section 7.06(i)(iii), (k) the issuance or transfer of Equity Interests (other than Disqualified Equity Interests of the Borrower) of Holdings or the Borrower to any Permitted Holder or to any former, present or future director, manager, officer, employee or consultant (or any Affiliate or any Immediate Family Member of any of the foregoing) of Holdings, the Borrower, any of its Subsidiaries or any direct or indirect parent thereof, (l) sales of accounts receivable, or participations therein, or Securitization Assets or related assets in connection with any Qualified Securitization Facility, (m) Permitted Intercompany Activities, (n) a joint venture which would constitute a transaction with an Affiliate solely as a result of Holdings, the Borrower or any Restricted Subsidiary owning an equity interest or otherwise controlling such joint venture or similar entity, (o) transactions with any Affiliated Lender in its capacity as a Lender party to any Loan Document or party to any agreement, document or instrument governing or relating to any Indebtedness permitted to be incurred pursuant to Section 7.03 (including Permitted Refinancings thereof) to the extent such Affiliated Lender is being treated no more favorably than all other Lenders or lenders thereunder and (p) transactions related to a Permitted Change of Control, the payment of Permitted Change of Control Costs and the issuance of Equity Interests to the management of Holdings, the Borrower or any of the Restricted Subsidiaries in connection with a Permitted Change of Control.

Section 6.16. *Post-Closing Covenants*. Except as otherwise agreed by the Administrative Agent in its reasonable discretion, the Borrower shall, and shall cause each of the other Loan Parties to, deliver each of the documents, instruments and agreements and take each of the actions set forth on Schedule 6.16 within the time periods set forth therein (or such longer time periods as determined by the Administrative Agent in its reasonable discretion).

Section 6.17. *Change in Nature of Business*. The Borrower shall not, nor shall the Borrower permit any of the Restricted Subsidiaries to engage in any material line of business substantially different from those lines of business conducted by the Borrower and the Restricted Subsidiaries on the Closing Date or any business reasonably related, complementary, synergistic or ancillary thereto or reasonable extensions thereof.

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Section 6.18. *Use of Proceeds*. The proceeds of the Initial Term Loans received on the Closing Date, shall not be used for any purpose other than for the Transactions (including the payment of Transaction Expenses) and to fund cash to the Borrower's balance sheet and any other purpose not prohibited by this Agreement. The proceeds of the Initial Revolving Borrowing will be used on the Closing Date (x) to finance the Transactions and fees and expenses related to the Transactions, (y) to replace, backstop, grandfather or cash collateralize existing letters of credit and (z) for working capital needs of the Borrower and its Subsidiaries, in an aggregate principal amount with respect to clause (x), not to exceed $50,000,000. Letters of Credit may be issued on the Closing Date to replace or backstop existing letters of credit or for other general corporate purposes. After the Closing Date, the proceeds of the Revolving Credit Loans and Swing Line Loans shall be used for working capital, general corporate purposes and any other purpose not prohibited by this Agreement, including Permitted Acquisitions and other Investments. The Letters of Credit shall be used to support obligations of the Borrower and its Subsidiaries incurred for working capital, general corporate purposes and any other purpose not prohibited by this Agreement (including Permitted Acquisitions and other Investments).

Section 6.19. *Accounting Changes*. The Borrower shall not make any change in its fiscal year; *provided, however*, that the Borrower may, upon written notice to the Administrative Agent, change its fiscal year to any other fiscal year reasonably acceptable to the Administrative Agent, in which case, the Borrower and the Administrative Agent will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary to reflect such change in fiscal year.

ARTICLE 7

NEGATIVE COVENANTS

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder (other than obligations under Treasury Services Agreements or obligations under Secured Hedge Agreements) which is accrued and payable shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized or a backstop letter of credit reasonably satisfactory to the applicable L/C Issuer is in place), then from and after the Closing Date:

Section 7.01. *Liens*. Neither the Borrower nor the Restricted Subsidiaries shall create, incur, assume or suffer to exist any Lien that secures obligations constituting Indebtedness for borrowed money upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens pursuant to any Loan Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liens existing on the Closing Date and, with respect to each such Lien securing Indebtedness with a principal amount in excess of $10,000,000, listed on Schedule 7.01(b) and any modifications, replacements, renewals, refinancings or extensions thereof; *provided* that (i) the Lien does not extend to any additional property other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien or financed by Indebtedness permitted under Section 7.03, and (B) proceeds and products thereof, and (ii) the replacement, renewal, extension or refinancing of the obligations secured or benefited by such Liens, to the extent constituting Indebtedness, is permitted by Section 7.03;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liens for Taxes, governmental duties, levies, assessments and charges (including any Lien imposed by the PBGC or similar Liens) that are not overdue for a period of more than sixty (60) days or not yet payable or subject to penalties for nonpayment or that are being contested in good faith and by appropriate actions diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person to the extent required in accordance with GAAP (as determined by the Borrower in good faith);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) statutory or common law Liens of landlords, sublandlords, carriers, warehousemen, mechanics, materialmen, repairmen, construction contractors or other like Liens that secure amounts not overdue for a period of more than sixty (60) days or if more than sixty (60) days overdue, that are unfiled and no other action has been taken to enforce such Lien or that are being contested in good faith and by appropriate actions diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person to the extent required in accordance with GAAP (as determined by the Borrower in good faith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) pledges or deposits in the ordinary course of business in connection with workers' compensation, unemployment insurance and other social security legislation and (ii) pledges and deposits in the ordinary course of business securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance or self-insurance to the Borrower or any of its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Liens to secure the performance of bids, trade contracts, governmental contracts and leases (other than Indebtedness for borrowed money), statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including (i) those to secure health, safety and environmental obligations and (ii) letters of credit and bank guarantees required or requested by any Governmental Authority in connection with any contract or Law) and letters of credit, bank guarantees or bankers acceptances and completion guarantees, in each case, issued or incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) easements, rights-of-way, restrictions, encroachments, protrusions and other similar encumbrances and other minor title defects affecting Real Property, and any exceptions on the final Mortgage Policies issued in connection with the Mortgaged Properties, that do not in the aggregate materially interfere with the ordinary conduct of the business of the Borrower or any of its Restricted Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens securing judgments or orders for the payment of money not constituting an Event of Default under Section 8.01(h);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (x) leases, licenses, subleases, sublicenses, or cross-licenses granted to others in the ordinary course of business, consistent with past practice, or which do not interfere in any material respect with the business of the Borrower and its Restricted Subsidiaries, taken as a whole and (y) leases, licenses, subleases, sublicenses, or cross-licenses constituting a Disposition permitted under Section 7.05;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens (i) in favor of customs and revenue authorities arising as a matter of Law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business or consistent with past practice and (ii) on specific items of inventory or other goods and proceeds thereof of any Person securing such Person's obligations in respect of bankers' acceptances or letters of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Liens (i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of business and (iii) in favor of a banking or other financial institution arising as a matter of Law or under customary general terms and conditions encumbering deposits or other funds maintained with a financial institution (including the right of set-off) and that are within the general parameters customary in the banking industry;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Liens (i) on cash advances or Cash Equivalents in favor of (x) the seller of any property to be acquired in an Investment permitted pursuant to Sections 7.02(i) and (n) to be applied against the purchase price for such Investment or (y) the buyer of any property to be Disposed of pursuant to Sections 7.05(j), (o) or (t) to secure obligations in respect of indemnification, termination fee or similar seller obligations and (ii) consisting of an agreement to Dispose of any property in a Disposition permitted under Section 7.05, in each case, solely to the extent such Investment or Disposition, as the case may be, would have been permitted on the date of the creation of such Lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Liens (i) in favor of the Borrower or a Restricted Subsidiary on assets of a Restricted Subsidiary that is not a Loan Party securing permitted intercompany Indebtedness and (ii) in favor of the Borrower or any Subsidiary Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any interest or title of a lessor, sublessor, licensor or sublicensor under leases, subleases, licenses or sublicenses entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business or consistent with past practice permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Liens deemed to exist in connection with Investments in repurchase agreements under Section 7.02;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business or consistent with past practice and not for speculative purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Liens that are contractual rights of set-off or rights of pledge (i) relating to the establishment of depository relations with banks not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Borrower or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower or any of its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of the Borrower or any of its Restricted Subsidiaries in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Liens solely on any cash earnest money deposits made by the Borrower or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) ground leases in respect of Real Property on which facilities owned or leased by the Borrower or any of its Restricted Subsidiaries are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Liens to secure Indebtedness permitted under Section 7.03(e); *provided* that (i) such Liens do not at any time encumber property (except for replacements, additions and accessions to such property) other than the property financed by such Indebtedness and the proceeds and products thereof and customary security deposits and (ii) with respect to Financing Leases, such Liens do not at any time extend to or cover any assets (except for replacements, additions and accessions to such assets) other than the assets subject to such Financing Leases and the proceeds and products thereof and customary security deposits; *provided* that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment provided by such lender;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Liens on property of any Restricted Subsidiary that is not a Loan Party and that does not constitute Collateral, which Liens secure Indebtedness permitted under Section 7.03 or other obligations not prohibited hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Liens existing on property at the time of its acquisition or existing on the property of any Person at the time such Person becomes a Restricted Subsidiary (other than by designation as a Restricted Subsidiary pursuant to Section 6.14), in each case after the Closing Date (other than Liens on the Equity Interests of any Person that becomes a Restricted Subsidiary); *provided* that (i) such Lien was not created in contemplation of such acquisition or such Person becoming a Restricted Subsidiary, (ii) such Lien does not extend to or cover any other assets or property (other than the proceeds or products thereof and other than after-acquired property subjected to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition), and (iii) the Indebtedness secured thereby is permitted under Section 7.03;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) (i) zoning, building, entitlement and other land use regulations by Governmental Authorities with which the normal operation of the business complies, and (ii) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real property that does not materially interfere with the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Liens arising from precautionary Uniform Commercial Code financing statement or similar filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) the modification, replacement, renewal or extension of any Lien permitted by clauses (u) and (w) of this Section 7.01; *provided* that (i) the Lien does not extend to any additional property, other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien and (B) proceeds and products thereof, and (ii) the renewal, extension or refinancing of the obligations secured or benefited by such Liens is permitted by Section 7.03 (to the extent constituting Indebtedness);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Liens on cash and Cash Equivalents arising in connection with the defeasance, satisfaction, discharge or redemption of Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Liens with respect to property or assets of the Borrower or any of its Restricted Subsidiaries securing obligations in an aggregate principal amount at the time of incurrence of such Liens not to exceed the greater of (i) $166,250,000 and (ii) 35% of LTM Consolidated EBITDA, in each case determined as of the date of incurrence; *provided* that to the extent such Liens attach to property or assets constituting Collateral, (x) an Other Debt Representative acting on behalf of the holders of such Indebtedness shall have become party to each Junior Priority Intercreditor Agreement then in effect or that will be in effect at the time of incurrence of such Indebtedness and (y) such Liens may only be secured by the Collateral on a junior lien basis to the Liens securing the Initial Term Loans and/or Revolving Credit Loans;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Liens to secure Indebtedness permitted under Section 7.03(a)(ii), 7.03(g), 7.03(q), 7.03(s) or 7.03(w) (with respect to Section 7.03(w), solely with respect to Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party); *provided* that (but, with respect to such Indebtedness permitted under Section 7.03(g), solely with respect to Incurred Acquisition Debt) an Other Debt Representative acting on behalf of the holders of such Indebtedness shall have become party to each applicable Intercreditor Agreement then in effect or that will be in effect at the time of incurrence of such Indebtedness to the extent such Liens attach to property or assets constituting Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Liens on the Collateral securing obligations in respect of Credit Agreement Refinancing Indebtedness constituting Permitted First Priority Refinancing Debt or Permitted Junior Lien Refinancing Debt (and any Permitted Refinancing of any of the foregoing); *provided* that an Other Debt Representative acting on behalf of the holders of such Indebtedness shall have become party to each applicable Intercreditor Agreement then in effect or that will be in effect at the time of incurrence of such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) Liens on accounts receivable, Securitization Assets and related assets incurred in connection with a Qualified Securitization Facility securing obligations in respect of such Qualified Securitization Facility in an aggregate amount not to exceed the greater of (i) $142,500,000 and (ii) 30% of LTM Consolidated EBITDA, in each case determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) Liens on specific items of inventory or other goods and the proceeds thereof securing such Person's obligations in respect of documentary letters of credit or banker's acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) Liens securing any Permitted Refinancing directly or indirectly permitted under Section 7.03(b), (g), (m), (q), (s), (t), (v) or (y) that are secured by Liens on the same assets as the Liens securing the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended by such Permitted Refinancing, plus improvements, accessions, dividends, distributions, proceeds or products thereof and after-acquired property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any encumbrance or restriction (including put and call arrangements) with respect to Equity Interests of any joint venture or similar arrangement pursuant to any joint venture or similar agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) Liens on Equity Interests of an Unrestricted Subsidiary that secure Indebtedness or other obligations of such Unrestricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) deposits of cash with the owner or lessor of premises leased and operated by the Borrower or any of its Subsidiaries in the ordinary course of business or consistent with past practice of the Borrower and such Subsidiary to secure the performance of the Borrower's or such Subsidiary's obligations under the terms of the lease for such premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) security given to a public utility or any municipality or governmental authority when required by such utility or authority in connection with the operations of that Person in the ordinary course of business or consistent with past practice;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) Liens with respect to property or assets of the Borrower or any of its Restricted Subsidiaries securing obligations in respect of Section 7.03(f) or (l); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) Liens on any funds or securities held in escrow accounts established for the purpose of holding proceeds from issuances of debt securities by the Borrower or any of its Restricted Subsidiaries issued after the Closing Date, together with any additional funds required in order to fund any mandatory redemption or sinking fund payment on such debt securities within 360 days of their issuance; *provided* that such Liens do not extend to any assets other than such proceeds and such additional funds.

For purposes of determining compliance with this Section 7.01, (A) Liens need not be incurred solely by reference to one category of Liens permitted by this Section 7.01 but are permitted to be incurred in part under any combination thereof and of any other available exemption, (B) in the event that Lien (or any portion thereof) meets the criteria of one or more of the categories of Liens permitted by this Section 7.01, the Borrower may, in its sole discretion, classify or reclassify such Lien (or any portion thereof) in any manner that complies with this provision, (C) in the event that a portion of Indebtedness or other obligations secured by a Lien could be classified as secured in part pursuant to Section 7.01(dd) above (giving pro forma effect to the incurrence of such portion of such Indebtedness or other obligations), the Borrower, in its sole discretion, may classify such portion of such Indebtedness (and any obligations in respect thereof) as having been secured pursuant to Section 7.01(dd) above and thereafter the remainder of the Indebtedness or other obligations as having been secured pursuant to one or more of the other clauses of this Section 7.01 and if any such test would be satisfied in any subsequent fiscal quarter following the relevant date of determination, then such reclassification shall be deemed to have automatically occurred at such time and (D) with respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the incurrence of such Indebtedness, such Lien shall also be permitted to secure any amount permitted under Section 7.03(cc) in respect of such Indebtedness. Any Liens in respect of the accrual of interest, any interest paid in kind and capitalized to the principal of the underlying Indebtedness, the accretion of accreted value and the payment of interest in the form of additional Indebtedness, in each case in respect of any Indebtedness, shall not be deemed to be an incurrence of a Lien in respect of such Indebtedness for purposes of this Section 7.01.

Section 7.02. *Investments*. Neither the Borrower nor the Restricted Subsidiaries shall make any Investments, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investments by the Borrower or any of its Restricted Subsidiaries in assets that were Cash Equivalents when such Investment was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) loans or advances to future, present or former officers, directors, managers, members, partners, independent contractors, consultants and employees of any Loan Party (or any direct or indirect parent thereof) or any of its Subsidiaries (i) for reasonable and customary business-related travel, entertainment, relocation and analogous ordinary business purposes, (ii) in connection with such Person's purchase of Equity Interests of the Borrower or any direct or indirect parent thereof directly from such issuing entity (*provided* that the amount of such loans and advances shall be contributed to the Borrower in cash as Equity Interests other than Disqualified Equity Interests) and (iii) for any other purposes not described in the foregoing clauses (i) and (ii); *provided* that the aggregate principal amount outstanding at any time under clause (iii) above shall not exceed the greater of (x) $95,000,000 and (y) 20% of LTM Consolidated EBITDA, in each case determined at the time of such loan or advance;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investments by the Borrower or any of the Restricted Subsidiaries in the Borrower or any of the Restricted Subsidiaries or any Person that will, upon such Investment become a Restricted Subsidiary; *provided* that, in the case of intercompany loans and advances (x) any Investment made by any Person that is not a Loan Party in any Loan Party pursuant to this clause (c) shall be subordinated in right of payment to the Loans, (y) the aggregate amount of any Investment made by any Loan Party in any Person that is not a Loan Party, together with the amount of Investments made in any Person that is not a Loan Party pursuant to Section 7.02(i) shall not exceed the greater of (i) $190,000,000 and (ii) 40% of LTM Consolidated EBITDA, in each case determined as of the date of such Investment and (z) any Investment made by any Loan Party in any Person that is not a Loan Party pursuant to this clause (c) shall either (i) be made in the ordinary course of business or consistent with past practice or (ii) be evidenced by an Intercompany Note (or another note in form and substance reasonably satisfactory to the Administrative Agent) pledged as Collateral to secure the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 and other credits to suppliers in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Investments (excluding loans and advances made in lieu of Restricted Payments pursuant to and limited by Section 7.02(m) below) consisting of transactions permitted under Sections 7.01 (other than 7.01(p)), 7.03 (other than 7.03(c) and (d)), 7.04 (other than 7.04(c), (d) and (e)), 7.05 (other than 7.05(e)), 7.06 (other than 7.06(e) and (i)(iv)) and 7.09, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Investments (i) existing on the Closing Date and, with respect to each such Investment in an amount in excess of $10,000,000, set forth on Schedule 7.02(f) and any modification, replacement, renewal, reinvestment or extension thereof and (ii) existing on the Closing Date by the Borrower or any Restricted Subsidiary in the Borrower or any other Restricted Subsidiary and any modification, renewal or extension thereof; *provided* that the amount of the original Investment is not increased except by the terms of such Investment as of the Closing Date or as otherwise permitted by this Section 7.02;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Investments in Swap Contracts permitted under Section 7.03(f);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Investments consisting of purchases and acquisitions of assets or services in the ordinary course of business or consistent with past practice or industry norm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any acquisition of all or substantially all the assets of a Person, or any Equity Interests in a Person that becomes a Restricted Subsidiary or a division or line of business of a Person (or any subsequent Investment made in a Person, division or line of business previously acquired in a Permitted Acquisition), in a single transaction or series of related transactions, if immediately after giving effect thereto: (i) no Event of Default under Sections 8.01(a) or (f) with respect to the Borrower shall have occurred and be continuing, (ii) any acquired or newly formed Restricted Subsidiary shall not be liable for any Indebtedness except for Indebtedness otherwise permitted by Section 7.03, (iii) to the extent required by the Collateral and Guarantee Requirement, (A) the property, assets and businesses acquired in such purchase or other acquisition shall constitute Collateral and (B) any such newly created or acquired Subsidiary (other than an Excluded Subsidiary) shall become a Guarantor, in each case, in accordance with Section 6.11 and (iv) the aggregate amount of any Investment made by any Loan Party in any Person that is not a Loan Party, together with the amount of Investments made in any Person that is not a Loan Party pursuant to clause (y) of the proviso to Section 7.02(c) shall not exceed the greater of (i) $190,000,000 and (ii) 40% of LTM Consolidated EBITDA, in each case determined as of the date of such Investment (any such acquisition, a "**Permitted Acquisition**");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) so long as no Event of Default under Sections 8.01(a) or (f) with respect to the Borrower shall have occurred and be continuing, the Borrower and its Restricted Subsidiaries may make Investments in an unlimited amount so long as the Consolidated Total Net Leverage Ratio calculated on a Pro Forma Basis as of the last day of the most recently ended period of four consecutive fiscal quarters for which financial statements are internally available is less than or equal to 5.00 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Investments in the ordinary course of business consisting of UCC Article 3 endorsements for collection or deposit and UCC Article 4 customary trade arrangements with customers consistent with past practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Investments (including debt obligations and Equity Interests) received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers arising in the ordinary course of business or consistent with past practice or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) loans and advances to the Borrower and any direct or indirect parent of the Borrower, and not in excess of the amount of (after giving effect to any other loans, advances or Restricted Payments in respect thereof) Restricted Payments to the extent permitted to be made to such parent in accordance with Sections 7.06(g), (h) or (i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) so long as no Event of Default under Sections 8.01(a) or (f) with respect to the Borrower shall have occurred and be continuing, other Investments in an aggregate amount outstanding pursuant to this clause (n) (valued at the time of the making thereof, and without giving effect to any write-downs or write-offs thereof) at any time not to exceed (x) the greater of (i) $166,250,000 and (ii) 35% of LTM Consolidated EBITDA measured at the time of such Investment (in each case, net of any return in respect thereof, including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) plus (y) the portion, if any, of the Cumulative Credit on such date that the Borrower elects to apply to this clause (n)(y) plus (z) the Available RP Capacity Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) advances of payroll payments to employees in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Investments to the extent that payment for such Investments is made solely with Equity Interests (other than Disqualified Equity Interests, the Equity Investment or Permitted Change of Control Equity Amount) of the Borrower (or any direct or indirect parent of the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Investments of a Restricted Subsidiary acquired after the Closing Date or of a Person merged or amalgamated or consolidated into the Borrower or merged, amalgamated or consolidated with a Restricted Subsidiary in accordance with Section 7.04 after the Closing Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger or consolidation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the contribution, assignment, licensing, sub-licensing, cross-licensing, lease, sublease, or other Investment of IP Rights or other general intangibles or services pursuant to (i) any Intercompany License Agreement and any other Investments made in connection therewith or (ii) any joint research or development, joint venture, or strategic alliance arrangements with other Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Investments constituting promissory notes or the non-cash portion of consideration received in a Disposition permitted by Section 7.05;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Guarantees by the Borrower or any of its Restricted Subsidiaries of leases (other than Financing Leases) or of other obligations that do not constitute Indebtedness, in each case entered into in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Investments in or relating to a Securitization Subsidiary that, in the good faith determination of the Borrower are necessary or advisable to effect any Qualified Securitization Facility (including any contribution of replacement or substitute assets to such subsidiary) or any repurchase obligation in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Investments in Unrestricted Subsidiaries having an aggregate fair market value, taken together with all other Investments made pursuant to this clause (v) that are at the time outstanding, without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not consist of cash or marketable securities (until such proceeds are converted to Cash Equivalents), not to exceed the greater of (i) $95,000,000 and (ii) 20% of LTM Consolidated EBITDA measured at the time of such Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) any Investment in a Similar Business having an aggregate fair market value, when taken together with all other Investments made pursuant to this clause (w) that are at that time outstanding not to exceed the greater of (i) $118,750,000 and (ii) 25% of LTM Consolidated EBITDA measured at the time of such Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Investments constituting Permitted Intercompany Activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Investments that are made in (i) an amount equal to the amount of Excluded Contributions previously received and the Borrower elects to apply under this clause (y) or (ii) without duplication with clause (i), in an amount equal to the Net Proceeds from a Disposition in respect of property or assets acquired after the Closing Date, if the acquisition of such property or assets was financed with Excluded Contributions, in each case, to the extent Not Otherwise Applied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) earnest money deposits required in connection with Permitted Acquisitions (or Investments not prohibited hereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) contributions to a "rabbi" trust for the benefit of employees or other grantor trusts subject to claims of creditors in the case of bankruptcy of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Investments made in the ordinary course of business in connection with obtaining, maintaining or renewing client and customer contracts and loans or advances made to, and guarantees with respect to obligations of, distributors, suppliers, licensors and licensees in the ordinary course of business or consistent with past practice or industry norm;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Investments made as part of, or in connection with, the Transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Investments in connection with the purchase of life insurance policies owned by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business or consistent with past practice.

Notwithstanding anything to the contrary in the foregoing, to the extent any Investment is made by the Borrower or any Restricted Subsidiary in an Unrestricted Subsidiary, such Investment may only be made pursuant to clauses (j), (n), (u), (v) and (y) of this Section 7.02.

For purposes of determining compliance with this Section 7.02, in the event that an item of Investment meets the criteria of more than one of the categories of Investments described above, the Borrower may, in its sole discretion, classify or later divide, classify or reclassify all or a portion of such item of Investment or any portion thereof in a manner that complies with this Section 7.02 and will only be required to include the amount and type of such Investment in one or more of the above clauses. In the event that a portion of the Investments could be classified as incurred under a "ratio-based" basket (giving pro forma effect to the making of such Investments), the Borrower, in its sole discretion, may classify such portion of such Investment as having been incurred pursuant to such "ratio-based" basket and thereafter the remainder of the Investments as having been incurred pursuant to one or more of the other clauses of this Section 7.02 and if any such test would be satisfied in any subsequent fiscal quarter following the relevant date of determination, then such reclassification shall be deemed to have automatically occurred at such time. If any Investment pursuant is made in any Person that is not the Borrower or a Restricted Subsidiary of the Borrower at the date of making such Investment, and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (c) above and shall cease to have been made pursuant to the clause it was originally made pursuant thereto.

Section 7.03. *Indebtedness*. Neither the Borrower nor any of the Restricted Subsidiaries shall create, incur, assume or suffer to exist any Indebtedness, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) Indebtedness of any Loan Party under the Loan Documents and (ii) any Permitted Refinancing thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Indebtedness outstanding on the Closing Date and, with respect to any such Indebtedness with a principal amount in excess of $10,000,000, listed on Schedule 7.03(b) and any Permitted Refinancing thereof and (ii) Indebtedness owed to the Borrower or any Restricted Subsidiary outstanding on the Closing Date and any refinancing thereof with Indebtedness owed to the Borrower or any Restricted Subsidiary in a principal amount that does not exceed the principal amount (or accreted value, if applicable) of the intercompany Indebtedness so refinanced; *provided* that (x) any Indebtedness advanced by any Restricted Subsidiary that is not a Loan Party to the Borrower or any Restricted Subsidiary that is a Loan Party pursuant to this clause (b) shall be subordinated in right of payment to the Loans and (y) any Indebtedness advanced by any Loan Party to a Restricted Subsidiary that is not a Loan Party pursuant to this clause (b) shall either (i) be made in the ordinary course of business or consistent with past practice or (ii) be evidenced by a note pledged as Collateral on a first priority basis for the benefit of the Obligations, which note shall be in form and substance reasonably satisfactory to the Administrative Agent (it being understood that an Intercompany Note shall be satisfactory to the Administrative Agent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Guarantees by the Borrower and any Restricted Subsidiary in respect of Indebtedness of the Borrower or any Restricted Subsidiary of the Borrower otherwise permitted hereunder; *provided* that (A) no Guarantee (other than Guarantees by a Foreign Subsidiary of

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Indebtedness of another Foreign Subsidiary or any Subsidiary of a Foreign Subsidiary) of any Indebtedness constituting Junior Financing with a principal amount in excess of the Threshold Amount shall be permitted unless such guaranteeing party shall have also provided a Guarantee of the Obligations on the terms set forth herein and (B) if the Indebtedness being Guaranteed is subordinated to the Obligations, such Guarantee shall be subordinated to the Guarantee of the Obligations on terms at least as favorable to the Lenders as those contained in the subordination of such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indebtedness of the Borrower or any Restricted Subsidiary owing to the Borrower or any Restricted Subsidiary (or issued or transferred to any direct or indirect parent of a Loan Party which is substantially contemporaneously transferred to the Borrower or any Restricted Subsidiary) to the extent constituting an Investment permitted by Section 7.02; *provided* that any Indebtedness advanced by any Restricted Subsidiary that is not a Loan Party to the Borrower or any Restricted Subsidiary that is a Loan Party pursuant to this clause (d) shall be subordinated in right of payment to the Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) Financing Lease Obligations and other Indebtedness (including Financing Leases) financing an acquisition, construction, repair, replacement, lease, expansion, development, installation, relocation, renewal, maintenance, upgrade or improvement of a fixed or capital asset incurred by the Borrower or any Restricted Subsidiary prior to or within 365 days after the acquisition, construction, repair, replacement, lease, expansion, development, installation, relocation, renewal, maintenance, upgrade or improvement of the applicable asset in an aggregate amount outstanding not to exceed (A) the amount of such Indebtedness outstanding on the Closing Date and set forth on Schedule 7.03(e) hereto (without duplication of any such Indebtedness listed on Schedule 7.03(b)), plus (B) the greater of (1) $166,500,000 and (2) 35% of LTM Consolidated EBITDA at any time outstanding, in each case determined at the time of incurrence, plus (C) additional amounts (including at any time prior to the utilization of amounts under clause (B) above) so long as the Consolidated First Lien Net Leverage Ratio, determined on a Pro Forma Basis as of the last day of the most recently ended period of four consecutive fiscal quarters for which financial statements are internally available, does not exceed 5.00 to 1.00, (ii) Financing Lease Obligations arising out of Sale and Lease Back Transactions permitted by Section 7.05 and (iii) any Permitted Refinancing of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Indebtedness in respect of Swap Contracts or other derivatives, in each case incurred in the ordinary course of business and not for speculative purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) Indebtedness of the Borrower or any Restricted Subsidiary incurred or assumed in connection with any Permitted Acquisition or similar Investment (which such assumed Indebtedness, for the avoidance of doubt, shall not have been incurred in contemplation of such Permitted Acquisition or similar Investment); *provided* that after giving *pro forma* effect to such Permitted Acquisition or similar Investment and the incurrence or assumption of such Indebtedness, the aggregate outstanding principal amount of such Indebtedness does not exceed (x) the greater of (1) $166,250,000 and (2) 35% of LTM Consolidated EBITDA at any time outstanding, in each case determined at the time of such incurrence or assumption, plus (y) any additional amount of such Indebtedness so long as (A) if such Indebtedness is secured by the Collateral on an equal priority basis (without giving effect to the control of remedies) with the Liens securing the Initial Term Loans and/or Revolving Credit Loans, the Borrower could incur $1.00 of Permitted First Lien Ratio Debt, (B) if such Indebtedness is secured by the Collateral on a junior lien basis to the Liens securing the Initial Term Loans and/or Revolving Credit Loans, the Borrower could incur $1.00 of Permitted Junior Secured Ratio Debt or (C) if such Indebtedness is unsecured (or, to the extent incurred a Restricted Subsidiary that is not a Loan Party, secured by assets that do not constitute

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Collateral) (and including all such Indebtedness of Restricted Subsidiaries that are not Loan Parties), the Borrower could incur $1.00 of Permitted Unsecured Ratio Debt; *provided, further,* that any such Indebtedness incurred (but not assumed) by a Restricted Subsidiary that is not a Loan Party, together with any other Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party and outstanding pursuant to this Section 7.03(g) (only in the case of Incurred Acquisition Debt), Section 2.14, 7.03(m)(y), 7.03(q), 7.03(s), 7.03(w) and 7.03(z)(i)(B) and (z)(ii) (only in the case of any Permitted Refinancing of Indebtedness incurred under Section 7.03(z)(i)(B)) does not exceed in the aggregate at any time outstanding the greater of (i) $142,500,000 and (ii) 30% of LTM Consolidated EBITDA, in each case determined at the time of incurrence; *provided, further*, that any Indebtedness incurred (but not assumed) pursuant to this clause (g) (such Indebtedness, "**Incurred Acquisition Debt**") shall be subject to the requirements of clauses (A) through (C) included in the first proviso under the definition of "Permitted Ratio Debt"; *provided*, *further*, that, in the case of Incurred Acquisition Debt that is denominated in Dollars and secured by the Collateral on an equal priority basis (without giving effect to control of remedies) with Liens securing the Initial Term Loans and/or Revolving Credit Loans (other than Incurred Acquisition Debt in the form of customary bridge loans, high yield notes, privately placed fixed-rate notes or other debt securities), such Incurred Acquisition Debt shall be subject to the MFN Protection as if such Incurred Acquisition Debt were an Incremental Term Loan (but subject to the exceptions to such MFN Protection in respect of MFN Excluded Loans as if such Incurred Acquisition Debt were an Incremental Term Loan), and (ii) any Permitted Refinancing thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Indebtedness representing deferred compensation or similar arrangements to any future, present or former employees, directors, officers, managers, members, partners, independent contractors or consultants of Holdings or the Borrower (or any direct or indirect parent thereof) or any of its Restricted Subsidiaries incurred in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indebtedness consisting of promissory notes issued by the Borrower or any of its Restricted Subsidiaries to future, present or former officers, managers, members, independent contractors, consultants, directors and employees, their respective Controlled Investment Affiliates or Immediate Family Members, in each case, to finance the purchase or redemption of Equity Interests of the Borrower or any direct or indirect parent of the Borrower permitted by Section 7.06;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries prior to the Closing Date or thereafter in a Permitted Acquisition, any other Investment expressly permitted hereunder or any Disposition, in each case, constituting indemnification obligations or obligations in respect of purchase price (including earn-outs) or other similar adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Indebtedness consisting of obligations of the Borrower or any of its Restricted Subsidiaries under deferred purchase price, earn-outs or other similar arrangements incurred by such Person prior to the Closing Date or thereafter in connection with Permitted Acquisitions or any other Investment expressly permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) obligations in respect of Treasury Services Agreements and other Indebtedness in respect of netting services, automatic clearinghouse arrangements, overdraft protections and similar arrangements in each case in connection with deposit accounts;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (i) Indebtedness of the Borrower or any of its Restricted Subsidiaries, in an aggregate outstanding principal amount that at the time of, and after giving effect to, the incurrence thereof, would not exceed (x) the greater of (i) $166,250,000 and (ii) 35% of LTM Consolidated EBITDA at any time outstanding, in each case, determined at the time of such incurrence, *plus* (y) 100% of the cumulative amount of the net cash proceeds and Cash Equivalent proceeds from the sale of Equity Interests (or contributions to the common equity capital of the Borrower) (other than Excluded Contributions, the Permitted Change of Control Equity Amount, proceeds of Disqualified Equity Interests of the Borrower, Designated Equity Contributions or sales of Equity Interests to the Borrower or any of its Subsidiaries) of the Borrower or any direct or indirect parent of the Borrower after the Closing Date and on or prior to such time (including upon exercise of warrants or options) which proceeds have been contributed as common equity to the capital of the Borrower, to the extent Not Otherwise Applied; *provided* that, on the Permitted Change of Control Effective Date, the amount available for Restricted Payments made pursuant to this clause (m)(y) shall be re-set to $0, and (ii) any Permitted Refinancing thereof; *provided* that to the extent any Indebtedness pursuant to this Section 7.03(m) is secured by the Collateral, any such Lien may only be incurred pursuant to Section 7.01(cc); *provided further,* that any such Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party pursuant to clause (y) above, together with any other outstanding Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party pursuant to Sections 2.14, 7.03(g) (only in the case of Incurred Acquisition Debt), 7.03(q), 7.03(s), 7.03(w) and 7.03(z)(i)(B) and (z)(ii) (only in the case of any Permitted Refinancing of Indebtedness incurred under Section 7.03(z)(i)(B)), does not exceed in the aggregate at any time outstanding, the greater of (X) $142,500,000 and (Y) 30% of LTM Consolidated EBITDA, in each case determined at the time of incurrence and (ii) any Permitted Refinancing thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Indebtedness consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries in respect of letters of credit, bank guarantees, bankers' acceptances, warehouse receipts or similar instruments or other discounting or factoring of receivables, or similar facilities or instruments related thereto issued or created, or relating to obligations or liabilities incurred, in the ordinary course of business or consistent with past practice, including in respect of workers' compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) obligations in respect of self-insurance and obligations in respect of stays, customs, performance, bid, indemnity, appeal, judgment and other similar bonds or instruments and performance, bankers' acceptance and completion guarantees and similar obligations provided by the Borrower or any of its Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) (i) Indebtedness incurred (x) and secured by the Collateral on an equal priority basis (without giving effect to the control of remedies) with the Liens securing the Initial Term Loans and/or Revolving Credit Loans ("**Incremental Equivalent First Lien Debt**") or (y) and secured by the Collateral on a junior lien basis with the Liens securing the Initial Term Loans and/or Revolving Credit Loans and any Permitted Refinancing thereof ("**Incremental Equivalent Junior Lien Debt**"), in an aggregate principal amount under this clause (q), when aggregated with the principal amount of Incremental Facilities incurred pursuant to Section 2.14(d)(iv) and Incremental Equivalent Unsecured Debt incurred pursuant to Section 7.03(w), not to exceed the Available Incremental Amount, so long as no Event of Default shall have occurred and be continuing or would exist after giving effect to such Indebtedness and the use of proceeds thereof; *provided* that such Indebtedness shall (A) in the case of Incremental Equivalent First Lien Debt, have a maturity

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date that is on or after the Latest Maturity Date of the Initial Term Loans at the time such Indebtedness is incurred (or, in the case of Incremental Equivalent First Lien Debt in the form of revolving Indebtedness, on or after the Latest Maturity Date of any Revolving Credit Commitments) and, in the case of Incremental Equivalent Junior Lien Debt, have a maturity date that is at least ninety-one (91) days after the Latest Maturity Date of the Initial Term Loans at the time such Indebtedness is incurred (or, in the case of Incremental Equivalent Junior Lien Debt in the form of revolving Indebtedness, ninety-one (91) days after the Latest Maturity Date of any Revolving Credit Commitments); *provided* that the foregoing requirements of this clause (A) shall not apply to the extent such Indebtedness (x) is subject to Customary Escrow Provisions, so long as the long-term Indebtedness that is released from escrow otherwise satisfies the requirements of this clause (A), or (y) constitutes a customary bridge facility, so long as the long-term Indebtedness into which such customary bridge facility is to be converted or exchanged satisfies the requirements of this clause (A) and such conversion or exchange is subject only to conditions customary for similar conversions or exchanges, (B) (i) have a Weighted Average Life to Maturity not shorter than the longest remaining Weighted Average Life to Maturity of the Initial Term Loans (or, in the case of Incremental Equivalent First Lien Debt in the form of revolving Indebtedness, not be subject to scheduled amortization prior to maturity) at the time such Indebtedness is incurred and (ii) in the case of Incremental Equivalent Junior Lien Debt, shall not be subject to scheduled amortization prior to maturity; *provided* that the foregoing requirements of this clause (B) shall not apply to the extent such Indebtedness constitutes a customary bridge facility, so long as the long-term Indebtedness into which such customary bridge facility is to be converted or exchanged satisfies the requirements of this clause (B) and such conversion or exchange is subject only to conditions customary for similar conversions or exchanges, (C) be subject to each applicable Intercreditor Agreement then in effect or that will be in effect at the time such Indebtedness is incurred, (D) in the case of Incremental Equivalent First Lien Debt (other than Incremental Equivalent First Lien Debt in the form of customary bridge loans, high yield notes, privately placed fixed-rate notes or other debt securities), such Incremental Equivalent First Lien Debt, shall be subject to the MFN Protection as if such Incremental Equivalent First Lien Debt were an Incremental Term Loan (but subject to the exceptions for MFN Excluded Loans as if such Incremental Equivalent First Lien Debt were an Incremental Term Loan), (E) except in respect of amounts set forth in the proviso below, not be guaranteed by Subsidiaries of the Borrower that are not Loan Parties and not be secured by any assets of Holdings, the Borrower and its Subsidiaries other than the Collateral and (F) such Indebtedness (other than in the form of customary bridge facilities) shall not require mandatory redemption, repurchase or prepayment on a greater than pro rata basis with respect to the Initial Term Loans; *provided,* that any such Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party, together with any other outstanding Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party pursuant to Sections 2.14, 7.03(g) (only in the case of Incurred Acquisition Debt), 7.03(m)(y), 7.03(s), 7.03(w) and 7.03(z)(i)(B) and (z)(ii) (only in the case of any Permitted Refinancing of Indebtedness incurred under Section 7.03(z)(i)(B)), does not exceed in the aggregate at any time outstanding, the greater of (X) $142,500,000 and (Y) 30% of LTM Consolidated EBITDA, in each case determined at the time of incurrence, and (ii) any Permitted Refinancing thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Indebtedness supported by a letter of credit, in a principal amount not to exceed the face amount of such letter of credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Permitted Ratio Debt and any Permitted Refinancing thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Credit Agreement Refinancing Indebtedness;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Indebtedness attributable to (but not incurred to finance) the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) (i) unsecured (or, to the extent incurred a Restricted Subsidiary that is not a Loan Party, not secured by the Collateral) Indebtedness of the Borrower or any Restricted Subsidiary in an aggregate principal amount under this clause (w), and when aggregated with the amount of Incremental Term Loans and Incremental Revolving Credit Commitments pursuant to Section 2.14(d)(iv) and Incremental Equivalent First Lien Debt and Incremental Equivalent Junior Lien Debt incurred pursuant to Section 7.03(q) not to exceed the Available Incremental Amount ("**Incremental Equivalent Unsecured Debt**" and, collectively with Incremental Equivalent First Lien Debt and Incremental Equivalent Junior Lien Debt, "**Incremental Equivalent Debt**"), so long as no Event of Default shall have occurred and be continuing or would exist after giving effect to such Indebtedness; *provided* that such Incremental Equivalent Unsecured Debt shall (A) have a maturity date that is at least ninety-one (91) days after the Latest Maturity Date of the Initial Term Loans at the time such Incremental Equivalent Unsecured Debt is incurred (or, in the case of Incremental Equivalent Unsecured Debt in the form of revolving Indebtedness, ninety-one (91) days after the Latest Maturity Date of any Revolving Credit Commitments); *provided* that the foregoing requirements of this clause (A) shall not apply to the extent such Indebtedness (x) is subject to Customary Escrow Provisions, so long as the long-term Indebtedness that is released from escrow otherwise satisfies the requirements of this clause (A), or (y) constitutes a customary bridge facility, so long as the long-term Indebtedness into which such customary bridge facility is to be converted or exchanged satisfies the requirements of this clause (A) and such conversion or exchange is subject only to conditions customary for similar conversions or exchanges, (B) have a Weighted Average Life to Maturity not shorter than the longest remaining Weighted Average Life to Maturity of the Initial Term Loans (or, in the case of Incremental Equivalent Unsecured Debt in the form of revolving Indebtedness, not be subject to scheduled amortization prior to maturity) at the time such Indebtedness is incurred; *provided* that the foregoing requirements of this clause (B) shall not apply to the extent such Indebtedness constitutes a customary bridge facility, so long as the long-term Indebtedness into which such customary bridge facility is to be converted or exchanged satisfies the requirements of this clause (B) and such conversion or exchange is subject only to conditions customary for similar conversions or exchanges, and (C) such Indebtedness (other than in the form of customary bridge facilities) shall not require mandatory redemption, repurchase or prepayment on a greater than pro rata basis with respect to the Initial Term Loans; *provided, further*, that any such Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party, together with any other outstanding Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party pursuant to Sections 2.14, 7.03(g) (only in the case of Incurred Acquisition Debt), 7.03(m)(y), 7.03(q), 7.03(s) and 7.03(z)(i)(B) and (z)(ii) (only in the case of any Permitted Refinancing of Indebtedness incurred under Section 7.03(z)(i)(B)), does not exceed in the aggregate at any time outstanding, the greater of (X) $142,500,000 and (Y) 30% of LTM Consolidated EBITDA, in each case determined at the time of incurrence, and (ii) any Permitted Refinancing thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Indebtedness arising from Permitted Intercompany Activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) [reserved];

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) (i) (A) Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party from time to time pursuant to asset-based facilities or local working capital lines of credit incurred in the ordinary course of business or consistent with past practice to the extent non-recourse to the Loan Parties in an amount outstanding not to exceed the greater of (x) $95,000,000 and (y) 20% of LTM Consolidated EBITDA at any time outstanding, in each case determined at the time of such incurrence, so long as (1) such Indebtedness is not secured by assets constituting Collateral and (2) the Loan Parties have not guaranteed such Indebtedness and (B) additional Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party in an amount outstanding, when taken together with any other outstanding Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party pursuant to Sections 2.14, 7.03(g) (only in the case of Incurred Acquisition Debt), 7.03(m)(y), 7.03(q), 7.03(s) and 7.03(w), not to exceed the greater of (x) $142,500,000 and (y) 30% of LTM Consolidated EBITDA at any time outstanding, in each case determined at the time of incurrence, and (ii) any Permitted Refinancing thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Indebtedness incurred by the Borrower or a Restricted Subsidiary as a result of leases entered into by the Borrower or such Restricted Subsidiary in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) (i) Indebtedness incurred by joint ventures of the Borrower or any of its Restricted Subsidiaries in an amount outstanding not to exceed the greater of (i) $47,500,000 and (ii) 10% of LTM Consolidated EBITDA at any time outstanding, in each case determined at the time of such incurrence and (ii) any Permitted Refinancing thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) all premiums (if any), interest (including post-petition interest, any interest paid in the form of a Principal Increase and paid-in-kind interest), fees, expenses, charges and additional or contingent interest on obligations described in clauses (a) through (bb) above;

For purposes of determining compliance with this Section 7.03, in the event that an item of Indebtedness meets the criteria of more than one of the categories of Indebtedness described above, the Borrower may, in its sole discretion, classify or later divide, classify or reclassify all or a portion of such item of Indebtedness or any portion thereof (including as between the Free and Clear Incremental Amount and the Incurrence-Based Incremental Amount) in a manner that complies with this Section 7.03 and will only be required to include the amount and type of such Indebtedness in one or more of the above clauses; *provided* that all Indebtedness outstanding under the Loan Documents and, in each case, any Permitted Refinancing thereof, will at all times be deemed to be outstanding in reliance only on the exception in Section 7.03(a) (but without limiting the right of the Borrower to classify and reclassify, or later divide, classify or reclassify, Indebtedness incurred under Section 2.14 or Sections 7.03(g), 7.03(q), 7.03(s) 7.03(w) or 7.03(z)). In the event that a portion of Indebtedness or other obligations could be classified as incurred under a "ratio-based" basket (giving pro forma effect to the incurrence of such portion of such Indebtedness or other obligations), the Borrower, in its sole discretion, may classify such portion of such Indebtedness (and any obligations in respect thereof) as having been incurred pursuant to such "ratio-based" basket and thereafter the remainder of the Indebtedness or other obligations as having been incurred pursuant to one or more of the other clauses of this Section 7.03 and if any such test would be satisfied in any subsequent fiscal quarter following the relevant date of determination, then such reclassification shall be deemed to have automatically occurred at such time. The accrual of interest (including any interest paid in kind), the accretion of accreted value and the payment of interest in the form of additional Indebtedness shall not be deemed to be an incurrence of Indebtedness for purposes of this Section 7.03.

Section 7.04. *Fundamental Changes*. Neither the Borrower nor any of the Restricted Subsidiaries shall merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions, and including by way of, or as a result of, any Division/Series Transaction) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Restricted Subsidiary may merge, amalgamate or consolidate with (i) the Borrower (including a merger, the purpose of which is to reorganize the Borrower into a new jurisdiction); *provided* that the Borrower shall be the continuing or surviving Person and such merger does not result in the Borrower ceasing to be a corporation, partnership or limited liability company organized under the Laws of the United States, any state thereof or the District of Columbia or (ii) one or more other Restricted Subsidiaries; *provided* that when any Person that is a Loan Party is merging with a Restricted Subsidiary, a Loan Party shall be the continuing or surviving Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) any Subsidiary that is not a Loan Party may merge, amalgamate or consolidate with or into any other Subsidiary that is not a Loan Party and (ii) any Subsidiary may liquidate or dissolve or the Borrower or any Subsidiary may change its legal form if the Borrower determines in good faith that such action is in the best interest of the Borrower and its Subsidiaries and if not materially disadvantageous to the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Restricted Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower or any other Restricted Subsidiary; *provided* that if the transferor in such a transaction is a Guarantor, then (i) the transferee must be a Guarantor or the Borrower or (ii) to the extent constituting an Investment, such Investment must be a permitted Investment in or Indebtedness of a Restricted Subsidiary that is not a Loan Party in accordance with Sections 7.02 and 7.03, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (I) so long as no Event of Default under Sections 8.01(a) or (f) with respect to the Borrower exists or would result therefrom, the Borrower may merge or consolidate with any other Person; *provided* that (i) the Borrower shall be the continuing or surviving corporation entity or (ii) if the Person formed by or surviving any such merger or consolidation is not the Borrower (any such Person, the "**Successor Borrower**"), (A) the Successor Borrower shall be an entity organized or existing under the Laws of the United States, any state thereof or the District of Columbia, (B) the Successor Borrower shall expressly assume all the obligations of the Borrower under this Agreement and the other Loan Documents to which the Borrower is a party pursuant to a supplement hereto or thereto in form reasonably satisfactory to the Administrative Agent, (C) each Guarantor, unless it is the other party to such merger or consolidation, shall have confirmed that its Guaranty shall apply to the Successor Borrower's obligations under the Loan Documents, (D) each Guarantor, unless it is the other party to such merger or consolidation, shall have by a supplement to the Security Agreement and other applicable Collateral Documents confirmed that its obligations thereunder shall apply to the Successor Borrower's obligations under the Loan Documents, (E) if requested by the Administrative Agent, each mortgagor of a Mortgaged Property, unless it is the other party to such merger or consolidation, shall have by an amendment to or restatement of the applicable Mortgage (or other instrument reasonably satisfactory to the Administrative Agent) confirmed that its obligations thereunder shall apply to the Successor Borrower's obligations under the Loan Documents, (F) the Administrative Agent shall have received all documentation and other information about the Successor Borrower required under applicable "know your customer" and anti-money laundering rules and regulations and reasonably requested by the Administrative Agent or by any Lender through the Administrative Agent and (G) the Borrower shall have delivered to the Administrative Agent an officer's certificate stating that such merger or consolidation and such supplement to this Agreement or any Collateral Document preserves the enforceability of this Agreement, the Guaranty and the Collateral Documents and the perfection of the Liens under the Collateral Documents; *provided*, *further*, that if the foregoing are satisfied, the Successor Borrower will succeed to, and be substituted for, the Borrower under this Agreement; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) so long as no Event of Default under Sections 8.01(a) or (f) with respect to the Borrower exists or would result therefrom, Holdings may merge or consolidate with any other Person (other than a Borrower or a Restricted Subsidiary); *provided* that (i) Holdings shall be the continuing or surviving corporation or entity or (ii) if the Person formed by or surviving any such merger or consolidation is not Holdings (any such Person, the "**Successor Holdings**"), (A) the Successor Holdings shall expressly assume all the obligations of Holdings under this Agreement and the other Loan Documents to which Holdings is a party pursuant to a supplement hereto or thereto in form reasonably satisfactory to the Administrative Agent, (B) the Administrative Agent shall have received all documentation and other information about the Successor Holdings required under applicable "know your customer" and anti-money laundering rules and regulations and reasonably requested by the Administrative Agent or by any Lender through the Administrative Agent and (C) Holdings shall have delivered to the Administrative Agent an officer's certificate and an opinion of counsel, each stating that such merger or consolidation and such supplement to this Agreement or any Collateral Document preserves the enforceability of this Agreement, the Guaranty and the Collateral Documents and the perfection of the Liens under the Collateral Documents; *provided, further*, that if the foregoing are satisfied, the Successor Holdings will succeed to, and be substituted for, Holdings under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Restricted Subsidiary may merge or consolidate with any other Person in order to effect an Investment permitted pursuant to Section 7.02; *provided* that the continuing or surviving Person shall be a Restricted Subsidiary or the Borrower, which together with each of its Restricted Subsidiaries, shall have complied with the requirements of Section 6.11 to the extent required pursuant to the Collateral and Guarantee Requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a merger, dissolution, liquidation, consolidation or Disposition, the purpose of which is to effect a Disposition permitted pursuant to Section 7.05;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Borrower and its Subsidiaries may effect the formation, dissolution, liquidation or Disposition of any Subsidiary pursuant to a Division/Series Transaction, provided that upon formation of such Subsidiary, the Borrower has complied with Section 6.11 to the extent applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Borrower and its Subsidiaries may consummate Permitted Intercompany Activities.

Notwithstanding the foregoing, this Section 7.04 will not apply to the Transactions.

Section 7.05. *Dispositions*. Neither the Borrower nor any of the Restricted Subsidiaries shall make any Disposition (including by way of, or as a result of, any Division/Series Transaction), except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) Dispositions of obsolete, non-core, worn out or surplus property, whether now owned or hereafter acquired, and Dispositions of property no longer used or useful or economically practical to maintain in the conduct of the business of the Borrower or any of its Restricted Subsidiaries, (ii) Dispositions of property in the ordinary course of business and (iii) Dispositions of property no longer used or useful in the conduct of the business of the Borrower and its Restricted Subsidiaries outside the ordinary course of business (and for consideration complying with the requirements applicable to Dispositions pursuant to clause (j) below) in an aggregate amount not to exceed the greater of (x) $95,000,000 and (y) 20% of LTM Consolidated EBITDA, in each case determined at the time of such Disposition;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dispositions of inventory or goods held for sale and immaterial assets (including by allowing any registrations or any applications for registration of any IP Rights to lapse or go abandoned), in each case, in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dispositions of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are promptly applied to the purchase price of such replacement property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Dispositions of property to the Borrower or any Restricted Subsidiary; *provided* that if the transferor of such property is a Loan Party, (i) the transferee thereof must be a Loan Party or (ii) such transaction constitutes an Investment and such transaction is permitted under Section 7.02;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) to the extent constituting Dispositions, transactions permitted by Sections 7.01, 7.02 (other than Section 7.02(e)), 7.04 (other than Section 7.04(f)) and 7.06 or (ii) any Disposition, the proceeds of which are used to fund an Investment permitted by Section 7.02 (other than Section 7.02(e)) or the making of a Restricted Payment permitted by Section 7.06;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Dispositions of Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) leases, subleases, licenses, sublicenses (including the provision of software under an open source license), cross-licenses or other dispositions of any IP Rights, in each case in the ordinary course of business or consistent with past practice, and which do not materially interfere with the business of the Borrower or any of its Restricted Subsidiaries and (ii) Dispositions (including abandonment, expiration or lapse) of IP Rights that do not materially interfere with the business of the Borrower or any of its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) transfers of property subject to Casualty Events upon receipt of the Net Proceeds of such Casualty Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Dispositions of property or assets or issuance or sale of Equity Interests of any Restricted Subsidiary; *provided* that (i) at the time of such Disposition, no Event of Default under Section 8.01(a) or 8.01(f) with respect to the Borrower shall exist or would result from such Disposition (other than any such Disposition made pursuant to a legally binding commitment entered into at a time when no such Event of Default exists) and (ii) with respect to any Disposition pursuant to this clause (j) for a purchase price in excess of the greater of $118,750,000 and 25% of LTM Consolidated EBITDA determined at the time of such disposition, the Borrower or any of its Restricted Subsidiaries shall receive not less than 75% of such consideration for such Disposition, in the form of cash or Cash Equivalents (in each case, free and clear of all Liens at the time received, other than nonconsensual Liens permitted by Section 7.01 and Liens permitted by Sections 7.01(a), (f), (k), (p), (q), (r)(i), (r)(ii), (dd) (only to the extent the Obligations are secured by such cash and Cash Equivalents) and (ee) (only to the extent the Obligations are secured by such cash and Cash Equivalents); *provided, however*, that for the purposes of this clause (j)(ii), the following shall be deemed to be cash:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the greater of the principal amount and the carrying value of any liabilities (as shown on the Borrower's (or the Restricted Subsidiaries', as applicable) most recent balance sheet provided hereunder or in the footnotes thereto or, if incurred or increased subsequent to the date of such balance sheet, such liabilities that would have been shown on the Borrower's or such Restricted Subsidiary's balance sheet or in the footnotes thereto if such incurrence or increase had taken place on or prior to the date of such balance sheet, as determined by the Borrower) of the Borrower or such Restricted Subsidiary, other than liabilities (other than intercompany liabilities owing to a Restricted Subsidiary being Disposed of) that are by their terms subordinated to the payment in cash of the Obligations, (i) assumed by the transferee of any such assets (or a third party in connection with such transfer) pursuant to a written agreement which releases or indemnifies the Borrower or such Restricted Subsidiary from such liabilities or (ii) otherwise cancelled or terminated in connection with the transaction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any securities, notes or other obligations or assets received by the Borrower or the applicable Restricted Subsidiary from such transferee that are converted, or reasonably expected to be converted, by Holdings, the Borrower or such Restricted Subsidiary into cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received or expected to be received) or by their terms are required to be satisfied for Cash Equivalents within 180 days following the closing of the applicable Disposition, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) aggregate non-cash consideration received by the Borrower or the applicable Restricted Subsidiary having an aggregate fair market value (determined as of the closing of the applicable Disposition for which such non-cash consideration is received) not to exceed the greater of $118,750,000 and 25% of LTM Consolidated EBITDA (net of any non-cash consideration converted into cash and Cash Equivalents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the conveyance, sale, transfer, assignment, lease, sublease, licensing, sub-licensing, cross-licensing, or other similar Disposition of IP Rights or other general intangibles pursuant to any Intercompany License Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Dispositions or discounts without recourse of accounts receivable, or participations therein, or Securitization Assets or related assets, or any disposition of the Equity Interests in a Subsidiary, all or substantially all of the assets of which are Securitization Assets, in each case in connection with any Qualified Securitization Facility or the disposition of an account receivable in connection with the collection or compromise thereof in the ordinary course of business; *provided* that the fair market value of all property so Disposed of after the Closing Date pursuant to this Section 7.05(l), together with the fair market value of all property so Disposed of after the Closing Date pursuant to this Section 7.05(m), shall not exceed the greater of $95,000,000 and 20% of LTM Consolidated EBITDA determined at the time of such Disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Dispositions of property pursuant to any Sale and Lease-Back Transaction or any lease-leaseback transaction; *provided* that the fair market value of all property so Disposed of after the Closing Date pursuant to this Section 7.05(m), together with the fair market value of all property so Disposed of after the Closing Date pursuant to this Section 7.05(l), shall not exceed the greater of $95,000,000 and 20% of LTM Consolidated EBITDA determined at the time of such Disposition;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any swap of assets in exchange for services or other assets of comparable or greater value or usefulness to the business of the Borrower and its Subsidiaries as a whole, as determined in good faith by the management of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any issuance or sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary (other than Unrestricted Subsidiaries the primary assets of which are cash and/or Cash Equivalents) (or a Restricted Subsidiary which owns an Unrestricted Subsidiary so long as such Restricted Subsidiary owns no assets other than the Equity Interests of such an Unrestricted Subsidiary);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the unwinding of any Swap Contract pursuant to its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Dispositions of Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the lapse or abandonment of any registrations or applications for registration of any immaterial IP Rights (x) in the ordinary course of business or consistent with past practice or (y) that are, in the reasonable judgment of the Borrower or any Restricted Subsidiary, no longer used or useful or economically practicable or commercially reasonable to maintain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Permitted Intercompany Activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Dispositions of assets (i) acquired pursuant to or in order to effectuate a Permitted Acquisition which assets are not used or useful to the core or principal business of the Borrower and the Restricted Subsidiaries, (ii) that are not Collateral or (iii) that are made in connection with the approval of any applicable antitrust authority or otherwise necessary or advisable in the good faith determination of the Borrower to consummate any such Permitted Acquisition or other Investment permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) any surrender or waiver of contract rights or the settlement, release or surrender of contract rights or other litigation claims, in each case, in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the issuance of directors' qualifying shares and shares issued to foreign nationals as required by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) any Dispositions after the Closing Date in an amount not to exceed (A) the greater of (i) $118,750,000 and (ii) 25% of LTM Consolidated EBITDA in any fiscal year, in each case determined at the time of such Disposition (with, at the election of the Borrower, unused amounts carried forward to the immediately succeeding fiscal year);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any Disposition made in connection with the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Dispositions to effect the formation of any Subsidiary pursuant to a Division/Series Transaction, provided that upon formation of such Subsidiary, the Borrower has complied with Section 6.11, to the extent applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) any sale of property or assets, if the acquisition of such property or assets was financed with Excluded Contributions and the proceeds of such sale are used to make Investments or Restricted Payments pursuant to Sections 7.02(y) or 7.06(p); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Dispositions of any asset between or among the Borrower and/or Restricted Subsidiaries as a substantially concurrent interim Disposition in connection with a Disposition otherwise permitted pursuant to clauses (a) through (z) above;

*provided* that any Disposition of any property pursuant to Section 7.05 (g) or (j) shall be for no less than the fair market value of such property (measured at the time of contractually agreeing to such Disposition) as determined by the Borrower in good faith.

Section 7.06. *Restricted Payments*. Neither the Borrower nor any of the Restricted Subsidiaries shall declare or make any Restricted Payment, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Restricted Subsidiary may make Restricted Payments to the Borrower, and other Restricted Subsidiaries of the Borrower (and, in the case of a Restricted Payment by a non-wholly owned Restricted Subsidiary, to the Borrower and any other Restricted Subsidiary, as compared to the other owners of Equity Interests in such Restricted Subsidiary, on a pro rata or more than pro rata basis based on their relative ownership interests of the relevant class of Equity Interests);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower and each Restricted Subsidiary may declare and make Restricted Payments payable solely in the Equity Interests (other than Disqualified Equity Interests not otherwise permitted by Section 7.03) of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Restricted Payments made on or after the Closing Date in connection with the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) so long as no Event of Default has occurred and is continuing or would result therefrom, the Borrower and its Restricted Subsidiaries may make Restricted Payments in an unlimited amount so long as the Consolidated Total Net Leverage Ratio calculated on a Pro Forma Basis as of the last day of the most recently ended period of four consecutive fiscal quarters for which financial statements are internally available is less than or equal to 4.00 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent constituting Restricted Payments, the Borrower and its Restricted Subsidiaries may enter into and consummate transactions expressly permitted by any provision of Sections 6.15 (other than Sections 6.15(e) and (j)), 7.02 (other than Sections 7.02(e) and (m)) or 7.04;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) repurchases of Equity Interests in the Borrower (or any direct or indirect parent thereof) or any Restricted Subsidiary of the Borrower deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Borrower and each Restricted Subsidiary may pay (or make Restricted Payments to allow the Borrower or any other direct or indirect parent thereof to pay) for the repurchase, retirement or other acquisition or retirement for value of Equity Interests of such Restricted Subsidiary (or of the Borrower or any other such direct or indirect parent thereof) from any future, present or former employee, officer, director, manager, member, partner, independent contractor or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) of such Restricted Subsidiary (or the Borrower or any other direct or indirect parent of such Restricted Subsidiary) or any of its Subsidiaries upon the death, disability, retirement or termination of employment of any such Person or pursuant to any employee or director equity plan, employee, manager, officer, member, partner, independent contractor or director stock option plan or any other employee, manager, officer, member, partner, independent contractor or director benefit plan or any agreement (including any stock subscription or shareholder agreement) with any employee, manager, director, officer, member, partner, independent contractor or consultant of such Restricted Subsidiary (or the Borrower or any other direct or indirect parent thereof) or any of its Restricted Subsidiaries; *provided* that the aggregate amount of Restricted Payments made pursuant to this clause (g) shall not exceed the greater of (x) $71,250,000 and (y) 15% of LTM Consolidated EBITDA in any calendar year (which shall increase to the greater of (x) $142,500,000 and (y) 30% of LTM Consolidated EBITDA subsequent to the consummation of a Qualified IPO) (with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum of the greater of (x) $142,500,000 and (y) 30% LTM Consolidated EBITDA in any calendar year or the greater of (x) $285,000,000 and (y) 60% LTM Consolidated EBITDA subsequent to the consummation of a Qualified IPO, respectively); *provided*, *further*, that such amount in any calendar year may be increased by an amount not to exceed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent contributed to the Borrower, the net cash proceeds from the sale of Equity Interests (other than Disqualified Equity Interests of the Borrower or Designated Equity Contributions) of any of the Borrower's direct or indirect parent companies, in each case to any future, present or former employees, officers, members of management, managers, partners, independent contractors, directors or consultants (or their respective Controlled Investment Affiliates or Immediate Family Members) of the Borrower, any of its Subsidiaries or any of its direct or indirect parent companies that occurs after the Closing Date, to the extent net cash proceeds from the sale of such Equity Interests have been Not Otherwise Applied; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the net cash proceeds of key man life insurance policies received by the Borrower or its Restricted Subsidiaries; less

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the amount of any Restricted Payments previously made with the cash proceeds described in clauses (i) and (ii) of this Section 7.06(g);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) subject to no Event of Default having occurred and continuing or resulting therefrom, the Borrower may make Restricted Payments in an aggregate amount not to exceed, (x) the greater of (i) $166,250,000 and (ii) 35.0% of LTM Consolidated EBITDA, plus (y) subject to, solely in the case of the portion of the Cumulative Credit attributable to clause (b) thereof, so long as the Consolidated Total Net Leverage Ratio calculated on a Pro Forma Basis as of the last day of the most recently ended period of four consecutive fiscal quarters for which financial statements are internally available is less than or equal to 4.50 to 1.00, the portion, if any, of the Cumulative Credit on such date that the Borrower elects to apply to this paragraph; *provided* that, on the Permitted Change of Control Effective Date, the amount available for Restricted Payments made pursuant to this clause (h)(y) utilizing amounts pursuant clause (d) of the definition of "Cumulative Credit" shall be re-set to $0;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower may make Restricted Payments to any direct or indirect parent of the Borrower:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to pay its organizational, operating costs and other costs and expenses (including, without limitation, expenses related to auditing or other accounting or tax reporting matters) incurred in the ordinary course of business and other corporate overhead costs and expenses (including administrative, legal, accounting and similar expenses provided by third parties), which are reasonable and customary and incurred in the ordinary course of business and attributable to the ownership or operations of the Borrower and its Restricted Subsidiaries, any costs, expenses and liabilities incurred by the Borrower in connection with any litigation or arbitration attributable to the ownership or operations of the Borrower and its Restricted Subsidiaries, Transaction Expenses and any reasonable and customary indemnification claims made by directors, managers or officers of such parent attributable to the ownership or operations of the Borrower and its Restricted Subsidiaries, and following a Qualified IPO, listing fees and other costs and expenses attributable to being a publicly traded company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the proceeds of which shall be used by such parent to pay franchise, excise and similar Taxes and other fees, Taxes and expenses required to maintain its (or any of its direct or indirect parents') corporate existence or privilege of doing business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for any taxable period (or portion thereof) in which Holdings, the Borrower and/or any of its Subsidiaries is a member of a consolidated, combined, unitary or similar U.S. federal, state, local and/or foreign income or similar tax group whose common parent is a direct or indirect parent of Holdings or Borrower (a "**Tax Group**"), or in which Holdings or the Borrower is disregarded from a direct or indirect parent entity that is taxable as a C corporation for U.S. federal income tax purposes, distributions to any direct or indirect parent of Holdings or the Borrower, to pay such U.S. federal, state, local and/or foreign Taxes of such Tax Group or such parent entity that are attributable to the taxable income, revenue, receipts, gross receipts, gross profits, capital or margin of the Borrower and/or its applicable Subsidiaries; *provided* that the permitted payment pursuant to this clause (iii) with respect to any Taxes of any Unrestricted Subsidiary shall be limited to the amount actually paid with respect to such period by such Unrestricted Subsidiary to the Borrower or its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to finance any Investment that would be permitted to be made pursuant to Section 7.02 (other than Section 7.02(e) or (m)) if such parent were subject to such Section 7.02; *provided* that (A) such Restricted Payment shall be made substantially concurrently with the closing of such Investment and (B) such parent shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the Borrower or the Restricted Subsidiaries or (2) the merger (to the extent permitted in Section 7.04) of the Person formed or acquired into the Borrower or its Restricted Subsidiaries in order to consummate such Investment, in each case, in accordance with the requirements of Section 6.11;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the proceeds of which shall be used to pay customary salary, bonus, indemnity and other benefits payable to future, present or former officers, directors, managers, members, partners, independent contractors, consultants or employees of Holdings, the Borrower or any direct or indirect parent company of the Borrower to the extent such salaries, bonuses, indemnity and other benefits are attributable to the ownership or operation of the Borrower and the Restricted Subsidiaries;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the proceeds of which shall be used by Holdings or the Borrower to pay (or to make Restricted Payments to allow any direct or indirect parent thereof to pay) fees and expenses (other than to Affiliates) related to any equity or debt offering, financing transaction, acquisition, divestiture, investment or other non-ordinary course transaction not prohibited by this Agreement (whether or not successful); *provided* that any such transaction was in the good faith judgment of the Borrower intended to be for the benefit of the Borrower and its Restricted Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the proceeds of which shall be used by Holdings or the Borrower to pay (or to make Restricted Payments to allow any direct or indirect parent thereof to pay) amounts payable pursuant to the Support and Services Agreement (including any amendment thereto or replacement thereof so long as any such amendment or replacement is not materially disadvantageous in the good faith judgment of the Borrower to the Lenders when taken as a whole, as compared to the Support and Services Agreement as in effect immediately prior to such amendment or replacement), solely to the extent such amounts are not paid directly by Holdings or its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) payments made or expected to be made by the Borrower or any of the Restricted Subsidiaries in respect of required withholding or similar Taxes payable upon or in connection with the exercise or vesting of Equity Interests or any other equity award with respect to any future, present or former employee, director, manager, officer, partner, independent consultant or consultant (or their respective Controlled Investment Affiliates and Immediate Family Members) and any repurchases of Equity Interests in consideration of such payments including in connection with the exercise or vesting of stock options, warrants or the issuance of restricted stock units or similar stock based awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Borrower or any Restricted Subsidiary may (i) pay cash in lieu of fractional Equity Interests in connection with any dividend, distribution, split, merger, consolidation, amalgamation or combination thereof or any Permitted Acquisition and (ii) honor any conversion request by a holder of convertible Indebtedness and make cash payments in lieu of fractional shares in connection with any such conversion and may make payments on convertible Indebtedness in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) after a Qualified IPO and so long as no Event of Default under Sections 8.01(a) or (f) with respect to the Borrower has occurred and is continuing or would result therefrom, (i) any Restricted Payment by the Borrower or any other direct or indirect parent of the Borrower to pay listing fees and other costs and expenses attributable to being a publicly traded company which are reasonable and customary and (ii) Restricted Payments not to exceed the sum of (A) 7.00% per annum of the (x) net proceeds received by (or contributed to) the Borrower and the Restricted Subsidiaries from such Qualified IPO and any other Equity Offering and (y) in the case of an SPAC IPO, cash held by the Borrower or any of its Restricted Subsidiaries remaining following the consummation of the SPAC IPO and (B) Restricted Payments in an aggregate amount per annum not to exceed 7.00% of Market Capitalization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) distributions or payments of Securitization Fees and purchases of receivables in connection with any Qualified Securitization Facility or any repurchase obligation in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) payments or distributions to dissenting stockholders pursuant to applicable law (including in connection with, or as a result of, exercise of appraisal rights and the settlement of any claims or action (whether actual, contingent or potential)), pursuant to or in connection with any Investment permitted by Section 7.02 or any consolidation, merger or transfer of assets permitted by Section 7.04;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the distribution, by dividend or otherwise, of Equity Interests of an Unrestricted Subsidiary (or a Restricted Subsidiary that owns one or more Unrestricted Subsidiaries and no other material assets) or Indebtedness owed to the Borrower or a Restricted Subsidiary by an Unrestricted Subsidiary (or a Restricted Subsidiary that owns one or more Unrestricted Subsidiaries and no other material assets), in each case, other than Unrestricted Subsidiaries the primary assets of which are cash and/or Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Restricted Payments that are made in (i) an amount equal to the amount of Excluded Contributions previously received and the Borrower elects to apply under this clause (p) or (ii) without duplication with clause (i), in an amount equal to the Net Proceeds from a Disposition in respect of property or assets acquired after the Closing Date, if the acquisition of such property or assets was financed with Excluded Contributions, in each case, to the extent Not Otherwise Applied; *provided* that, on the Permitted Change of Control Effective Date, the amount available for Restricted Payments made pursuant to this clause (p) shall be re-set to $0;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the payment of any dividend or other distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration of the dividend or other distribution or the giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend or other distribution or redemption payment would have complied with the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) payments made or expected to be made by the Borrower or any of the Restricted Subsidiaries in connection with the exercise or vesting of Equity Interests or any other equity award existing on the Closing Date with respect to any present or former employee, director, manager, officer, partner, independent consultant or consultant (or their respective Controlled Investment Affiliates and Immediate Family Members); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) any Restricted Payment to effect the consummation of the Permitted Change of Control (including to satisfy any payment obligations, purchase price adjustments or any other amounts or obligations owing under the definitive agreements entered into in connection with such Permitted Change of Control.

For purposes of determining compliance with this Section 7.06, in the event that a Restricted Payment meets the criteria of more than one of the categories of Restricted Payments described above, the Borrower may, in its sole discretion, classify or later divide, classify or reclassify all or a portion of such Restricted Payment or any portion thereof in a manner that complies with this Section 7.06 and will only be required to include the amount and type of such Restricted Payment in one or more of the above clauses. In the event that a Restricted Payment or other obligations could be classified as incurred under a "ratio-based" basket (giving pro forma effect to the making of such portion of such Restricted Payment), the Borrower, in its sole discretion, may classify such portion of such Restricted Payment (and any obligations in respect thereof) as having been made pursuant to such "ratio-based" basket and thereafter the remainder of the Restricted Payment as having been made pursuant to one or more of the other clauses of this Section 7.06 and if any such test would be satisfied in any subsequent fiscal quarter following the relevant date of determination, then such reclassification shall be deemed to have automatically occurred at such time.

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Section 7.07. *Burdensome Agreements*. The Borrower shall not, nor shall the Borrower permit any of the Restricted Subsidiaries to, enter into or permit to exist any Contractual Obligation (other than this Agreement or any other Loan Document) that prohibits (a) any Restricted Subsidiary of the Borrower that is not a Guarantor to make Restricted Payments to the Borrower or any Guarantor or to make or repay intercompany loans and advances to the Borrower or any Guarantor or (b) any Loan Party to create, incur, assume or suffer to exist Liens on property of such Person for the benefit of the Lenders with respect to the Facilities and the Obligations or under the Loan Documents; *provided* that the foregoing clauses (a) and (b) shall not apply to Contractual Obligations which (i) (x) exist on the Closing Date and (to the extent not otherwise permitted by this Section 7.07) are listed on Schedule 7.07 hereto and (y) to the extent Contractual Obligations permitted by clause (x) are set forth in an agreement evidencing Indebtedness, are set forth in any agreement evidencing any permitted modification, replacement, renewal, extension or refinancing of such Indebtedness so long as such modification, replacement, renewal, extension or refinancing does not expand the scope of such Contractual Obligation, (ii) are binding on a Restricted Subsidiary at the time such Restricted Subsidiary first becomes a Restricted Subsidiary of the Borrower, so long as such Contractual Obligations were not entered into solely in contemplation of such Person becoming a Restricted Subsidiary of the Borrower; *provided, further*, that this clause (ii) shall not apply to Contractual Obligations that are binding on a Person that becomes a Restricted Subsidiary pursuant to Section 6.14, (iii) represent Indebtedness or any other obligation of a Restricted Subsidiary of the Borrower which is not a Loan Party which is permitted by Section 7.03, (iv) arise in connection with (x) any Lien permitted by Section 7.01 and relate to the property subject to such Lien or (y) any Disposition permitted by Sections 7.04 or 7.05 and relate solely to the assets or Person subject to such Disposition, (v) are customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted under Section 7.02 and applicable solely to such joint venture entered into in the ordinary course of business, (vi) are negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under Section 7.03 but solely to the extent any negative pledge relates to the property financed by such Indebtedness, (vii) are customary restrictions on leases, subleases, licenses or asset sale agreements otherwise permitted hereby so long as such restrictions relate to the assets subject thereto, (viii) comprise restrictions imposed by any agreement relating to secured Indebtedness permitted pursuant to Section 7.03 and to the extent that such restrictions apply only to the property or assets securing such Indebtedness or to the Restricted Subsidiaries incurring or guaranteeing such Indebtedness, (ix) are customary provisions restricting subletting or assignment of any lease governing a leasehold interest of the Borrower or any Restricted Subsidiary or the assignment of any license or sublicense agreement, (x) are customary provisions restricting assignment of any agreement entered into in the ordinary course of business or consistent with past practice, (xi) are restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business or consistent with past practice, (xii) are restrictions created in connection with any Qualified Securitization Facility that in the good faith determination of the Borrower are necessary or advisable to effect such Qualified Securitization Facility and relate solely to the Securitization Assets subject thereto, (xiii) arise in connection with cash or other deposits permitted under Sections 7.01 and 7.02 and limited to such cash or deposit, (xiv) any agreement or instrument (A) relating to any Indebtedness or Disqualified Equity Interests permitted to be incurred or issued subsequent to the Closing Date pursuant to Section 7.03 hereof if the encumbrances and restrictions are not materially more disadvantageous, taken as a whole, to the Lenders than is customary in comparable financings for similarly situated borrowers (as determined in good faith by the Borrower) or is otherwise in effect on the Closing Date and (B) either (x) the Borrower determines that such encumbrance or restriction will not materially adversely affect the Borrower's ability to make principal and interest payments on the Loans as and when they come due or (y) such encumbrances and restrictions apply only during the continuance of a default in respect of a payment or financial maintenance covenant relating to such Indebtedness and (xv) are customary restrictions contained in any Permitted Refinancing thereof.

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Section 7.08. *Financial Covenant*. Except with the consent of the Required Revolving Credit Lenders, the Borrower will not permit the Consolidated First Lien Net Leverage Ratio as of the last day of a Test Period ending after the Closing Date (commencing with the Test Period ending on June 30, 2025) to exceed 8.33 to 1.00 (the "**Financial Covenant**"); *provided* that the provisions of this Section 7.08 shall not be applicable to any such Test Period if on the last day of such Test Period the aggregate principal amount of Revolving Credit Loans and Swing Line Loans (excluding (i) for the first four Test Periods following the Closing Date, any Revolving Credit Loans applied to finance Transaction Expenses, (ii) any Letters of Credit that are Cash Collateralized or backstopped and (iii) any other Letters of Credit (whether or not Cash Collateralized or backstopped) that are undrawn) is equal to or less than 40% of the Revolving Credit Commitments as of such day. In the event that any Accounting Change shall occur which would have resulted in the Financial Covenant not having been set at the same cushion to Consolidated EBITDA for the most recent Test Period then ended prior to such Accounting Change, then the Financial Covenant shall be recalculated to maintain such cushion; *provided* that, for the avoidance of doubt, and notwithstanding the foregoing, in no event shall the Financial Covenant be adjusted to a level below 8.33 to 1.00.

Section 7.09. *Prepayments, Etc. of Indebtedness*(a) . (a) The Borrower shall not, nor shall the Borrower permit any of the Restricted Subsidiaries to voluntarily prepay, redeem, purchase, defease or otherwise satisfy more than one year prior to the scheduled maturity thereof in any manner (it being understood that (A) payments of regularly scheduled principal and interest, (B) customary "AHYDO catchup" payments and (C) any prepayment, redemption, purchase, defeasance or other retirement in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case, due within one year of such prepayment redemption, purchase, defeasance or other retirement thereof shall be permitted), any principal amount in respect of any Indebtedness for borrowed money that (x) is or is required to be contractually subordinated, in right of payment to the Obligations pursuant to the terms of the Loan Documents, (y) is secured by the Collateral on a junior lien basis to the Liens securing the Initial Term Loans and/or Revolving Credit Loans or (z) is unsecured (collectively, "**Junior Financing**"), in each case, with an aggregate principal amount outstanding in excess of the Threshold Amount, or make any payment in violation of any subordination terms of any documentation governing any Junior Financing, except (i) the refinancing thereof with the Net Proceeds of any Indebtedness (to the extent such Indebtedness constitutes a Permitted Refinancing and, if such Indebtedness was originally incurred under Section 7.03(g), (q), (s), (w) or (y), is permitted pursuant to Section 7.03(g), (q), (s), (w) or (y)), to the extent not required to prepay any Loans pursuant to Section 2.05(b), (ii) the conversion of any Junior Financing to, or exchange for, Equity Interests (other than Disqualified Equity Interests of the Borrower) of the Borrower or any of its direct or indirect parents, (iii) the prepayment of Indebtedness of the Borrower or any Restricted Subsidiary to the Borrower or any Restricted Subsidiary to the extent not prohibited by the subordination provisions contained in the Intercompany Note, (iv) prepayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings prior to their scheduled maturity in (x) an amount equal to the amount of Excluded Contributions previously received and the Borrower elects to apply under this <u>clause (iv)</u> or (y) without duplication with clause (x), in an amount equal to the Net Proceeds from a Disposition in respect of property or assets acquired after the Closing Date, if the acquisition of such property or assets was financed with Excluded Contributions, in each case, to the extent Not Otherwise Applied, (v) prepayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings prior to their scheduled maturity in an aggregate amount not to exceed, subject to no Event of Default having occurred and continuing or resulting therefrom, (x) the greater of (I) $166,250,000 and (II) 35.0% of LTM Consolidated EBITDA as of the time of such prepayment, redemption, purchase, defeasance or other payment plus (y) subject to, solely in the case of the portion of the Cumulative Credit attributable to clause (b) thereof, so long as the Consolidated Total Net Leverage Ratio calculated on a Pro Forma Basis as of the last day of the most recently ended period of four consecutive fiscal quarters for which financial

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statements are internally available is less than or equal to 4.50 to 1.00, the portion, if any, of the Cumulative Credit on such date that the Borrower elects to apply to this clause (a), (vi) prepayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings prior to their scheduled maturity in an aggregate amount not to exceed the Available RP Capacity Amount and (vii) so long as no Event of Default has occurred and is continuing or would result therefrom, prepayments, redemptions, or purchases, defeasances and other payments in respect of Junior Financings prior to their scheduled maturity in an unlimited amount so long as the Consolidated Total Net Leverage Ratio calculated on a Pro Forma Basis as of the last day of the most recently ended period of four consecutive fiscal quarters for which financial statements are internally available is less than or equal to 4.25 to 1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall not, nor shall the Borrower permit any of the Restricted Subsidiaries to amend, modify or change in any manner materially adverse, taken as a whole, to the interests of the Lenders, in their capacity as such, any term or condition of any Subordinated Financing Documentation in respect of any Subordinated Financing having an aggregate outstanding principal amount in excess of the Threshold Amount without the consent of the Administrative Agent (which consent shall not be unreasonably withheld, conditioned or delayed); *provided* that no such consent shall be required (and no Default or Event of Default shall result) under this clause (b) in the event that such Subordinated Financing, after giving effect to any amended, modified or changed term or condition to the applicable Subordinated Financing Documentation would constitute Indebtedness permitted under Section 7.03 hereof if such Indebtedness had been incurred on the date of such amendment, modification or change.

For purposes of determining compliance with this <u>Section</u> <u>7.09</u>, in the event that a payment meets the criteria of more than one of the categories of payments described above, the Borrower may, in its sole discretion, classify or later divide, classify or reclassify all or a portion of such payment or any portion thereof in a manner that complies with this <u>Section</u> <u>7.09</u> and will only be required to include the amount and type of such payment in one or more of the above clauses. In the event that a payment or other obligations could be classified as incurred under a "ratio-based" basket (giving pro forma effect to the making of such portion of such payment), the Borrower, in its sole discretion, may classify such portion of such payment (and any obligations in respect thereof) as having been made pursuant to such "ratio-based" basket and thereafter the remainder of the payment as having been made pursuant to one or more of the other clauses of this <u>Section</u> <u>7.09</u> and if any such test would be satisfied in any subsequent fiscal quarter following the relevant date of determination, then such reclassification shall be deemed to have automatically occurred at such time.

Section 7.10. *Permitted Activities*. Prior to a Qualified IPO, Holdings shall not engage in any material operating or business activities; *provided* that the following and activities incidental thereto shall be permitted in any event: (i) its ownership of the Equity Interests of Borrower or any other Subsidiary and their direct and indirect Subsidiaries and activities incidental thereto, (ii) the maintenance of its legal existence (including the ability to incur fees, costs and expenses relating to such maintenance); *provided* that Holdings shall not be permitted to redomicile in any non-U.S. jurisdiction, (iii) the performance of its obligations with respect to the Transactions, the Loan Documents and any other Indebtedness, (iv) any public offering of its common stock or any other issuance or sale of its Equity Interests, including any Qualified IPO Reorganization Transactions, (v) financing activities, including the issuance of securities, payment of dividends, making contributions to the capital of the Borrower and other distributions and the making of investments, (vi) incurrence of debt and guaranteeing the obligations of the Borrower and the Restricted Subsidiaries and liens in connection with the foregoing; *provided* that Holdings shall not be permitted to pledge the Equity Interests of the Borrower in connection with the incurrence or

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guarantee of such indebtedness other than Indebtedness which is subject to each applicable Intercreditor Agreement then in effect and so long as such Indebtedness is permitted to be secured by the Collateral, (vii) participating in tax, accounting and other administrative matters, including as owner of the Borrower and its Subsidiaries, (viii) holding any cash incidental to any activities permitted under this Section 7.10, (ix) providing indemnification to officers, managers and directors, (x) making Restricted Payments permitted pursuant to Section 7.06 and (xi) any activities incidental to the foregoing.

ARTICLE 8

EVENTS OF DEFAULT AND REMEDIES

Section 8.01. *Events of Default*. Any of the following from and after the Closing Date shall constitute an event of default (an "**Event of Default**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Non-Payment*. Any Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan, or (ii) within ten (10) Business Days after the same becomes due, any interest on any Loan or any other amount payable hereunder or with respect to any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Specific Covenants*. The Borrower, any Restricted Subsidiary or, in the case of Section 7.10, Holdings, fails to perform or observe any term, covenant or agreement contained in any of Section 6.03(a), 6.05(a) (solely with respect to the Borrower) or Article 7; *provided* that (i) a Default as a result of a breach of Section 7.08 (a "**Financial Covenant Event of Default**") is subject to cure pursuant to Section 8.05 and (ii) subsequent delivery of a notice to the Administrative Agent of the occurrence of any Default shall cure an Event of Default for failure to provide a notice under Section 6.03(a) unless a Responsible Officer of Holdings or the Borrower had actual knowledge that such Default had occurred and was continuing and such failure to provide notice had a material adverse effect on the rights and remedies available to the Lenders or any Agent under any Loan Document; *provided*, *further*, that a Financial Covenant Event of Default or any breach of a financial maintenance covenant under any Incremental Revolving Credit Loan or any revolving facility that constitutes Credit Agreement Refinancing Indebtedness shall not constitute an Event of Default with respect to any Term Loans unless and until the Required Revolving Credit Lenders or other requisite revolving lenders have declared all amounts outstanding under the Revolving Credit Facility or such other revolving facility to be immediately due and payable and all outstanding Revolving Credit Commitments or such other revolving credit commitments to be immediately terminated, in each case in accordance with this Agreement and such declaration has not been rescinded on or before such date (the "**Term Loan Standstill Period**"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Other Defaults*. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in Sections 8.01(a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty (30) days after written notice thereof by the Administrative Agent to the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Representations and Warranties*. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Borrower or any other Loan Party herein, in any other Loan Document, or in any document required to be delivered in connection herewith or therewith shall be incorrect in any material respect when made or deemed made and, to the extent capable of being cured, such incorrect representation or warranty shall remain incorrect for a period of thirty (30) days after written notice thereof from the Administrative Agent to the Borrower; *provided* that the failure of any representation or warranty (other than Specified Representations) to be true and correct on the Closing Date shall not constitute a Default or Event of Default with respect to the Term Loans or the Initial Revolving Borrowing; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Cross-Default*. Any Loan Party or any Restricted Subsidiary (A) fails to make any payment beyond the applicable grace period with respect thereto, if any, (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness (other than Indebtedness hereunder) having an outstanding aggregate principal amount of not less than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition (after giving effect to the applicable grace periods with respect thereto) relating to any such Indebtedness (other than Indebtedness hereunder) having an outstanding aggregate principal amount of not less than the Threshold Amount, or any other event occurs (other than, with respect to Indebtedness consisting of Swap Contracts, termination events or equivalent events pursuant to the terms of such Swap Contracts), the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity; *provided* that this clause (e)(B) 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 sale or transfer is permitted hereunder and under the documents providing for such Indebtedness; *provided*, *further*, this clause (e) shall not apply, and there shall be no "Default" or "Event of Default" hereunder, if the holders of such Indebtedness have waived any such default or event of default (it being understood and agreed that any event or condition set forth under this paragraph (e) shall not, until the expiration of any applicable grace period and the delivery of notice by the applicable holder or holders of such Indebtedness, constitute a "Default" or "Event of Default" for purposes of this Agreement); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Insolvency Proceedings, Etc*. Any Loan Party or any Restricted Subsidiary institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for sixty (60) calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for sixty (60) calendar days, or an order for relief is entered in any such proceeding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Inability to Pay Debts; Attachment*. (i) Any Loan Party or any Restricted Subsidiary admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of the Loan Parties, taken as a whole, and is not released, vacated or fully bonded within sixty (60) days after its issue or levy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Judgments*. There is entered against any Loan Party or any Restricted Subsidiary a final judgment or order for the payment of money in an aggregate amount exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer has been notified of such judgment or order and has not denied coverage) and such judgment or order shall not have been satisfied, vacated, discharged or stayed or bonded pending an appeal for a period of sixty (60) consecutive days; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Invalidity of Loan Documents*. Any material provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder (including as a result of a transaction permitted under Sections 7.04 or 7.05) or as a result of acts or omissions by the Administrative Agent or Collateral Agent or any Lender or the satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party contests in writing the validity or enforceability of any provision of any Loan Document or the validity or priority of a Lien as required by the Collateral Documents on a material portion of the Collateral; or any Loan Party denies in writing that it has any or further liability or obligation under any Loan Document (other than as a result of repayment in full of the Obligations and termination of the Aggregate Commitments), or purports in writing to revoke or rescind any Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Change of Control*. There occurs any Change of Control which is not a Permitted Change of Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Collateral Documents*. Any Collateral Document after delivery thereof pursuant to Sections 4.01, 6.11, 6.13, 6.16 or the Security Agreement shall for any reason (other than pursuant to the terms thereof including as a result of a transaction not prohibited under this Agreement) cease to create a valid and perfected Lien, with the priority required by the Collateral Documents and the Intercreditor Agreements on and security interest in any material portion of the Collateral purported to be covered thereby, subject to Liens permitted under Section 7.01, (x) except to the extent that any such perfection or priority is not required pursuant to the Collateral and Guarantee Requirement or any loss thereof results from the failure of the Administrative Agent or the Collateral Agent to maintain possession of certificates actually delivered to it representing securities pledged under the Collateral Documents or to file Uniform Commercial Code continuation statements and (y) except as to Collateral consisting of Real Property to the extent that such losses are covered by a lender's title insurance policy and such insurer has not denied coverage; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *ERISA*. (i) An ERISA Event occurs which has resulted or would reasonably be expected to result in liability of a Loan Party or a Restricted Subsidiary or any ERISA Affiliate in an aggregate amount which would reasonably be expected to result in a Material Adverse Effect, or (ii) a Loan Party, any Restricted Subsidiary or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan which has resulted or would reasonably be expected to result in liability of a Loan Party or a Restricted Subsidiary or an ERISA Affiliate in an aggregate amount which would reasonably be expected to result in a Material Adverse Effect.

Notwithstanding anything to the contrary, no Default or Event of Default shall constitute a "Default" or "Event of Default" if such Default or Event of Default has not been cured or waived and is continuing for more than two (2) years following the earlier of (a) notice to the Administrative Agent of such Default or Event of Default and (b) public reporting of such Default or Event of Default or the circumstances giving rise thereto. Additionally, any Default or Event of Default (including any Default or Event of Default (or similar term) resulting from a failure to provide notice of a Default or Event of Default) shall be deemed not to "exist" or be "continuing" if (i) with respect to any Default or Event of Default that occurs due to a failure by Holdings, the Borrower or any of its Restricted Subsidiaries to take any action (including taking any action by a specified time), Holdings, the Borrower or such Restricted Subsidiary takes such action, or (ii) with respect to any Default or Event of Default that occurs due to the taking of any action by Holdings, the Borrower or any of its Restricted Subsidiaries that is not then permitted under the Loan

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Documents, on the earlier to occur of (A) the date such action would be permitted to be taken hereunder pursuant to an applicable amendment or waiver permitting such action, or otherwise, and (B) the date on which such action is unwound or otherwise modified to the extent necessary for such revised action to be permitted at such time (including after giving effect to any amendments or waivers); *provided* that any Default or Event of Default resulting from the failure to deliver a notice of Default or Event of Default shall cease to exist and be cured in all respects if the underlying Default or Event of Default giving rise to such notice requirement shall have ceased to exist and/or be cured unless Holdings, the Borrower or such Restricted Subsidiary had actual knowledge of such failure to provide such notice at the time that it failed to timely deliver such notice. Any court of competent jurisdiction may (x) extend or stay any grace period prior to when any actual or alleged Default becomes an actual or alleged Event of Default or (y) stay the exercise of remedies by the Administrative Agent upon the occurrence of an actual or alleged Event of Default, in each case of clauses (x) and (y), in accordance with the requirements of applicable Law.

Section 8.02. *Remedies Upon Event of Default*. If any Event of Default occurs and is continuing, the Administrative Agent may and, at the request of the Required Lenders (or, if a Financial Covenant Event of Default occurs and is continuing and prior to the expiration of the Term Loan Standstill Period, at the request of the Required Revolving Credit Lenders under the Revolving Credit Facility only, and in such case only with respect to the Revolving Credit Commitments, Revolving Credit Loans, Swing Line Loans, L/C Obligations, any Letters of Credit and L/C Credit Extensions), shall take any or all of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuers to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable Law;

*provided* that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans and any obligation of the L/C Issuers to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable and the obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of the Administrative Agent or any Lender.

Section 8.03. *Exclusion of Immaterial Subsidiaries*. Solely for the purpose of determining whether a Default or Event of Default has occurred under Section 8.01(f) or (g), any reference in any such clause to any Restricted Subsidiary or Loan Party shall be deemed not to include any Restricted Subsidiary (an "**Immaterial Subsidiary**") affected by any event or circumstances referred to in any such clause that did not, as of the last day of the most recent completed fiscal quarter of the Borrower, have assets with a fair market value in excess of 5% of Total Assets (it being agreed that all Restricted Subsidiaries affected by any event or circumstance referred to in any such clause shall be considered together, as a single consolidated Restricted Subsidiary, for purposes of determining whether the condition specified above is satisfied).

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Section 8.04. *Application of Funds*. After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations shall, subject to any Intercreditor Agreements then in effect, be applied by the Administrative Agent in the following order (to the fullest extent permitted by mandatory provisions of applicable Law):

First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (other than principal and interest, but including Attorney Costs payable under Section 10.04 and amounts payable under Article 3) payable to the Administrative Agent or the Collateral Agent in its capacity as such;

Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders (including Attorney Costs payable under Section 10.04 and amounts payable under Article 3), ratably among them in proportion to the amounts described in this clause Second payable to them;

Third, to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans and L/C Borrowings, and any fees, premiums and scheduled periodic payments due under Treasury Services Agreements or Secured Hedge Agreements, ratably among the Secured Parties in proportion to the respective amounts described in this clause Third payable to them;

Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings (including to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit), and any termination or other payments under Treasury Services Agreements or Secured Hedge Agreements, ratably among the Secured Parties in proportion to the respective amounts described in this clause Fourth held by them;

Fifth, to the payment of all other Obligations of the Borrower 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 Obligations owing to the Administrative Agent and the other Secured Parties on such date; and

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

Subject to Section 2.03(g), amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above and, if no Obligations remain outstanding, to the Borrower as applicable. Notwithstanding the foregoing, no amounts received from any Guarantor shall be applied to any Excluded Swap Obligation of such Guarantor.

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Section 8.05. *Right to Cure*. (a) Notwithstanding anything to the contrary contained in Sections 8.01 or 8.02, if the Borrower determines that a Default or an Event of Default under the covenant set forth in Section 7.08 has occurred or may occur, during the period commencing after the beginning of the last fiscal quarter included in such Test Period and ending fifteen (15) Business Days after the date on which financial statements are required to be delivered hereunder with respect to such fiscal quarter (the "**Cure Expiration Date**"), a Specified Equity Contribution may be made to the Borrower (a "**Designated Equity Contribution**"), and the amount of the net cash proceeds thereof shall be deemed to increase Consolidated EBITDA with respect to such applicable quarter; *provided* that such net cash proceeds (i) are actually received by the Borrower as cash common equity (including through capital contribution of such net cash proceeds to the Borrower) during the period commencing after the beginning of the last fiscal quarter included in such Test Period by the Borrower and ending on the Cure Expiration Date and (ii) are Not Otherwise Applied. The parties hereby acknowledge that this Section 8.05(a) may not be relied on for purposes of calculating any financial ratios (other than as applicable to Section 7.08) and shall not result in any adjustment to any baskets, pricing grids, or other amounts other than the amount of the Consolidated EBITDA for the purpose of Section 7.08. Notwithstanding anything to the contrary contained in Section 8.01 and Section 8.02, (A) upon receipt of the Designated Equity Contribution by the Borrower in an amount necessary to cure any Event of Default under the covenant set forth in Section 7.08, such covenant will be deemed satisfied and complied with as of the end of the relevant fiscal quarter with the same effect as though there had been no failure to comply with such covenant and any Default or Event of Default under such covenant (and any other Default as a result thereof) will be deemed not to have occurred for purposes of the Loan Documents, and (B) from and after the date that the Borrower delivers a written notice to the Administrative Agent that it intends to exercise its cure right under this Section 8.05 (a "**Notice of Intent to Cure**") neither the Administrative Agent nor any Lender may exercise any rights or remedies under Section 8.02 (or under any other Loan Document) on the basis of any actual or purported Default or Event of Default under the covenant set forth in Section 7.08 with respect to the quarter for which a Notice of Intent to Cure has been provided (and any other Default as a result thereof), and the Borrower shall not be permitted to borrow Revolving Credit Loans or Swing Line Loans or make any request for an L/C Credit Extension, until and unless the Cure Expiration Date has occurred without the Designated Equity Contribution having been received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) In each period of four consecutive fiscal quarters, there shall be at least two fiscal quarters in which no Designated Equity Contribution is made, (ii) no more than five Designated Equity Contributions may be made in the aggregate during the term of this Agreement, (iii) the amount of any equity contribution that is given effect as a Designated Equity Contribution shall be no more than the amount required to cause the Borrower to be in Pro Forma Compliance with Section 7.08 for any applicable period, (iv) there shall be no *pro forma* reduction in Indebtedness with the proceeds of any Designated Equity Contribution for determining compliance with Section 7.08 for the fiscal quarter with respect to which such Designated Equity Contribution was made; *provided* that to the extent such proceeds are actually applied to prepay Indebtedness, such reduction may be credited in any subsequent fiscal quarter and (v) to the extent the proceeds of any Designated Equity Contribution remain on the balance sheet of the Borrower and its Restricted Subsidiaries, such proceeds in the form of cash and Cash Equivalents may be subtracted for the purposes of calculating Consolidated Total Net Debt in any subsequent fiscal quarters.

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ARTICLE 9

ADMINISTRATIVE AGENT AND OTHER AGENTS

Section 9.01. *Appointment and Authorization of Agents*. (a) Each Lender hereby irrevocably appoints Sixth Street to act on its behalf as the Administrative Agent and Collateral Agent hereunder and under the other Loan Documents, designates and authorizes each of the Administrative Agent and the Collateral Agent to take such action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to it by the terms of this Agreement or any other Loan Document, together with such powers as are reasonably incidental thereto. Without limiting the generality of the foregoing, the Lenders hereby expressly authorize the Administrative Agent and the Collateral Agent to execute any and all documents (including releases) with respect to the Collateral and the rights of the Secured Parties with respect thereto, as contemplated by and in accordance with the provisions of this Agreement and the Collateral Documents and acknowledge and agree that any such action by any Agent shall bind the Lenders. Notwithstanding any provision to the contrary contained elsewhere herein or in any other Loan Document, neither the Administrative Agent nor the Collateral Agent shall have any duties or responsibilities, except those expressly set forth herein, nor shall the Administrative Agent or the Collateral Agent have or be deemed to have any fiduciary relationship with any Lender or Participant, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent or the Collateral Agent. Without limiting the generality of the foregoing sentence, the use of the term "**agent**" herein and in the other Loan Documents with reference to any Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and each such L/C Issuer shall have all of the benefits and immunities (i) provided to the Agents in this Article 9 with respect to any acts taken or omissions suffered by such L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and the applications and agreements for letters of credit pertaining to such Letters of Credit as fully as if the term "**Agent**" as used in this Article 9 and in the definition of "**Agent-Related Person**" included such L/C Issuer with respect to such acts or omissions, and (ii) as additionally provided herein with respect to such L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Lender and each other Secured Party (by acceptance of the benefits of the Collateral Documents) hereby (i) acknowledges that it has received a copy of the Intercreditor Agreements, (ii) agrees that it will be bound by and will take no actions contrary to the provisions of the Intercreditor Agreements to the extent then in effect, and (iii) authorizes and instructs the Collateral Agent to enter into each Intercreditor Agreement as Collateral Agent and on behalf of such Lender or Secured Party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as provided in Sections 9.09 and 9.11, the provisions of this Article 9 are solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuer, and neither the Borrower nor any other Loan Party shall have rights as a third-party beneficiary of any of such provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For the avoidance of doubt and anything to the contrary herein notwithstanding, in no event shall any Blackstone Credit Entity serve as a Lead Arranger, Administrative Agent, Collateral Agent or L/C Issuer hereunder.

Section 9.02. *Delegation of Duties*. Each of the Administrative Agent and the Collateral Agent may execute any of its duties under this Agreement or any other Loan Document (including for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents or of exercising any rights and remedies thereunder) by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining to such duties. The Administrative Agent, the Collateral 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 Agent-Related Persons. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Agent-Related Persons of the Administrative Agent, the Collateral Agent and any such sub-agent, and shall apply to activities as Administrative Agent or Collateral Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any agent or sub-agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct (as determined in the final non-appealable judgment of a court of competent jurisdiction).

Section 9.03. *Liability of Agents*. No Agent-Related Person shall (a) be liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement, any other Loan Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct, as determined by the final non-appealable judgment of a court of competent jurisdiction, in connection with its duties expressly set forth herein), (b) 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, (c) be responsible for or have any duty to ascertain or inquire into the satisfaction of any condition set forth in Article 4 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent or (d) be responsible in any manner to any Lender or Participant for any recital, statement, representation or warranty made by any Loan Party or any officer thereof, contained herein, in any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent or the Collateral Agent under or in connection with, this Agreement, any other Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement, any other Loan Document, the existence, value or collectability of the Collateral, any failure to monitor or maintain any part of the Collateral, or the perfection or priority of any Lien or security interest created or purported to be created under the Collateral Documents, or for any failure of any Loan Party or any other party to any Loan Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Lender or Participant to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party or any Affiliate thereof. Notwithstanding the foregoing, neither the Administrative Agent nor the Collateral Agent shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby, by the other Loan Documents that the Administrative

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Agent or Collateral Agent (as applicable) 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 or Collateral Agent (as applicable) shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent or Collateral Agent (as applicable) to liability or that is contrary to any Loan Document or applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law.

Section 9.04. *Reliance by Agents*. Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication, signature, resolution, representation, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic mail message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to any Loan Party), independent accountants and other experts selected by such Agent. Each Agent shall be fully justified in failing or refusing to take any action under any Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or such other number of Lenders as it may be expressly required hereby) as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement, any other Loan Document in accordance with a request or consent of the Required Lenders (or such greater number of Lenders as may be expressly required hereby in any instance) and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders.

Section 9.05. *Notice of Default*. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default, except with respect to defaults in the payment of principal, interest and fees required to be paid to the Administrative Agent for the account of the Lenders, unless the Administrative Agent shall have received written notice from a Lender or the Borrower referring to this Agreement, describing such Default and stating that such notice is a "notice of default." The Administrative Agent will notify the Lenders of its receipt of any such notice. The Administrative Agent shall take such action with respect to any Event of Default as may be directed by the Required Lenders (or, if a Financial Covenant Event of Default occurs and is continuing and prior to the expiration of the Term Loan Standstill Period, the Required Revolving Credit Lenders under the Revolving Credit Facility only, and in such case only with respect to the Revolving Credit Commitments, Revolving Credit Loans, Swing Line Loans, L/C Obligations, Letters of Credit and L/C Credit Extensions) in accordance with Article 8; *provided* that unless and until the Administrative Agent has received any such direction, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default as it shall deem advisable or in the best interest of the Lenders.

Section 9.06. *Credit Decision; Disclosure of Information by Agents*. Each Lender acknowledges that no Agent-Related Person has made any representation or warranty to it, and that no act by any Agent hereafter taken, including any consent to and acceptance of any assignment or review of the affairs of any Loan Party or any Affiliate thereof, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any Lender as to any matter, including whether Agent-Related Persons have disclosed material information in their possession. Each Lender represents to each Agent that it has, independently and without reliance upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made

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its own appraisal of, and investigation into, the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties and their Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to the Borrower hereunder. Each Lender also represents that it will, independently and without reliance upon any Agent-Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement, the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties. Except for notices, reports and other documents expressly required to be furnished to the Lenders by any Agent herein, such Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of any of the Loan Parties or any of their Affiliates which may come into the possession of any Agent-Related Person.

Section 9.07. *Indemnification of Agents*. Whether or not the transactions contemplated hereby are consummated, the Lenders shall indemnify upon demand each Agent-Related Person (to the extent not reimbursed by or on behalf of any Loan Party and without limiting the obligation of any Loan Party to do so) acting as an Agent, pro rata, and hold harmless each Agent-Related Person from and against any and all Indemnified Liabilities incurred by it; *provided* that no Lender shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities resulting from such Agent-Related Person's own gross negligence or willful misconduct, as determined by the final non-appealable judgment of a court of competent jurisdiction; *provided* that no action taken in accordance with the directions of the Required Lenders (or such other number or percentage of the Lenders as shall be required by the Loan Documents) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section 9.07; *provided, further*, that any obligation to indemnify an L/C Issuer pursuant to this Section 9.07 shall be limited to Revolving Credit Lenders only. In the case of any investigation, litigation or proceeding giving rise to any Indemnified Liabilities, this Section 9.07 applies whether any such investigation, litigation or proceeding is brought by any Lender or any other Person. Without limitation of the foregoing, each Lender shall reimburse each of the Administrative Agent and the Collateral Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including Attorney Costs) incurred by the Administrative Agent or the Collateral Agent, as the case may be, in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document or any document contemplated by or referred to herein, to the extent that the Administrative Agent or the Collateral Agent, as the case may be, is not reimbursed for such expenses by or on behalf of the Loan Parties and without limiting their obligation to do so. The undertaking in this Section 9.07 shall survive termination of the Aggregate Commitments, the payment of all other Obligations and the resignation of the Administrative Agent or the Collateral Agent, as the case may be.

Section 9.08. *Agents in Their Individual Capacities*. Sixth Street and its Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire Equity Interests in and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with the Borrower and its respective Affiliates as though Sixth Street and/or its Affiliates were not the Administrative Agent, the Collateral Agent, a Swing Line Lender or an L/C Issuer hereunder and without notice to or consent of the Lenders. The Lenders acknowledge that, pursuant to such activities, Sixth Street or its Affiliates may receive information regarding the Borrower or its Affiliates (including information that may be subject to confidentiality obligations

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in favor of the Borrower or such Affiliate) and acknowledge that neither the Administrative Agent nor the Collateral Agent shall be under any obligation to provide such information to them. With respect to its Loans, Sixth Street and its Affiliates shall have the same rights and powers under this Agreement as any other Lender and may exercise such rights and powers as though it were not the Administrative Agent, the Collateral Agent, a Swing Line Lender or an L/C Issuer, and the terms "Lender" and "Lenders" may include Sixth Street in its individual capacity. Any successor to Sixth Street as the Administrative Agent or the Collateral Agent shall also have the rights attributed to Sixth Street and its Affiliates under this Section 9.08.

Section 9.09. *Successor Agents*. Each of the Administrative Agent and the Collateral Agent may resign as the Administrative Agent or the Collateral Agent, as applicable upon thirty (30) days' notice to the Lenders and the Borrower and if either the Administrative Agent or the Collateral Agent is a Defaulting Lender, the Borrower may remove such Defaulting Lender from such role upon ten (10) days' notice to the Lenders. If the Administrative Agent or the Collateral Agent resigns under this Agreement or is removed by the Borrower, the Required Lenders shall appoint a successor agent for the Lenders, which successor agent shall be consented to by the Borrower at all times other than during the existence of an Event of Default under Sections 8.01(f) or (g) (which consent of the Borrower shall not be unreasonably withheld or delayed). If no successor agent is appointed prior to the effective date of the resignation or removal of the Administrative Agent or the Collateral Agent, as applicable, the Administrative Agent or the Collateral Agent, as applicable, in the case of a resignation, and the Borrower, in the case of a removal may appoint, after consulting with the Lenders and the Borrower (in the case of a resignation), a successor agent. Upon the acceptance of its appointment as successor agent hereunder, the Person acting as such successor agent shall succeed to all the rights, powers and duties of the retiring Administrative Agent or retiring Collateral Agent and the term "Administrative Agent" or "Collateral Agent" shall mean such successor administrative agent or collateral agent and/or Supplemental Agent, as the case may be, and the retiring Administrative Agent's or Collateral Agent's appointment, powers and duties as the Administrative Agent or Collateral Agent shall be terminated. After the retiring Administrative Agent's or the Collateral Agent's resignation or removal hereunder as the Administrative Agent or Collateral Agent, the provisions of this Article 9 and the provisions of Sections 10.04 and 10.05 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent or Collateral Agent under this Agreement. If no successor agent has accepted appointment as the Administrative Agent or the Collateral Agent by the date which is thirty (30) days following the retiring Administrative Agent's or Collateral Agent's notice of resignation or ten (10) days following the Borrower's notice of removal, the retiring Administrative Agent's or the retiring Collateral Agent's resignation shall nevertheless thereupon become effective and the Lenders shall perform all of the duties of the Administrative Agent or Collateral Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above. Upon the acceptance of any appointment as the Administrative Agent or Collateral Agent hereunder by a successor and upon the execution and filing or recording of such financing statements, or amendments thereto, and such other instruments or notices, as may be necessary or desirable, or as the Required Lenders may request, in order to (a) continue the perfection of the Liens granted or purported to be granted by the Collateral Documents or (b) otherwise ensure that Section 6.11 is satisfied, the Administrative Agent or Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, discretion, privileges, and duties of the retiring Administrative Agent or Collateral Agent, and the retiring Administrative Agent or Collateral Agent shall be discharged from its duties and obligations under the Loan Documents. After the retiring Administrative Agent's or Collateral Agent's resignation hereunder as the Administrative Agent or the Collateral Agent, the provisions of this Article 9 and Sections 10.04 and 10.05 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Administrative Agent or the Collateral Agent.

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Any resignation by Sixth Street as Administrative Agent pursuant to this Section shall also constitute a resignation by Sixth Street and/or its applicable Affiliates as L/C Issuer and as Swing Line Lenders pursuant to Section 2.03(q) and 2.04(h).

Section 9.10. *Administrative Agent May File Proofs of Claim; Credit Bidding*. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower or the Collateral Agent) shall be (to the fullest extent permitted by mandatory provisions of applicable Law) entitled and empowered, by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Collateral Agent and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Collateral Agent and the Administrative Agent and their respective agents and counsel and all other amounts due to the Lenders, the Collateral Agent and the Administrative Agent under Sections 2.03(h) and (i), 2.09, 10.04 and 10.05) allowed in such judicial proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, curator, 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 or the Collateral 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 or the Collateral Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Agents and their respective agents and counsel, and any other amounts due the Administrative Agent or the Collateral Agent under Sections 2.09, 10.04 and 10.05.

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

The Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code of the United States, including under Sections 363, 1123 or 1129 of the Bankruptcy Code of the United States, or any similar Laws in any other jurisdictions to which a Loan Party is subject, (b) at any other sale or foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable Law. In

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connection with any such credit bid and purchase, the Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that would vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) in the asset or assets so purchased (or in the Equity Interests or debt instruments of the acquisition vehicle or vehicles that are used to consummate such purchase). In connection with any such bid (i) the Administrative Agent shall be authorized to form one or more acquisition vehicles to make a bid, (ii) to adopt documents providing for the governance of the acquisition vehicle or vehicles (*provided* that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or Equity Interests thereof shall be governed, directly or indirectly, by the vote of the Required Lenders, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in clauses (a) through (j) of <u>Section</u> <u>10.01</u>), and (iii) to the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount of Obligations assigned to the acquisition vehicle exceeds the amount of debt credit bid by the acquisition vehicle or otherwise), such Obligations shall automatically be reassigned to the Lenders pro rata and the Equity Interests and/or debt instruments issued by any acquisition vehicle on account of the Obligations that had been assigned to the acquisition vehicle shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle to take any further action.

Section 9.11. *Collateral and Guaranty Matters*. Each Lender (including in its capacity as a counterparty to a Secured Hedge Agreement or Treasury Services Agreement) and each other Secured Party by its acceptance of the Collateral Documents irrevocably agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any Loan Document shall be automatically released (i) upon termination of the Aggregate Commitments and payment in full of all Obligations (other than (x) obligations under Secured Hedge Agreements and Treasury Services Agreements not yet due and payable and (y) contingent indemnification obligations not yet accrued and payable) and the expiration or termination or cash collateralization of all Letters of Credit (or if such Letters of Credit have been backstopped by letters of credit reasonably satisfactory to the applicable L/C Issuers or deemed reissued under another agreement reasonably satisfactory to the applicable L/C Issuers), (ii) at the time the property subject to such Lien is Disposed or to be Disposed as part of or in connection with any Disposition permitted hereunder or under any other Loan Document to any Person other than a Person required to grant a Lien to the Administrative Agent or the Collateral Agent under the Loan Documents, (iii) subject to Section 10.01, if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders, (iv) to the extent such asset constitutes an Excluded Asset or (v) if the property subject to such Lien is owned by a Guarantor, upon release of such Guarantor from its obligations under its Guaranty pursuant to clause (c) below; *provided* that, without limitation to the operation of the automatic releases described in this clause (a), a certificate of a Responsible Officer, delivered at the option of the Borrower, to the Administrative Agent with respect to any release described in this clause (a) stating that the Borrower has determined in good faith that such release satisfies the foregoing requirements shall be conclusive evidence that such release satisfies the foregoing requirement and such automatic release has occurred (and the Administrative Agent and the Collateral Agent may rely conclusively on such certificate without further inquiry);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that upon the request of the Borrower, the Administrative Agent and the Collateral Agent shall release or subordinate any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any Loan Document to (i) the holder of any Lien on such property that is permitted by Sections 7.01(u), (w) (in the case of clause (w), to the extent required by the terms of the obligations secured by such Liens), (ff), (jj) or (nn) or (ii) the contractual counterparty to any lease, license or contract described in clause (ii) of the definition of Excluded Assets to the extent requested by such contractual counterparty, in each case, pursuant to documents reasonably acceptable to the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that any Subsidiary Guarantor shall be automatically released from its obligations under the Guaranty if such Person ceases to be a Restricted Subsidiary or becomes an Excluded Subsidiary as a result of a transaction or designation permitted hereunder; *provided* that no such release shall occur if such Guarantor continues to be a guarantor in respect of any Junior Financing with a principal amount in excess of the Threshold Amount; *provided*, *further* that no Subsidiary Guarantor which becomes an Excluded Subsidiary pursuant to clause (a) of the definition thereof after the Closing Date shall be released pursuant to this clause (c) if there is no bona fide business purpose for the transaction which would result in such release (as reasonably determined by the Borrower); *provided, further* that, without limitation of the operation of the automatic releases described in this clause (c), a certificate of a Responsible Officer delivered at the option of the Borrower, to the Administrative Agent with respect to any such automatic release stating that such Subsidiary Guarantor has ceased to be a Restricted Subsidiary or has become an Excluded Subsidiary (including as contemplated by the immediately preceding proviso) as a result of a transaction or designation permitted hereunder, as the case may be, shall be conclusive evidence that such release satisfies the foregoing requirement and such automatic release has occurred (and the Administrative Agent and the Collateral Agent may rely conclusively on such certificate without further inquiry);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at the sole option of the Borrower, Holdings or any existing entity constituting "Holdings" shall be released from its obligations under the Guaranty if such entity ceases to be the direct parent of the Borrower as a result of a transaction or designation permitted pursuant to the definition thereof and otherwise permitted hereunder, subject to the assumption of all obligations of "Holdings" under the Loan Documents by such other Domestic Subsidiary that directly owns 100% of the issued and outstanding Equity Interests in the Borrower pursuant to the definition thereof and satisfaction of the Collateral and Guarantee Requirements by such Domestic Subsidiary; *provided* that 100% of the Equity Interests of the Borrower shall be pledged to the Collateral Agent to secure the Obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Collateral Agent may, without any further consent of any Lender, enter into any Intercreditor Agreement with the collateral agent or other representatives of the holders of Indebtedness permitted under Section 7.03 and secured by Liens permitted under Section 7.01. The Collateral Agent may rely exclusively on a certificate of a Responsible Officer of the Borrower as to whether any such other Liens are permitted. Any Intercreditor Agreement entered into by the Collateral Agent in accordance with the terms of this Agreement shall be binding on the Secured Parties.

Subject to the following paragraph, each Secured Party hereby authorizes and directs the Administrative Agent and the Collateral Agent to deliver any documentation reasonably requested by the Borrower to evidence any such release in connection with the foregoing clauses (a) through (d).

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Upon request by the Administrative Agent or the Collateral Agent at any time, the Required Lenders will confirm in writing the Administrative Agent's or the Collateral 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 Guaranty pursuant to this Section 9.11; *provided* that absent such confirmation in writing from the Required Lenders, the act of the Administrative Agent or the Collateral Agent making such request shall not prohibit the Administrative Agent or the Collateral Agent from releasing or subordinating its interests if it otherwise conclusively relies on a certificate of the Borrower. In each case as specified in this Section 9.11, the Administrative Agent or the Collateral Agent will promptly upon the request of the Borrower (and each Lender irrevocably authorizes and requires the Administrative Agent and the Collateral Agent to), at the Borrower's expense, execute and deliver to the applicable Loan Party such documents as the Borrower may reasonably request to evidence the release or subordination of such item of Collateral from the assignment and security interest granted under the Collateral Documents, or to evidence the release of such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this Section 9.11 (and the Administrative Agent and the Collateral Agent may rely conclusively on a certificate of a Responsible Officer of the Borrower to that effect provided to it by any Loan Party upon its reasonable request without further inquiry). Any execution and delivery of documents pursuant to this Section shall be without recourse to or warranty by the Administrative Agent or the Collateral Agent. Each Lender and each other Secured Party agrees that it will take such action and execute any such documents as may be reasonably requested by the Borrower, at the Borrower's sole cost and expense, in connection with any of the foregoing releases or any such subordination and irrevocably authorizes and requires the Administrative Agent and the Collateral Agent to take such action and execute any such document and consents to such reliance by the Administrative Agent or the Collateral Agent on a certificate from a Responsible Officer of the Borrower certifying as the satisfaction of any of the requirements in this Section 9.11. For the avoidance of doubt, no release of Collateral or Guarantors effected in the manner permitted by this Section 9.11 shall require the consent of any holder of obligations under Secured Hedge Agreement or any Treasury Services Agreements.

Section 9.12. *Other Agents; Arrangers and Managers*. None of the Lenders or the other Persons identified on the facing page or signature pages of this Agreement as a "bookrunner" or "lead arranger" shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, none of the Lenders or other Persons so identified shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder.

Section 9.13. *Withholding Tax Indemnity*. To the extent required by any applicable Law, the Administrative Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax. If the Internal Revenue Service or any other authority of the United States or other jurisdiction asserts a claim that the Administrative Agent did not properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including, without limitation, because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of withholding Tax ineffective), such Lender shall, within 10 days after written demand therefor, indemnify and hold harmless the Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by the Borrower or any Guarantor pursuant to Section 3.01 without limiting or expanding the obligation of the Borrower or any Guarantor to do so) for all amounts paid, directly or indirectly, by the Administrative Agent as Taxes or otherwise, together with all expenses incurred, including legal expenses and any other out-of-pocket expenses, whether or not such Tax was 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

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manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent under this Section 9.13. The agreements in this Section 9.13 shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all other Obligations. For the avoidance of doubt, the term "Lender" for purposes of this Section 9.13 shall include each L/C Issuer and each Swing Line Lender.

Section 9.14. *Appointment of Supplemental Agents*. (a) It is the purpose of this Agreement and the other Loan Documents that there shall be no violation of any Law of any jurisdiction denying or restricting the right of banking corporations or associations to transact business as agent or trustee in such jurisdiction. It is recognized that in case of litigation under this Agreement or any of the other Loan Documents, and in particular in case of the enforcement of any of the Loan Documents, or in case the Administrative Agent or the Collateral Agent deems that by reason of any present or future Law of any jurisdiction it may not exercise any of the rights, powers or remedies granted herein or in any of the other Loan Documents or take any other action which may be desirable or necessary in connection therewith, the Administrative Agent and the Collateral Agent are hereby authorized to appoint an additional individual or institution selected by the Administrative Agent or the Collateral Agent in its sole discretion as a separate trustee, co-trustee, administrative agent, collateral agent, administrative sub-agent or administrative co-agent (any such additional individual or institution being referred to herein individually as a "**Supplemental Agent**" and collectively as "**Supplemental Agents**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that the Collateral Agent appoints a Supplemental Agent with respect to any Collateral, (i) each and every right, power, privilege or duty expressed or intended by this Agreement or any of the other Loan Documents to be exercised by or vested in or conveyed to the Collateral Agent with respect to such Collateral shall be exercisable by and vest in such Supplemental Agent to the extent, and only to the extent, necessary to enable such Supplemental Agent to exercise such rights, powers and privileges with respect to such Collateral and to perform such duties with respect to such Collateral, and every covenant and obligation contained in the Loan Documents and necessary to the exercise or performance thereof by such Supplemental Agent shall run to and be enforceable by either the Collateral Agent or such Supplemental Agent, and (ii) the provisions of this Article 9 and of Sections 10.04 and 10.05 that refer to the Administrative Agent shall inure to the benefit of such Supplemental Agent and all references therein to the Collateral Agent shall be deemed to be references to the Collateral Agent and/or such Supplemental Agent, as the context may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Should any instrument in writing from any Loan Party be required by any Supplemental Agent so appointed by the Administrative Agent or the Collateral Agent for more fully and certainly vesting in and confirming to him or it such rights, powers, privileges and duties, such Loan Party shall execute, acknowledge and deliver any and all such instruments promptly upon request by the Administrative Agent or the Collateral Agent. In case any Supplemental Agent, or a successor thereto, shall die, become incapable of acting, resign or be removed, all the rights, powers, privileges and duties of such Supplemental Agent, to the extent permitted by Law, shall vest in and be exercised by the Administrative Agent until the appointment of a new Supplemental Agent.

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Section 9.15. *Erroneous Payments*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Administrative Agent (x) notifies a Lender (which reference, for the purpose of this Section 9.15, shall include an L/C Issuer, as appropriate) or Secured Party, or any Person who has received funds on behalf of a Lender or Secured Party (any such Lender, Secured Party or other recipient, but in any event excluding the Loan Parties and their Affiliates, a "**Payment Recipient**") that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds (as set forth in such notice from the Administrative Agent) received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously or mistakenly transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Secured Party or other Payment Recipient on its behalf) (any such funds, whether transmitted or received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an "**Erroneous Payment**") and (y) demands the return of such Erroneous Payment (or a portion thereof) (*provided*, that, without limiting any other rights or remedies (whether at law or in equity), the Administrative Agent may not make any such demand under this clause (a) with respect to an Erroneous Payment unless such demand is made within 30 days of the date of receipt of such Erroneous Payment by the applicable Payment Recipient), (i) such Erroneous Payment shall at all times remain the property of the Administrative Agent pending its return or repayment as contemplated below in this <u>Section</u> <u>9.15</u> and held in trust for the benefit of the Administrative Agent, and such Lender or Secured Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than three (3) Business Days thereafter (or such later date as the Administrative Agent may, in its sole discretion, specify in writing), return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in Same Day Funds (in the currency so received), and (ii) to the extent permitted by applicable Law, such Lender or Secured Party shall not assert any right or claim to the Erroneous Payment, and hereby waives, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments received, including without limitation waiver of any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) it acknowledges and agrees that (1) in the case of immediately preceding clauses (x) or (y), an error and mistake shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (2) an error and mistake has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) such Payment Recipient shall, and shall cause any other recipient that receives funds on its respective behalf to, promptly (and, in all events, within one Business Day of its knowledge of the occurrence of any of the circumstances described in immediately preceding <u>clauses (x)</u>, <u>(y)</u> and <u>(z)</u>) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof and that it is so notifying the Administrative Agent pursuant to this Section 9.15(b).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding clause (a), from any Lender that has received such Erroneous Payment (or portion thereof) (or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an "**Erroneous Payment Return Deficiency**"), upon the Administrative Agent's request to such Lender at any time, then effective immediately (with the consideration therefor being acknowledged by the parties hereto), (i) such Lender shall be deemed to have assigned its Loans (but not its Commitments) of the relevant Class with respect to which such Erroneous Payment was made (the "**Erroneous Payment Impacted Class**") in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the "**Erroneous Payment Deficiency Assignment**") (on a cashless basis and such amount calculated at par *<u>plus</u>* any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance)), and is hereby (together with Holdings and the Borrower) deemed to execute and deliver an Assignment and Assumption (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an electronic platform approved by the Administrative Agent as to which the Administrative Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, and such Lender shall deliver any Notes evidencing such Loans to the Borrower or the Administrative Agent (but the failure of such Person to deliver any such Notes shall not affect the effectiveness of the foregoing assignment), (ii) the Administrative Agent as the assignee Lender shall be deemed to have acquired the Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender, (iv) the Administrative Agent and the Borrower shall each be deemed to have waived any consents required under this Agreement to any such Erroneous Payment Deficiency Assignment, and (v) the Administrative Agent will reflect in the Register its ownership interest in the Loans subject to the Erroneous Payment Deficiency Assignment. For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The parties hereto agree that (x) irrespective of whether the Administrative Agent may be equitably subrogated, in the event that an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights and interests of such Payment Recipient (and, in the case of any Payment Recipient who has received funds on behalf of a Lender or Secured Party, to the rights and interests of such Lender or Secured Party, as the case may be) under the Loan Documents with respect to such amount (the "**Erroneous**

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 **Payment Subrogation Rights**") (*provided* that the Loan Parties' Obligations under the Loan Documents in respect of the Erroneous Payment Subrogation Rights shall not be duplicative of such Obligations in respect of Loans that have been assigned to the Administrative Agent under an Erroneous Payment Deficiency Assignment) and (y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Loan Party; *provided* that this <u>Section</u> <u>9.15</u> shall not be interpreted to increase (or accelerate the due date for), or have the effect of increasing (or accelerating the due date for), the Obligations of the Borrower relative to the amount (and/or timing for payment) of the Obligations that would have been payable had such Erroneous Payment not been made by the Administrative Agent; *provided*, *further*, that for the avoidance of doubt, immediately preceding <u>clauses (x)</u> and <u>(y)</u> shall not apply to the extent any such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower for the purpose of making such Erroneous Payment.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each party's obligations, agreements and waivers under this Section 9.15 shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything to the contrary herein or in any other Loan Document, no Loan Party nor any of their respective Affiliates shall have any obligations or liabilities directly or indirectly arising out of this Section 9.15 in respect of any Erroneous Payment (other than having consented to the assignment referenced in this Section 9.15(d) above).

ARTICLE 10

MISCELLANEOUS

Section 10.01. *Amendments, Etc.* Except as otherwise set forth in this Agreement, no amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by any Loan Party therefrom, shall be effective unless signed in writing by the Required Lenders, or by the Administrative Agent with the consent of the Required Lenders, and such Loan Party (with an executed copy thereof promptly delivered to the Administrative Agent if not otherwise a party thereto) and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; *provided* that (i) any amendment or waiver contemplated in clause (g) below, shall only require the consent of such Loan Party and the Required Revolving Credit Lenders or the Required Facility Lenders under the applicable Facility, as applicable and (ii) any amendment or waiver contemplated in clauses (h) or (i) below shall only require the consent of such Loan Party and the Required Class Lenders under the applicable Class of Term Loans; *provided*, *further*, that no such amendment, waiver or consent shall:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) extend or increase the Commitment of any Lender without the written consent of each Lender holding such Commitment (it being understood that a waiver of any condition precedent or of any Default, Event of Default, mandatory prepayment or mandatory reduction of the Commitments shall not constitute an extension or increase of any Commitment of any Lender);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) postpone any date scheduled for, or reduce or forgive the amount of, any payment of principal or interest under Sections 2.07 or 2.08 without the written consent of each Lender directly and adversely affected thereby (it being understood that the waiver of (or amendment to the terms of) any mandatory prepayment of the Term Loans shall not constitute a postponement of any date scheduled for the payment of principal or interest and it being understood that any change to the definition of "Consolidated First Lien Net Leverage Ratio," "Consolidated Secured Net Leverage Ratio," or "Consolidated Total Net Leverage Ratio" or, in each case, in the component definitions thereof and/or Section 2.14(e)(iii) and the definition of "MFN Excluded Loans" or any other "MFN" provisions shall not constitute a reduction or forgiveness in any rate of interest);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reduce or forgive the principal of, or the rate of interest specified herein on, any Loan, or L/C Borrowing, or (subject to clause (iii) of the third proviso to this Section 10.01) (excluding the proviso set forth in clause (i)) any fees or other amounts payable hereunder or under any other Loan Document (or extend the timing of payments of such fees or other amounts) without the written consent of each Lender directly or adversely affected thereby (it being understood that any change to the definition of "Consolidated First Lien Net Leverage Ratio", "Consolidated Secured Net Leverage Ratio" or "Consolidated Total Net Leverage Ratio" or, in each case, in the component definitions thereof shall not constitute a reduction or forgiveness in any rate of interest); *provided* that only the consent of the Required Lenders shall be necessary to amend the definition of "Default Rate" or to waive any obligation of the Borrower to pay interest at the Default Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) change any provision of (i) Section 8.04, (ii) Section 10.01 or (iii) lower the percentage set forth in the definition of "Required Revolving Credit Lenders," "Required Lenders," "Required Facility Lenders," "Required Class Lenders" or any other provision specifying the number of Lenders or portion of the Loans or Commitments required to take any action under the Loan Documents, in each case, without the written consent of each Lender directly and adversely affected thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) other than in connection with a transaction permitted under Sections 7.04 or 7.05, release all or substantially all of the Collateral in any transaction or series of related transactions, without the written consent of each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) other than in connection with a transaction permitted under Sections 7.04 or 7.05, release all or substantially all of the aggregate value of the Guaranty, without the written consent of each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (1) waive any condition as to any Credit Extension under one or more Facilities (including with respect to any Revolving Credit Facility, any condition set forth in Section 4.02) or (2) amend, waive or otherwise modify any term or provision which directly affects Lenders under one or more Facilities and does not directly and adversely affect Lenders under any other Facility, in each case of clauses (1) and (2), without the written consent of the applicable Required Facility Lenders under such applicable Facility (and in the case of multiple Facilities which are affected, with respect to all such Facilities, such consent shall be effected by the Required Facility Lenders of each such Facility); *provided*, *however*, for the avoidance of doubt, that the amendments, waivers, or other modifications described in this clause (g) shall not require the consent of any Lenders other than the Required Facility Lenders under such Facility or Facilities; *provided*, *further*, that any waiver, amendment or modification of Section 7.08 or the component definitions thereof (including the definition of "Consolidated First Lien Net Leverage Ratio" or the component definitions thereof) (but only to the extent of any such component definition's effect on the Financial Covenant), shall only require the consent of the Required Revolving Credit Lenders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) amend waive or modify (1) Section 2.05(a)(iv), (2) the MFN Protection (including to the extent relating to any Incremental Facility, Permitted Ratio Debt, Incurred Acquisition Debt, Incremental Equivalent Debt or otherwise) or (3) any "call protection" provisions applicable to any Class of Term Loans, in each case, without the written consent of the Required Class Lenders under such applicable Class of Term Loans (and in the case of multiple Classes of Term Loans which are affected, with respect to any such Class of Term Loans, such consent shall be effected by the Required Class Lenders of such Class of Term Loans); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend, waive or otherwise modify any term or provision (including the availability and conditions to funding under Section 2.14 (but not the conditions to implementing Incremental Term Loans or Incremental Revolving Credit Commitments pursuant to Section 2.14(d)(iv) and Section 2.14(e) (other than Section 2.14(e)(iii) and the definition of "MFN Excluded Loans" or any other "MFN" provisions) with respect to Incremental Term Loans and Incremental Revolving Credit Commitments, under Section 2.15 with respect to Refinancing Term Loans and Other Revolving Credit Commitments and under Section 2.16 with respect to Modified Term Loans or Modified Revolving Credit Commitments and, in each case, the rate of interest applicable thereto) which directly affects Lenders of one or more Incremental Term Loans, Incremental Revolving Credit Commitments, Refinancing Term Loans, Other Revolving Credit Commitments, Modified Term Loans or Modified Revolving Credit Commitments and does not directly and adversely affect Lenders under any other Facility, in each case, without the written consent of the Required Facility Lenders under such applicable Incremental Term Loans, Incremental Revolving Credit Commitments, Refinancing Term Loans, Other Revolving Credit Commitments, Modified Term Loans or Modified Revolving Credit Commitments (and in the case of multiple Facilities which are directly and adversely affected, with respect to any such Facility, such consent shall be effected by the Required Facility Lenders of such Facility); *provided*, *however*, that the waivers described in this clause (i) shall not require the consent of any Lenders other than the Required Facility Lenders under such applicable Incremental Term Loans, Incremental Revolving Credit Commitments, Refinancing Term Loans, Other Revolving Credit Commitments, Modified Term Loans or Modified Revolving Credit Commitments, as the case may be;

*provided*, *further*, that (i) no amendment, waiver or consent shall, unless in writing and signed by each L/C Issuer in addition to the Lenders required above, affect the rights or duties of an L/C Issuer under this Agreement or any Letter of Credit Issuance Request relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by a Swing Line Lender in addition to the Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement; *provided*, *however*, that this Agreement may be amended to adjust the borrowing mechanics related to Swing Line Loans with only the written consent of the Administrative Agent, the Swing Line Lenders and the Borrower so long as the obligations of the Revolving Credit Lenders are not affected thereby, (iii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent or the Collateral Agent, as applicable, in addition to the Lenders required above, affect the rights or duties of, or any fees or other amounts payable to, the Administrative Agent or the Collateral Agent, as applicable, under this Agreement or any other Loan Document; (iv) Section 10.07(h) may not be amended, waived or otherwise modified without the consent of each Granting Lender all or any part of whose Loans are being funded by an SPC at the time of such amendment, waiver or other modification; and (v) any removal of the Administrative Agent or the Collateral Agent that is a Defaulting Lender in

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accordance with the provisions of Section 9.09 shall not require the consent of the Administrative Agent or the Collateral Agent. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms materially and adversely affects any Defaulting Lender (if such Lender were not a Defaulting Lender) to a greater extent than other affected Lenders shall require the consent of such Defaulting Lender.

Notwithstanding the foregoing, no Lender consent is required to effect the entry into any Intercreditor Agreement by the Administrative Agent or the Collateral Agent or to effect any amendment or supplement to any Intercreditor Agreement or other intercreditor agreement or arrangement permitted under this Agreement that is for the purpose of adding the Other Debt Representatives, as expressly contemplated by the terms of such Intercreditor Agreement or such other intercreditor agreement or arrangement permitted under this Agreement, as applicable, pursuant to the terms thereof (it being understood that any such amendment or supplement may make such other changes to the applicable intercreditor agreement as, in the good faith determination of the Borrower, are required to effectuate the foregoing); *provided, further*, that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder or under any other Loan Document without the prior written consent of the Administrative Agent.

Notwithstanding the foregoing, this Agreement and any other Loan Document may be amended solely with the consent of the Administrative Agent and the Borrower without the need to obtain the consent of any other Lender if such amendment is delivered in order (A) to correct or cure ambiguities, errors, omissions or defects, (B) to effect administrative changes of a technical or immaterial nature, (C) to fix incorrect cross references or similar inaccuracies in this Agreement or the applicable Loan Document, (D) solely to make the terms of this Agreement or any other Loan Document more restrictive (or less favorable) to the Borrower and its Restricted Subsidiaries (as determined by the Borrower), (E) solely to add benefit to one or more existing Facilities, including but not limited to, increase in margin, interest rate floor, prepayment premium, call protection and reestablishment of or increase in amortization schedule or in order to cause any Incremental Facility to be fungible with any existing Facility, (F) to implement a Successor Alternative Benchmark Rate, (G) to add any financial covenant or other terms for the benefit of all Lenders or any Class of Lenders pursuant to the conditions imposed on the incurrence of any Indebtedness set forth elsewhere in this Agreement, and (H) to effect any amendment contemplated by <u>Section</u> <u>1.03(c)</u> or <u>Section</u> <u>1.09(c)</u>, and in each case of the foregoing clauses (A), (B) and (C), such amendment shall become effective without any further action or the consent of any other party to any Loan Document if the same is not objected to in writing by the Required Lenders within five (5) Business Days following receipt of notice thereof. In addition to the foregoing, the Collateral Documents and related documents in connection with this Agreement and the other Loan Documents may be in a form reasonably determined by the Administrative Agent and may be, together with this Agreement, amended, supplemented and waived with the consent of the Administrative Agent at the request of the Borrower without the need to obtain the consent of any other Lender if such amendment, supplement or waiver is delivered in order (i) to comply with local Law or advice of local counsel, (ii) to correct or cure ambiguities, omissions, mistakes or defects, or (iii) to cause such Collateral Documents or other document to be consistent with this Agreement and the other Loan Documents and, in each case, such amendment shall become effective without any further action or the consent of any other party to any Loan Document if the same is not objected to in writing by the Required Lenders within five (5) Business Days following receipt of notice thereof.

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Notwithstanding anything in this Agreement or any other Loan Document to the contrary, the Borrower and, if applicable, the Administrative Agent may enter into any Incremental Amendment in accordance with Section 2.14, any Refinancing Amendment in accordance with Section 2.15 and any Modification Amendment in accordance with Section 2.16 and such Incremental Amendments, Refinancing Amendments and Modification Amendments shall be effective to amend the terms of this Agreement and the other applicable Loan Documents, in each case, without any further action or consent of any other party to any Loan Document.

Section 10.02. *Notices and Other Communications; Facsimile Copies*. (a) *General*. Unless otherwise expressly provided herein, all notices and other communications provided for hereunder or under any other Loan Document shall be in writing (including by facsimile transmission or electronic mail). All such written notices shall be mailed, faxed or delivered to the applicable address, facsimile number or electronic mail address as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to Section 10.07(p), if to the Borrower (or any other Loan Party) or the Administrative Agent, the Collateral Agent, an L/C Issuer or the Swing Line Lenders, to the address, facsimile number or electronic mail address specified for such Person on Schedule 10.02(a) or to such other address, facsimile number or electronic mail address as shall be designated by such party in a notice to the other parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if to any other Lender, to the address, facsimile number or electronic mail address specified in its Administrative Questionnaire or to such other address, facsimile number or electronic mail address as shall be designated by such party in a notice to the Borrower, the Administrative Agent, the Collateral Agent, each L/C Issuer and each Swing Line Lender.

All such notices and other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party hereto and (ii) (A) if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, four (4) Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail (which form of delivery is subject to the provisions of Section 10.02(c)), when delivered; *provided* that notices and other communications to the Administrative Agent, the Collateral Agent and an L/C Issuer and a Swing Line Lender pursuant to Article 2 shall not be effective until actually received by such Person. In no event shall a voice mail message be effective as a notice, communication or confirmation hereunder. Any notice 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Effectiveness of Facsimile Documents and Signatures. Loan Documents may be transmitted and/or signed by facsimile or other electronic communication. The effectiveness of any such documents and signatures shall, subject to applicable Law, have the same force and effect as manually signed originals and shall be binding on all Loan Parties, the Agents and the Lenders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reliance by Agents and Lenders. The Administrative Agent, the Collateral Agent and the Lenders shall be entitled to rely and act upon any notices purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify each Agent-Related Person and each Lender from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower in the absence of gross negligence or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction. All telephonic notices to the Administrative Agent or Collateral Agent may be recorded by the Administrative Agent or the Collateral Agent, and each of the parties hereto hereby consents to such recording.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Electronic Communications*. Notices and other communications to the Lenders and the L/C Issuers hereunder may be delivered or furnished by FpML messaging and Internet or intranet websites pursuant to procedures approved by the Administrative Agent acting reasonably, *provided* that the foregoing shall not apply to notices to any Lender or L/C Issuer pursuant to Article 2 if such Lender or L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by such communication. The Administrative Agent, the Swing Line Lenders, the L/C Issuers or the Borrower may each, in its discretion, agree to accept notices and other communications to it hereunder by FpML messaging and Internet or intranet websites 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, 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 of notification that such notice or communication is available and identifying the website address therefor.

Section 10.03. *No Waiver; Cumulative Remedies*. No failure by any Lender or the Administrative Agent or the Collateral Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law.

Section 10.04. *Attorney Costs and Expenses*. The Borrower agrees (a) if the Closing Date occurs, to pay or reimburse the Administrative Agent, the Collateral Agent, each Lead Arranger and the Initial Lenders for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the preparation, negotiation and execution of this Agreement and the other Loan Documents, and any amendment, waiver, consent or other modification of the provisions hereof and thereof, and the consummation and administration of the transactions contemplated hereby and thereby (but limited, (i) in the case of all Attorney Costs, to (x) one primary counsel (which shall be Davis Polk & Wardwell LLP for any and all of the foregoing in connection with the Transactions and other matters, to occur on or prior to or otherwise in connection with the Closing Date) and (y) one local counsel as reasonably necessary in each relevant jurisdiction material to the interests of the Lenders taken as a whole and (ii) in the case of any other advisors or professionals, solely to the extent consented to by the Borrower in its sole discretion) and (b) from and after the Closing Date, to pay or reimburse the Administrative Agent, the Collateral Agent, each Lead Arranger and each Lender for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the enforcement (whether through negotiations, legal proceedings or otherwise) of any rights or remedies under this Agreement or the other Loan Documents (including all such costs and expenses incurred during any legal proceeding,

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including any proceeding under any Debtor Relief Law) (which shall be limited to, (i) in the case of Attorney Costs, of one counsel to the Administrative Agent (and one local counsel as reasonably necessary in each relevant jurisdiction material to the interests of the Lenders taken as a whole) and (ii) in the case of any other advisors or professionals, solely to the extent consented to by the Borrower in its sole discretion). The foregoing costs and expenses shall include all reasonable search, filing, recording and title insurance charges and fees related thereto, and other reasonable and documented out-of-pocket expenses incurred by any Agent. The agreements in this Section 10.04 shall survive the termination of the Aggregate Commitments and repayment of all other Obligations. All amounts due under this Section 10.04 shall be paid within thirty (30) days of receipt by the Borrower of an invoice relating thereto setting forth such expenses in reasonable detail including, if requested by the Borrower and to the extent reasonably available, backup documentation supporting such reimbursement request; *provided* that with respect to the Closing Date, all amounts due under this Section 10.04 shall be paid on the Closing Date solely to the extent invoiced to the Borrower within three Business Days of the Closing Date. If any Loan Party fails to pay when due any costs, expenses or other amounts payable by it hereunder or under any Loan Document, such amount may be paid on behalf of such Loan Party by the Administrative Agent in its sole discretion.

For the avoidance of doubt, this Section 10.04 shall not apply to Taxes, except any Taxes that represent liabilities, obligations, losses, damages, penalties, claims, demands, action, prepayments, suits, costs, expenses and disbursements arising from any non-Tax claims.

Section 10.05. *Indemnification by the Borrower*. The Borrower shall indemnify and hold harmless each Agent-Related Person, each Lead Arranger, each Lender, each Swing Line Lender, each L/C Issuer and their respective Affiliates, and their respective officers, directors, employees, managed funds, managed accounts, partners, agents, advisors and other representatives of each of the foregoing (collectively the "**Indemnitees**") from and against any and all liabilities (including Environmental Liabilities), obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (but limited (i) in the case of legal fees and expenses to the reasonable and documented out-of-pocket fees, disbursements and other charges of one counsel to all Indemnitees taken as a whole and, if reasonably necessary, one local counsel for all Indemnitees taken as a whole in each relevant jurisdiction that is material to the interests of the Lenders, and solely in the case of a conflict of interest, one additional counsel in each relevant jurisdiction that is material to each group of similarly situated affected Indemnitees and (ii) in the case of any other advisors or professionals, solely to the extent consented to by the Borrower in advance in writing in its sole discretion) of any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way arising out of or in connection with (a) the execution, delivery, enforcement, performance or administration of any Loan Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby or the consummation of the transactions contemplated thereby or (b) any Commitment, Loan or Letter of Credit or the use or proposed use of the proceeds therefrom including any refusal by an L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit or (c) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) and regardless of whether any Indemnitee is a party thereto (all the foregoing, collectively, the "**Indemnified Liabilities**"); *provided* that, notwithstanding the foregoing, such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements resulted from (x) the gross negligence, bad faith or willful misconduct

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of such Indemnitee or of any of its Affiliates or their respective directors, officers, employees, partners, agents, advisors or other representatives, as determined by a final non-appealable judgment of a court of competent jurisdiction, (y) a material breach of any obligations under any Loan Document by such Indemnitee or of any of its Affiliates or their respective directors, officers, employees, partners, advisors or other representatives, as determined by a final non-appealable judgment of a court of competent jurisdiction or (z) any dispute solely among Indemnitees (other than any claims against an Indemnitee in its capacity or in fulfilling its role as an Agent or as a Lead Arranger under any Facility and other than any claims arising out of any act or omission of Holdings, the Borrower, the Investors or any of its Affiliates). No Indemnitee shall be liable for any damages arising from the use by others of any information or other materials obtained through Debtdomain, Roadshow Access (if applicable) or other similar information transmission systems in connection with this Agreement. None of any Indemnitee, Holdings, the Borrower or any Subsidiary shall be liable for any special, punitive, indirect or consequential damages relating to this Agreement or any other Loan Document or arising out of its activities in connection herewith or therewith (whether before or after the Closing Date) (other than, in the case of any Loan Party, in respect of any such damages incurred or paid by an Indemnitee to a third party and for any out of pocket expenses in each case subject to the indemnification provisions of this Section 10.05); it being understood that this sentence shall not limit the indemnification obligations of Holdings, the Borrower or any Subsidiary. In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 10.05 applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by any Loan Party, any Subsidiary of any Loan Party, its directors, stockholders or creditors or an Indemnitee or any other Person, whether or not any Indemnitee is otherwise a party thereto and whether or not any of the transactions contemplated hereunder or under any of the other Loan Documents are consummated. All amounts due under this Section 10.05 shall be paid within thirty (30) days after written demand therefor (together with backup documentation supporting such reimbursement request); *provided, however*, that such Indemnitee shall promptly refund the amount of any payment to the extent that there is a final judicial or arbitral determination that such Indemnitee was not entitled to indemnification rights with respect to such payment pursuant to the express terms of this Section 10.05.

The agreements in this Section 10.05 shall survive the resignation or removal of the Administrative Agent or Collateral Agent, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations. For the avoidance of doubt, this Section 10.05 shall not apply to Taxes, except any Taxes that represent liabilities, obligations, losses, damages, penalties, claims, demands, actions, prepayments, suits, costs, expenses and disbursements arising from any non-Tax claims.

Section 10.06. *Payments Set Aside*. To the extent that any payment by or on behalf of the Borrower is made to any Agent or any Lender, or any Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by such Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall, to the fullest extent possible under provisions of applicable Law, be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share of any amount so recovered from or repaid by any Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Overnight Bank Funding Rate from time to time in effect, in the applicable currency of such recovery or payment.

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Section 10.07. *Successors and Assigns*. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (except as permitted by Section 7.04) and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Assignee pursuant to an assignment made in accordance with the provisions of Section 10.07(b) (such an assignee, an "**Eligible Assignee**") and (A) in the case of any Assignee that, immediately prior to or upon giving effect to such assignment, is an Affiliated Lender, Section 10.07(k), (B) in the case of any Assignee that is Holdings, the Borrower or any of its Subsidiaries, Section 2.05(a)(v) or Section 10.07(l), or (C) in the case of any Assignee that, immediately prior to or upon giving effect to such assignment, is a Debt Fund Affiliate, Section 10.07(o), (ii) by way of participation in accordance with the provisions of Section 10.07(f), (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 10.07(i) or (iv) to an SPC in accordance with the provisions of Section 10.07(h) (and any other attempted assignment or transfer by any party hereto shall be null and void); *provided, however*, that notwithstanding anything to the contrary, (x) no Lender may assign or transfer by participation any of its rights or obligations hereunder to (i) any Person that is a Defaulting Lender or a Disqualified Lender (and any failure of the Borrower to respond to any request for consent of assignment shall not cause such Person to cease to constitute a Disqualified Lender), (ii) 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 (iii) to Holdings, the Borrower or any of their respective Subsidiaries (except pursuant to Section 2.05(a)(v) or Section 10.07(l)) and (y) no Lender may assign or transfer by participation any of its rights or obligations under the Revolving Credit Facility or Revolving Credit Exposure hereunder without the consent of the Borrower (not to be unreasonably withheld, delayed or conditioned, it being understood and agreed that the investment objectives and/or history of any proposed Assignee or its Affiliates shall be a reasonable basis for Borrower to withhold consent) unless (i) such assignment or transfer is by a Revolving Credit Lender to another Revolving Credit Lender or an Affiliate of such assigning Revolving Credit Lender of sufficient creditworthiness to fund its obligations to such assigning Revolving Credit Lender (as determined by such Revolving Credit Lender in good faith) or (ii) an Event of Default under Section 8.01(a) or, solely with respect to the Borrower, Section 8.01(f) has occurred and is continuing; *provided* that the Borrower shall be deemed to have consented to any assignment of Term Loans (other than with respect to any assignment to any Disqualified Lender or any Affiliate or Approved Fund of a Disqualified Lender, which in each case shall require the express written consent of the Borrower) unless the Borrower shall have objected thereto within fifteen (15) Business Days after the Persons identified in Section 10.07(p)(i) have received the written request therefor; *provided, further* that, notwithstanding anything to the contrary set forth in this Section 10.07, and whether with respect to an assignment of, or sale of participation in the Revolving Credit Facility, Term Loans or any Incremental Facility, the Borrower's express written consent shall be required (and may be withheld in its sole discretion) for any such assignment or sale of participation to a "distressed debt" fund or other assignee or participant primarily engaged in the making, purchasing, holding or otherwise investing in distressed commercial loans, bonds and other similar extensions of credit, whether or not such person is an Affiliate or Approved Fund of a Lender at such time. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in Section 10.07(f) and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement.

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If any Loans or Commitments are assigned or participated directly or indirectly (x) to a Disqualified Lender or any Affiliate or Approved Fund of a Disqualified Lender, (y) without complying with the notice requirement under Section 10.07(p) or (z) without obtaining Borrower consent if required under this Section 10.07, then such assignment or participation will be void ab initio and the Borrower shall be entitled to specific performance to unwind any such assignment or participation in addition to any other remedies available to the Borrower at law or in equity, including, but not limited to, (a) the Borrower may (i) terminate any Commitment of such person and prepay any applicable outstanding Loans at a price equal to the lesser of (x) the current trading price of the Loans, (y) par and (z) the amount such person paid to acquire such Loans, in each case, without premium, penalty or prepayment fee, and/or (ii) require such Person to assign its rights and obligations to one or more Eligible Assignees at the price indicated above (which assignment shall not be subject to any processing and recordation fee) and if such Person does not execute and deliver to the Administrative Agent a duly executed Assignment and Assumption reflecting such assignment within five (5) Business Days of the date on which the assignee Lender executes and delivers such Assignment and Assumption to such person, then such Person shall be deemed to have executed and delivered such Assignment and Assumption without any action on its part, (b) no such Person shall receive any information or reporting provided by the Borrower, the Administrative Agent or any Lender, (c) for purposes of voting under Section 10.01 or otherwise, any Loans or Commitments held by such Person shall be deemed not to be outstanding, and such Person shall have no voting or consent rights with respect to "Required Lender", "Required Facility Lender", "Required Class Lender" or any Class votes or consents (and with respect to any such participation, such Person shall be deemed not to have any rights afforded to a "Participant"), (d) for purposes of any matter requiring the vote or consent of each Lender, such Person shall be deemed to have voted or consented to approve such amendment or waiver if a majority of the affected Class(es) or Facilities (giving effect to clause (c) above) so consents or waives with respect to such matter and (e) such Person shall not be entitled to any expense reimbursement or indemnification rights under any Loan Documents (including Sections 10.04 and 10.05) and the Borrower expressly reserves all rights against such person under contract, tort or any other theory and shall be treated in all other respects as a Defaulting Lender; it being understood and agreed that the foregoing provisions shall only apply to a Disqualified Lender (and any Affiliate or Approved Fund of such Disqualified Lender) and not to any assignee of such Disqualified Lender that becomes a Lender so long as such assignee is not a Disqualified Lender or an Affiliate thereof.

The Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Lenders (including whether any Lender or prospective Lender has a Net Short Position). Without limiting the generality of the foregoing, the Administrative Agent shall not (a) be obligated to ascertain, monitor or inquire as to whether any Lender or Participant or prospective Lender or Participant is a Disqualified Lender or whether any Participant or potential Participant has a greater than 10% economic interest in the Term Loans or (b) have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure of confidential information, to any Disqualified Lender or any Participant or potential Participant holdings a greater than 10% economic interest in the Term Loans. In connection with (i) any amendment, supplement or waiver of the Loan Documents, (ii) an assignment or participation of the Term Loans or (iii) at any time at the request of the Borrower or the Sponsor, each Lender will be required to notify the Administrative Agent and the Borrower in writing if either (i)(A) it is a Disqualified Lender or it has become aware that it has assigned or participated its Term Loans to a Disqualified Lender (or any Affiliate or Approved Fund of a Disqualified Lender (including any Bona Fide Debt Fund)) or (B) it has a Net Short Position with respect to the Term Loans or (ii) if no such notice is provided, shall otherwise be deemed to have represented to the Administrative Agent and the Borrower that (A) it is not a Disqualified Lender and has not assigned or participated its Loans to a Disqualified Lender (including any Bona Fide Debt Fund)) and (B) it does not have a Net Short Position with respect to the Term Loans.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Subject to Section 10.07(a) and the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees ("**Assignees**") all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this Section 10.07(b), participations in L/C Obligations and in Swing Line Loans) at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, delayed or conditioned) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Borrower, it being understood and agreed that the investment objectives and/or history of any proposed Assignee or its Affiliates shall be a reasonable basis for Borrower to withhold consent; *provided* that no consent of the Borrower shall be required (i) for an assignment of all or any portion of the Term Loans to a Lender, an Affiliate of a Lender or an Approved Fund (excluding any Affiliates or Approved Funds that are "distressed debt" funds or are otherwise primarily engaged in the making, purchasing, holding or otherwise investing in distressed commercial loans, bonds and other similar extensions of credit), (ii) for an assignment related to Revolving Credit Commitments or Revolving Credit Exposure by a Revolving Credit Lender to another Revolving Credit Lender or an Affiliate of such Revolving Credit Lender of similar creditworthiness to such assigning Revolving Credit Lender (excluding any Affiliates or Approved Funds that are "distressed debt" funds or are otherwise primarily engaged in the making, purchasing, holding or otherwise investing in distressed commercial loans, bonds and other similar extensions of credit), (iii) if an Event of Default under Section 8.01(a) or, solely with respect to the Borrower, Section 8.01(f) has occurred and is continuing, (iv) for an assignment of all or a portion of the Commitments or Loans pursuant to Section 10.07(k), Section 10.07(l) or Section 10.07(o), (v) any assignment made in connection with the primary syndication of the Facilities to Eligible Assignees approved by the Borrower on or prior to the Closing Date or (vii) any assignment of Term Loans by BXC of any of its rights and obligations under this Agreement to any fund managed, advised or sub-advised by BXC or its Affiliates (excluding any funds or Affiliates or Approved Funds that are "distressed debt" funds or are otherwise primarily engaged in the making, purchasing, holding or otherwise investing in distressed commercial loans, bonds and other similar extensions of credit);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Administrative Agent; *provided* that no consent of the Administrative Agent shall be required for an assignment (i) of all or any portion of a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund or (ii) all or any portion of the Loans pursuant to Section 10.07(k) or Section 10.07(l);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) each L/C Issuer at the time of such assignment; *provided* that no consent of the L/C Issuers shall be required for any assignment not related to Revolving Credit Commitments or Revolving Credit Exposure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) each Swing Line Lender; *provided* that no consent of the Swing Line Lenders shall be required for any assignment not related to Revolving Credit Commitments or Revolving Credit Exposure.

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender's Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than an amount of $5,000,000 (in the case of each Revolving Credit Loan or Revolving Credit Commitment), $1,000,000 (in the case of a Term Loan), and shall be in increments of an amount of $500,000 (in the case of each Revolving Credit Loan or Revolving Credit Commitment) or $250,000 (in the case of Term Loans) in excess thereof (*provided* that simultaneous assignments to or from two or more Approved Funds shall be aggregated for purposes of determining compliance with this Section 10.07(b)(ii)(A)), unless each of the Borrower and the Administrative Agent otherwise consents; *provided* that such amounts shall be aggregated in respect of each Lender and its Affiliates or Approved Funds, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption via an electronic settlement system acceptable to the Administrative Agent (or if previously agreed with the Administrative Agent, manually), together with a processing and recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion of the Administrative Agent); *provided* that only one such fee shall be payable in the event of simultaneous assignments to or from two or more Approved Funds; *provided, further*, that such processing and recordation fee shall not be payable in the case of any assignment made by any existing Lender under this Agreement to an Affiliate or an Approved Fund of such Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) other than in the case of assignments pursuant to Section 10.07(l), the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire (in which the Assignee shall designate one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Loan Parties and their Affiliates or their respective securities) will be made available and who may receive such information in accordance with the Assignee's compliance procedures and applicable laws, including federal and state securities laws) and all applicable tax forms and certificates required pursuant to Section 3.01(d) and the information and documentation reasonably requested by the Administrative Agent for purposes of compliance with applicable "know your customer" and anti-money laundering rules and regulations, including the USA PATRIOT Act.

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 Commitment or Loans assigned, except this paragraph (b) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Facilities on a non-pro rata basis among such Facilities.

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

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by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swing Line Loans in accordance with its Pro Rata Share. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to acceptance and recording thereof by the Administrative Agent pursuant to Sections 10.07(d) and (e), from and after the effective date specified in each Assignment and Assumption, (1) other than in connection with an assignment pursuant to Section 10.07(l), the Eligible 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 (2) the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.01, 10.04 and 10.05 with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, and the surrender by the assigning Lender of its Note(s), the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this clause (c) 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 Section 10.07(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of the Administrative Agent's Offices a copy of each Assignment and Assumption, each Affiliated Lender Assignment and Assumption delivered to it, and each notice of cancellation of any Loans delivered by the Borrower to the Administrative Agent pursuant to Section 10.07(l) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and related interest amounts) of the Loans, L/C Obligations (specifying the Unreimbursed Amounts), L/C Borrowings and the amounts due under Section 2.03, 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 recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, any Agent and, with respect to such Lender's own interest only, any Lender, at any reasonable time and from time to time upon reasonable prior notice. This Section 10.07(d) and Section 2.11 shall be construed so that all Loans are at all times maintained in "registered form" within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and any related United States Treasury Regulations (or any other relevant or successor provisions of the Code or of such Treasury Regulations). Notwithstanding the foregoing, in no event shall the Administrative Agent be obligated to ascertain, monitor or inquire as to whether any Lender is an Affiliated Lender nor shall the Administrative Agent be obligated to monitor the aggregate amount of Term Loans held by Affiliated Lenders. Upon request by the Administrative Agent, the Borrower shall (i) promptly (and in any case, not less than five (5) Business Days (or shorter period as agreed to by the Administrative Agent) prior to the proposed effective date of any amendment, consent or waiver pursuant to Section 10.01) provide to the Administrative Agent, a complete list of all Affiliated

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Lenders holding Loans and/or Commitments at such time and (ii) not less than five (5) Business Days (or shorter period as agreed to by the Administrative Agent) prior to the proposed effective date of any amendment, consent or waiver pursuant to Section 10.01, provide to the Administrative Agent, a complete list of all Debt Fund Affiliates holding Loans and/or Commitments at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon its receipt of, and consent to, a duly completed Assignment and Assumption executed by an assigning Lender and an Assignee, an Administrative Questionnaire completed in respect of the assignee (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) above, if applicable, and the written consent of the Administrative Agent, if required, and, if required, the Borrower, each Swing Line Lender and each L/C Issuer to such assignment and any applicable tax forms and certificates required pursuant to Section 3.01(d), the Administrative Agent shall promptly (i) accept such Assignment and Assumption and (ii) record the information contained therein in the Register. No assignment shall be effective unless it has been recorded in the Register as provided in this paragraph (e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any Lender may at any time sell participations to any Person, subject to clause (x) of the first *proviso* of Section 10.07(a) and, in the case of any participation with respect to the Revolving Credit Facility or Revolving Credit Exposure, clause (y) of the first *proviso* of Section 10.07(a) and, in each case, the second *proviso* of Section 10.07(a) (excluding any "distressed debt" funds or are otherwise primarily engaged in the making, purchasing, holding or otherwise investing in distressed commercial loans, bonds and other similar extensions of credit) with the prior written consent (such consent not to be unreasonably withheld, delayed or conditioned) of the Borrower, it being understood and agreed that the investment objectives and/or history of any proposed Participant or its Affiliates shall be a reasonable basis for Borrower to withhold consent (each, a "**Participant**"), in all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender's participations in L/C Obligations and/or Swing Line Loans) owing to it); *provided* that that no consent of the Borrower shall be required (i) for a participation of all or any portion of the Term Loans to a Lender, an Affiliate of a Lender or an Approved Fund (excluding any Affiliates or Approved Funds that are "distressed debt" funds or are otherwise primarily engaged in the making, purchasing, holding or otherwise investing in distressed commercial loans, bonds and other similar extensions of credit), except to the extent that such participation would assign any voting rights in respect of the Loan Documents or result in the Participant (including its Affiliates and Approved Funds) obtaining a greater than 10% economic interest in the Term Loans (in which instance the Borrower may withhold consent in its sole discretion), (ii) for a participation not related to Revolving Credit Commitments or Revolving Credit Exposure and (iii) if an Event of Default under Section 8.01(a) or, solely with respect to the Borrower, Section 8.01(f) has occurred and is continuing and (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 Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall (i) include a representation by the participant that such participant is not a Disqualified Lender (or an Affiliate or Approved Fund of a Disqualified Lender), (ii) include a requirement that such participant comply with the provisions of the Loan Documents in connection with any subparticipations it may sell to any Person (including those provisions relating to Disqualified Lenders) and (iii) provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement or the other Loan Documents; *provided* that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the second proviso to Section 10.01 that requires the

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affirmative vote of such Lender, in each case to the extent the Participant is directly and adversely affected thereby. Subject to Section 10.07(g), the Borrower agrees that each Participant shall be entitled to the benefits of Section 3.01 (subject to the requirements and limitations of such Sections) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 10.07(c). To the extent permitted by applicable Law, each Participant also shall be entitled to the benefits of Section 10.09 as though it were a Lender; *provided* that such Participant agrees to be subject to Section 2.13 as though it were a Lender. Each Participant and each SPC will provide any applicable tax forms and certificates required pursuant to Section 3.01(d) solely to the participating Lender or Granting Lender. Each Lender that sells a participation or grants a Loan to an SPC 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 SPC and the principal amounts (and related interest amounts) of each Participant's and each SPC's interest in the Loans or other obligations under this Agreement (the "**Participant Register**"); *provided* that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a Participant's interest in any Commitments, Loans or Letters of Credit or its other obligations under any Loan Document) except (x) to the extent such disclosure is necessary in connection with an audit or other proceeding to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations, Section 1.163-5 of the proposed United States Treasury Regulations or any applicable temporary, final or other successor regulations, (y) upon request of the Borrower, to confirm no Participant or SPC of Term Loans is a Disqualified Lender, 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 (z) in connection with the request for consent for participation in respect of any Revolving Credit Facility or Revolving Credit Exposure. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A Participant shall not be entitled to receive any greater payment under Section 3.01 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower's prior written consent, not to be unreasonably withheld or delayed (for the avoidance of doubt, it is understood and agreed that (i) the investment objectives and/or history of any proposed Participant or its Affiliates shall be a reasonable basis for Borrower to withhold consent and (ii) the Borrower shall have reasonable basis for withholding consent if any participation would result in increased indemnification obligations to the Borrower at such time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything to the contrary contained herein, any Lender (a "**Granting Lender**") may grant to a special purpose funding vehicle identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower (an "**SPC**") the option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; *provided* that (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof and (iii) such SPC and the applicable Loan or any applicable part thereof, shall be appropriately reflected in the Participant Register. Each party hereto hereby agrees that (i) an SPC shall be entitled to the benefit of Section 3.01 (subject to the requirements and the limitations of such Section), but neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrower under this Agreement except, in the case of Section 3.01, to the extent that the grant to the SPC was made with the prior written consent of the Borrower (not to be unreasonably

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withheld or delayed; for the avoidance of doubt, it is understood and agreed that (A) the investment objectives and/or history of any proposed SPC or its Affiliates shall be a reasonable basis for Borrower to withhold consent and (B) the Borrower shall have reasonable basis for withholding consent if an exercise by SPC immediately after the grant would result in materially increased indemnification obligations to the Borrower at such time), (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender shall for all purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without prior consent of the Borrower and the Administrative Agent and with the payment of a processing fee of $3,500, assign all or any portion of its right to receive payment with respect to any Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its funding of Loans to any Rating Agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement to such SPC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary contained herein, without the consent of the Borrower or the Administrative Agent, any Lender may in accordance with applicable Law, pledge or otherwise create a security interest in all or any portion of the Loans owing to it and the Note, if any, held by it (and in the case of any Fund, such security interest may be created in favor of the trustee for holders of obligations owed or securities issued, by such Fund as security for such obligations or securities), including any pledge or assignment to secure obligations to a Federal Reserve Bank or any central bank having jurisdiction over such Lender; *provided* that unless and until such pledgee actually becomes a Lender in compliance with the other provisions of this Section 10.07, (i) no such pledge shall release the pledging Lender from any of its obligations under the Loan Documents and (ii) such pledgee shall not be entitled to exercise any of the rights of a Lender under the Loan Documents even though such pledgee may have acquired ownership rights with respect to the pledged interest through foreclosure or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding anything to the contrary contained herein, any L/C Issuer or Swing Line Lender may, upon thirty (30) days' notice to the Borrower and the Lenders, resign as an L/C Issuer or Swing Line Lender, respectively; *provided* that on or prior to the expiration of such 30-day period with respect to such resignation, the relevant L/C Issuer or Swing Line Lender shall have identified a successor L/C Issuer or Swing Line Lender reasonably acceptable to the Borrower willing to accept its appointment as successor L/C Issuer or Swing Line Lender, as applicable, unless, at the option of the Borrower, the Borrower shall have appointed one or more L/C Issuers or Swing Line Lenders from among the Lenders willing to accept such appointment as a successor L/C Issuer or Swing Line Lender hereunder; *provided* that no failure by the Borrower to appoint any such successor shall affect the resignation of the relevant L/C Issuer or the relevant Swing Line Lender, as the case may be, except as expressly provided above. If an L/C Issuer resigns as an L/C Issuer, it shall retain all the rights and obligations of an L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as an L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)). If a Swing Line Lender resigns as Swing Line Lender, it shall retain all the rights of a Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Loans, Term SOFR Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (1) Any Lender may, at any time, assign all or a portion of its rights and obligations with respect to Term Loans under this Agreement to a Person who is or will become, after such assignment, an Affiliated Lender through (x) "Dutch Auctions" open to all Lenders of the applicable Class on a pro rata basis in accordance with analogous procedures of the type described in Section 2.05(a)(v) (or other procedures as agreed between the Borrower and the Administrative Agent (or other agent managing such auction)) or (y) open-market or other privately negotiated purchases (including exchanges) on a pro rata or non-pro rata basis and (2) any Affiliated Lender may, at any time, purchase all or a portion of the rights and obligations of a Defaulting Lender, in each case subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the assigning Lender and the Affiliated Lender purchasing such Lender's Loans and/or Commitments shall execute and deliver to the Administrative Agent an assignment agreement substantially in the form of Exhibit K-1 hereto (an "**Affiliated Lender Assignment and Assumption**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Affiliated Lenders will not receive information provided solely to Lenders by the Administrative Agent or any Lender and will not be permitted to attend or participate in conference calls or meetings attended solely by the Lenders and the Administrative Agent, other than the right to receive notices of prepayments and other administrative notices in respect of its Loans or Commitments required to be delivered to Lenders pursuant to Article 2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate principal amount of Term Loans held at any one time by Affiliated Lenders shall not exceed 25% of the principal amount of all Term Loans at such time outstanding (measured at the time of purchase) (such percentage, the "**Affiliated Lender Cap**"); *provided* that to the extent any assignment to an Affiliated Lender would result (measured at the time of purchase) in the aggregate principal amount of all Term Loans, held by Affiliated Lenders exceeding the Affiliated Lender Cap, the assignment of such excess amount will be *void ab initio*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) with respect to Section 10.07(k)(2), any Non-Defaulting Lender of the same Class willing to repurchase any Loans/Commitments of the Defaulting Lenders from the Affiliated Lenders shall have the right to make such repurchase at par plus accrued and unpaid interest or at a lower price agreed to by such Defaulting Lender on a pro rata basis based on their share of the applicable Facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) as a condition to each assignment pursuant to this clause (l), the Administrative Agent shall have been provided an Affiliated Lender Notice to this Agreement in connection with each assignment to an Affiliated Lender or a Person that upon effectiveness of such assignment would constitute an Affiliated Lender pursuant to which such Affiliated Lender shall waive any right to bring any action in connection with such Loans and/or Commitments against the Administrative Agent, in its capacity as such.

Each Affiliated Lender agrees to notify the Administrative Agent promptly (and in any event within ten (10) Business Days) if it acquires any Person who is also a Lender, and each Lender agrees to notify the Administrative Agent promptly (and in any event within ten (10) Business Days) if it becomes an Affiliated Lender. Such notice shall contain the type of information required and be delivered to the same addressee as set forth in Exhibit K-2.

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Notwithstanding anything to the contrary set forth herein, an Affiliated Lender may, but shall not be required to, contribute any Term Loans held by it at any time directly or indirectly to the Borrower (including in exchange for any issuance of capital stock of Holdings or a direct or indirect parent thereof that is otherwise permitted to be issued by the Borrower or such parent entity at such time, which shall not be required to be made to any other Lender whether on a pro rata or non-pro rata basis, for the avoidance of doubt), in which case such Term Loans shall be canceled as described in Section 10.07(l)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Any Lender may, so long as no Event of Default has occurred and is continuing and, only to the extent purchased at a discount, no proceeds of Revolving Credit Loans are applied to fund the consideration for any such assignment, at any time, assign all or a portion of its rights and obligations with respect to Term Loans under this Agreement to Holdings, the Borrower or any of its Subsidiaries through (x) "Dutch Auctions" open to all Lenders on a pro rata basis in accordance with procedures of the type described in Section 2.05(a)(v) (or other procedures as agreed between the Borrower and the Administrative Agent (or other agent managing such auction)) or (y) notwithstanding Sections 2.12 and 2.13 or any other provision in this Agreement, open-market or other privately negotiated purchase (excluding an exchange) on a pro rata or non-pro rata basis; *provided* that in connection with assignments pursuant to clauses (x) and (y) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if Holdings or any Subsidiary of the Borrower is the assignee, upon such assignment, transfer or contribution, Holdings or such Subsidiary shall automatically be deemed to have contributed the principal amount of such Term Loans, plus all accrued and unpaid interest thereon, to the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the assignee is the Borrower (including through contribution or transfers set forth in clause (i) above), (A) the principal amount of such Term Loans, along with all accrued and unpaid interest thereon, so contributed, assigned or transferred to the Borrower shall be deemed automatically cancelled and extinguished on the date of such contribution, assignment or transfer, (B) the aggregate outstanding principal amount of Term Loans of the remaining Lenders shall reflect such cancellation and extinguishing of the Term Loans then held by the Borrower and (C) the Borrower shall promptly provide notice to the Administrative Agent of such contribution, assignment or transfer of such Term Loans, and the Administrative Agent, upon receipt of such notice, shall reflect the cancellation of the applicable Term Loans in the Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Notwithstanding anything in Section 10.01 or the definition of "Required Lenders," "Required Class Lenders," or "Required Facility Lenders" to the contrary, for purposes of determining whether the Required Lenders, the Required Class Lenders or the Required Facility Lenders have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, unless the action in question affects any Affiliated Lender in a disproportionately adverse manner than its effect on the other Lenders, or subject to Section 10.07(n), any plan of reorganization pursuant to the U.S. Bankruptcy Code, (ii) otherwise acted on any matter related to any Loan Document, or (iii) directed or required the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, no Affiliated Lender shall have any right to consent (or not consent), otherwise act or direct or require the Administrative Agent or any Lender to take (or refrain from taking) any such action and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all Commitments or Loans held by any Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether the Required Lenders, the Required Class Lenders or the Required Facility Lenders have taken any actions; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) all Commitments or Loans held by Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether all Lenders have taken any action unless the action in question affects such Affiliated Lender in a disproportionately adverse manner than its effect on other Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, each Affiliated Lender hereby agrees that and each Affiliated Lender Assignment and Assumption shall provide a confirmation that, if a proceeding under any Debtor Relief Law shall be commenced by or against the Borrower or any other Loan Party at a time when such Lender is an Affiliated Lender, such Affiliated Lender irrevocably authorizes and empowers the Administrative Agent to vote on behalf of such Affiliated Lender with respect to the Loans held by such Affiliated Lender in any manner in the Administrative Agent's sole discretion, unless the Administrative Agent instructs such Affiliated Lender to vote, in which case such Affiliated Lender shall vote with respect to the Loans held by it as the Administrative Agent directs; *provided* that such Affiliated Lender shall be entitled to vote in accordance with its sole discretion (and not in accordance with the direction of the Administrative Agent) in connection with any plan of reorganization to the extent any such plan of reorganization proposes to treat any Obligations held by such Affiliated Lender in a disproportionately adverse manner to such Affiliated Lender than the proposed treatment of similar Obligations held by Lenders that are not Affiliated Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Notwithstanding anything in Section 10.01 or the definition of "Required Lenders," "Required Class Lenders" or "Required Facility Lenders" to the contrary, for purposes of determining whether the Required Lenders, the Required Class Lenders or the Required Facility Lenders have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, (ii) otherwise acted on any matter related to any Loan Document or (iii) directed or required the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, all Term Loans, Revolving Credit Commitments and Revolving Credit Loans held by Debt Fund Affiliates may not account for more than 49.9% (pro rata among such Debt Fund Affiliates) of the Term Loans, Revolving Credit Commitments and Revolving Credit Loans of consenting Lenders included in determining whether the Required Lenders have consented to any action pursuant to Section 10.01.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Any request for consent of the Borrower pursuant to Section 10.07(b)(i)(A) or Section 10.07(f) and related communications shall be delivered by the Administrative Agent simultaneously to (A) any recipient that is an employee of Holdings or the Borrower, as designated in writing to the Administrative Agent by the Borrower from time to time (if any), (B) the chief financial officer of the Borrower or any other Responsible Officer designated by the Borrower in writing to the Administrative Agent from time to time and (C) solely with respect to an assignment of a Revolving Credit Loan or Revolving Credit Commitment, to (i) BXCMLoanNotifications@Blackstone.com and (ii) an employee of a Sponsor designated in writing to the Administrative Agent by the Sponsors from time to time (and such employee of a Sponsor shall have acknowledged receipt and approval of such request).

Section 10.08. *Confidentiality*. Each of the Agents, Lead Arrangers and the Lenders agrees to maintain the confidentiality of the Information and not to disclose such information, except that Information may be disclosed (a) to its Affiliates, managed funds and/or managed accounts that are primarily engaged in the making or purchasing of loans and on a strict need-to-know basis in connection with the Facilities, and to its and their respective managers, administrators, directors, officers, employees, trustees, partners, current and prospective investors, investment advisors, current and prospective financing sources and agents, including accountants,

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legal counsel and other advisors (excluding, for the avoidance of doubt, Affiliates, managers, administrators, directors, officers, employees, trustees, partners, investors, investment advisors and agents that are engaged as principals primarily in the business of (I) (i) asset management or (ii) the sale or distribution of asset management products, including, without limitation, mutual funds, in each case, other than a limited number of senior employees who are required, in accordance with such Lender's internal policies and procedures, to act in a supervisory capacity and such Lender's internal legal, compliance, risk management, credit or investment committee members and (II) private equity activities (each, with respect to any Lender, an "**Excluded Person**")) (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential); (b) to the extent requested by any Governmental Authority or self-regulatory authority having or asserting jurisdiction over such Person (including any Governmental Authority or examiner (including the National Association of Insurance Commissioners or any other similar organization) regulating any Lender or its Affiliates); *provided* that the Administrative Agent or such Lender, as applicable, agrees that it will notify the Borrower as soon as practicable in the event of any such disclosure by such Person (other than at the request of a regulatory authority or examiner) unless such notification is prohibited by law, rule or regulation; (c) to the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Facilities or market data collectors, similar services providers to the lending industry and service providers to the Administrative Agent in connection with the administration and management of this Agreement and the Loan Documents; (d) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process; *provided* that the Administrative Agent, such Lead Arranger or such Lender, as applicable, agrees that it will notify the Borrower as soon as practicable in the event of any such disclosure by such Person (other than at the request of a regulatory authority or examiner) unless such notification is prohibited by law, rule or regulation; (e) to any other party to this Agreement or to the Investors; (f) subject to an agreement containing provisions at least as restrictive as those set forth in this Section 10.08 (or as may otherwise be reasonably acceptable to the Borrower), to any pledgee referred to in Section 10.07(i), counterparty to a Swap Contract, Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or Participant in any of its rights or obligations under this Agreement (other than an Excluded Person that is not a Bona Fide Debt Fund) (*provided* that the disclosure of any such Information to any Lenders or Eligible Assignees or Participants shall be made subject to the acknowledgement and acceptance by such Lender, Eligible Assignee or Participant that such Information is being disseminated on a confidential basis (on substantially the terms set forth in this Section 10.08 or as otherwise reasonably acceptable to the Borrower, including, without limitation, as agreed in any Borrower Materials) in accordance with the standard processes of the Administrative Agent or customary market standards for dissemination of such type of Information); *provided* that nothing in this Section 10.08 shall prohibit any Lender from disclosing any such information to an Excluded Person that is a Bona Fide Debt Fund in its capacity as an Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or Participant in any of its rights or obligations under this Agreement; (g) with the written consent of the Borrower; (h) to the extent such Information becomes publicly available other than as a result of a breach of this Section 10.08 or becomes available to the Administrative Agent, the Lead Arrangers, any Lender, the L/C Issuer or any of their respective Affiliates on a non-confidential basis from a source other than a Loan Party or any Investor or their respective Affiliates (so long as such source is not known to the Administrative Agent, such Lead Arranger, such Lender, such L/C Issuer or any of their respective Affiliates to be bound by confidentiality obligations to any Loan Party); (i) to any Rating Agency when required by it (it being understood that, prior to any such disclosure, such Rating Agency shall undertake to preserve the confidentiality of any Information relating to Loan Parties and their Subsidiaries received by it from such Lender) or to the CUSIP Service Bureau or any similar organization; (j) in connection with establishing a "due diligence" defense; (k) to the extent such Information is

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independently developed by the Administrative Agent, such Lead Arranger, such Lender, such L/C Issuer or any of their respective Affiliates; *provided* that no disclosure shall be made to any Disqualified Lender or Excluded Person (other than an Excluded Person that is a Bona Fide Debt Fund in its capacity as a prospective Eligible Assignee of or Participant in any of its rights or obligations under this Agreement) or (l) as part of required reporting to or filing required by any securities exchange on which securities of the disclosing party or any Affiliate of the disclosing party are listed or traded (including, for the avoidance of doubt, the SEC). In addition, the Agents and the Lenders may disclose the existence of this Agreement and publicly available information about this Agreement to market data collectors, similar service providers to the lending industry, and service providers to the Agents and the Lenders in connection with the administration and management of this Agreement, the other Loan Documents, the Commitments, and the Credit Extensions. For the purposes of this Section 10.08, "**Information**" means all information received from the Loan Parties relating to any Loan Party, its Affiliates or its Affiliates' directors, managers, officers, employees, trustees, investment advisors or agents, relating to Holdings, the Borrower or any of their Subsidiaries or its business, other than any such information that is publicly available to any Agent, any L/C Issuer or any Lender prior to disclosure by any Loan Party other than as a result of a breach of this Section 10.08; *provided* that all information received after the Closing Date from Holdings, the Borrower or any of its Subsidiaries shall be deemed confidential unless such information is clearly identified at the time of delivery as not being confidential. Notwithstanding the foregoing, for the avoidance of doubt, each of the Agents, the Lead Arrangers and the Lenders agree that no Information shall be disclosed to any credit research firms, providers of indenture and loan agreement analysis or similar services.

Section 10.09. *Setoff*. In addition to any rights and remedies of the Lenders provided by Law, upon the occurrence and during the continuance of any Event of Default, each Lender and its Affiliates (and the Collateral Agent, in respect of any unpaid fees, costs and expenses payable hereunder) is authorized at any time and from time to time, without prior notice to the Borrower, any such notice being waived by the Borrower (on its own behalf and on behalf of each Loan Party and each of its Subsidiaries) 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) at any time held by, and other Indebtedness at any time owing by, such Lender and its Affiliates or the Collateral Agent to or for the credit or the account of the respective Loan Parties and their Subsidiaries against any and all Obligations owing to such Lender and its Affiliates or the Collateral Agent hereunder or under any other Loan Document, now or hereafter existing, irrespective of whether or not such Agent or such Lender or Affiliate shall have made demand under this Agreement or any other Loan Document and although such Obligations may be contingent or unmatured or denominated in a currency different from that of the applicable deposit or 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 2.17 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, the L/C Issuers, 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. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such set off and application made by such Lender; *provided* that the failure to give such notice shall not affect the validity of such setoff and application. The rights of the Administrative Agent, the Collateral Agent and each Lender under this Section 10.09 are in addition to other rights and remedies (including other rights of setoff) that the Administrative Agent, the Collateral Agent and such Lender may have. No amounts set off from any Guarantor shall be applied to any Excluded Swap Obligations of such Guarantor.

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Section 10.10. *Interest Rate Limitation*. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the "**Maximum Rate**"). If any Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by an Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

Section 10.11. *Counterparts*. This Agreement and each other Loan Document may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by telecopier or other electronic transmission of an executed counterpart of a signature page to this Agreement and each other Loan Document shall be effective as delivery of an original executed counterpart of this Agreement and such other Loan Document. The Agents may also require that any such documents and signatures delivered by telecopier or other electronic transmission be confirmed by an original thereof; *provided* that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by telecopier or other electronic transmission.

Section 10.12. *Integration; Termination*. This Agreement, together with the other Loan Documents, comprises the complete and integrated agreement of the parties on the subject matter hereof and thereof and supersedes all prior agreements, written or oral, on such subject matter. In the event of any conflict between the provisions of this Agreement and those of any other Loan Document, the provisions of this Agreement shall control; *provided* that the inclusion of supplemental rights or remedies in favor of the Agents or the Lenders in any other Loan Document shall not be deemed a conflict with this Agreement. Each Loan Document was drafted with the joint participation of the respective parties thereto and shall be construed neither against nor in favor of any party, but rather in accordance with the fair meaning thereof.

Section 10.13. *Survival of Representations and Warranties*. All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by each Agent and each Lender, regardless of any investigation made by any Agent or any Lender or on their behalf and notwithstanding that any Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

Section 10.14. *Severability*. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.14, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, the L/C Issuer or the Swing Line Lender, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.

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Section 10.15. *GOVERNING LAW*. (a) THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ANY LEGAL ACTION OR PROCEEDING ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH LOAN PARTY, EACH AGENT, EACH LEAD ARRANGER AND EACH LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS AND AGREES THAT IT WILL NOT COMMENCE OR SUPPORT ANY SUCH ACTION OR PROCEEDING IN ANOTHER JURISDICTION. EACH LOAN PARTY, EACH AGENT, EACH LEAD ARRANGER AND EACH LENDER IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN TELECOPIER OR OTHER ELECTRONIC TRANSMISSION) IN SECTION 10.02. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY AGENT, LEAD ARRANGER OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION TO ENFORCE ANY AWARD OR JUDGMENT OR EXERCISE ANY RIGHT UNDER THE COLLATERAL DOCUMENTS AGAINST ANY COLLATERAL OR ANY OTHER PROPERTY OF ANY LOAN PARTY IN ANY OTHER FORUM IN ANY JURISDICTION IN WHICH COLLATERAL IS LOCATED.

Section 10.16. *WAIVER OF RIGHT TO TRIAL BY JURY*. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 10.16 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

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Section 10.17. *Binding Effect*. This Agreement shall become effective when it shall have been executed by the Loan Parties, the Administrative Agent, the Collateral Agent, the L/C Issuers and the Administrative Agent shall have been notified by each Lender, the Swing Line Lenders and the L/C Issuers that each Lender, the Swing Line Lenders and the L/C Issuers have executed it and thereafter this Agreement shall be binding upon and inure to the benefit of the Loan Parties, each Agent and each Lender and their respective successors and assigns, in each case in accordance with Section 10.07 (if applicable) and except that no Loan Party shall have the right to assign its rights hereunder or any interest herein without the prior written consent of the Lenders except as permitted by Section 7.04.

Section 10.18. *USA PATRIOT Act; Beneficial Ownership*. Each Lender that is subject to the USA PATRIOT Act and the Beneficial Ownership Regulation, and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act and the Beneficial Ownership Regulation, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name, address and tax identification number of such Loan Party and other information regarding such Loan Party that will allow such Lender or the Administrative Agent, as applicable, to identify such Loan Party in accordance with the USA PATRIOT Act and, if the Borrower qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, the Borrower in accordance with the Beneficial Ownership Regulation. This notice is given in accordance with the requirements of the USA PATRIOT Act and the Beneficial Ownership Regulation, and is effective as to the Lenders and the Administrative Agent.

Section 10.19. *No Advisory or Fiduciary Responsibility*. (a) In connection with all aspects of each transaction contemplated hereby, each Loan Party acknowledges and agrees, and acknowledges its Affiliates' understanding, that (i) the facilities provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document) are an arm's-length commercial transaction between the Borrower and its Affiliates, on the one hand, and the Agents, the Lead Arrangers and the Lenders, on the other hand, and the Borrower is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof), (ii) in connection with the process leading to such transaction, each of the Agents, the Lead Arrangers and the Lenders is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for the Borrower or any of its Affiliates, stockholders, creditors or employees or any other Person, (iii) none of the Agents, the Lead Arrangers, or the Lenders has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Borrower with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of whether any Agent, Lead Arranger or Lender has advised or is currently advising the Borrower or any of its Affiliates on other matters) and none of the Agents, Lead Arrangers or the Lenders has any obligation to the Borrower or any of its Affiliates with respect to the financing transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents, (iv) the Agents, the Lead Arrangers and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from, and may conflict with, those of the Borrower and its Affiliates, and none of the Agents, the Lead Arrangers or the Lenders has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship and (v) the Agents, the Lead Arrangers and the Lenders have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any

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other Loan Document) and the Loan Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent they have deemed appropriate. Each Loan Party hereby waives and releases, to the fullest extent permitted by law, any claims that it may have against the Agents, the Lead Arrangers and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty under applicable law relating to agency and fiduciary obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Loan Party acknowledges and agrees that each Lender, each Lead Arranger and any Affiliate thereof may lend money to, invest in, and generally engage in any kind of business with, any of the Borrower, Holdings, any Investor, any Affiliate thereof or any other person or entity that may do business with or own securities of any of the foregoing, all as if such Lender, Lead Arranger or Affiliate thereof were not a Lender, Lead Arranger or an Affiliate thereof (or an agent or any other person with any similar role under the Facilities) and without any duty to account therefor to any other Lender, a Lead Arranger, Holdings, the Borrower, any Investor or any Affiliate of the foregoing. Each Lender, Lead Arranger and any Affiliate thereof may accept fees and other consideration from Holdings, the Borrower, any Investor or any Affiliate thereof for services in connection with this Agreement, the Facilities or otherwise without having to account for the same to any other Lender, Lead Arranger, Holdings, the Borrower, any Investor or any Affiliate of the foregoing. Some or all of the Lenders and Lead Arrangers may have directly or indirectly acquired certain equity interests (including warrants) in Holdings, the Borrower, an Investor or an Affiliate thereof or may have directly or indirectly extended credit on a subordinated basis to Holdings, the Borrower, an Investor or an Affiliate thereof. Each party hereto, on its behalf and on behalf of its Affiliates, acknowledges and waives the potential conflict of interest resulting from any such Lender, Lead Arranger or an Affiliate thereof holding disproportionate interests in the extensions of credit under the Facilities or otherwise acting as arranger or agent thereunder and such Lender, Lead Arranger or any Affiliate thereof directly or indirectly holding equity interests in or subordinated debt issued by Holdings, the Borrower, an Investor or an Affiliate thereof.

Section 10.20. *Electronic Execution of Assignments*. The words "execution," "execute," "signed," "signature," and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including, without limitation, any Assignment and Assumption, amendment, Request for Credit Extension, waiver or consent) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based record keeping 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 10.21. *Effect of Certain Inaccuracies*. In the event that any financial statement or Compliance Certificate previously delivered pursuant to Section 6.02(a) was inaccurate or was restated (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, or such restatement would have led to the application of a higher Applicable Rate for any period (an "**Applicable Period**") than the Applicable Rate applied for such Applicable Period, then (i) the Borrower shall as soon as practicable deliver to the Administrative Agent a corrected or restated financial statement and a corrected or updated Compliance Certificate for such Applicable Period, (ii) the Applicable Rate shall be determined based on the updated Compliance Certificate for such Applicable Period, and (iii) the Borrower shall within 15 days after the delivery of the corrected or restated financial statements and the updated Compliance Certificate pay to the Administrative Agent the accrued

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additional interest or fees owing as a result of such increased Applicable Rate for such Applicable Period. This Section 10.21 shall not limit the rights of the Administrative Agent or the Lenders with respect to Sections 2.08(b) and 8.01; *provided* that any underpayment due to change in Applicable Rate shall not in itself constitute a Default or Event of Default under Section 8.01 so long as such additional interest or fees are paid within the 15-day period set forth above.

Section 10.22. *Judgment Currency*. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due from the Borrower hereunder in the currency expressed to be payable herein (the "**specified currency**") into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures any Lender could purchase the specified currency with such other currency at such Lender's New York office on the Business Day preceding that on which final judgment is given. The obligations of the Borrower in respect of any sum due to any Lender hereunder shall, notwithstanding any judgment in a currency other than the specified currency, be discharged only to the extent that on the Business Day following receipt by such Lender of any sum adjudged to be so due in such other currency such Lender may in accordance with normal banking procedures purchase the specified currency with such other currency; if the amount of the specified currency so purchased is less than the sum originally due to such Lender in the specified currency, the Borrower agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify the Lender against such loss, and if the amount of the specified currency so purchased exceeds the sum originally due to such Lender in the specified currency, such Lender agrees to remit such excess to the Borrower.

Section 10.23. *Acknowledgement and Consent to Bail-In of Affected Financial Institutions*. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto to any Lender that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the effects of any Bail-In Action on any such liability, including, if applicable:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

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Section 10.24. *Cashless Rollovers*. Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document, to the extent that any Lender extends the maturity date of, or replaces, renews or refinances, any of its then-existing Loans with Incremental Facilities, Facilities in connection with any Refinancing Series, Modified Term Loans, Modifying Revolving Credit Loans or loans incurred under a new credit facility, in each case, to the extent such extension, replacement, renewal or refinancing is effected by means of a "cashless roll" by such Lender, such extension, replacement, renewal or refinancing shall be deemed to comply with any requirement hereunder or any other Loan Document that such payment be made "in Dollars", "in immediately available funds", "in Cash" or any other similar requirement.

Section 10.25. *ERISA Representation*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent that at least one of the following is and will be true:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Lender is not using "plan assets" (within the meaning of Section 3(42) of ERISA) of one or more Benefit Plans with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, the Borrower and such Lender, which consent shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, that the

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Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

Section 10.26. *Acknowledgment Regarding Any Supported QFCs*. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Swap Contract or any other agreement or instrument that is a QFC (such support, "**QFC Credit Support**" and each such QFC a "**Supported QFC**"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "**U.S. Special Resolution Regimes**") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event a Covered Entity that is party to a Supported QFC (each, a "**Covered Party**") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As used in this Section 10.25, the following terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**BHC Act Affiliate**" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Covered Entity**" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**Default Right**" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "**QFC**" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

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ARTICLE 11

GUARANTY

Section 11.01. *The Guaranty*. Each Guarantor hereby jointly and severally with the other Guarantors guarantees, as a primary obligor and not merely as a surety to each Secured Party and their respective successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the principal of and interest (including any interest, fees, costs or charges that would accrue but for the provisions of (i) Title 11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the United States Code and (ii) any other Debtor Relief Laws) on the Loans made by the Lenders to, and the Notes held by each Lender of, the Borrower, and all other Obligations (other than with respect to any Guarantor, Excluded Swap Obligations of such Guarantor) from time to time owing to the Secured Parties by the Borrower or any of its Subsidiaries under any Loan Document or any Secured Hedge Agreement or any Treasury Services Agreement, in each case strictly in accordance with the terms thereof (such obligations being herein collectively called the "**Guaranteed Obligations**"). The Guarantors hereby jointly and severally agree that if the Borrower or other Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal.

Section 11.02. *Obligations Unconditional*. The obligations of the Guarantors under Section 11.01 shall constitute a guarantee of payment and to the fullest extent permitted by applicable Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations of the Borrower under this Agreement, the Secured Hedge Agreements, the Treasury Services Agreements, the Notes, if any, or any other agreement or instrument referred to herein or therein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (except for payment in full). Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder which shall remain absolute, irrevocable and unconditional under any and all circumstances as described above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at any time or from time to time, without notice to the Guarantors, to the extent permitted by Law, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any of the acts mentioned in any of the provisions of this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein shall be done or omitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be amended in any respect, or any right under the Loan Documents or any other agreement or instrument referred to herein or therein shall be amended or waived in any respect or any other guarantee of any of the Guaranteed Obligations or except as permitted pursuant to Section 11.10 any security therefor shall be released or exchanged in whole or in part or otherwise dealt with;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Lien or security interest granted to, or in favor of, an L/C Issuer or any Lender or Agent as security for any of the Guaranteed Obligations shall fail to be perfected; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the release of any other Guarantor pursuant to Section 11.10.

The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and, to the extent permitted by Law, all notices whatsoever, and any requirement that any Secured Party exhaust any right, power or remedy or proceed against the Borrower under this Agreement, the Secured Hedge Agreements, the Treasury Services Agreements or the Notes, if any, or any other agreement or instrument referred to herein or therein, or against any other person under any other guarantee of, or security for, any of the Guaranteed Obligations. The Guarantors waive, to the extent permitted by Law, any and all notice of the creation, renewal, extension, waiver, termination or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by any Secured Party upon this Guaranty or acceptance of this Guaranty, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Guaranty, and all dealings between the Borrower and the Secured Parties shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guaranty. This Guaranty shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of payment without regard to any right of offset with respect to the Guaranteed Obligations at any time or from time to time held by Secured Parties, and the obligations and liabilities of the Guarantors hereunder shall not be conditioned or contingent upon the pursuit by the Secured Parties or any other person at any time of any right or remedy against the Borrower or against any other person which may be or become liable in respect of all or any part of the Guaranteed Obligations or against any collateral security or guarantee therefor or right of offset with respect thereto. This Guaranty shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Guarantors and the successors and assigns thereof, and shall inure to the benefit of the Lenders, and their respective successors and assigns, notwithstanding that from time to time during the term of this Agreement there may be no Guaranteed Obligations outstanding.

Section 11.03. *Subrogation; Subordination*. Each Guarantor hereby agrees that until the payment and satisfaction in full in cash of all Guaranteed Obligations (other than (x) obligations under Secured Hedge Agreements and Treasury Services Agreements not yet due and payable and (y) contingent indemnification obligations not yet accrued and payable) and the expiration or termination of the Commitments of the Lenders under this Agreement, it shall waive any claim and shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by it of its guarantee in Section 11.01, whether by subrogation or otherwise, against the Borrower or any other Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations.

Section 11.04. *Remedies*. The Guarantors jointly and severally agree that, as between the Guarantors and the Lenders, the obligations of the Borrower under this Agreement and the Notes, if any, may be declared to be forthwith due and payable as provided in Section 8.02 (and shall be deemed to have become automatically due and payable in the circumstances provided in Section 8.02) for purposes of Section 11.01, notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against the Borrower and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by the Borrower) shall forthwith become due and payable by the Guarantors for purposes of Section 11.01.

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Section 11.05. *Reinstatement*. The obligations of the Guarantors under this Article 11 shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of the Borrower or other Loan Party in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in insolvency, bankruptcy or reorganization or otherwise.

Section 11.06. *Instrument for the Payment of Money*. Each Guarantor hereby acknowledges that the guarantee in this Article 11 constitutes an instrument for the payment of money, and consents and agrees that any Lender or Agent, at its sole option, in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to bring a motion-action under New York CPLR Section 3213.

Section 11.07. *Continuing Guaranty*. The guarantee in this Article 11 is a continuing guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising.

Section 11.08. *General Limitation on Guarantee Obligations*. In any action or proceeding involving any state corporate, limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other Law affecting the rights of creditors generally, if the obligations of any Subsidiary Guarantor under Section 11.01 would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 11.01, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Subsidiary Guarantor, any Loan Party or any other person, be automatically limited and reduced to the highest amount (after giving effect to the right of contribution established in Section 11.11) that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

Section 11.09. *Information*. Each Guarantor assumes all responsibility for being and keeping itself informed of the Borrower's financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that each Guarantor assumes and incurs under this Guaranty, and agrees that none of any Agent, any L/C Issuer or any Lender shall have any duty to advise any Guarantor of information known to it regarding those circumstances or risks.

Section 11.10. *Release of Guarantors*. Any Guarantor shall be released from its obligations under this Article 11 pursuant to the terms of Section 9.11.

Section 11.11. *Right of Contribution*. Each Guarantor hereby agrees that to the extent that a Subsidiary Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Subsidiary Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Subsidiary Guarantor's right of contribution shall be subject to the terms and conditions of Section 11.04. The provisions of this Section 11.11 shall in no respect limit the obligations and liabilities of any Subsidiary Guarantor to the Administrative Agent, the L/C Issuer, the Swing Line Lender and the Lenders, and each Subsidiary Guarantor shall remain liable to the Administrative Agent, the L/C Issuer, the Swing Line Lender and the Lenders for the full amount guaranteed by such Subsidiary Guarantor hereunder.

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Section 11.12. *Cross-Guaranty*. Each Qualified ECP Guarantor hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide such funds or other support to each Specified Guarantor as may be needed by such Specified Guarantor from time to time to honor all of its obligations under its Guaranty and the other Loan Documents in respect of any Swap Obligation (*provided*, *however*, that each Qualified ECP Guarantor shall only be liable under this Section 11.12 for up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP Guarantor's obligations and undertakings under this Section 11.12 voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations and undertakings of each Qualified ECP Guarantor under this Section 11.12 shall remain in full force and effect until the Obligations have been indefeasibly paid and performed in full and all Commitments have been terminated. Each Qualified ECP Guarantor intends that this Section 11.12 constitute, and this Section 11.12 shall be deemed to constitute, an agreement for the benefit of each Specified Guarantor for all purposes of the Commodity Exchange Act.

[Signature Pages Follow.]

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

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|:---|:---|
| AVSC HOLDING CORP., as the Borrower | AVSC HOLDING CORP., as the Borrower |
| By: | /s/ Benjamin Erwin |
|  | Name: Benjamin Erwin |
|  | Title: Chief Executive Officer and President |
| PSAV INTERMEDIATE CORP., as Holdings | PSAV INTERMEDIATE CORP., as Holdings |
| By: | /s/ Benjamin Erwin |
|  | Name: Benjamin Erwin |
|  | Title: Chief Executive Officer and President |

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|:---|:---|
| Each Of<br> AUDIO VISUAL SERVICES LLC PSAV (NY) LLC<br> VISUAL ACTION HOLDINGS INC.<br> AVSC INTELLECTUAL PROPERTY MANAGEMENT, LLC <br> ENCORE GROUP (USA) LLC<br> CONCISE MEDIA DESIGN, LLC<br> MVP INTERNATIONAL INC.<br> AUDIO VISUALS INTERNATIONAL, INC.<br> ENCORE LATIN AMERICA, LLC<br> CONFERENCE SYSTEMS, INC. <br> ENCORE CAPITAL, LLC,<br> ENCORE CANADIAN HOLDING, LLC<br> ENCORE CANADA GP, LLC<br> as a Guarantor | Each Of<br> AUDIO VISUAL SERVICES LLC PSAV (NY) LLC<br> VISUAL ACTION HOLDINGS INC.<br> AVSC INTELLECTUAL PROPERTY MANAGEMENT, LLC <br> ENCORE GROUP (USA) LLC<br> CONCISE MEDIA DESIGN, LLC<br> MVP INTERNATIONAL INC.<br> AUDIO VISUALS INTERNATIONAL, INC.<br> ENCORE LATIN AMERICA, LLC<br> CONFERENCE SYSTEMS, INC. <br> ENCORE CAPITAL, LLC,<br> ENCORE CANADIAN HOLDING, LLC<br> ENCORE CANADA GP, LLC<br> as a Guarantor |
| By: | /s/ Benjamin Erwin |
|  | Name: Benjamin Erwin |
|  | Title: Chief Executive Officer and President |
| HARGROVE, LLC, as a Guarantor | HARGROVE, LLC, as a Guarantor |
| By: | /s/ Benjamin Erwin |
|  | Name: Benjamin Erwin |
|  | Title: Chief Executive Officer and President |

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| | |
|:---|:---|
| **SIXTH STREET LENDING PARTNERS,** as Administrative Agent, Collateral Agent, a L/C Issuer, a Swing Line Lender, a Term Lender and a Revolving Credit Lender | **SIXTH STREET LENDING PARTNERS,** as Administrative Agent, Collateral Agent, a L/C Issuer, a Swing Line Lender, a Term Lender and a Revolving Credit Lender |
| By: | /s/ Robert (Bo) Stanley |
| Name: Robert (Bo) Stanley | Name: Robert (Bo) Stanley |
| Title: Vice President | Title: Vice President |

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| | |
|:---|:---|
| **SIXTH STREET SPECIALTY LENDING, INC.**, as a L/C Issuer, a Swing Line Lender, a Term Lender and a Revolving Credit Lender | **SIXTH STREET SPECIALTY LENDING, INC.**, as a L/C Issuer, a Swing Line Lender, a Term Lender and a Revolving Credit Lender |
| By: | /s/ Robert (Bo) Stanley |
| Name: Robert (Bo) Stanley | Name: Robert (Bo) Stanley |
| Title: President | Title: President |

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| | |
|:---|:---|
| **TAO TALENTS, LLC**, as a L/C Issuer, a Swing Line Lender, a Term Lender and a Revolving Credit Lender | **TAO TALENTS, LLC**, as a L/C Issuer, a Swing Line Lender, a Term Lender and a Revolving Credit Lender |
| By: | /s/ Joshua Peck |
| Name: Joshua Peck | Name: Joshua Peck |
| Title: Vice President | Title: Vice President |

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| | |
|:---|:---|
| **AOP LOANCO, L.P.**, as a Term Lender and a Revolving Credit Lender | **AOP LOANCO, L.P.**, as a Term Lender and a Revolving Credit Lender |
| By: AOP Financial, L.P., its sole member | By: AOP Financial, L.P., its sole member |
| By: Apollo Origination Advisors, L.P., its general partner | By: Apollo Origination Advisors, L.P., its general partner |
| By: AOP Advisors GP, LLC, its general partner | By: AOP Advisors GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| **AOP II ORIGINATION HOLDINGS (UL), LLC**, as a Term Lender and a Revolving Credit Lender | **AOP II ORIGINATION HOLDINGS (UL), LLC**, as a Term Lender and a Revolving Credit Lender |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| **APOLLO DEBT SOLUTIONS BDC**, as a Term Lender and a Revolving Credit Lender | **APOLLO DEBT SOLUTIONS BDC**, as a Term Lender and a Revolving Credit Lender |
| By: | /s/ Kristin Hester |
|  | Name: Kristin Hester |
|  | Title: Chief Legal Officer |
| **APOLLO DIVERSIFIED CREDIT FUND,** as a Revolving Credit Lender | **APOLLO DIVERSIFIED CREDIT FUND,** as a Revolving Credit Lender |
| By: Apollo Capital Credit Adviser, LLC, its investment manager | By: Apollo Capital Credit Adviser, LLC, its investment manager |
| By: | /s/ Kristin Hester |
|  | Name: Kristin Hester |
|  | Title: Vice President |

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|:---|:---|
| **VG APOLLO PRIVATE DEBT FUND L.P.**, as a Term Lender and a Revolving Credit Lender | **VG APOLLO PRIVATE DEBT FUND L.P.**, as a Term Lender and a Revolving Credit Lender |
| By: Apollo AVG Management, L.P., its investment adviser | By: Apollo AVG Management, L.P., its investment adviser |
| By: AOP Capital Management, LLC, its general partner | By: AOP Capital Management, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| **APOLLO ALSTER LENDING FUND (LUX) SCSP**, as a Term Lender and a Revolving Credit Lender | **APOLLO ALSTER LENDING FUND (LUX) SCSP**, as a Term Lender and a Revolving Credit Lender |
| an alternative investment fund in the form of a Luxembourg special limited partnership (société en commandite spéciale), acting through its managing general partner Alster Lending GP (Lux) S.àr.l. and represented by its delegate portfolio manager Apollo Alster Management, LLC | an alternative investment fund in the form of a Luxembourg special limited partnership (société en commandite spéciale), acting through its managing general partner Alster Lending GP (Lux) S.àr.l. and represented by its delegate portfolio manager Apollo Alster Management, LLC |
| Apollo Alster Management, LLC acting through its sole member | Apollo Alster Management, LLC acting through its sole member |
| Apollo Capital Management, L.P. acting through its general partner | Apollo Capital Management, L.P. acting through its general partner |
| Apollo Capital Management GP, LLC | Apollo Capital Management GP, LLC |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |

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|:---|:---|
| **FOX HEDGE INTERMEDIATE B, LLC**, as a Term Lender and a Revolving Credit Lender | **FOX HEDGE INTERMEDIATE B, LLC**, as a Term Lender and a Revolving Credit Lender |
| By: Apollo Capital Management, L.P., its investment manager | By: Apollo Capital Management, L.P., its investment manager |
| By: Apollo Capital Management GP, LLC, its general partner | By: Apollo Capital Management GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| **APOLLO CREDIT MASTER FUND LTD**, as a Term Lender and a Revolving Credit Lender | **APOLLO CREDIT MASTER FUND LTD**, as a Term Lender and a Revolving Credit Lender |
| By: Apollo ST Fund Management LLC, its investment manager | By: Apollo ST Fund Management LLC, its investment manager |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| **AP KENT CREDIT MASTER FUND, L.P.** as a Term Lender and a Revolving Credit Lender | **AP KENT CREDIT MASTER FUND, L.P.** as a Term Lender and a Revolving Credit Lender |
| By: AP Kent Advisors, L.P., its general partner | By: AP Kent Advisors, L.P., its general partner |
| By: AP Kent Advisors GP, LLC., its general partner | By: AP Kent Advisors GP, LLC., its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |

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|:---|:---|
| **MERCER QIF FUND PLC – MERCER MULTI-ASSET CREDIT FUND**, as a Term Lender and a Revolving Credit Lender | **MERCER QIF FUND PLC – MERCER MULTI-ASSET CREDIT FUND**, as a Term Lender and a Revolving Credit Lender |
| By: Apollo Management International LLP, its investment manager | By: Apollo Management International LLP, its investment manager |
| By: Apollo International Management Holdings, LLC, its member | By: Apollo International Management Holdings, LLC, its member |
| By: | /s/ William B. Kuesel |
| Name: William B. Kuesel | Name: William B. Kuesel |
| Title: Vice President | Title: Vice President |
| **MPI (LONDON) LIMITED**, as a Term Lender and a Revolving Credit Lender | **MPI (LONDON) LIMITED**, as a Term Lender and a Revolving Credit Lender |
| By: Apollo TRF MP Management, LLC, its sub-advisor | By: Apollo TRF MP Management, LLC, its sub-advisor |
| By: Apollo Capital Management, L.P., its sole member | By: Apollo Capital Management, L.P., its sole member |
| By: Apollo Capital Management GP, LLC, its general partner | By: Apollo Capital Management GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| **PROVIDENT10 AS TRUSTEE OF THE PUBLIC SERVICE PENSION PLAN FUND**, as a Term Lender and a Revolving Credit Lender | **PROVIDENT10 AS TRUSTEE OF THE PUBLIC SERVICE PENSION PLAN FUND**, as a Term Lender and a Revolving Credit Lender |
| By: Apollo Capital Management, L.P., its investment manager | By: Apollo Capital Management, L.P., its investment manager |
| By: Apollo Capital Management GP, LLC, its general partner | By: Apollo Capital Management GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Keusel |
|  | Title: Vice President |

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| | |
|:---|:---|
| **APOLLO CREDIT FUNDS ICAV,** an umbrella Irish collective asset-management vehicle with segregated liability between its Sub-Funds, acting in respect of its Sub-Fund, APOLLO HELIUS LOAN FUND | **APOLLO CREDIT FUNDS ICAV,** an umbrella Irish collective asset-management vehicle with segregated liability between its Sub-Funds, acting in respect of its Sub-Fund, APOLLO HELIUS LOAN FUND |
| By: ACF Europe Management, LLC, its investment manager | By: ACF Europe Management, LLC, its investment manager |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| **ACMP HOLDINGS, LLC**, as a Term Lender and a Revolving Credit Lender | **ACMP HOLDINGS, LLC**, as a Term Lender and a Revolving Credit Lender |
| By: | /s/ Daniel M. Duval |
|  | Name: Daniel M. Duval |
|  | Title: Vice President |
| **AOP FUNDING SAPPHIRE, LLC**, as a Term Lender | **AOP FUNDING SAPPHIRE, LLC**, as a Term Lender |
| By: AOP Financial, L.P., its sole member | By: AOP Financial, L.P., its sole member |
| By: Apollo Origination Advisors, L.P., its general partner | By: Apollo Origination Advisors, L.P., its general partner |
| By: AOP Advisors GP, LLC, its general partner | By: AOP Advisors GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William Kuesel |
|  | Title: Vice President |

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| | |
|:---|:---|
| **AOP FUNDING JADE LLC**, as a Term Lender | **AOP FUNDING JADE LLC**, as a Term Lender |
| By: AOP Financial, L.P., its sole member | By: AOP Financial, L.P., its sole member |
| By: Apollo Origination Advisors, L.P., its general partner | By: Apollo Origination Advisors, L.P., its general partner |
| By: AOP Advisors GP, LLC, its general partner | By: AOP Advisors GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| **AOP FINANCIAL, L.P.**, as a Revolving Credit Lender | **AOP FINANCIAL, L.P.**, as a Revolving Credit Lender |
| By: Apollo Origination Advisors, L.P., its general partner | By: Apollo Origination Advisors, L.P., its general partner |
| By: AOP Advisors GP, LLC, its general partner | By: AOP Advisors GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| **CARDINAL FUNDING LLC**, as a Term Lender | **CARDINAL FUNDING LLC**, as a Term Lender |
| By: APOLLO DEBT SOLUTIONS BDC, its sole member | By: APOLLO DEBT SOLUTIONS BDC, its sole member |
| By: | /s/ Kristin Hester |
|  | Name: Kristin Hester |
|  | Title: Chief Legal Officer |

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| | |
|:---|:---|
| **CRDTX SPV I, LLC**, as a Term Lender | **CRDTX SPV I, LLC**, as a Term Lender |
| By: Apollo Credit Management, LLC, its investment manager | By: Apollo Credit Management, LLC, its investment manager |
| By: | /s/ Kristin Hester |
|  | Name: Kristin Hester |
|  | Title: Vice President |
| **APOLLO TR US BROADLY SYNDICATED LOAN LLC**, as a Term Lender and a Revolving Credit Lender | **APOLLO TR US BROADLY SYNDICATED LOAN LLC**, as a Term Lender and a Revolving Credit Lender |
| By: Apollo Total Return Master Fund LP, its Member | By: Apollo Total Return Master Fund LP, its Member |
| By: Apollo Total Return Advisors LP, its General Partner | By: Apollo Total Return Advisors LP, its General Partner |
| By: Apollo Total Return Advisors GP LLC, its General Partner | By: Apollo Total Return Advisors GP LLC, its General Partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |

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|:---|:---|
| **APOLLO CREDIT FUNDS ICAV**, an Umbrella Irish Collective Asset-Management Vehicle with Segregated Liability between its Sub-Funds, acting in respect of its Sub-Fund, Apollo Direct Lending Fund, as a Term Lender and a Revolving Credit Lender | **APOLLO CREDIT FUNDS ICAV**, an Umbrella Irish Collective Asset-Management Vehicle with Segregated Liability between its Sub-Funds, acting in respect of its Sub-Fund, Apollo Direct Lending Fund, as a Term Lender and a Revolving Credit Lender |
| By: ACF Europe Management, LLC, its portfolio manager | By: ACF Europe Management, LLC, its portfolio manager |
| By: Apollo Capital Management, L.P., its sole member | By: Apollo Capital Management, L.P., its sole member |
| By: Apollo Capital Management GP, LLC, its general partner | By: Apollo Capital Management GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |

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|:---|:---|
| **EOS LUXEMBOURG SCSP SICAV-RAIF**, with respect to its sub-fund, EOS Luxembourg SCSp SICAV-RAIF – OPM Apollo Sub-Fund, represented by its managing general partner, Helios Lux GP S.àr.l, as a Term Lender and a Revolving Credit Lender | **EOS LUXEMBOURG SCSP SICAV-RAIF**, with respect to its sub-fund, EOS Luxembourg SCSp SICAV-RAIF – OPM Apollo Sub-Fund, represented by its managing general partner, Helios Lux GP S.àr.l, as a Term Lender and a Revolving Credit Lender |
| By: | /s/ Gabriel Givert |
|  | Name: Gabriel Givert |
|  | Title: Manager |
| By: | /s/ Benjamin Dansart |
|  | Name: Benjamin Dansart |
|  | Title: Manager |
| **EOS LUXEMBOURG SCSP SICAV-RAIF**, with respect to its sub-fund, EOS Luxembourg SCSp SICAV-RAIF – Nostro Apollo Sub-Fund represented by its managing general partner, Helios Lux GP S.àr.l., as a Term Lender and a Revolving Credit Lender | **EOS LUXEMBOURG SCSP SICAV-RAIF**, with respect to its sub-fund, EOS Luxembourg SCSp SICAV-RAIF – Nostro Apollo Sub-Fund represented by its managing general partner, Helios Lux GP S.àr.l., as a Term Lender and a Revolving Credit Lender |
| By: | /s/ Gabriel Givert |
|  | Name: Gabriel Givert |
|  | Title: Manager |
| By: | /s/ Benjamin Dansart |
|  | Name: Benjamin Dansart |
|  | Title: Manager |
| **AOP II FUNDING JASMINE LLC**, as a Term Lender | **AOP II FUNDING JASMINE LLC**, as a Term Lender |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |

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|:---|:---|
| **AOP II FUNDING MAPLE LLC**, as a Term Lender | **AOP II FUNDING MAPLE LLC**, as a Term Lender |
| By: AOP II (L) Cayman Holdings, LLC, its shareholder | By: AOP II (L) Cayman Holdings, LLC, its shareholder |
| By: Apollo Origination Partnership II (Levered), L.P., its managing member | By: Apollo Origination Partnership II (Levered), L.P., its managing member |
| By: Apollo Origination Advisors II, L.P., its general partner | By: Apollo Origination Advisors II, L.P., its general partner |
| By: Apollo Origination Advisors II GP, LLC, its general partner | By: Apollo Origination Advisors II GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| **AOP II ORIGINATION HOLDINGS (L), LLC**, as a Revolving Credit Lender | **AOP II ORIGINATION HOLDINGS (L), LLC**, as a Revolving Credit Lender |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| **AOP II LUX US ORIGINATIONS HOLDINGS, L.P.**, as a Term Lender and a Revolving Credit Lender | **AOP II LUX US ORIGINATIONS HOLDINGS, L.P.**, as a Term Lender and a Revolving Credit Lender |
| By: AOP II Lux Us Originations Holdings GP, LLC, its general partner | By: AOP II Lux Us Originations Holdings GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |

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|:---|:---|
| **ATHENE ANNUITY AND LIFE COMPANY**, as a Term Lender and a Revolving Credit Lender | **ATHENE ANNUITY AND LIFE COMPANY**, as a Term Lender and a Revolving Credit Lender |
| By: Apollo Insurance Solutions Group LP, its investment adviser | By: Apollo Insurance Solutions Group LP, its investment adviser |
| By: Apollo Capital Management, L.P., its sub-adviser | By: Apollo Capital Management, L.P., its sub-adviser |
| By: Apollo Capital Management GP, LLC, its general partner | By: Apollo Capital Management GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
|  | Portfolio: IAGEMD1PR5 |
| **ATHENE ANNUITY AND LIFE COMPANY**, as a Term Lender and a Revolving Credit Lender | **ATHENE ANNUITY AND LIFE COMPANY**, as a Term Lender and a Revolving Credit Lender |
| By: Apollo Insurance Solutions Group LP, its investment adviser | By: Apollo Insurance Solutions Group LP, its investment adviser |
| By: Apollo Capital Management, L.P., its sub-adviser | By: Apollo Capital Management, L.P., its sub-adviser |
| By: Apollo Capital Management GP, LLC, its general partner | By: Apollo Capital Management GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
|  | Portfolio: IAGEMD1PR6 |

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|:---|:---|
| **ATHENE ANNUITY AND LIFE COMPANY**, as a Term Lender and a Revolving Credit Lender | **ATHENE ANNUITY AND LIFE COMPANY**, as a Term Lender and a Revolving Credit Lender |
| By: Apollo Insurance Solutions Group LP, its investment adviser | By: Apollo Insurance Solutions Group LP, its investment adviser |
| By: Apollo Capital Management, L.P., its sub-adviser | By: Apollo Capital Management, L.P., its sub-adviser |
| By: Apollo Capital Management GP, LLC, its general partner | By: Apollo Capital Management GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
|  | Portfolio: IAGERT1PR1 |
| **ATHENE ANNUITY AND LIFE COMPANY**, as a Term Lender and a Revolving Credit Lender | **ATHENE ANNUITY AND LIFE COMPANY**, as a Term Lender and a Revolving Credit Lender |
| By: Apollo Insurance Solutions Group LP, its investment adviser | By: Apollo Insurance Solutions Group LP, its investment adviser |
| By: Apollo Capital Management, L.P., its sub-adviser | By: Apollo Capital Management, L.P., its sub-adviser |
| By: Apollo Capital Management GP, LLC, its general partner | By: Apollo Capital Management GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
|  | Portfolio: IATTMD1PR1 |

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|:---|:---|
| **OAKTREE-TCDRS STRATEGIC CREDIT, LLC**, as a Term Lender and a Revolving Credit Lender | **OAKTREE-TCDRS STRATEGIC CREDIT, LLC**, as a Term Lender and a Revolving Credit Lender |
| By: Oaktree Capital Management, L.P. | By: Oaktree Capital Management, L.P. |
| its: Manager | its: Manager |
| By: | /s/ Mary Gallegly |
|  | Name: Mary Gallegly |
|  | Title: Managing Director |
| By: | /s/ Jessica Dombroff |
|  | Name: Jessica Dombroff |
|  | Title: Senior Vice President |
| **OAKTREE-FORREST MULTI-STRATEGY, LLC**, as a Term Lender and a Revolving Credit Lender | **OAKTREE-FORREST MULTI-STRATEGY, LLC**, as a Term Lender and a Revolving Credit Lender |
| By: Oaktree Capital Management, L.P. | By: Oaktree Capital Management, L.P. |
| its: Manager | its: Manager |
| By: | /s/ Mary Gallegly |
|  | Name: Mary Gallegly |
|  | Title: Managing Director |
| By: | /s/ Jessica Dombroff |
|  | Name: Jessica Dombroff |
|  | Title: Senior Vice President |
| **OAKTREE-TBMR STRATEGIC CREDIT FUND C, LLC**, as a Term Lender and a Revolving Credit Lender | **OAKTREE-TBMR STRATEGIC CREDIT FUND C, LLC**, as a Term Lender and a Revolving Credit Lender |
| By: Oaktree Capital Management, L.P. | By: Oaktree Capital Management, L.P. |
| its: Manager | its: Manager |
| By: | /s/ Mary Gallegly |
|  | Name: Mary Gallegly |
|  | Title: Managing Director |
| By: | /s/ Jessica Dombroff |
|  | Name: Jessica Dombroff |
|  | Title: Senior Vice President |

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|:---|:---|
| **OAKTREE-TBMR STRATEGIC CREDIT FUND F, LLC**, as a Term Lender and a Revolving Credit Lender | **OAKTREE-TBMR STRATEGIC CREDIT FUND F, LLC**, as a Term Lender and a Revolving Credit Lender |
| By: Oaktree Capital Management, L.P. | By: Oaktree Capital Management, L.P. |
| its: Manager | its: Manager |
| By: | /s/ Mary Gallegly |
|  | Name: Mary Gallegly |
|  | Title: Managing Director |
| By: | /s/ Jessica Dombroff |
|  | Name: Jessica Dombroff |
|  | Title: Senior Vice President |
| **OAKTREE-TBMR STRATEGIC CREDIT FUND G, LLC**, as a Term Lender and a Revolving Credit Lender | **OAKTREE-TBMR STRATEGIC CREDIT FUND G, LLC**, as a Term Lender and a Revolving Credit Lender |
| By: Oaktree Capital Management, L.P. | By: Oaktree Capital Management, L.P. |
| its: Manager | its: Manager |
| By: | /s/ Mary Gallegly |
|  | Name: Mary Gallegly |
|  | Title: Managing Director |
| By: | /s/ Jessica Dombroff |
|  | Name: Jessica Dombroff |
|  | Title: Senior Vice President |
| **OAKTREE-TSE 16 STRATEGIC CREDIT, LLC**, as a Term Lender and a Revolving Credit Lender | **OAKTREE-TSE 16 STRATEGIC CREDIT, LLC**, as a Term Lender and a Revolving Credit Lender |
| By: Oaktree Capital Management, L.P. | By: Oaktree Capital Management, L.P. |
| its: Manager | its: Manager |
| By: | /s/ Mary Gallegly |
|  | Name: Mary Gallegly |
|  | Title: Managing Director |
| By: | /s/ Jessica Dombroff |
|  | Name: Jessica Dombroff |
|  | Title: Senior Vice President |

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| | |
|:---|:---|
| **INPRS STRATEGIC CREDIT HOLDINGS, LLC**, as a Term Lender and a Revolving Credit Lender | **INPRS STRATEGIC CREDIT HOLDINGS, LLC**, as a Term Lender and a Revolving Credit Lender |
| By: Oaktree Capital Management, L.P. | By: Oaktree Capital Management, L.P. |
| its: Manager | its: Manager |
| By: | /s/ Mary Gallegly |
|  | Name: Mary Gallegly |
|  | Title: Managing Director |
| By: | /s/ Jessica Dombroff |
|  | Name: Jessica Dombroff |
|  | Title: Senior Vice President |
| **OAKTREE SPECIALTY LENDING CORPORATION**, as a Term Lender and a Revolving Credit Lender | **OAKTREE SPECIALTY LENDING CORPORATION**, as a Term Lender and a Revolving Credit Lender |
| By: Oaktree Fund Advisors, LLC | By: Oaktree Fund Advisors, LLC |
| Its: Investment Advisor | Its: Investment Advisor |
| By: | /s/ Mary Gallegly |
|  | Name: Mary Gallegly |
|  | Title: Managing Director |
| By: | /s/ Jessica Dombroff |
|  | Name: Jessica Dombroff |
|  | Title: Senior Vice President |
| **OSI 2 SENIOR LENDING SPV, LLC**, as a Term Lender | **OSI 2 SENIOR LENDING SPV, LLC**, as a Term Lender |
| By: Oaktree Fund Advisors, LLC | By: Oaktree Fund Advisors, LLC |
| Its: Investment Advisor | Its: Investment Advisor |
| By: | /s/ Mary Gallegly |
|  | Name: Mary Gallegly |
|  | Title: Managing Director |
| By: | /s/ Jessica Dombroff |
|  | Name: Jessica Dombroff |
|  | Title: Senior Vice President |

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| | |
|:---|:---|
| **OAKTREE STRATEGIC CREDIT FUND**, as a Term Lender and a Revolving Credit Lender | **OAKTREE STRATEGIC CREDIT FUND**, as a Term Lender and a Revolving Credit Lender |
| By: Oaktree Fund Advisors, LLC | By: Oaktree Fund Advisors, LLC |
| Its: Investment Advisor | Its: Investment Advisor |
| By: | /s/ Mary Gallegly |
|  | Name: Mary Gallegly |
|  | Title: Managing Director |
| By: | /s/ Jessica Dombroff |
|  | Name: Jessica Dombroff |
|  | Title: Senior Vice President |
| **OSCF LENDING SPV, LLC**, as a Term Lender | **OSCF LENDING SPV, LLC**, as a Term Lender |
| By: Oaktree Strategic Credit Fund | By: Oaktree Strategic Credit Fund |
| Its: Managing Member | Its: Managing Member |
| By: Oaktree Fund Advisors, LLC | By: Oaktree Fund Advisors, LLC |
| Its: Investment Advisor | Its: Investment Advisor |
| By: | /s/ Mary Gallegly |
|  | Name: Mary Gallegly |
|  | Title: Managing Director |
| By: | /s/ Jessica Dombroff |
|  | Name: Jessica Dombroff |
|  | Title: Senior Vice President |

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| | |
|:---|:---|
| **OSCF LENDING II SPV, LLC**, as a Term Lender | **OSCF LENDING II SPV, LLC**, as a Term Lender |
| By: Oaktree Strategic Credit Fund | By: Oaktree Strategic Credit Fund |
| Its: Managing Member | Its: Managing Member |
| By: Oaktree Fund Advisors, LLC | By: Oaktree Fund Advisors, LLC |
| Its: Investment Advisor | Its: Investment Advisor |
| By: | /s/ Mary Gallegly |
|  | Name: Mary Gallegly |
|  | Title: Managing Director |
| By: | /s/ Jessica Dombroff |
|  | Name: Jessica Dombroff |
|  | Title: Senior Vice President |
| **OSCF LENDING IV SPV, LLC**, as a Term Lender | **OSCF LENDING IV SPV, LLC**, as a Term Lender |
| By: Oaktree Strategic Credit Fund | By: Oaktree Strategic Credit Fund |
| Its: Managing Member | Its: Managing Member |
| By: Oaktree Fund Advisors, LLC | By: Oaktree Fund Advisors, LLC |
| Its: Investment Advisor | Its: Investment Advisor |
| By: | /s/ Mary Gallegly |
|  | Name: Mary Gallegly |
|  | Title: Managing Director |
| By: | /s/ Jessica Dombroff |
|  | Name: Jessica Dombroff |
|  | Title: Senior Vice President |

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| |
|:---|
| **OAKTREE GCP FUND DELAWARE HOLDINGS, L.P.**, as a Term Lender and a Revolving Credit Lender |
| By: Oaktree Global Credit Plus Fund GP, L.P. |
| Its: General Partner |
| By: Oaktree Global Credit Plus Fund GP Ltd. |
| Its: General Partner |
| By: Oaktree Capital Management, L.P. |
| Its: Director |
| /s/ Mary Gallegly |
| Name: Mary Gallegly |
| Title: Managing Director |
| /s/ Jessica Dombroff |
| Name: Jessica Dombroff |
| Title: Senior Vice President |
| **OAKTREE DIVERSIFIED INCOME FUND INC.**, as a Term Lender and a Revolving Credit Lender |
| By: Oaktree Fund Advisors, LLC |
| Its: Investment Manager |
| /s/ Mary Gallegly |
| Name: Mary Gallegly |
| Title: Managing Director |
| /s/ Jessica Dombroff |
| Name: Jessica Dombroff |
| Title: Senior Vice President |
| **OAKTREE ROUTE 66 MULTI-STRATEGY FUND, L.P.**, as a Term Lender and a Revolving Credit Lender |
| By: Oaktree Route 66 Multi-Strategy Fund GP, L.P. |
| Its: General Partner |
| By: Oaktree Route 66 Multi-Strategy Fund GP, Ltd. |
| Its: General Partner |
| By: Oaktree Capital Management, L.P. |
| Its: Director |
| /s/ Mary Gallegly |
| Name: Mary Gallegly |
| Title: Managing Director |

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| | |
|:---|:---|
| By: | /s/ Jessica Dombroff |
|  | Name: Jessica Dombroff |
|  | Title: Senior Vice President |
| **OAKTREE JALAPENO INVESTMENT FUND, L.P.**, as a Term Lender and a Revolving Credit Lender | **OAKTREE JALAPENO INVESTMENT FUND, L.P.**, as a Term Lender and a Revolving Credit Lender |
| By: Oaktree Jalapeno Investment Fund GP, L.P. | By: Oaktree Jalapeno Investment Fund GP, L.P. |
| Its: General Partner | Its: General Partner |
| By: Oaktree Fund GP IIA, LLC | By: Oaktree Fund GP IIA, LLC |
| Its: General Partner | Its: General Partner |
| By: Oaktree Fund GP II, L.P. | By: Oaktree Fund GP II, L.P. |
| Its: Managing Member | Its: Managing Member |
| By: | /s/ Mary Gallegly |
|  | Name: Mary Gallegly |
|  | Title: Authorized Signatory |
| By: | /s/ Jessica Dombroff |
|  | Name: Jessica Dombroff |
|  | Title: Authorized Signatory |
| **OAKTREE DIRECT LENDING FUND DELAWARE HOLDINGS NON-EURRC, L.P.**, as a Revolving Credit Lender | **OAKTREE DIRECT LENDING FUND DELAWARE HOLDINGS NON-EURRC, L.P.**, as a Revolving Credit Lender |
| By: Oaktree Direct Lending Fund GP, L.P. | By: Oaktree Direct Lending Fund GP, L.P. |
| Its: General Partner | Its: General Partner |
| By: Oaktree Direct Lending Fund GP Ltd. | By: Oaktree Direct Lending Fund GP Ltd. |
| Its: General Partner | Its: General Partner |
| By: Oaktree Capital Management, L.P. | By: Oaktree Capital Management, L.P. |
| Its: Director | Its: Director |
| By: | /s/ Mary Gallegly |
|  | Name: Mary Gallegly |
|  | Title: Managing Director |
| By: | /s/ Jessica Dombroff |
|  | Name: Jessica Dombroff |
|  | Title: Senior Vice President |

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| |
|:---|
| **OAKTREE DIRECT LENDING FUND LEVERAGE HOLDINGS, L.P.**, as a Term Lender |
| By: Oaktree Direct Lending Fund GP, L.P. |
| Its: General Partner |
| By: Oaktree Direct Lending Fund GP Ltd. |
| Its: General Partner |
| By: Oaktree Capital Management, L.P. |
| Its: Director |
| /s/ Mary Gallegly |
| Name: Mary Gallegly |
| Title: Managing Director |
| /s/ Jessica Dombroff |
| Name: Jessica Dombroff |
| Title: Senior Vice President |
| **OAKTREE DIRECT LENDING FUND UNLEVERED DELAWARE HOLDINGS NON-EURRC, L.P.**, as a Term Lender and a Revolving Credit Lender |
| By: Oaktree Direct Lending Fund GP, L.P. |
| Its: General Partner |
| By: Oaktree Direct Lending Fund GP Ltd. |
| Its: General Partner |
| By: Oaktree Capital Management, L.P. |
| Its: Director |
| /s/ Mary Gallegly |
| Name: Mary Gallegly |
| Title: Managing Director |
| /s/ Jessica Dombroff |
| Name: Jessica Dombroff |
| Title: Senior Vice President |
| **OAKTREE DIRECT LENDING FUND VCOC DELAWARE HOLDINGS NON-EURRC, L.P.**, as a Revolving Credit Lender |
| By: Oaktree Direct Lending Fund VCOC (Parallel), L.P. |
| Its: General Partner |
| By Oaktree Direct Lending Fund GP, L.P. |
| Its: General Partner |
| By: Oaktree Direct Lending Fund GP Ltd. |
| Its: General Partner |

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| |
|:---|
| By: Oaktree Capital Management, L.P. |
| Its: Director |
| /s/ Mary Gallegly |
| Name: Mary Gallegly |
| Title: Managing Director |
| /s/ Jessica Dombroff |
| Name: Jessica Dombroff |
| Title: Senior Vice President |
| **OAKTREE DIRECT LENDING FUND VCOC LEVERAGE HOLDINGS, L.P.**, as a Term Lender |
| By: Oaktree Direct Lending Fund GP, L.P. |
| Its: General Partner |
| By: Oaktree Direct Lending Fund GP Ltd. |
| Its: General Partner |
| By: Oaktree Capital Management, L.P. |
| Its: Director |
| /s/ Mary Gallegly |
| Name: Mary Gallegly |
| Title: Managing Director |
| /s/ Jessica Dombroff |
| Name: Jessica Dombroff |
| Title: Senior Vice President |
| **OAKTREE GARDENS OLP, LLC**, as a Term Lender and a Revolving Credit Lender |
| By: Oaktree Fund Advisors, LLC |
| Its: Investment Advisor |
| /s/ Mary Gallegly |
| Name: Mary Gallegly |
| Title: Managing Director |

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| | |
|:---|:---|
| By: | /s/ Jessica Dombroff |
|  | Name: Jessica Dombroff |
|  | Title: Senior Vice President |
| **GARDENS COINVEST, LLC**, as a Term Lender and a Revolving Credit Lender | **GARDENS COINVEST, LLC**, as a Term Lender and a Revolving Credit Lender |
| By: Oaktree Gardens OLP, LLC | By: Oaktree Gardens OLP, LLC |
| Its: Managing Member | Its: Managing Member |
| By: Oaktree Fund Advisors, LLC | By: Oaktree Fund Advisors, LLC |
| Its: Investment Advisor | Its: Investment Advisor |
| By: | /s/ Mary Gallegly |
|  | Name: Mary Gallegly |
|  | Title: Managing Director |
| By: | /s/ Jessica Dombroff |
|  | Name: Jessica Dombroff |
|  | Title: Senior Vice President |
| **OAKTREE LENDING PARTNERS HOLDINGS (UNLEVERED), L.P.**, as a Term Lender and a Revolving Credit Lender | **OAKTREE LENDING PARTNERS HOLDINGS (UNLEVERED), L.P.**, as a Term Lender and a Revolving Credit Lender |
| By: Oaktree Lending Partners GP, L.P. | By: Oaktree Lending Partners GP, L.P. |
| Its: General Partner | Its: General Partner |
| By: Oaktree Lending Partners Cayman GP Ltd. | By: Oaktree Lending Partners Cayman GP Ltd. |
| Its: General Partner | Its: General Partner |
| By: Oaktree Capital Management, L.P. | By: Oaktree Capital Management, L.P. |
| Its: Director | Its: Director |
| By: | /s/ Mary Gallegly |
|  | Name: Mary Gallegly |
|  | Title: Managing Director |
| By: | /s/ Jessica Dombroff |
|  | Name: Jessica Dombroff |
|  | Title: Authorized Signatory |
| **OAKTREE MYRIAD INVESTMENT FUND, L.P.**, as a Term Lender and a Revolving Credit Lender | **OAKTREE MYRIAD INVESTMENT FUND, L.P.**, as a Term Lender and a Revolving Credit Lender |
| By: Oaktree Myriad Investment Fund GP, L.P. | By: Oaktree Myriad Investment Fund GP, L.P. |
| Its: General Partner | Its: General Partner |
| By: Oaktree Fund GP IIA, LLC | By: Oaktree Fund GP IIA, LLC |

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| | |
|:---|:---|
| Its: General Partner | Its: General Partner |
| By: Oaktree Fund GP II, L.P. | By: Oaktree Fund GP II, L.P. |
| Its: Managing Member | Its: Managing Member |
| By: | /s/ Mary Gallegly |
|  | Name: Mary Gallegly |
|  | Title: Managing Director |
| By: | /s/ Jessica Dombroff |
|  | Name: Jessica Dombroff |
|  | Title: Authorized Signatory |

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| | |
|:---|:---|
| **ENSIGN PEAK ADVISORS, INC.**, as a Term Lender and a Revolving Credit Lender | **ENSIGN PEAK ADVISORS, INC.**, as a Term Lender and a Revolving Credit Lender |
| By: | /s/ Conrad Flake |
|  | Name: Conrad Flake |
|  | Title: Senior Portfolio Manager |

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| | |
|:---|:---|
| **ISSERLIS 2023-1, LLC**, by **BROOKFIELD ASSET MANAGEMENT CREDIT AND INSURANCE SOLUTIONS ADVISOR LLC,** acting in its capacity as collateral manager, as a Term Lender and Revolving Credit Lender | **ISSERLIS 2023-1, LLC**, by **BROOKFIELD ASSET MANAGEMENT CREDIT AND INSURANCE SOLUTIONS ADVISOR LLC,** acting in its capacity as collateral manager, as a Term Lender and Revolving Credit Lender |
| By: | /s/ Darryl Pinsker |
|  | Name: Darryl Pinsker |
|  | Title: Authorized Signatory |
| **HARRELL 2023-1, LLC**, by **BROOKFIELD ASSET MANAGEMENT CREDIT AND INSURANCE SOLUTIONS ADVISOR LLC,** acting in its capacity as collateral manager, as a Term Lender and Revolving Credit Lender | **HARRELL 2023-1, LLC**, by **BROOKFIELD ASSET MANAGEMENT CREDIT AND INSURANCE SOLUTIONS ADVISOR LLC,** acting in its capacity as collateral manager, as a Term Lender and Revolving Credit Lender |
| By: | /s/ Darryl Pinsker |
|  | Name: Darryl Pinsker |
|  | Title: Authorized Signatory |
| **BROOKFIELD ANNUITY COMPANY**, by **BROOKFIELD ASSET MANAGEMENT CREDIT AND INSURANCE SOLUTIONS ADVISOR LLC,** acting in its capacity as investment manager, as a Term Lender and Revolving Credit Lender | **BROOKFIELD ANNUITY COMPANY**, by **BROOKFIELD ASSET MANAGEMENT CREDIT AND INSURANCE SOLUTIONS ADVISOR LLC,** acting in its capacity as investment manager, as a Term Lender and Revolving Credit Lender |
| By: | /s/ Darryl Pinsker |
|  | Name: Darryl Pinsker |
|  | Title: Authorized Signatory |
| **SAGEN MORTGAGE INSURANCE COMPANY CANADA**, by **BROOKFIELD ASSET MANAGEMENT CREDIT AND INSURANCE SOLUTIONS ADVISOR LLC,** acting in its capacity as investment manage, as a Term Lender and Revolving Credit Lender | **SAGEN MORTGAGE INSURANCE COMPANY CANADA**, by **BROOKFIELD ASSET MANAGEMENT CREDIT AND INSURANCE SOLUTIONS ADVISOR LLC,** acting in its capacity as investment manage, as a Term Lender and Revolving Credit Lender |
| By: | /s/ Darryl Pinsker |
|  | Name: Darryl Pinsker |
|  | Title: Authorized Signatory |

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| | |
|:---|:---|
| **ANTARES HOLDINGS LP**, as a Term Lender and a Revolving Credit Lender | **ANTARES HOLDINGS LP**, as a Term Lender and a Revolving Credit Lender |
| By: Antares Holdings GP Inc., its general partner | By: Antares Holdings GP Inc., its general partner |
| By: | /s/ Nick Lalani |
|  | Name: Nick Lalani |
|  | Title: Duly Authorized Signatory |
| **ANTARES STRATEGIC CREDIT FUND**, as a Revolving Credit Lender | **ANTARES STRATEGIC CREDIT FUND**, as a Revolving Credit Lender |
| By: Antares Capital Credit Advisers LLC, its investment adviser | By: Antares Capital Credit Advisers LLC, its investment adviser |
| By: | /s/ Patrick Harms |
|  | Name: Patrick Harms |
|  | Title: Authorized Signatory |
| **ANTARES STRATEGIC CREDIT SPV LLC**, as a Term Lender | **ANTARES STRATEGIC CREDIT SPV LLC**, as a Term Lender |
| By: Antares Strategic Credit Fund, its member and manager | By: Antares Strategic Credit Fund, its member and manager |
| By: Antares Capital Credit Advisers LLC, its investment adviser | By: Antares Capital Credit Advisers LLC, its investment adviser |
| By: | /s/ Patrick Harms |
|  | Name: Patrick Harms |
|  | Title: Authorized Signatory |

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| | |
|:---|:---|
| **HPS CORPORATE LENDING FUND**, as a Term Lender and a Revolving Credit Lender | **HPS CORPORATE LENDING FUND**, as a Term Lender and a Revolving Credit Lender |
| By: HPS Advisors, LLC, its Investment Adviser | By: HPS Advisors, LLC, its Investment Adviser |
| By: | /s/ Daniel Zevnik |
|  | Name: Daniel Zevnik |
|  | Title: Managing Director |
| **HPS CORPORATE CAPITAL SOLUTIONS FUND**, as a Term Lender and a Revolving Credit Lender | **HPS CORPORATE CAPITAL SOLUTIONS FUND**, as a Term Lender and a Revolving Credit Lender |
| By: HPS Advisors, LLC, its Investment Adviser | By: HPS Advisors, LLC, its Investment Adviser |
| By: | /s/ Daniel Zevnik |
|  | Name: Daniel Zevnik |
|  | Title: Managing Director |
| **HPS PRIVATE CREDIT CLO 2024-3, LLC**, as a Term Lender and a Revolving Credit Lender | **HPS PRIVATE CREDIT CLO 2024-3, LLC**, as a Term Lender and a Revolving Credit Lender |
| By: HPS Investment Partners, LLC, its Investment Manager | By: HPS Investment Partners, LLC, its Investment Manager |
| By: | /s/ Daniel Zevnik |
|  | Name: Daniel Zevnik |
|  | Title: Managing Director |
| **HPS PRIVATE CREDIT CLO 2025-4, LLC**, as a Term Lender and a Revolving Credit Lender | **HPS PRIVATE CREDIT CLO 2025-4, LLC**, as a Term Lender and a Revolving Credit Lender |
| By: HPS Investment Partners, LLC, its Investment Manager | By: HPS Investment Partners, LLC, its Investment Manager |
| By: | /s/ Daniel Zevnik |
|  | Name: Daniel Zevnik |
|  | Title: Managing Director |

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| | |
|:---|:---|
| **HUDSON KETTLE LLC**, as a Term Lender and a Revolving Credit Lender | **HUDSON KETTLE LLC**, as a Term Lender and a Revolving Credit Lender |
| By: HPS Investment Partners, LLC, its Investment Manager | By: HPS Investment Partners, LLC, its Investment Manager |
| By: | /s/ Daniel Zevnik |
|  | Name: Daniel Zevnik |
|  | Title: Managing Director |
| **CACTUS DIRECT LENDING FUND, L.P.**, as a Term Lender and a Revolving Credit Lender | **CACTUS DIRECT LENDING FUND, L.P.**, as a Term Lender and a Revolving Credit Lender |
| By: HPS Investment Partners, LLC, its Investment Manager | By: HPS Investment Partners, LLC, its Investment Manager |
| By: | /s/ Daniel Zevnik |
|  | Name: Daniel Zevnik |
|  | Title: Managing Director |
| **CCLF HOLDINGS (D54) LLC**, as a Term Lender and a Revolving Credit Lender | **CCLF HOLDINGS (D54) LLC**, as a Term Lender and a Revolving Credit Lender |
| By: | /s/ Stephen Nesbitt |
|  | Name: Stephen Nesbitt |
|  | Title: President |
| **CARDINAL FUND, L.P.**, as a Term Lender | **CARDINAL FUND, L.P.**, as a Term Lender |
| By: HPS Investment Partners, LLC, its Investment Manager | By: HPS Investment Partners, LLC, its Investment Manager |
| By: | /s/ Daniel Zevnik |
|  | Name: Daniel Zevnik |
|  | Title: Managing Director |

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| | |
|:---|:---|
| **CREDIT VALUE ONTARIO FUND V SUBSIDIARY, L.P.**, as a Term Lender | **CREDIT VALUE ONTARIO FUND V SUBSIDIARY, L.P.**, as a Term Lender |
| By: HPS Investment Partners, LLC, its Investment Manager | By: HPS Investment Partners, LLC, its Investment Manager |
| By: | /s/ Daniel Zevnik |
|  | Name: Daniel Zevnik |
|  | Title: Managing Director |
| **ZALICO VL SERIES ACCOUNT – 2**, as a Term Lender | **ZALICO VL SERIES ACCOUNT – 2**, as a Term Lender |
| By: HPS Investment Partners, LLC, its Investment Manager | By: HPS Investment Partners, LLC, its Investment Manager |
| By: | /s/ Daniel Zevnik |
|  | Name: Daniel Zevnik |
|  | Title: Managing Director |

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| | |
|:---|:---|
| **AUDAX CREDIT OPPORTUNITIES OFFSHORE LTD.**, as a Term Lender | **AUDAX CREDIT OPPORTUNITIES OFFSHORE LTD.**, as a Term Lender |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |
| **AUDAX SENIOR LOAN FUND I, L.P.**, as a Term Lender and a Revolving Credit Lender | **AUDAX SENIOR LOAN FUND I, L.P.**, as a Term Lender and a Revolving Credit Lender |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |
| **AUDAX SENIOR DEBT CLO 6, LLC**, as a Term Lender | **AUDAX SENIOR DEBT CLO 6, LLC**, as a Term Lender |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |
| **AUDAX CREDIT OPPORTUNITIES (SBA), LLC**, as a Revolving Credit Lender | **AUDAX CREDIT OPPORTUNITIES (SBA), LLC**, as a Revolving Credit Lender |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |
| **AUDAX CREDIT OPPORTUNITIES (SBA) SPV, LLC**, as a Term Lender | **AUDAX CREDIT OPPORTUNITIES (SBA) SPV, LLC**, as a Term Lender |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |

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| | |
|:---|:---|
| **AUDAX SENIOR DEBT (WCTPT), LLC**, as a Revolving Credit Lender | **AUDAX SENIOR DEBT (WCTPT), LLC**, as a Revolving Credit Lender |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |
| **AUDAX SENIOR DEBT (WCTPT) SPV II, LLC**, as a Term Lender | **AUDAX SENIOR DEBT (WCTPT) SPV II, LLC**, as a Term Lender |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |
| **AUDAX CREDIT BDC, INC.**, as a Term Lender and a Revolving Credit Lender | **AUDAX CREDIT BDC, INC.**, as a Term Lender and a Revolving Credit Lender |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |
| **THORNEY ISLAND LIMITED PARTNERSHIP**, as a Term Lender and a Revolving Credit Lender | **THORNEY ISLAND LIMITED PARTNERSHIP**, as a Term Lender and a Revolving Credit Lender |
| By: Audax Management Company (NY), LLC, its investment adviser | By: Audax Management Company (NY), LLC, its investment adviser |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |

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| | |
|:---|:---|
| **KNIGHTS OF COLUMBUS PRIVATE CREDIT FUND, LP**, as a Term Lender and a Revolving Credit Lender | **KNIGHTS OF COLUMBUS PRIVATE CREDIT FUND, LP**, as a Term Lender and a Revolving Credit Lender |
| By: Audax Management Company (NY), LLC, its Investment manager | By: Audax Management Company (NY), LLC, its Investment manager |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |
| **AUDAX SENIOR DEBT (AZ), LLC**, as a Revolving Credit Lender | **AUDAX SENIOR DEBT (AZ), LLC**, as a Revolving Credit Lender |
| By: Audax Management Company (NY), LLC, its manager | By: Audax Management Company (NY), LLC, its manager |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |
| **AUDAX SENIOR DEBT (AZ) SPV, LLC**, as a Term Lender | **AUDAX SENIOR DEBT (AZ) SPV, LLC**, as a Term Lender |
| By: Audax Management Company (NY), LLC, its manager | By: Audax Management Company (NY), LLC, its manager |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |

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| | |
|:---|:---|
| **AUDAX SENIOR LOAN IDF FUND-E, L.P.**, as a Revolving Credit Lender | **AUDAX SENIOR LOAN IDF FUND-E, L.P.**, as a Revolving Credit Lender |
| By: Audax Management Company (NY), LLC, its manager | By: Audax Management Company (NY), LLC, its manager |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |
| **AUDAX SENIOR LOAN IDF FUND-E SPV II, LLC**, as a Term Lender | **AUDAX SENIOR LOAN IDF FUND-E SPV II, LLC**, as a Term Lender |
| By: Audax Management Company (NY), LLC, its manager | By: Audax Management Company (NY), LLC, its manager |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |
| **AUDAX SENIOR LOAN FUND (ST), LP**, as a Revolving Credit Lender | **AUDAX SENIOR LOAN FUND (ST), LP**, as a Revolving Credit Lender |
| By: Audax Management Company (NY), LLC, its manager | By: Audax Management Company (NY), LLC, its manager |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |
| **AUDAX SENIOR LOAN FUND (ST) SPV, LLC**, as a Term Lender | **AUDAX SENIOR LOAN FUND (ST) SPV, LLC**, as a Term Lender |
| By: Audax Management Company (NY), LLC, its manager | By: Audax Management Company (NY), LLC, its manager |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |

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| **AUDAX SENIOR DEBT CLO 5, LLC**, as a Term Lender | **AUDAX SENIOR DEBT CLO 5, LLC**, as a Term Lender |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |
| **AUDAX SD INTERMEDIATE HOLDINGS-A, L.P.**, as a Revolving Credit Lender | **AUDAX SD INTERMEDIATE HOLDINGS-A, L.P.**, as a Revolving Credit Lender |
| By: Audax Senior Loan Fund IV Inter-HoldCo 1 GP, Ltd., its general partner | By: Audax Senior Loan Fund IV Inter-HoldCo 1 GP, Ltd., its general partner |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |
| **AUDAX SD-A SPV, L.P.**, as a Term Lender | **AUDAX SD-A SPV, L.P.**, as a Term Lender |
| By: Audax Management Company (NY), LLC, its manager | By: Audax Management Company (NY), LLC, its manager |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |
| **AUDAX SENIOR DEBT HOLDING, L.P.**, as a Term Lender and a Revolving Credit Lender | **AUDAX SENIOR DEBT HOLDING, L.P.**, as a Term Lender and a Revolving Credit Lender |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |

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|:---|:---|
| **AUDAX SENIOR DEBT CLO 7, LLC**, as a Term Lender | **AUDAX SENIOR DEBT CLO 7, LLC**, as a Term Lender |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |
| **AUDAX SENIOR DEBT CLO 8, LLC**, as a Term Lender | **AUDAX SENIOR DEBT CLO 8, LLC**, as a Term Lender |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |
| **AUDAX SENIOR DEBT WH-D, LLC**, as a Term Lender | **AUDAX SENIOR DEBT WH-D, LLC**, as a Term Lender |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |
| **AUDAX SENIOR DEBT WH-E, LLC**, as a Term Lender | **AUDAX SENIOR DEBT WH-E, LLC**, as a Term Lender |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |
| **AUDAX SENIOR DEBT CLO 9, LLC**, as a Term Lender | **AUDAX SENIOR DEBT CLO 9, LLC**, as a Term Lender |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |

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|:---|:---|
| **AUDAX SD INTERMEDIATE HOLDINGS-5, L.P.**, as a Revolving Credit Lender | **AUDAX SD INTERMEDIATE HOLDINGS-5, L.P.**, as a Revolving Credit Lender |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |
| **AUDAX SENIOR LOAN SPV V, L.P.**, as a Term Lender | **AUDAX SENIOR LOAN SPV V, L.P.**, as a Term Lender |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |
| **ISMA INVESTMENTS LIMITED PARTNERSHIP**, as a Term Lender | **ISMA INVESTMENTS LIMITED PARTNERSHIP**, as a Term Lender |
| By: | /s/ Marcello Liguori |
|  | Name: Michael McGonigle |
|  | Title: Authorized Signatory |

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|:---|:---|
| **MSD INVESTMENT CORP.**, as a Term Lender and a Revolving Credit Lender | **MSD INVESTMENT CORP.**, as a Term Lender and a Revolving Credit Lender |
| By: | /s/ Marcello Liguori |
|  | Name: Marcello Liguori |
|  | Title: Authorized Signatory |

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|:---|:---|
| **JEFFERIES FINANCE LLC**, as a Term Lender and a Revolving Credit Lender | **JEFFERIES FINANCE LLC**, as a Term Lender and a Revolving Credit Lender |
| By: | /s/ Jonathan Ciuffreda |
|  | Name: Jonathan Ciuffreda |
|  | Title: Managing Director |
| **JEFFERIES CREDIT PARTNERS BDC INC.**, as a Revolving Credit Lender | **JEFFERIES CREDIT PARTNERS BDC INC.**, as a Revolving Credit Lender |
| By: Jefferies Credit Management LLC, as Investment Manager | By: Jefferies Credit Management LLC, as Investment Manager |
| By: | /s/ Jonathan Ciuffreda |
|  | Name: Jonathan Ciuffreda |
|  | Title: Vice President |
| **JCP BDC SPV I LLC**, as a Term Lender | **JCP BDC SPV I LLC**, as a Term Lender |
| By: Jefferies Credit Partners BDC Inc., as sole member | By: Jefferies Credit Partners BDC Inc., as sole member |
| By: Jefferies Credit Management LLC, as Investment Manager | By: Jefferies Credit Management LLC, as Investment Manager |
| By: | /s/ Jonathan Ciuffreda |
|  | Name: Jonathan Ciuffreda |
|  | Title: Managing Director |
| **SENIOR CREDIT INVESTMENTS, LLC**, as a Revolving Credit Lender | **SENIOR CREDIT INVESTMENTS, LLC**, as a Revolving Credit Lender |
| By: Jefferies Credit Management LLC, as Investment Manager | By: Jefferies Credit Management LLC, as Investment Manager |
| By: | /s/ Jonathan Ciuffreda |
|  | Name: Jonathan Ciuffreda |
|  | Title: Vice President |

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|:---|:---|
| **SCI BDC SPV I LLC**, as a Term Lender | **SCI BDC SPV I LLC**, as a Term Lender |
| By: Senior Credit Investments, LLC, as sole member | By: Senior Credit Investments, LLC, as sole member |
| By: Jefferies Credit Management LLC, as Investment Manager | By: Jefferies Credit Management LLC, as Investment Manager |
| By: | /s/ Jonathan Ciuffreda |
|  | Name: Jonathan Ciuffreda |
|  | Title: Managing Director |

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|:---|:---|
| **ALUMINUM SUB LLC**, as a Term Lender | **ALUMINUM SUB LLC**, as a Term Lender |
| By: Aluminum Top Sub LLC, its sole member | By: Aluminum Top Sub LLC, its sole member |
| By: Aluminum Topco LP, its sole member | By: Aluminum Topco LP, its sole member |
| By: BXC Jade Associates LLC, its general partner | By: BXC Jade Associates LLC, its general partner |
| By: | /s/ Marisa Beeney |
|  | Name: Marisa Beeney |
|  | Title: Authorized Signatory |
| **ALUMINUM SUB-C LLC**, as a Revolving Credit Lender | **ALUMINUM SUB-C LLC**, as a Revolving Credit Lender |
| By: | /s/ Marisa Beeney |
|  | Name: Marisa Beeney |
|  | Title: Secretary and Vice President |
| **SECURITY LIFE OF DENVER INSURANCE COMPANY**, as a Term Lender and a Revolving Credit Lender | **SECURITY LIFE OF DENVER INSURANCE COMPANY**, as a Term Lender and a Revolving Credit Lender |
| By: Blackstone Alternative Credit Advisors LP, pursuant to the power of attorney now and hereafter granted to it as Sub-Manager | By: Blackstone Alternative Credit Advisors LP, pursuant to the power of attorney now and hereafter granted to it as Sub-Manager |
| By: | /s/ Marisa Beeney |
|  | Name: Marisa Beeney |
|  | Title: Authorized Signatory |

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|:---|:---|
| **BXC BXDR SUB LLC**, as a Term Lender | **BXC BXDR SUB LLC**, as a Term Lender |
| By: Blackstone Rated Senior Direct Lending Associates LLC, its manager | By: Blackstone Rated Senior Direct Lending Associates LLC, its manager |
| By: | /s/ Marisa Beeney |
|  | Name: Marisa Beeney |
|  | Title: Authorized Signatory |
| **ARMSTRONG SUB LLC**, as a Term Lender | **ARMSTRONG SUB LLC**, as a Term Lender |
| By: Akron Top Sub LLC, its sole member | By: Akron Top Sub LLC, its sole member |
| By: Akron Topco LP, its sole member | By: Akron Topco LP, its sole member |
| By: Blackstone Rated Senior Direct Lending Associates LLC, its general partner | By: Blackstone Rated Senior Direct Lending Associates LLC, its general partner |
| By: | /s/ Marisa Beeney |
|  | Name: Marisa Beeney |
|  | Title: Authorized Signatory |
| **BACH SUB LLC**, as a Term Lender | **BACH SUB LLC**, as a Term Lender |
| By: Berlin Top Sub LLC, its sole member | By: Berlin Top Sub LLC, its sole member |
| By: Berlin Topco LP, its sole member | By: Berlin Topco LP, its sole member |
| By: Blackstone Rated Senior Direct Lending Associates LLC, its general partner | By: Blackstone Rated Senior Direct Lending Associates LLC, its general partner |
| By: | /s/ Marisa Beeney |
|  | Name: Marisa Beeney |
|  | Title: Authorized Signatory |

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|:---|:---|
| **COOK SUB LLC**, as a Term Lender | **COOK SUB LLC**, as a Term Lender |
| By: Cambridge Top Sub LLC, its sole member | By: Cambridge Top Sub LLC, its sole member |
| By: Cambridge Topco LP, its sole member | By: Cambridge Topco LP, its sole member |
| By: Blackstone Rated Senior Direct Lending Associates LLC, its general partner | By: Blackstone Rated Senior Direct Lending Associates LLC, its general partner |
| By: | /s/ Marisa Beeney |
|  | Name: Marisa Beeney |
|  | Title: Authorized Signatory |
| **DARWIN SUB LLC**, as a Term Lender | **DARWIN SUB LLC**, as a Term Lender |
| By: Doncaster Top Sub LLC, its sole member | By: Doncaster Top Sub LLC, its sole member |
| By: Doncaster Topco LP, its sole member | By: Doncaster Topco LP, its sole member |
| By: Blackstone Rated Senior Direct Lending Associates LLC, its general partner | By: Blackstone Rated Senior Direct Lending Associates LLC, its general partner |
| By: | /s/ Marisa Beeney |
|  | Name: Marisa Beeney |
|  | Title: Authorized Signatory |
| **EISENHOWER SUB LLC**, as a Term Lender | **EISENHOWER SUB LLC**, as a Term Lender |
| By: Eastland Top Sub LLC, its sole member | By: Eastland Top Sub LLC, its sole member |
| By: Eastland Topco LP, its sole member | By: Eastland Topco LP, its sole member |
| By: Blackstone Rated Senior Direct Lending Associates LLC, its general partner | By: Blackstone Rated Senior Direct Lending Associates LLC, its general partner |
| By: | /s/ Marisa Beeney |
|  | Name: Marisa Beeney |
|  | Title: Authorized Signatory |

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|:---|:---|
| **BXC BXDR SUB-C LLC**, as a Revolving Credit Lender | **BXC BXDR SUB-C LLC**, as a Revolving Credit Lender |
| By: Blackstone Rated Senior Direct Lending Associates LLC, its manager | By: Blackstone Rated Senior Direct Lending Associates LLC, its manager |
| By: | /s/ Marisa Beeney |
|  | Name: Marisa Beeney |
|  | Title: Authorized Signatory |
| **BLACKSTONE HOLDINGS FINANCE CO. L.L.C.**, as a Term Lender and a Revolving Credit Lender | **BLACKSTONE HOLDINGS FINANCE CO. L.L.C.**, as a Term Lender and a Revolving Credit Lender |
| By: | /s/ Eric Liaw |
|  | Name: Eric Liaw |
|  | Title: Senior Managing Director & Treasurer |

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| **DIAMETER CREDIT COMPANY HOLDINGS LLC**, as a Term Lender | **DIAMETER CREDIT COMPANY HOLDINGS LLC**, as a Term Lender |
| By: Diameter Credit Company, its sole member | By: Diameter Credit Company, its sole member |
| By: | /s/ Michael Cohn |
|  | Name: Michael Cohn |
|  | Title: General Counsel & Chief |
|  | Compliance Officer |
| **DIAMETER CREDIT COMPANY HOLDINGS II LLC**, as a Term Lender | **DIAMETER CREDIT COMPANY HOLDINGS II LLC**, as a Term Lender |
| By: Diameter Credit Company, its sole member | By: Diameter Credit Company, its sole member |
| By: | /s/ Michael Cohn |
|  | Name: Michael Cohn |
|  | Title: General Counsel & Chief |
|  | Compliance Officer |
| **DIAMETER CREDIT COMPANY**, as a Revolving Credit Lender | **DIAMETER CREDIT COMPANY**, as a Revolving Credit Lender |
| By: | /s/ Michael Cohn |
|  | Name: Michael Cohn |
|  | Title: General Counsel & Chief |
|  | Compliance Officer |

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|:---|:---|
| **SESSILE OAK CREDIT OPPORTUNITIES LP**, as a Term Lender | **SESSILE OAK CREDIT OPPORTUNITIES LP**, as a Term Lender |
| By: Sessile Oak Credit GP Ltd., its general partner | By: Sessile Oak Credit GP Ltd., its general partner |
| By: Soros Fund Management LLC, its investment adviser | By: Soros Fund Management LLC, its investment adviser |
| By: | /s/ Neal Paul Donnelly |
|  | Name: Neal Paul Donnelly |
|  | Title: Assistant General Counsel |
| **PALINDROME MASTER FUND LP**, as a Term Lender | **PALINDROME MASTER FUND LP**, as a Term Lender |
| By: Palindrome Master Fund GP LLC, its general partner | By: Palindrome Master Fund GP LLC, its general partner |
| By: | /s/ Neal Paul Donnelly |
|  | Name: Neal Paul Donnelly |
|  | Title: Attorney-in-Fact |

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